CBN cautions financial institutions against BVN violations, sets N2m fine
This was stated in a circular sent to all deposit money banks, mobile money operators, super agents, and payment service providers on Tuesday, headlined “Issuance of the updated regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry.”
The CBN said it would ensure all operated accounts/wallets (except Tier 1) (including accounts/wallets (except Tier 1) opened through agents) were linked with the signatories’ BVNs within 24 hours of NIBSS making BVN available.
“Misuse of the BVN watch-listing process for victimisation; improper linking of accounts/wallets (except Tier 1); and other infraction(s), as may be determined by the CBN.”
Within 180 days of the issuance of this framework, operators must “enroll all mobile money wallets (excluding Tier 1) users on the BVN database and link their wallets (except Tier 1) with their BVNs.
“Ensure that BVN details of all signatories, directors, and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1).”
Non-resident non-Nigerian directors of corporate accounts must also obtain a BVN, according to the CBN.
