CBN directs banks on identification of refugees, asylum seekers for transactions

By Charles Abuede

The Central Bank of Nigeria (CBN) has asked all banks and other financial institutions to allow for the permissible means of identification for refugees and asylum seekers in Nigeria with respect to the conduct of financial transactions.

It stated that the machine readable convention travel document (MRCTD) issued by the Nigeria Immigration Services (NIS); the refugee identity card, issued by the National Commission for Refugees, Migrants and Internally Displaced Persons, are allowed as a means of identification for banking and financial transactions.

In a circular on the acceptance of machine readable convention travel document (MRCTD) and refugee identification card as a means of identification which was signed by Kevin Amugo, the director, department of financial policy and regulation, to all banks and other financial institutions and payment service providers, the CBN said that the directive is in line with the provisions of the apex bank’s regulations 40 and 80 under the anti-money laundering and combating financial terrorism (AMT/CFT) Acts as amended in 2013 on customer due diligence.

The CBN in the circular stated that this is to address the concerns and challenges encountered by refugees and asylum seekers with regards to conducting banking transactions in Nigeria, citing that banks and other financials will continue ensuring that effective customer due diligence policies and procedures are implemented to combat money laundering, financing of terrorists and the proliferation of weapons of mass destruction.