CBN enforces new rules against bank account fraud

Tuesday 23 November 2021 14:19 CET | News

The Central Bank of Nigeria (CBN) has disclosed measures to restrict bank accounts on its watchlist from getting loans and other banking services, according to

The CBN revealed this in its Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the Nigerian Banking Industry. The CBN’s director stated that the framework will improve and promote a secure and efficient banking and payment system. 

Other violations that could result in sanctions include duplicate enrolment, the use of fictitious information, receipts of deception proceeds, deception, receipts of fraudulent proceeds, and any violations of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws, as well as dishonest acts. 

The director also stated that individuals who abuse personal and financial information, as well as engage in identity theft and breach of confidentially, will face penalties under the new legislation. 

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Keywords: central bank, bank account, fraud prevention
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Nigeria
This article is part of category

Securing Transactions