The Central Bank of Nigeria (CBN) has issued a mandate requiring financial institutions to collect the social media handles of their customers as a means of identification.
The financial institutions were requested to collect various personal details from their customers, including email addresses, phone numbers, and residential addresses, as per the latest reports.
The Central Bank of Nigeria (CBN) has introduced new customer due diligence regulations with the aim of bolstering the identification process in the banking sector.
On Friday, the apex bank released a document titled ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ on its website.
As per the Central Bank of Nigeria (CBN), a new regulation has been implemented with the aim of offering supplementary customer due diligence measures for financial institutions that fall under its regulatory jurisdiction.
The Central Bank of Nigeria has announced new regulations aimed at enhancing customer due diligence measures for financial institutions under its regulatory purview. The objective of these regulations is to ensure compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022; the Terrorism (Prevention and Prohibition) Act (TPPA), 2022; the 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 practises.
The Central Bank of Nigeria (CBN) has been empowered to ensure adherence to customer due diligence measures in accordance with the CBN Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter Proliferation Financing (CPF) Regulations.
According to the apex bank, financial institutions are required to identify all customers, regardless of whether they are permanent or occasional, and whether they are natural or legal persons or legal arrangements. This information must be obtained under the customer identification column and includes the following details.
Individuals are required to provide their legal name, including any other names used such as a maiden name, permanent address (including the full physical address), residential address (where the customer can be located), telephone number, email address, and social media handle. Additionally, individuals must provide their date and place of birth, Bank Verification number, Tax Identification number, nationality, occupation, public position held, and name of employer.
According to the report, it is required that a person possess an official personal identification number or other unique identifier that is present in a valid document issued by a government agency. This document must contain the customer’s name, photograph, and signature. Examples of such documents include passports, national identification cards, residence permits, social security records, or drivers’ licences.
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