Review of Restrictions & Limits on Levels I & II of the Tiered KYC Accounts


Wednesday, July 13, 2016 9:24AM /CBN

In its circular dated 18th January, 2013 referenced FPR/DIR/CIR/01/001 on the introduction of three-tiered Know Your Customer (KYC) requirements, the CBN directed financial institutions to adopt the provisions of 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.

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

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