EFCC Warns Bank Officers Against Financial Crimes

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on compliance officers the nation’s banking sector to embrace technology-driven measures to combat financial crimes.

He made this call in Lagos on Wednesday, 25 June, 2025 at the 2025 Annual Stakeholders Conference of the Association of Chief Compliance Officers in the Banking Industry of Nigeria, ACCOBIN, themed “Beyond Compliance: AI, Risk, and the Future of Financial Integrity”.

He stated that the traditional compliance measures were no longer sufficient in tackling financial crimes, especially in the face of the threats posed by Artificial Intelligence, AI, and cryptocurrency.

The EFCC’ Chairman, who was represented by  Head, Investigations, Lagos Zonal Directorate 1 of the EFCC,  Assistant Commander of the EFCC,  ACE II Shehu Ala , described compliance officers as “unrecognised pillars” of Nigeria’s financial system and critical gatekeepers in the fight against money laundering and economic sabotage.

“The role of compliance is no longer about ticking boxes. It is about trust, stability, and building resilience in a financial ecosystem facing growing threats from sophisticated technologies and cross-border syndicates.”

Highlighting the dual role of artificial intelligence (AI) in detecting and enabling fraud, Olukoyede noted that while AI had drastically improved transaction monitoring by reducing false positives by up to 60% in some jurisdictions, criminals were also deploying the same technology to commit financial crimes. 

He cited the use of deepfake videos and synthetic identities to bypass security systems and authorize fraudulent transactions.

While referencing data from Chain-analysis, he stated that cryptocurrencies and virtual assets had become major conduits for illicit financial flows.

“In 2024 alone, over $40 billion was received by illicit crypto addresses,” he said.

He also disclosed that the EFCC investigations uncovered a cryptocurrency investment fraud syndicate and a wide-scale romance  scam involving foreign nationals operating within Nigeria

Olukoyede,  called for urgent reforms and pro-active enforcement in the sector,  and urged stakeholders to adopt a four-pronged strategy , including strengthening core compliance processes, in line with the 2023 CBN Customer Due Diligence Regulation; investing in RegTech to automate compliance and risk scoring; deepening collaboration with law enforcement and regulatory agencies and advocating for robust legislation governing virtual assets and mandatory Know Your Customers, KYC, for crypto platforms.

He said: “Compliance is now a strategic imperative, not a back-office function.  Our financial institutions must evolve or risk being overrun by smarter criminals.”

He also used the occasion to reiterate the Commission’s commitment to support the banking sector through intelligence sharing, prosecution, and collaborative frameworks. 

The EFCC boss charged financial institutions to maintain strict adherence to anti-money laundering (AML) protocols and remain vigilant in the face of new and evolving threats, adding that “The future of Nigeria’s financial integrity lies in our collective will to adapt, innovate, and enforce.”

The conference brought together top financial sector players to discuss the risks and opportunities presented by emerging technologies.

  Bank Officers Against  Financial Crimes

 The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on compliance officers in the nation’s banking sector to embrace technology-driven measures to combat financial crimes.

 He made this call in Lagos on Wednesday, 25 June, 2025 at the 2025 Annual Stakeholders Conference of the Association of Chief Compliance Officers in the Banking Industry of Nigeria, ACCOBIN, themed “Beyond Compliance: AI, Risk, and the Future of Financial Integrity”.

He stated that the traditional compliance measures were no longer sufficient in tackling financial crimes, especially in the face of the threats posed by Artificial Intelligence, AI, and cryptocurrency.

The EFCC’ Chairman, who was represented by  Head, Investigations, Lagos Zonal Directorate 1 of the EFCC,  Assistant Commander of the EFCC,  ACE II Shehu Ala , described compliance officers as “unrecognised pillars” of Nigeria’s financial system and critical gatekeepers in the fight against money laundering and economic sabotage.

 “The role of compliance is no longer about ticking boxes. It is about trust, stability, and building resilience in a financial ecosystem facing growing threats from sophisticated technologies and cross-border syndicates.”

 Highlighting the dual role of artificial intelligence (AI) in detecting and enabling fraud, Olukoyede noted that while AI had drastically improved transaction monitoring by reducing false positives by up to 60% in some jurisdictions, criminals were also deploying the same technology to commit financial crimes. 

 He cited the use of deepfake videos and synthetic identities to bypass security systems and authorize fraudulent transactions.

 While referencing data from Chain-analysis, he stated that cryptocurrencies and virtual assets had become major conduits for illicit financial flows.

“In 2024 alone, over $40 billion was received by illicit crypto addresses,” he said.

 He also disclosed that the EFCC investigations uncovered a cryptocurrency investment fraud syndicate and a wide-scale romance  scam involving foreign nationals operating within Nigeria.

Olukoyede,  called for urgent reforms and pro-active enforcement in the sector,  and urged stakeholders to adopt a four-pronged strategy , including strengthening core compliance processes, in line with the 2023 CBN Customer Due Diligence Regulation; investing in RegTech to automate compliance and risk scoring; deepening collaboration with law enforcement and regulatory agencies and advocating for robust legislation governing virtual assets and mandatory Know Your Customers, KYC, for crypto platforms.

 He said: “Compliance is now a strategic imperative, not a back-office function.  Our financial institutions must evolve or risk being overrun by smarter criminals.”

 He also used the occasion to reiterate the Commission’s commitment to support the banking sector through intelligence sharing, prosecution, and collaborative frameworks. 

 The EFCC boss charged financial institutions to maintain strict adherence to anti-money laundering (AML) protocols and remain vigilant in the face of new and evolving threats, adding that “The future of Nigeria’s financial integrity lies in our collective will to adapt, innovate, and enforce.”

The conference brought together top financial sector players to discuss the risks and opportunities presented by emerging technologies.