BVN: CBN Warns Customers Against Change of Names

There may not be recipe yet for bank customers who have done change of names to redeem their money in various multiple accounts opened in different names. Central Bank of Nigeria, CBN, directed banks to report such customers trying to link all accounts with the Bank Verification Number, BVN, to the regulatory authority. Of recent, many bank customers, who had various accounts with various banks under different names, have not been able to link their accounts or access funds and have resorted to changing of names so as to link all their accounts to a single BVN.
Speaking in Lagos at a CBN/International Finance Corporation, IFC’s media workshop, CBN Deputy Director, Banking Supervision, Mr. Steve Nwadiuko, explained that when someone bears John in a bank and had obtained BVN using that name and he has another account where he bears Joseph; when he wants to link the accounts, a suspicious activity has already occurred.
“That bank is supposed to raise a suspicious activity report to the Nigeria Financial Intelligence Unit, NFIU. He has some explanation to do because of the mere fact that he bears various names with various accounts. “The bank also has to notify the bank where they adopted the BVN from so that the bank that gave the BVN also issues a suspicious activity report and the account is closed until the issues are cleared.”
According to him, the CBN will issue a circular soon, adding, “For the people doing change of name, the CBN is working on that.
It is going to issue a circular on what banks should do because that is the essence of the BVN and we are happy with what is going on.” The BVN was launched in 2014 as a means to curb fraud, identity theft and engender loan growth by issuing bank customers with unique identification numbers.
Source: National Mirror Nigeria
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