CBN Mandates Banks To Get Customer’s Social Media Handles

24/06/2023

47 1 minute read

The Central Bank of Nigeria (CBN) has mandated Financial Institutions to get the social media handles, e-mail addresses, telephone numbers, residential addresses, of their customers.

This is part of its new customer due diligence regulations and is in order to further deepen the identification process in the banking system. The apex bank disclosed this in its newly released ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document.

According to the CBN, its new regulation was created to provide additional customer due diligence measures for financial institutions under its regulatory purview.

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.”

“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 further stated that an individual must have any of an unexpired passport, national identification card, residence permit, social security records, or driver’s license.

24/06/2023

47 1 minute read