The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes, Nairametrics is reporting.
The CBN’s latest move aims to bolster compliance with anti-money laundering (AML) and counter-t£rrorism financing (CFT) provisions while aligning with international best practices.
In an effort to enhance the accuracy and 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 Know Your Customer (KYC) requirements.
“Under the new regulations, financial institutions operating under the regulatory purview of the CBN are now obligated to collect and verify customers’ social media handles as part of their KYC process. This requirement applies to both individuals and legal entities. The inclusion of social media handles in KYC requirements aims to enhance the accuracy and depth of customer identification.
By obtaining this additional information, financial institutions can gain valuable insights into customers’ online presence and activities, enabling better assessment of potential risks associated with money laundering, terrorism financing, and proliferation financing,” the report said.
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