The Central Bank of Nigeria (CBN) has issued new regulations mandating financial institutions to gather additional customer information, including social media handles, email addresses, telephone numbers, and residential addresses.
The move aims to strengthen the identification process within the banking system.
The CBN stated that these regulations were established to enhance customer due diligence measures for financial institutions under its regulatory oversight.
Under the customer identification section, the CBN specified that financial institutions must identify their customers, whether they are permanent or occasional, natural persons or legal entities, or legal arrangements.
The CBN also stated that individuals must provide an unexpired passport, national identification card, residence permit, social security records, or driver’s license as proof of identification.
Additionally, financial institutions are required to gather details regarding the type of account, nature of the banking relationship, signature, and politically exposed person status.
The document also outlines separate requirements for legal entities and legal arrangements. The CBN emphasized that these regulations apply to all financial institutions under its supervision.
