To further deepen the identification process in the banking system, the Central Bank of Nigeria has directed Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses of customers.
The apex bank revealed this in its newly released ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document.
According to CBN, the new regulation was created to provide additional customer due diligence measures for financial institutions under its regulatory purview.
“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.
“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 stressed that an individual must have any of an unexpired passport, national identification card, residence permit, social security records, or driver’s license.
“Type of account and nature of the banking relationship, and signature, and politically exposed person status.”