Central Bank of Nigeria don add social media handle to di list wey bank go use to take Know dia Customers.
Dis dey inside di new Customer Due Diligence Regulations for financial institutions wey CBN release.
So why CBN make dis move?
According to di apex bank, di new rules go help dem fight against financial crimes.
Dem say e go strengthen compliance wit anti-money laundering and counter-terrorism financing provisions and e dey in line wit international best practice.
All dis dey come afta Nigeria President Bola Tinubu suspend di Govnor of Central bank
Bola Tinubu tok recently say di financial system bin dey rotten under Godwin Emefiele dat na why im comot am.
But some pipo and civil society groups dey criticise di bank latest move.
Socio-economic rights & accountability project ask CBN to withdraw di regulations on customers social media handles.
SERAP say di regulation dey against Nigerians rights to freedom of expression and privacy and e no dey in line wit di rule of law.
Di new CBN customer due diligence rules go apply to both individuals and legal entities.
Customer Due Diligence Regulations 2023 require financial institutions to establish internal process and procedures.
Na dis procedures financial institutions like banks go dey carry out for dia customers along wit occasional customers.
Wetin CBN want banks to ask dia customers?
- legal name and any oda names dem dey use (such as maiden name)
- Permanent address (full physical address)
- Residential address (where dem fit locate di customer)
- Telephone number, e-mail address and social media handle,
- Date and place of birth,
- Bank Verification Number (BVN),
- Tax Identification Number (TIN),
- Nationality,
- Occupation, public position wey dem hold and name of employer
- An official personal identification number or oda unique identifier
- wey dey inside unexpired document from government agency,
- wey go show dia name, photograph and signature of di customer such as a
- passport, national identification card, residence permit, social security
- records or drivers’ license
- Type of account and nature of di banking relationship, and
- signature, and politically exposed persons (PEPs) status
What about pipo wey no get social media account?
CBN no address dat particular mata inside di document wey dem release.
But dem tell financial institutions say dem must retain di records dem collect from dia customer through due diligence measures, for at least five years.
Dat na informate wey dem get through account files, business correspondence, and analysis results.
And na afta di business relationship end or an occasional transaction.
CBN also ask dem to do regular review of dia existing customer records based on risk categories.
These risk categories dem divide dem into three, high, medium and low risk.
For high-risk customers banks go dey check dia records every year.
While for medium-risk customers dem go go dey review di customers records every 18 months
And low-risk customers banks go dey review dem every three years.
CBN say dem go penalise banks wey fail to follow di new guidelines
Timeline of events for CBN since Tinubu enta office
May 30: Tinubu meet CBN Govnor
A day afta President Bola Tinubu inauguration e hold close doors meeting wit di Govnor of di Central Bank of Nigeria, Godwin Emefiele.
June 9: Tinubu suspend CBN Govnor
President Bola Tinubu suspend Central Bank Govnor, Godwin Emefiele, from office.
Dem order Oga Emefiele to hand ova to Deputy Governor (Operations Directorate)
Deputy Govnor (Operations Directorate) Folashodun Adebisi Shonubi, dey act as di Central Bank Govnor pending di conclusion of di investigation and di reforms.”
June 14 : CBN float di naira
Nigeria Central Bank, announce say dem go allow di naira wey be di local currency to trade more freely against di dollar.
Na decision dem take afta President Bola Tinubu say im go unify di kontri multiple exchange rate during im inauguration last May.