CBN Mandates Banks to Obtain Customers' Social Media Handles | Business Edge | 27/06/2023
· 27.06.2023 · 15:01:13 ··· ··· Tuesday ·· 2 (2)
News Central TV With two different policy documents issued at the weekend, the Central Bank of Nigeria (CBN) has raised the bar on know your customer (KYC) protocols and charged financial institutions (FIs) on implementations.
The guidelines handed down to FIs, who have been regularly accused of aiding financial crimes, with titles – ‘Guidance Note on Politically Exposed Persons’ (PEPs) and ‘CBN Customer Due Diligence (CDD) Regulations 2023’ contain specifics call-to-actions banks should execute to combat financial crimes.
It is said that the purported mandatory requirement would inhibit Nigerians from freely exercising their human rights online and may also be misused for political and other unlawful purposes. Are these additional details really necessary and won't it put citizens in jeopardy when information are compromised?
ANCHOR
Lekan Onabanjo
GUEST
Muktar Mohammed, Financial Analyst and CEO, Asheer Dynamic Solutions
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