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.
* SERAP: Regulation violates freedom of expression, rights to privacy
The regulation may have raised questions on the line between KYC and the right to privacy with the Socio-Economic Rights and Accountability Project already giving the acting Governor of the Central Bank of Nigeria , Mr. Folashodun Shonubi, a three-day ultimatum to “immediately delete the patentially unlawful provisions” of the customer due diligence regulation asking banks to obtain information on customers’ social media handles for identification purpose.
The apex bank directed that money deposit banks must obtain comprehensive information about customers, including social media handles as part of measures “designed to improve the ability of financial institutions to identify and monitor potential risks linked to customer activities.” “For individuals, the CDD process now encompasses gathering information such as legal name, addresses , contact details , date and place of birth, Bank Verification Number , Tax Identification Number , nationality, occupation, public position held, name of employer, official personal identification number and a unique identifier contained in a valid government-issued document bearing the customer’s name, photograph and signature,” the CDD guidelines stated.
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