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CBN Calls for the Introduction of uniform account opening forms

By on October 6, 2012

CBN HQ, FCT

The Central Bank of Nigeria wants to introduce uniform account opening forms for the banking sector in a bid to considerably reduce money laundering and terrorism financing. This decision was revealed yesterday by the apex bank.
The Director, Financial Policy, and Regulation Department in a communiqué addressed to banks and signed by A. U Abot for the Director said that the use of different account opening forms by Banks was against the Know Your Customer (KYC) requirement in Banking.

The circular further stated that, uniform account opening forms would improve efforts made so far in stopping money laundering and terrorism financing in the country since the situation is having serious adverse effects on the country.

The CBN is collaborating with the Committee of Chief Compliance Officers of Banks in Nigeria (CCOBIN) in developing a draft form for this purpose and in a statement is urging members of the public to make their own inputs.

The move would boost the efficiency of customers’ due attentiveness, conformity with AML/CFT standards and assist swift investigation of financial crimes by agencies responsible, said CBN.