In addition, it requested that banking institutions get consumer information such residence addresses, phone numbers, and e-mail addresses.
The Central Bank of Nigeria (CBN) has ordered financial institutions to collect the social media handles of clients in order to identify them.
In addition, it demanded that financial institutions get consumer information such residence addresses, phone numbers, and e-mail addresses.
This is stated in the new CBN client due diligence regulations, which are intended to tighten the banking system’s identification procedure.
The “Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023” document was posted on the top bank’s website on Friday.
The CBN claims that the new legislation was created to give financial institutions that fall within its regulatory scope extra consumer due diligence requirements.
“To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022; Terrorism (Prevention and Prohibition) Act (TPPA), 2022; and Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Other Related Matters) Regulations,” the apex bank
And make it possible for the CBN to enforce customer due diligence compliance in accordance with CBN AML, CFT, and CPF Regulations.
The apex bank stated that financial institutions are required to identify their clients (whether permanent or transient, and whether natural or legal persons or legal arrangements), and gather the following data:
For people, the following information is required: “For Individuals — Legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification number, Tax Identification number, nationality, occupation, public position held, and name of employer.”
Additionally, it stated that a person needed “an official personal identification number or other unique identifier contained in an unexpired document issued by a government agency that bears the name, photograph, and signature of the customer, such as a passport, national identification card, residence permit, social security records, or drivers’ license.”
“Type of Account,” “Nature of the Banking Relationship,” “Signature,” and “Politically Exposed Person Status” are some of the requirements.
The regulator also insisted that financial institutions were not permitted to open or retain accounts with false names, account numbers, or anonymity.
According to the document, these rules will be applicable to all financial institutions that fall under the CBN’s jurisdiction.
