The CBN has released its Customer Due Diligence Regulations 2023, the Central Bank of Nigeria has mandated Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, and more of their customers.
The CBN’s latest move aims to bolster compliance with anti-money laundering & counter-t£rrorism financing provisions while aligning with international best practices.
It noted, “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.
In an effort to enhance the accuracy & depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their KYC requirements
“Financial institutions operating under the regulatory purview of the CBN are now obligated to collect & verify customers’ social media handles as part of their KYC process
This requirement applies to both individuals & legal entities. The inclusion of social media handles in KYC requirements aims to enhance the depth of customer identification.
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