WED 24 NOV, 2021-theGBJournal- The Central Bank of Nigeria (CBN) released a revised regulatory framework for Bank Verification Number (BVN) operations via a circular No PSM/DIR/PUB/CIR/01/O27 dated October 12, 2021.
Where it is applicable, here is what is required of bank customers;
1-Customer’s role and responsibilities: To provide accurate biometrics and biodata, customer’s name on the BVN data base shall be the same in all his/her accounts, across the banking industry. Customers are therefore required to report all suspicious or unauthorised activities on their accounts/wallets to their banks, report any changes in their biometrics (for instance, loss of finger) and biodata.
2-Rules on Changes on BVN records: Correction of date of birth on BVN records shall only be allowed once, with supporting documents evidencing the correct date of birth. Change of name due to marriage, divorce or religion shall only be allowed with supporting documents such as marriage certificates, divorce certificates, affidavits, newspaper adverts, etc.
Again, minor correction of name due to misspelling shall only be allowed, with supporting documents and regulatory forms of identification e,g international passport, driver’s licence and NIMC ID, showing correct the correct name.
Change of names that are totally different or are partially different shall only be allowed after the customer has produced supporting documents to the change of name and the Nigerian Financial Intelligence notified. However, if it is a total change in name, the bank shall await receipt of NFIU clearance to effect the required change.
3-Bank’s responsibilities: Customers who wish to close their accounts/wallets, shall be allowed to do so. Where the account/ wallet is not linked with the BVN, a payment instrument shall be issued in the same name in which the account/wallet was opened. In cases where the balance on the account/wallet is more than what is legally allowed on a paper instrument (i.e N10 million), the bank shall seek and obtain clearance from the NFIU before such accounts/wallets can be closed and the balance transferred electronically to another account.
The circular also states that if a a breach is associated with operation of your account/wallet, you agree that the bank in question have the right to apply restrictions to the customer’s account/wallet and report to appropriate law enforcement agencies in line with extant laws.
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