CBN introduces uniform format for bank account opening forms

The Central Bank of Nigeria (CBN) has introduced  uniform account opening forms in an effort to ensure that depositors in banks and other financial institutions provide necessary background information for effective Know Your Customer (KYC) due diligence.

According to the CBN, the uniformity is to ensure Customer Due Diligence (CDD) is consistently and uniformly practised in account opening process for prospective customers of financial institutions.

In a circular signed by Kevin Amugo, director, financial policy and regulation department, CBN, individual prospective customers are required to complete account opening form A(1), Form A (2) and Form A for accounts in Tier I, II, and III, respectively, while legal entities are to complete form B.

Part of the circular to all banks and other financial institutions on uniform account opening forms and minimum information requirements for three-tiered KYC for customers of banks and other financial institutions in Nigeria reads: “Whereas prospective customers are required to provide the relevant information applicable to them as prescribed above, existing customers are to regularly update their records in line with the formats”.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

African Refiners & Distributors Association (ARA) confirms commitment to 2020 clean fuel policy

The ARA held a clean fuels workshop in Lomé, Togo on the 13-14 September 2017 ...