The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes.
It has directed all banks and other financial institutions to obtain the social media handles, residential addresses, and Bank Verification Numbers (BVN) of their customers.
The apex bank also mandated the financial institutions to get e-mail addresses, telephone numbers, places of birth, and other vital information of their customers.
The apex bank disclosed this in its newly released ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document.
According to the CBN, the new directive forms part of its new customer due diligence regulations and is in a bid to further deepen the identification process in the banking system.
It added that its new regulation was created to provide additional customer due diligence measures for financial institutions under its regulatory purview.
The CBN said, “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.
“Under its customer identification column, financial institutions 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.”
The CBN further noted that an individual must have at least an unexpired passport, national identification card, residence permit, social security records, or driver’s license.
The apex bank added that as part of the requirement to open an account, the type of account and nature of the banking relationship, signature, and politically exposed person status must be stated.
