The one-month extension given by the Central Bank of Nigeria (CBN) to nation's banks and customers of other financial institutions to update their account information ends today.
Specifically, the apex bank had on 29th November, 2010 directed that all customers of banks and financial institutions in Nigeria should update their account information by 31st December, 2010 failing which the affected accounts would be suspended with effect from 1st January, 2010.
However due to series of complaints from customers, CBN before the expiration of the deadline, extended the time till January 31, 2010.
The account update, CBN said was part of the Customer Due Diligence (CDD) which involves Know Your Customer (KYC) compliance which is accepted worldwide as a tool for the fight against money laundering and terrorism financing as well as protecting the interest of customers. All banks are required to ensure compliance.
A cross session of bank officials who spoke to Daily Trust at the weekend described the exercise as successful.
An official of United Bank for Africa (UBA) said in the last one week, the banking halls of the banks most especially in Lagos area have been very busy due to large turnout of customers who were trooping in to update their accounts in meeting the CBN's deadline.
He said the bank had also embarked on aggressive media campaign which has helped it in that direction.
Spring Bank's head of communication, Igwe U. Igwe said the turnout has been impressive so far and that today being the last day may also witnessed a large turnout.
He said one interesting thing about the exercise was that some Nigerians living abroad are calling, or sending mails to upgrade their accounts adding that the awareness created by the bank has helped.
A statement by the CBN said: "Having reviewed the progress made so far and the response of the banking public, the CBN has extended the deadline for the information update of bank accounts from December 31, 2010 to January 31, 2011."
The CBN had also threatened that customers who failed to comply with the directive would have their accounts suspended.
The account update is part of the Customer Due Diligence (CDD) which involves Know Your Customer (KYC) compliance which is accepted worldwide as a tool for the fight against money laundering and terrorism financing as well as protecting the interest of customers.
Our reporter observed Friday, last week that many bank account holders were making last minute efforts to update their accounts.
Source: All Africa
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