2014-07-14 | FPR/DIR/BOF/GEN/04/011

Report on the Three-Tiered Know Your Customer (TKYC) Compliance Exercise

The Central Bank of Nigeria (CBN) has issued a letter to all banks and other financial institutions regarding the implementation of their Three-tiered Know-Your-Customer (TKYC) policy. The policy aims to bring the active poor into the banking system, but the initial on-the-spot-check revealed some areas for improvement in ensuring its effective implementation. The institutions are required to intensify publicity and awareness of the TKYC policy, conduct training sessions, deploy efficient AML/CFT solutions, and submit quarterly reports using an attached format. All stakeholders must ensure that they maintain records of actions taken to improve implementation for on-site visits by Bank Examiners.

Nigeria

Central Bank of Nigeria

Show thumbnail