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Cbn Orders Banks To Resolve Bvn Issues Within 5 Working Days

Source: thewillnigeria.com
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SAN FRANCISCO, February 25, (THEWILL) – The Central Bank of Nigeria (CBN) has instructed deposit money banks to resolve issues associated with Bank Verification Number (BVN) within five working days from the date the customer submits all the required documents.

The apex bank, in a circular, said that any bank with a customer without the BVN would be deemed to have inadequate Know Your Customer (KYC), effective from November 1, 2016.

The CBN said it had noticed that some customers could not link their BVN to their accounts, due to discrepancies between the records on the BVN database and the records on the core banking applications of the deposit money banks.

It revealed that when such customers approach their banks for correction, some of the banks could not effect the corrections which necessitated the circular to all banks on clarification on accounts with BVN related issues.

Specifically, the regulator said correction on date of birth on BVN record should be allowed once, with supporting documents as evidence for the correct date of birth.

The circular signed by Dipo Fatokun, Director, Banking and Payments System Department, stated that customer's name on the BVN database should be the same in all his/her accounts across all banks.

The statement further stated that customers that wish to close their accounts should be allowed to do so but added that where the account is not linked with BVN, a payment instrument should be issued in the name in which the account was opened.

In cases where the balance on the account is more than what is legally allowed on a paper instrument, the bank should seek for and obtain clearance from the EFCC and Nigeria Financial Intelligent Unit (NFIU) before such accounts can be closed and the balance transferred electronically to another account.

The CBN said where the bank raises suspicion on the activity of its customer, a suspicious transaction report should be filled with the NFIU.

Story by David Oputah