CBN Direct Banks, Others to Obtain Customers’ Social Media Handles

CBN Direct Banks, Others to Obtain Customers’ Social Media Handles

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The Central Bank of Nigeria CBN has directed banks and other financial institutions to obtain the social media handles of customers as part of enhanced Customer Due Diligence, CDD, regulations.

The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzor Efobi.

The regulation stated: “Financial Institutions, FIs shall not establish or keep anonymous accounts, numbered accounts or accounts in fictitious names.

“FIs shall undertake CDD measures when:

Establishing business relationships;

“Carrying out occasional transactions above the applicable and designated threshold of US$1,000 or its equivalent in other currencies or as may be determined by the CBN from time to time, including where the transaction is carried out in a single or several transactions or operations that appear to be linked;

Carrying out occasional transactions that are wire transfers, including cross-border and domestic transfers between FIs and when credit or debit cards are used as a payment method to effect money transfer;

“There are doubts as to the veracity or adequacy of previously obtained customer identification data; or

“There is a suspicion of ML, TF and PF regardless of any exemptions or any other thresholds referred to in these Regulations or the CBN AML, CFT and CPF Regulations.

“FIs shall establish internal processes and procedures for conducting CDD measures for all potential and existing customers, including occasional customers.”


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