2014-04-07 | FPR/DIR/GEN/BOF/03/004

Letter to all Banks and Other Financial Institutions: Uniform Account Opening Forms and Minimum Information Requirements for Three-Tiered KYC for Customers of Banks and Other Financial Institutions in Nigeria-Implementation Strategy

The Central Bank of Nigeria (CBN) has issued a letter to all financial institutions, including banks and other financial organizations, regarding the adoption and implementation of uniform account opening forms and minimum information requirements for Three-Tiered KYC for customers in Nigeria. This project was introduced to enhance the overall security and effectiveness within the Nigerian financial sector by ensuring that customer identification processes are standardized across all institutions. The CBN has provided an attached implementation strategy, emphasizing the importance of full adoption by banks and other financial organizations. The guidance also outlines the roles and responsibilities of both the financial institutions and the Central Bank. It is crucial for these institutions to follow the outlined timelines in order to ensure the success of this project. For further information or clarification, officials can contact Messrs. U. A. Obot and A. M. Alabi via email at uaobot@cbn.gov.ng and amalabi@cbn.gov.ng respectively. The implementation of these account opening forms and requirements is essential for the smooth functioning of the Nigerian financial system, as it ensures that each institution adheres to strict customer identification procedures, promoting transparency and security in all transactions.

Nigeria

Central Bank of Nigeria

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09-46237401 CENTRAL BANK OF NIGERIA inancial Policy and Regulation Department tral Business Distric REF: FPR/DIR/GEN/BOF/03/004 LETTER TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS ATTENTION: Chief Compliance Officer UNIFORM ACCOUNT OPENING FORMS AND MINIMUM INFORMATION REQUIREMENTS FOR THREE-TIERED KYC FOR CUSTOMERS OF BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA - THE IMPLEMENTATION STRATEGY Further to our circular ref. FPR/DIR/GEN/CIR/01/004 of 24th February, 2014 which directed all financial institutions to adopt Uniform Account Opening Forms (and Minimum Information Requirements for the Three Tiered KYC for Customers of Banks and Other Financial Institutions (OFIs) in Nigeria}, we write to inform you of the need to ensure full adoption/implementation of same to ensure that the objectives of the project are achieved.

It should be noted that the success of the project rests on full and faithful adoption of the forms by all banks and OFIs. The attached implementation strategy is a further demonstration of the CBN's desire for the project to succeed. It provides guidance and spells out FIs and CBN responsibilities.

In the light of the above, financial institutions are requested to accord the implementation strategy the priority and attention it deserves by adhering to the timelines spelt out therein. For further enquiries, please contact Messrs. U. A. Obot and A. M. Alabi via uaobot@cbn.gov.ng and amalabi@cbn.gov.ng respectively.

K. N. AMUGO DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT

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