CENTRAL BANK OF NIGERIA

REGULATORY FRAMEWORK FOR BANK VERIFICATION NUMBER

(BVN) OPERATIONS AND WATCH-LIST FOR THE NIGERIAN
BANKING INDUSTRY

(OCTOBER, 2021)
 Table of Contents
Preamble ...................................................................................................................................................... 4

1.0 Regulatory Framework For Bank Verification Number (BVN) Operations ................................. 4

1.1 Introduction .................................................................................................................................. 4

1.2 Objectives .................................................................................................................................... 4

1.3 Scope ............................................................................................................................................ 5

1.4 BVN Operations .......................................................................................................................... 5

1.4.1 Participants in BVN Operations and Watch-list ...................................................................... 5

1.5 Roles and Responsibilities ........................................................................................................ 5

1.5.1 Central Bank of Nigeria .............................................................................................................. 5

1.5.2 Nigeria Inter-Bank Settlement System Plc (NIBSS) .............................................................. 6

1.5.3 Banks and Other Financial Institutions (OFIs) ....................................................................... 7

1.5.4 Customers .................................................................................................................................... 9

1.6 BVN Operational Processes and Procedures ........................................................................ 9

1.7 Access to the BVN Database* ................................................................................................10

1.8 Request for BVN Information ..................................................................................................11

1.9 Restrictions on the Use of BVN ..............................................................................................11

1.10 Access Fees ..............................................................................................................................11

1.11 Security and Data Protection ..................................................................................................11

1.12 Risk Management .....................................................................................................................12

1.13 Consumer Protection and Dispute Resolution .....................................................................12

1.14 Updating Customer’s BVN Records.......................................................................................12

2.0 WATCH-LIST FOR THE NIGERIAN BANKING INDUSTRY .....................................................13

2.1 Identify Nature of Breach .........................................................................................................13

2.2 Fair Hearing ...............................................................................................................................14

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2.3 Categories of Breaches ...........................................................................................................14

2.4 Watch-List Stakeholders ..........................................................................................................14

2.5 Delisting from Watch-List .........................................................................................................15

2.6 Conditions for Delisting ............................................................................................................15

2.7 Process for Delisting ................................................................................................................15

2.7.1 Automatic delisting....................................................................................................................15

2.7.2 Manual delisting ........................................................................................................................15

3.0 SANCTIONS AND PENALTIES .....................................................................................................16

3.1 Breach of Framework ...............................................................................................................16

3.1.1 Sanctions for customers with BVNs on Watch-list...............................................................16

3.1.2 Sanctions for Participants ........................................................................................................17

Glossary of Terms ....................................................................................................................................21

Appendix I ..................................................................................................................................................22

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 Preamble

In exercise of the powers conferred on the Central Bank of Nigeria (CBN), under
the Central Bank of Nigeria Act, 2007 (CBN Act), and the Banks and Other
Financial Institutions Act (BOFIA) 2020, the CBN hereby issues the revised
Regulatory Framework for the Bank Verification Number (BVN) Operations and
Watch-list for the Nigerian Banking Industry (“the Framework”).

1.0 Regulatory Framework For Bank Verification Number (BVN)

Operations

1.1 Introduction

The Central Bank of Nigeria, in collaboration with the Bankers’

Committee, deployed a centralised Bank Verification Number (BVN)
System in February 2014. This is part of the overall strategy of ensuring
effectiveness of Know Your Customer (KYC) principles, and promotion of
safe, reliable and efficient payments system. The BVN system gives each
customer in the Nigerian banking industry, a unique identifier number.

This Framework defines the operations of BVN as well as the

establishment and operations of a Watch-list for the Nigerian Banking
Industry, to address increasing incidence of frauds and to enhance public
confidence in the banking industry.

This Framework, without prejudice to existing laws, is a guide for the

operations of the Watch-list in the Financial System. The Watch-list is a
database of customers identified by their BVNs, who have been involved
in confirmed cases of breaches, as defined within the framework.

1.2 Objectives

The objectives of the Regulatory Framework for BVN and Watch-list

Operations in Nigeria are to:

i. Define roles and responsibilities of participants in the BVN system;

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 ii. Define Bank Verification Number (BVN) operations in Nigeria;
iii. Define access, usage and management of the BVN system;
iv. Outline operations of the BVN Watch-list process;
v. Define sanction regime for breaches in BVN operations; and
vi. Deter fraud incidences in the Nigerian Banking Industry.

1.3 Scope

The Framework provides regulations for BVN operations and Watch-list

for the Nigerian Banking Industry.

1.4 BVN Operations

BVN operation comprises all activities leading to the management of the

unique banking identification of customers in the BVN database.

1.4.1 Participants in BVN Operations and Watch-list

This Regulatory Framework shall guide the activities of the participants in

the provision of BVN Operations and Watch-list. Participants include:

i. Central Bank of Nigeria (CBN);

ii. Nigeria Inter-Bank Settlement System Plc (NIBSS);
iii. Banks;
iv. Other Financial Institutions (OFIs); and
v. Customers.

1.5 Roles and Responsibilities

1.5.1 Central Bank of Nigeria

The Central Bank of Nigeria has the regulatory and oversight function on
the BVN system in Nigeria. Therefore, the CBN shall:

i. Review and approve the regulatory Framework and the Standard

Operating Guidelines;
ii. Approve eligible users for access to the BVN information;
iii. Approve access to the BVN information;
iv. Ensure that the objectives of the BVN initiatives are fully achieved;

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 v. Monitor stakeholders to ensure compliance;
vi. Apply appropriate sanctions for non-compliance;
vii. Through the Director, Payments System Management Department,
conduct oversight and operate the BVN system in the Bank (including
update and request for information);
viii. Through the Director, Risk Management Department, approve requests
for delisting from the Watch-list;
ix. Through the Director, Risk Management Department, in collaboration with
relevant departments, mediate on issues arising from the Watch-list
between participants;
x. Through, the Director, Consumer Protection Department, handle
consumer complaints on BVN.

