Central Bank of Nigeria (CBN) has given deposit money banks five working days from the date the customer submits all the required documents, to resolve issues with regards to Bank Verification Number (BVN).
The apex bank had in a circular said any bank customer without the BVN would be deemed to have inadequate Know Your Customer (KYC), effective from November 1, 2015.
However, 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. Such customers approach their banks for correction, but some of the banks could not effect the corrections.
Consequently, the CBN yesterday issued a 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 ones, with supporting documents evidencing 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 banking industry.
The Bank said that customers that wish to close their accounts should be allowed to do. But 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, suspicious transaction report should be filled with the NFIU.
