Customer Due Diligence

The Central Bank Of Nigeria’s Social Media Requirement: Balancing Security And Privacy

Jul 5, 2023.Jul 3, 2023. by Praise Ben

The recent directive by the Central Bank of Nigeria (CBN) to include customers’ social media handles as part of the customer identification process has sparked both praise and concerns. While the CBN aims to strengthen Customer Due Diligence (CDD) regulations and combat fraudulent activities, there are valid apprehensions regarding privacy infringement and its potential impact … Read more

CBN Directs Banks To Obtain Customers’ Social Handles

Jun 24, 2023. by Praise Ben

The CBN mandates financial institutions to collect customers’ social media handles, email addresses, phone numbers, and residential addresses for enhanced identification. This complies with anti-money laundering and counter-terrorism financing laws. The regulations apply to individuals and legal entities, requiring additional information like identification documents and account details. EKO HOT BLOG reports that the Central Bank … Read more