CBN Orders Banks to Send Politically Exposed Persons Data to NIBSS

Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), Micro-Finance Banks (MFBs) and other financial institutions to send data fields on Politically Exposed Persons (PEPs) as part of the Industry Customer Account Database (ICAD) submitted to the Nigeria Interbank Settlement System (NIBSS).

Mr. Dipo Fatokun, director, Banking Services Department, in circular posted on its website, said that the need for the additional information was due to: “the growing demand for more detailed information on bank accounts, for economic intelligence analysis.”

The CBN stated: “Please recall that the Management of Central Bank of Nigeria (CBN) directed all the Deposit Money Banks (DMBs) to forward customers account details in a specified format to the Nigeria Inter-Bank Settlement System (NIBSS), with a view to maintaining an Industry Customer Account Database (!CAD). The initiative contributed immensely towards improving the efficiency and safety of electronic payments in Nigeria.

“In view of the growing demand for more detailed information on bank accounts, for economic intelligence analysis, it has become necessary to expand the coverage of the required data on customers’ accounts. Consequently, two new data fields, covering Politically Exposed Person – PEP (Y/Nl and Sector code have been added to the existing fields on ICAD. “