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CBN Extends Deadline On Update Of Bank Accounts by Customers

Source: THEWILL. -
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SAN FRANCISCO, Jan 03, (THEWILL) - The Central Bank today said it has extended the December 31, 2010, deadline it issued customers of banks and financial institution in the country to update their account information failing which their accounts would be suspended with effect from January 01, 2011. It issued a new date of January 31, 2011.

A statement from the regulator bank’s Head of Corporate Communications, M.M.Abdullahi obtained by THEWILL said: “Having reviewed the progress made so far and the response of the banking public, the CBN has extended the deadline for the information update of bank accounts from 31st December, 2010 to 31st January, 2011.”

The statement further stated that the CBN has directed all financial institutions to ensure compliance with the revised deadline and suspend operations of all accounts with un-updated information with effect from February 01, 2011.

It added that: “The account update is part of the Customer Due Diligence (CDD) which involves Know Your Customer (KYC) compliance which is accepted worldwide as a tool for the fight against money laundering and terrorism financing as well as protecting the interest of customers. All banks are required to ensure compliance.”