Nigeria 1984
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Central Bank of Nigeria mandates banks to collect customers’ social media handles as part of a new verification process approved by Tinubu
The Nigerian central bank (CBN) has instructed financial institutions operating in the country to request additional identification means like social media handles, e-mail addresses, telephone numbers, residential addresses, and more of new and existing customers.
The apex bank disclosed this in its newly released ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document, on Friday.
It is believed that the CBN wants to widen its surveillance on the banking system by introducing additional identification requirements.
The document noted, “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, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF Regulations) and international best practices.
“And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”
The banking system regulator also stated that banks must identify their customer (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information:
“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.”
It also added that customers must have any of an unexpired passport, national identification card, residence permit, social security records, or driver’s license.
As part of the requirement, it included, “Type of account and nature of the banking relationship, and signature, and politically exposed person status.” on account application forms.
President Bola Tinubu who is currently on a private visit to the United Kingdom after attending a summit in Paris approved the document.
Akowe with reports from Abuja
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