The Central Bank of Nigeria (CBN) has introduced new regulations that require banks to collect the social media handles of their customers.
This move is part of the enhanced Customer Due Diligence (CDD) measures aimed at strengthening financial transparency and preventing money laundering and terrorist financing.
The directive, issued by the CBN’s Financial Policy and Regulation Department, emphasizes the importance of verifying customer identities and understanding the nature of their business.
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By obtaining social media information, banks can enhance their monitoring for suspicious activities and ensure compliance with anti-money laundering regulations.
