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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