2015-01-20 | BPS/DIR/GEN/CIR/06/001

Circular on Implementation of two Factor Authentication for Internal Banking Processes

To combat fraud in the banking industry, particularly insider abuse, the Central Bank has directed all deposit money banks to implement a Maker/Checker control structure and Two-Factor Authentication for internal banking processes. Banks are expected to comply by December 31, 2015, with an implementation plan due on January 30, 2015, or face a daily penalty.

Nigeria

Central Bank of Nigeria

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