The Central Bank of Nigeria (CBN) has issued a brand new directive to monetary establishments.

The CBN mandated monetary establishments to acquire the social media handles of shoppers for the aim of identification.

The directive is contained in a brand new CBN buyer regulation, which is geared toward additional strengthening the identification course of within the banking system.

The bankers’ financial institution additionally within the diligence rules mandated deposit cash banks to acquire e-mail addresses, phone numbers, and residential addresses, amongst different issues, from clients.

Titled: “Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023,” revealed on its web site on Friday, the apex financial institution revealed that the brand new regulation was designed to supply extra buyer due diligence measures for monetary establishments below its regulatory purview.

The goal of the brand new rules in response to CBN consists of, “To present extra buyer due diligence measures for monetary establishments below the regulatory purview of the Central Bank of Nigeria to additional their compliance with related 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 worldwide greatest practices.

And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”

The apex financial institution, below its buyer identification column, mentioned monetary establishments should determine their clients (whether or not everlasting or occasional, and whether or not pure or authorized individuals or authorized preparations) and procure the next info:

“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 additionally famous that a person will need to have “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.

Part of the requirement consists of “Type of account and nature of the banking relationship, and signature, and politically uncovered particular person standing.”

The monetary regulator, maintained monetary establishments shall not set up or maintain nameless accounts, numbered accounts, or accounts in fictitious names.

These rules shall apply to all monetary establishments below the purview of the CBN, the apex Bank maintained within the doc.

BuzzHint