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CBN Places N2 Million Fine On BVN Violations

CBN Places N2 Million Fine On BVN Violations

The Central Bank of Nigeria (CBN) has placed a fine of N2 million on financial institutions and customers that violate Bank Verification Numbers (BVN).

According to RIPPLES NIGERIA, the Central Bank of Nigeria (CBN) gave this announcement in a circular that was sent to mobile money operators, super agents, all deposit money banks, and payment service providers.

RIPPLES NIGERIA reports that the circular was titled, ‘Issuance of the revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry’ published on its website on Tuesday.

As reported by RIPPLES NIGERIA, part of the circular stated, “Ensure that BVN details of all signatories, directors and beneficial owners are linked to their respective non-individual accounts/wallets“. Jamb Results

RIPPLES NIGERIA reports that the CBN has asked operators to enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework.

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Talking about the penalties, the CBN emphasised that for a customer operating an account without BVN there will be N2,000,000 penalty per infraction/customer,15% of the total amount credited into the account during the period infraction exists, and N20,000 penalty per infraction/customer per day after the infraction exists.

According to the Central Bank of Nigeria, misuse of the BVN watch-listing process for victimisation and improper linking of accounts/wallets shall attract penalties.

Other penalties as listed by RIPPLES NIGERIA include,

N2,000,000 penalty Per infraction/customer for failure to capture customers’ biometrics and biodata in line with the BVN Framework. Information Guide Nigeria

Failure to report customers’ BVN for watch-listing N200,000 penalty per infraction/customer.

N100,000 penalty per infraction/customer for failure to correctly report the BVN of a deceased customer.

Also, failure to follow due process in confirming and designating a customer as ‘DECEASED’ will attract N20,000 penalty per infraction/customer per day after the infraction exists.

RIPPLES NIGERIA reports that the CBN has made it mandatory for non-resident non-Nigerian directors of corporate accounts to have a BVN.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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