The Central Bank of Nigeria (CBN) in collaboration with relevant stakeholders have developed uniform account opening forms as part measures to ensure that depositors in banks and other financial institutions provide necessary information for effective Know Your Customer (KYC) due diligence.
The CBN circular to banks and other financial institution which was signed by director, financial policy and regulation Department, Kevin N. Amugo said that the uniformity is to ensure that customers due diligence (CDD) is consistently practiced in account opening process for prospective customers of financial institutions.
The Circular said that individual prospective customers are required to complete A (1) form A (2) form A for accounts in tier one, two and tier three respectively. It however said that legal entities are to complete form B.
The CBN said that whereas prospective customers are required to provide the relevant information applicable to them as prescribed above, existing customers are to regularly update their records in line with the format.
