The Central Bank of Nigeria (CBN) has instructed commercial banks to obtain social media handles of their customers in addition to the standard identification requirements. This announcement was made through the publication of the “Customer Due Diligence Regulations 2023” on the CBN’s official website.
The regulations specify that individuals must disclose their legal name, any previous names used, permanent and residential addresses, phone number, email address, social media handle, date and place of birth, Bank Verification Number, Tax Identification Number, nationality, occupation, public position held, and name of employer.
The main objective behind these regulations, as stated by the CBN, is to strengthen customer due diligence practices in financial institutions regulated by the central bank. This move is intended to ensure compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA) of 2022, the Terrorism (Prevention and Prohibition) Act (TPPA) of 2022, the Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations of 2022 (CBN AML, CFT and CPF Regulations), as well as international best practices.
If commercial banks implement this directive, individuals in Nigeria will be required to provide their social media account details when providing their banking information.
