CBN Makes Social Media Handle Mandatory KYC Requirements For Bank Customers

In a decisive move against financial crimes, the Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023, which impose stricter regulations on financial institutions under its regulatory purview.

One significant change introduced by the CBN is the mandatory collection and verification of customers’ social media handles as part of the Know Your Customer (KYC) requirements.

This requirement is designed to enhance the accuracy and depth of customer identification. Financial institutions operating under the CBN’s regulatory purview are now obligated to collect and verify customers’ social media handles during the KYC process.

The inclusion of social media handles in KYC requirements applies to both individuals and legal entities. By incorporating social media information, financial institutions aim to strengthen the depth of customer identification, enabling more effective risk assessment and combating financial crimes more efficiently.

The CBN’s Customer Due Diligence Regulations 2023 reflect the bank’s commitment to adopting stringent measures in the fight against money laundering, terrorism financing, and other illicit activities. With the integration of social media handles into the KYC process, the CBN expects financial institutions to enhance their ability to identify and monitor customers, ultimately contributing to a safer and more secure financial system in Nigeria.