L
LequteMan
Guest
CBN's Deputy Director, Banking Supervision, Steve Nwadiuko, has instructed Nigerian banks to report anyone who tries to change the name on a bank account so as to link it with the Bank Verification Number (BVN) of another account.
"When someone bears John in a bank and had obtained BVN using that name and he has another account where he bears Joseph when he wants to link the accounts, a suspicious activity has already occurred," he said.
“That bank is supposed to raise a suspicious activity report to the Nigeria Financial Intelligence Unit (NFIU). He has some explanation to do because of the mere fact that he bears various names with various accounts. The bank also has to notify the bank where they adopted the BVN from so that the bank that gave the BVN also issues a suspicious activity report and the account is closed until the issues are cleared.”
Consequently, he said the CBN will be issuing a circular soon. “For the people doing change of name, the CBN is working on that. It is going to issue a circular on what banks should do because that is the essence of the BVN and we are happy with what is going on.”
Leadership
"When someone bears John in a bank and had obtained BVN using that name and he has another account where he bears Joseph when he wants to link the accounts, a suspicious activity has already occurred," he said.
“That bank is supposed to raise a suspicious activity report to the Nigeria Financial Intelligence Unit (NFIU). He has some explanation to do because of the mere fact that he bears various names with various accounts. The bank also has to notify the bank where they adopted the BVN from so that the bank that gave the BVN also issues a suspicious activity report and the account is closed until the issues are cleared.”
Consequently, he said the CBN will be issuing a circular soon. “For the people doing change of name, the CBN is working on that. It is going to issue a circular on what banks should do because that is the essence of the BVN and we are happy with what is going on.”
Leadership
