CBN Gives Fresh Orders to Access, Zenith, Others on KYC Requirements For NGOs, Others
- The Central Bank of Nigeria has directed commercial banks and financial institutions to obtain fresh SCUML information from bank customers
- Specifically, the bank said the banks should obtain the relevant information from Non-Profit organizations before establishing a relationship
- It said the new requirement aligns with the laws and regulations and its 2012 circular
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The Central Bank of Nigeria has issued fresh Know Your Customer (KYC) requirements to commercial banks in Nigeria.
The bank said that the latest order regards account opening in banks and other financial institutions for non-governmental organizations in the country.
New order aligns with CBN laws
In a circular dated December 8, 2023, and titled ‘Additional Know Your Customer (KYC) Requirement in Respect of Non-Profit Organisations (NGOs), the bank said the financial institutions are required to obtain from the NGOs evidence of registration with Special Control Unit Against Money Laundering (SCUML) of the Economic and Financial Crimes Commission (EFCC).
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CBN said the banks must obtain the relevant SCUML information from the ant-graft agency before establishing a relationship with the NGOs.
It said the new requirement aligns with the laws and regulations and its circular dated August 2, 2012.
CBN said.
“Consequently, all banks and other financial institutions are hereby required to ensure strict compliance with the above requirement and update all customer account information accordingly.”CBN orders banks to go after loan defaulters
The development comes after CBN suspended applications for new loans under its development finance intervention funds.
The apex bank said banks are now responsible for recovering loans granted under various schemes.
The bank announced this via a circular to bank Chief executives signed by the Acting Director of the Development Finance Department, Sa’ad Hamidu.
The bank stated it had commenced a pullback from direct development financing interventions.
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Legit.ng reported that CBN said the banks are now responsible for loan recoveries granted under development finance intervention funds.
“No More 3%”: CBN introduces crucial changes to processing charges on large cash deposits
Earlier, Legit.ng reported that The Central Bank of Nigeria (CBN) has issued a directive to all commercial banks, financial institutions, and non-banking institutions, suspending the processing fees previously placed on large cash deposits.
The apex bank issued the directive under a new guide issued on Monday, December 11, 2023, under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Financial Institutions.”
The new directive affects cash deposits of N500,000 by individuals and N3 million for corporate accounts.
Source: Legit.ng
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