• Latest
  • Trending
  • All
Fresh CBN Rule Stops BVN Violators From Opening Bank Accounts, Others

Fresh CBN Rule Stops BVN Violators From Opening Bank Accounts, Others

Які сюрпризи може принести стильний аксесуар, якщо поряд з вами парик 24

MARITAL DESERTION: ABANDONING A MARRIAGE PARTNER OR RUNNING AWAY FROM MARRIAGE

MARITAL DESERTION: ABANDONING A MARRIAGE PARTNER OR RUNNING AWAY FROM MARRIAGE

Regulatory Compliance of Cryptocurrency: A Comparative Analysis of Nigeria Law vis- a-vis Global Law

Regulatory Compliance of Cryptocurrency: A Comparative Analysis of Nigeria Law vis- a-vis Global Law

NNPC Boss Ojulari Allegedly Forced to Resign

Presidency opens up on Alleged ‘Forceful Resignation’ of Ojulari as NNPC Chairman

Boxing legend Muhammad Ali’s brother dies

Boxing legend Muhammad Ali’s brother dies

NNPC Boss Ojulari Allegedly Forced to Resign

NNPC Boss Ojulari Allegedly Forced to Resign

FG Plans Mandatory Drug Tests for Undergraduate Students, Reveals Commencement Date

FG Plans Mandatory Drug Tests for Undergraduate Students, Reveals Commencement Date

Angry Youths loot CBEX Office in Ibadan [Video]

EFCC Gives Update on CBEX Funds Recovery

Dino Melaye dumps PDP, says ‘Party is impotent’

Dino Melaye dumps PDP, says ‘Party is impotent’

When Wolves Wear Sheep’s Clothing by Fatimah Hamid

Killer Of Kwara Final-Year Student Sentenced To Death

Girlfriend stabs Boyfriend to Death in Ondo for Cheating

Girlfriend stabs Boyfriend to Death in Ondo for Cheating

CAC sets Deadline to delist 100,000 Dormant Companies

CAC sets Deadline to delist 100,000 Dormant Companies

  • About Us
  • Advertise with Us
  • Editorial Policy
Friday, August 8, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Featured

Fresh CBN Rule Stops BVN Violators From Opening Bank Accounts, Others

by iDeemlawful
November 22, 2021
A A
Fresh CBN Rule Stops BVN Violators From Opening Bank Accounts, Others
FacebookTwitterWhatsapp

It will no longer be business as usual for violators of Bank Verification Number (BVN). They have been barred from opening new bank accounts going by a fresh Central Bank of Nigeria (CBN) rule.

The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular.

According to the bank, the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes. The CBN described the policy as part of its overall strategy for promoting a safe and efficient banking and payment system.

RelatedPosts

CBN dragged to Court over ATM fee hike

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

JUST IN: Lagos Assembly Speaker, Mojisola Meranda faces mounting pressure to step down

In the circular, the Director, Payments System Management Department, Musa Jimoh, explained that the watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.

He explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any participant (banks).

Musa said that where a financial institution chooses to continue an existing business relationship with holders of an account/wallets on the watch-list, the account holder shall be prohibited from all electronic channels such as but not limited to Automated Teller Machine, Point of Sale , Internet Banking, Mobile Banking, USSD including the issuance of third- party cheques.

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.

The director also said that those who misuse identity and financial information and indulge in identity theft and breach of confidentiality will be punished in line with the new regulations.

“Banks and other financial institutions involved in BVN operations were instructed by the CBN to ensure all operating accounts/wallets are linked with the signatories’ BVNs within 24 hours of availability,” the circular said.

The CBN also instructed that operators must enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework.

The CBN, however, said it would continue to monitor industry developments and issue further guidance as might be appropriate in the nearest future.

The regulator said money laundering requires an underlying, primary profit-making crime (such as corruption, drug trafficking, market manipulation, fraud, tax evasion), along with the intent to conceal the proceeds of the crime or to further the criminal enterprise.

These activities, it added, generate financial flows that involve the diversion of resources from economically and socially-productive uses.

The diversions, the circular noted, can have negative impacts on the financial sector and external stability of the economy.

Tags: BVNCBNiPad
Previous Post

Police Order Anambra Hotels To Submit Daily Guest Lists

Next Post

“Nothing like former Prime Minister,” Raila insists to be addressed as Prime Minister

iDeemlawful

iDeemlawful

Related Posts

How President Tinubu, Opposition Coalition Leaders Snubbed Each Other at Buhari’s burial
Featured

How President Tinubu, Opposition Coalition Leaders Snubbed Each Other at Buhari’s burial

How Buhari was Honoured, Buried
Breaking News

How Buhari was Honoured, Buried

ADC website Crashes as Nigerians flood site to join Coalition Party
Featured

ADC: Five Unveiling Crisis casting doubts on the New Coalition

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”
Breaking News

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”

Trump threatens Nigeria with 10% Tariff for Supporting BRICS
Featured

Trump threatens Nigeria with 10% Tariff for Supporting BRICS

Saint Lucia confers Highest National Honour on Tinubu [Video]
Breaking News

Saint Lucia confers Highest National Honour on Tinubu [Video]

Peter Obi declares 2027 Presidential Ambition
Featured

Peter Obi declares 2027 Presidential Ambition

Tinubu resolves Rivers Crisis, reunites Fubara, Wike, Lawmakers (Video)
Featured

Tinubu resolves Rivers Crisis, reunites Fubara, Wike, Lawmakers (Video)

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?
Business News

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?

Ibas faults NBA for moving Conference from Rivers to Enugu, demands Refund of N300m Hosting Rights
Featured

Rivers LG Administrator Resigns

Load More

Leave a Reply Cancel reply

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

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In