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CBN extends deadline on Know Your Customer

By on June 19, 2013

Central Bank of Nigeria, CBN, yesterday, extended, by eight months, the deadline for banks and other financial institutions to comply with Know-Your-Customer, KYC, requirements.

Meanwhile, value of shares listed on the Nigeria Stock Exchange, NSE, fell by N19.4 billion yesterday due to decline in the share price of 33 companies.

Additional KYC requirements are in respect to bureaux de change, hotels, law firms, accounting firms and consulting firms referred to as Designated Non-Financial Businesses and Professions, DNFBPs.

CBN announced the extension in a circular to all banks and financial institutions signed by Mr. A. Ikem for the Acting Director, Financial Policy and Regulation department.

The circular was entitled Additional Know Your Customer, KYC, requirement in respect of Designated Non-Financial Businesses and Professions, DNFBPs— Extension of deadline.

It read in part: “In consideration of some challenges encountered by Special Control Unit against Money Laundering, CBN has decided to further extend the second deadline of April 30 by eight months to December 31.”