Additionally, it was emphasized that individuals must possess one of the following documents: an unexpired passport, national identification card, residence permit, social security records, or driver’s license.
By Johnson Atoukudu:
The Central Bank of Nigeria has issued a directive to Financial Institutions, requiring them to acquire the social media handles, email addresses, phone numbers, residential addresses, and other relevant information of their customers.
This requirement is a component of the recently introduced ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document, with the aim of strengthening the identification process within the banking system.
The apex bank has emphasized that these regulations have been implemented to enhance customer due diligence practices within financial institutions that fall under its regulatory authority.
It 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 regulator requires financial institutions to identify their customers (whether they are permanent or occasional, and whether they are individuals or legal entities or arrangements) and collect the following information, as stated in the customer identification column:
“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 was emphasized that individuals must possess one of the following documents: an unexpired passport, national identification card, residence permit, social security records, or driver’s license.
As a part of the stipulation, the banking regulator included the following: “The type of account, the nature of the banking relationship, the customer’s signature, and their politically exposed person status.”
Furthermore, the document outlined distinct prerequisites for legal entities and legal arrangements. The regulations, as stated by the CBN, are applicable to all financial institutions under its supervision.
