The Central Bank of Nigeria (CBN) has said that it will stop customers on watchlist from using banks and accessing loans. Information Guide Nigeria
According to NAIRAMETRICS, customers on watchlist may be barred from entering a new relationship with any participant (banks) and accessing loans.
This was disclosed in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the Nigerian Banking Industry signed by the Director, Payments System Management Department, Mr Musa Jimoh.
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According to the CBN, the act will enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes as part of the apex bank strategy for promoting a safe and efficient banking and payments system.
NAIRAMETRICS reports that Mr. Jimoh said customers who misuse identity and financial information, engage in identity theft, breach of confidentiality, use of forged documents, forgery, compromise, complicity, and connivance will serve due punishment in line with the new regulations.
Other offences listed include Duplicate enrolment, use of fictitious information, receptions of proceeds of deceit, deception, receipts of fraudulent funds, and any other infringement of AML/CFT legislation, as well as dishonest behaviour.
The document states that the punishment includes being barred from entering a new relationship with any participant (banks) and if a financial institution chooses to continue an existing business relationship with holders of accounts/wallets on the watch-list, the account holder will be prohibited from using all electronic channels, including but not limited to ATM, POS, Internet Banking, Mobile Banking, and USSD, including the issuing of new cards.
According to NAIRAMETRICS, the document further stated that a customer on the watch-listed BVN shall not reference accounts, access, or guarantee credit facilities. Jamb Result
However, the CBN has said that it will continue to monitor development in the banking industry and issue further directives as might be appropriate in the nearest future.
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