Oct 24, 2017 12:25PM/CBN
You will recall the CBN issued a circular
stipulating that any bank customer without the BVN would be deemed to have
inadequate KYC, effective November 1, 2015. The Bank also clarified that
Nigeria resident’s bank account without the BVN would be operated as “NO
CUSTOMER INITIATED DEBIT’’ account, until the account holder obtain and attach
the BVN to the account.
It has however come to our notice, that some
customers could not link their BVN to their accounts, due to discrepancies
between the record on the BVN database and the records on the core banking
applications of the DMBs. Such customers approached their bankers for
correction, but some of the banks could not effect the corrections.
In view of this, it has become imperative for
the CBN to issue the following clarifications;
of date of birth on BVN record should be allowed once, with supporting
documents, evidencing the correct date of birth.
of names due to marriage should be allowed with supporting documents, such as
marriage certificate/affidavit, etc.
correction of names, due to misspelling e.g. Osikoya written as Oshikoya,
should be allowed, with supporting document such as international passport,
showing the correct name.
of names that are totally different (e.g. Ezra Abu changing to Aminu Umar0 or
partially different (e.g. Ezra Abu Jide to Ezra Abu Olubaje) should only be
allowed after customer has produced supporting documents to the change of the
name, and this should be reported to the Nigerian Financial Intelligence Unit
(NFIU) as a suspicious transaction , by the banks
customers of the BVN database should be same in all his/her accounts, across
the banking industry.
6. Customers that wish to close their accounts should be allowed to do so.
Where the account is not linked with the BVN, a payment instrument should be
issued in the name in which the account was opened. In case where the balance
on the account is more than what is legally allowed on a paper instrument (i.e.
#10million) the bank should seek for and obtain clearance for the EFCC (NFIU)
before the account can be closed and the balance transferred electronically to
the bank raises suspicious on the activity on its customers, Suspicious
Transaction Report should be filed with the Nigerian Financial Intelligence
for the resolution of BVN issues shall be 5 working days from the customer
submits all the required documents.
Please be guided and ensure strict compliance.