CBN Directs Banks To Demand Customers’ Social Media Handles For Account Opening

The Central Bank of Nigeria (CBN) has issued guidelines requiring banks to collect and verify social media handles as part of their know your customer (KYC) procedures.
The apex bank issued the directive in its recently gazetted legislation titled ‘Customer Due Diligence Regulations 2023’.
The bank said the objective of the regulation is to prevent financial crimes and terrorism while boosting the precision and thoroughness of customer identification.
According to the CBN, financial institutions must identify their customers, regardless of whether they are permanent or occasional clients.
Under the new regulation, the apex bank listed the information banks must obtain from customers.
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