WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-11-30 Time: 06:00:02 Posted By: News Poster
By Sunday Williams
The Central Bank of Nigeria (CBN) yesterday gave a one month period beginning from December 1 to 30, 2010 for commercial bank customers to update their account details in line with the Know Your Customer (KYC) information or risk being barred from operating their accounts.
CBN Deputy Governor, Financial System Stability, Dr Kingsley Moghalu made the remarks yesterday in Abuja at a briefing to herald the commencement for public awareness campaign on the need to update Know Your Customer (KYC) information.
Customer Due Diligence (CDD) which involves KYC compliance is acceptable worldwide as a veritable tool towards the fight against money laundering and terrorism financing.
Nigeria was placed under list of countries targeted for close monitoring by Financial Action Task Force (FATF) in Febuary 2010.This was mainly due to the country’s poor ratings on FATF 40(43)+9 recommendation especially 5.
Dr. Moghalu said that in order to assist financial institutions in obtaining the required KYC information, the CBN, EFCC/NFIU and UNODC decided to partner on an awareness campaign to enlighten the general public on the importance of providing KYC information.
“The campaign will entail adverts and jingles that would be aired on the print and electronic media over a period of one month commencing from 1st to 31st December 2010 across the entire nation. At the end of this period, all customers would be expected to have updated their accounts failing which they will be barred from operating their accounts until they update the required information,” he said.
Some of the information required for the KYC information include, current address, telephone numbers, date of birth etc.
The CBN Deputy Governor said that providing the KYC information to financial institutions is in the best interest of the customers themselves.
“It is only when the financial institutions know their customers well that they determine that they are not linked with money laundering, terrorist financing and other financial crime. Moreover, it is only when financial institutions know their customer well through appropriate due diligence measures, then they can assert with utmost certainty their characters and type of business,” he said.
He said that the CBN Anti-Money laundering/combating of financial terrorism regulation (AML/CFT) 2009 and money laundering prohibition Act 2004 require financial institutions to among other things identify and verify the identities of their customers and render statutory returns to CBN and Nigerian Financial Intelligence Unit (NFIU).
He said that the financial institutions have been experiencing a lot of challenges in their quest to obtain the necessary KYC information from their the ri customers as required by the regulators.
He said that the existing KYC information already obtained over the years from customers is out of date or inaccurate.
“Secondly, customers are reluctant to supply the requested information primarily because they are not aware of its importance. They erroneously feel that the request for information is only a prelude to filing transactions reports against them to financial regulatory authorities,” he said.
Original Source: 
Original date published: 30 November 2010
Source: http://allafrica.com/stories/201011300168.html?viewall=1