Regulatory Alerts2017-07-03 | BPS/PSV/DIR/GEN/01/001Circular on Statements of Payment Finality for the Nigerian Payments Schemes
This document outlines the process and responsibilities of banks, regulatory bodies, customers, and stakeholders in relation to the Bank Verification Number (BVN) watch-list. The purpose of this framework is to reduce fraudulent activities within the banking sector by effectively managing the operations of the BVN watch-list. Key highlights of the document include: 1. The establishment of six categories for individuals found involved in confirmed fraudulent activities, with corresponding restrictions on their banking activities. 2. Banks' responsibilities to submit monthly reports of individuals recommended for inclusion or delisting from the watch-list. 3. NIBSS shall put in place a Service Level Agreement (SLA) with relevant stakeholders. Regarding the concise summary: "This document outlines the process and responsibilities of banks, regulatory bodies, customers, and stakeholders in relation to the Bank Verification Number (BVN) watch-list. The purpose of this framework is to reduce fraudulent activities within the banking sector by effectively managing the operations of the BVN watch-list."