By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria Tuesday said it has extended the deadline on the update for Know Your Customer (KYC) in respect of Designated Non-Financial Businesses and Professions (DNFBPs).
This is contained in a Circular with Reference Number FPR/DIR/GEN/CIR/03/001 dated February 25 2013 by Nwaoha I.T, Acting Director Financial Policy and Regulations Department of the CBN and obtained by www.investadvocateng.com.
The Circular reads thus: “Recall that the CBN issued a Circular dated 2nd August, 2012 referenced FPR/CIR/GEN/VOL.1/082 to all Banks and Other Financial Institutions (OFIs) on the above subject. The Circular directed that DNFBPs that are existing Financial Institutions customers to update their account information with evidence of registration (e.g certificate of registration showing registration number) with the Special Control Unit Against Money Laundering (SCUML) within six (6) months from the date of the Circular†the CBN said.
According to the CBN, following representations made by some stakeholders for an extension of the deadline, it decided to do so by three (3) from February 01 to April 30 2013. “For avoidance of doubt, DNFBPs that have not registered with SCUML may do so and update their accounts information with such evidence on or before 30th April 2013, failing which they would not be allowed to operate such accounts until they comply†the Circular said.
In the same vein, the CBN urged Banks and Other Financial Institutions for proper implementation of the Three Tiered KYC.
The Nigeria’s Central Bank affirmed that if the KYC policy would produce lasting result, it should be properly implemented and monitored timely from its inception.
The CBN said it has developed an implementation strategy to ensure that it carries out its commitment to demonstrate its seriousness to the project and Financial Institutions comply with various provisions of the guideline and put in place the required infrastructure.
