CBN To Commercial Banks, Verify All Customer Social Media Handle As Part Of KYC
The Central Bank of Nigeria (CBN) has released its customer Due Diligence Regulations 2023 for Financial institutions under its regulatory purview as it takes a decisive stance against financial crimes.
The CBN’s latest move aims to bolster compliance with anti-money laundry (AML) and counter-terrorism 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.
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