The Central Bank of Nigeria (CBN) has revealed that those who violate its Bank Verification Number (BVN) policy will be barred from accessing credit and also from opening new accounts.
The CBN made the announcement in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.
Mr. Musa Jimoh, Director, Payment System Management Department of the CBN signed the framework which was consequently released in its Update Report Circular.
The CBN also maintained that the new framework has been designed with the effectiveness of customer due diligence and Know Your Customer in mind.
The general public was informed that breaches on the part of customers could see the individual getting barred from entering a new relationship with any bank.
He said: “The new framework further stipulates that a customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities, thus, breaches it continued on the customer’s part include – use of forged documents, forgery, compromise, complicity and connivance.
“Also listed as punishable breaches were: duplicate enrolment, use of fictitious information, receipts of proceeds of deception, deception, receipts of fraudulent proceeds and any infractions on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws, and dishonest acts.
“Others were non-cooperation with efforts (as stipulated in the Regulation on Instant Interbank Electronic Funds Transfer) to reverse wrong credit, erroneous, multiple or duplicated payments or credits; and any infringement of the Cybercrimes (Prohibition, Prevention, etc.) Act. 2015.”
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