CBN Orders Banks To Request Customers’ Social Media Handles, Other Details - Politics

CBN Orders Banks To Request Customers’ Social Media Handles, Other Details - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › CBN Orders Banks To Request Customers’ Social Media Handles, Other Details (690 Views)

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CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by DaddyJapan(op): 7:55am On Jun 25, 2023

CBN orders banks to request customers’ social media handles, other details

Sandra Nwaokolo

June 24, 2023

https://tribuneonlineng.com/wp-content/uploads/2023/01/CBN-e1674061601735.jpg

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.

This move aims to strengthen the identification process within the banking system. The CBN outlined these requirements in its recently released document titled ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023.’

The CBN stated that these regulations were established to enhance customer due diligence measures for financial institutions under its regulatory oversight.

The goal is to ensure compliance with the 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.

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 required information for individuals includes legal name and any other names used, permanent address, residential address, telephone number, email address, 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 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.

Source: https://tribuneonlineng.com/cbn-orders-banks-to-request-customers-social-media-handles-other-details

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by Killerbag36: 7:56am On Jun 25, 2023

What abt if u no get social media handle

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Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by DaddyJapan(op): 7:58am On Jun 25, 2023

I bet the requirement to provide a Social Media Handle is to prevent contagion from HushPuppy-itis cool

But a Social Security record too? In Nigeria?

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by DaddyJapan(op): 7:59am On Jun 25, 2023

Killerbag36:
What abt if u no get social media handle

Just leave that question blank.

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by youngsahito(m): 8:30am On Jun 25, 2023

This useless is not talking about how to dealt with banks that are stealing from their customers and after alot of about and complain, nothing has been done.

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by Opanka44(m): 8:53am On Jun 25, 2023

We have grandma's and pas in the remotest villages who know nothing about social media. They only have torchlight phones to communicate and nothing more. How will this be possible?

1 Like 3 Shares

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by Earlystar698(m): 9:17am On Jun 25, 2023

I can bet my 2 balls that Nigeria citizens that I know will Not adhere to the directives, we are use to leaving some space blank even if we know what to fill in there 😁, I will fill the information when I make plenty money.

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by favor914: 10:33am On Jun 25, 2023

Opanka44:
We have grandma's and pas in the remotest villages who know nothing about social media. They only have torchlight phones to communicate and nothing more. How will this be possible?

There phone number is enough.

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by Opanka44(m): 11:43am On Jun 25, 2023

favor914:
There phone number is enough.

Exactly

Re: CBN Orders Banks To Request Customers’ Social Media Handles, Other Details by Mynd44(mod): 1:43pm On Jun 25, 2023

https://www.nairaland.com/7739733/social-media-handle-mandatory-kyc

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