CBN to introduce uniform account opening forms for banks

With a view to enhancing thefight against money laundering and financing of terrorism (AML/CFT) in the country, the Central Bank of Nigeria (CBN) has concluded plans to introduce uniform account opening forms for the banking sector.A circular addressed to banks and other financial institutions, which was signed by U. A. Obot on behalf of the Director, Financial Policy and Regulation Department, CBN, stated that the absence of uniformity in account opening procedure and documentation for prospective customers was hindering the effectiveness of Know Your Customer (KYC) requirement in banks and other financial institutions.The circular added that it was also having negative impact on efforts to stem money laundering and terrorism financing in the country.The apex bank noted that it was in the light of the above that it entered into collaboration with the Committee of Chief Compliance Officers of Banks in Nigeria (CCOBIN) to develop a draft form, urging members of the public to make input.The apex bank stated that the new development would increase the effectiveness of customers' due diligence, compliance with AML/CFT standards and facilitate quick investigation of financial crimes by relevant agencies.
Click here to read full news..