27/12/2010 01:05:00

http://thenationonlineng.net/web3/business/22869.html

HOPES  that the Central Bank of Nigeria (CBN) may extend its December 31 deadline to banks to comply with its ‘Know Your Customer (KYC)’ directive have dimmed.

This is because the apex bank warned at the weekend that it would not bulge on the matter.

There were speculations that the apex bank might carve in to demands to extend the deadline by at least a month to enable banks to get more information on their customers.

The CBN instruction to reduce fraud in the industry. It is expected that with more information on customers, banks could check  unwholesome practices. The initiative is in tandem with the Anti-Money Laundering programmes of the Federal Government.

The CBN’s Head of Corporate Affairs, Mr Mohammed Abdullahi, told The Nation that the December 31 deadline remains.

“As at today, the December 31 deadline stands. It has not changed. I don’tknow what would happen later. May be the deadline would be changed. I don’t know. But what I can say is that it has not changed.”

Meanwhile, banks have been making frantic efforts to meet the deadline, and further prevent sanctions.

Industry sources said banks have mandated their customer services departments to provide up-to-date information on the old and new customers banking with them.The sources said the departments are working with the Information and Communication Technology (ICT) units to achieve this objective.

The Chief Executive officer, Wema Bank Plc, Mr Segun Oloketuyi, corroborated this assertion. Oleketuyi, while answering questions on the CBN deadline, said his bank has updated many accounts. 

Oleketuyi said the bank has been working assiduously in response to the regulatory directives that all the accounts of customers must be updated.

“We have sent forms electronically for customers to fill, and return to the bank. This is in response to CBN’s directives. I implore everybody to comply with the directives to reduce fraud in the industry,” he said.

Also, the Director-General, Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Dr Abdullahi Shehu, said the directive would help in the fight against money laundering.

Shehu urged financial operators to have more detailed information on their customers for  them to  check fraud.