2016-11-23 | BSD/DIR/GEN/LAB/09/048

Exposure Draft of the Proposed Framework on Watch-List for the Nigerian Banking System

The Nigerian Watch List system is designed for banks and other financial institutions to effectively identify, track, and report individuals involved in confirmed fraudulent activities. This system involves collaboration among the Central Bank of Nigeria (CBN), NIBSS, and banks as well as law enforcement agencies. It serves as a mechanism to deter fraud and improve banking security by preventing fraudsters from conducting further transactions using different identities or bank accounts. The responsibilities of each stakeholder are clearly defined, and penalties for non-compliance are outlined. Delisting an individual from the watch list is also explained along with the importance of cooperation among all stakeholders.

Nigeria

Central Bank of Nigeria

Show thumbnail