Circular to Banks and Other Financial Institutions

CENTRAL BANK OF NIGERIA
Financial Policy & Regulation Department Central Business District P.M.B. 0187 Garki, Abuja.

09-46236401 1st July, 2016 Tel ...................

E-mail: fprd@cbn.gov.ng FPR/DIR/CIR/GEN/06/002 CIRCULAR TO BANKS AND OTHER FINANCIAL INSTITUTIONS REVIEW OF RESTRICTIONS AND LIMITS ON LEVELS I AND II OF THE TIERED KYC ACCOUNTS In its circular dated 18th January, 2013 referenced FPR/DIR/CIR/GEN/01/001 on the introduction of three-tiered Know Your Customer (KYC) requirements, the CBN directed financial institutions to adopt the provisions of the three-tiered KYC in addition to the provision of the CBN AML/CFT Regulations, 2009 (as amended).

Following representations made by stakeholders for review of the limits and restrictions on the operations of Tiers I and II accounts, the CBN in furtherance of its efforts to deepen financial inclusion, has reviewed upward the current transaction limits on Tier I and II accounts as shown below:

	TIER I	TIER II
	N100,000
Single Deposit	N50,000
Cumulative Balance	N300,000	N500,000
For	mobile money,	Maximum	In line with Banking and Payments System Department
	2nd	February, 2015 and	referenced
Single Transaction Limit and Daily	circular dated
Cumulative Transaction Limit	BPS/DIR/GEN/CIR/02/003

Note that the provisions of Regulation 77 of the CBN AML/CFT Regulations, 2013 shall apply in the identification and verification of Tier II customers as stated in item (iii) of our circular referenced FPR/DIR/CIR/GEN/01/001 dated 18th January, 2013. KEVIN N. AMUGO DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT