The Central Bank of Nigeria (CBN) has directed financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, among others from their customers.
The apex bank disclosed this in its newly released titled, ‘‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’’ document.
The latest directive forms part of its new customer due diligence regulations aimed at further deepening the identification process in the banking system.
It 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.
“And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”
Under its customer identification column, the banking regulator stated that 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 stated that the new regulation was created to provide additional customer due diligence measures for financial institutions under its regulatory purview.
It added an individual must have any of an unexpired passport, national identification card, residence permit, social security records, or driver’s license.
The apex bank said the regulations is applicable to all financial institutions under its purview.