Centralized Risk Management System (CRMS)

CBN enforces stricter penalties and mandatory verification checks to curb dud checks, boost regulatory compliance and safeguard Nigeria’s bank.

Nigeria’s Central Bank has unveiled a sweeping set of enforcement measures that will see banks fined millions of naira for failing to verify the status of customers before opening current accounts. The policy is designed to tighten compliance standards, curb the growing problem of dud checks and strengthen confidence in the country’s financial system.

Under the new directive, Commercial, Merchant and Non-Interest Banks will face a minimum penalty of ₦3 million for each failure to confirm a customer’s standing. The …