1.5.2 Nigeria Inter-Bank Settlement System Plc (NIBSS)

NIBSS shall:

i. Collaborate with other stakeholders to develop and review the Standard

Operating Guidelines of the BVN (BVN SOG);
ii. Ensure seamless operations of the BVN system;
iii. Maintain the BVN database;
iv. Manage access to the BVN information by the approved users;
v. Ensure recourse to the CBN on any request for BVN information by any
party;
vi. Ensure adequate security of the BVN information;
vii. Update the Watch-list with the BVNs of enlisted individuals by
participants;
viii. Use the Watch-list report submitted by participants and duly endorsed by
the MD/CEO of the bank, with clearance from the Director, Risk
Management Department of CBN to delist the BVN from the watch-list;
ix. Provide participants with a portal for the verification of watch-listed BVN;
x. Provide Application Programming Interface (API) for eligible institutions to
integrate their systems to the BVN database for online validation of watch-
listed BVN;
xi. Keep audit trail of activities on the Watch-list;
xii. Put in place a Service Level Agreement (SLA) with relevant stakeholders;

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xiii. Provide CBN access to the Watch-list;
xiv. Comply with the International Organisation for Standardisation (ISO)
standards for security and business continuity;
xv. Maintain a Watch-list Portal; and
xvi. Perform any other role assigned or incidental to the BVN operations.

1.5.3 Banks and Other Financial Institutions (OFIs)

Banks and Other Financial Institutions shall be involved in the BVN

operations as approved by CBN including the following:

i. Ensure proper capturing of the BVN data (including BVN captured by

their agents) and validate same before the linkage with customers’
accounts/wallets (except Tier 1) in line with the provisions in the SOG;
ii. Ensure all operated accounts/wallets (except Tier 1) (including
accounts/wallets (except Tier 1) opened through agents) are linked
with the signatories’ BVNs within 24 hours of NIBSS making BVN
available;
iii. Enroll all mobile money wallets (except Tier 1) subscribers on the BVN
database and link their wallets (except Tier 1) with their BVNs within
one hundred and eighty days (180) days of the issuance of this
framework;
iv. Ensure that BVN details of all signatories, Directors, and Beneficial
owners are linked to their respective non-individual accounts/wallets
(except Tier 1). This is also mandatory for Non-resident Non-Nigerian
Directors (NRNND) of corporate accounts;
v. Ensure customer’s name on the BVN database is the same in all of
his/her accounts/wallets (except Tier 1) across the Banking Industry;
vi. Report the BVNs of individuals in breach to NIBSS for update on the
Watch-list within 1 business day of breach;
vii. Report the BVNs of confirmed deceased customers to NIBSS for
designation as “DECEASED” on the BVN database within 24hrs of
confirmation;
viii. Use the Watch-list report submitted by participants and duly endorsed
by the MD/CEO of the Institution, with clearance from the Director, Risk
Management Department of CBN to delist the BVN from the watch-list.

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 ix. Notify NIBSS for enlisting individuals involved in established breaches
signed by the Chief Audit Executive;
x. Where a participant needs to watch-list a customer of another bank,
the Chief Audit Executive of the customer’s bank shall be notified;
xi. The Chief Audit Executive of the customer’s bank, upon notification of
a breach, shall investigate within one (1) month and after confirmation
of the breach, request for the watch-list of the customers’ BVN within
two (2) business days. The investigating bank shall inform the
requesting bank of its action on the customer. A copy of the finalized
report of the internal investigation should be sent to CBN, through the
Director, Risk Management Department;
xii. Request for the Delisting of individuals from the Watch-list, after
clearance from the CBN;
xiii. Integrate the banking application to the Watch-list, for online
identification/verification of watch-listed individuals as transactions
occur;
xiv. Enforce appropriate sanctions on customers’ accounts/wallets (except
Tier 1) as stipulated in the sanctions grid;
xv. Update the terms and conditions of account/wallet opening forms with
the following disclaimer for new accounts and communicate the update
to existing customers:

‘If a breach is associated with the operation of your account/wallet, you

agree that we have the right to apply restrictions to your account/wallet
and report to appropriate law enforcement agencies in line with extant
laws’;

xvi. Use the BVN API only for account opening, maintenance and
validation in order to ensure full compliance with relevant data privacy
laws; and

xvii. Perform any other role assigned or incidental to the BVN operations,
as may be applicable.

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1.5.4 Customers

Customers shall:

i. Provide accurate biometrics and biodata. Customers role and

responsibilities shall also include the reporting of any changes in their
biometric (e.g. loss of a finger) and biodata;
ii. Abide by the Regulatory Framework for BVN Operations and Watch-list;
and
iii. Report all suspicious or unauthorized activities on their accounts/wallets
(except Tier 1) to their banks /OFIs;

1.6 BVN Operational Processes and Procedures

These are:

i. Enrollment: This is the process where individuals have their biometric

and demographic data captured in the BVN database.
ii. Identification: This refers to the comparison of an individual's biometrics
against the BVN database to confirm the individual had not been
previously enrolled and a BVN generated.
iii. Verification: This refers to the process of authenticating the customer by
matching his/her biometric template with what had been captured in the
database.
iv. Issuance: Following the generation of the BVN, the customer shall be
notified of the BVN by the capturing institution through any of the
following: card, voucher, email, SMS, letter, etc.
v. Linking of Customer’s BVN to all related accounts/wallets (except Tier 1):
This is a process of using the customer’s BVN generated after his/her
enrolment to link accounts/wallets (except Tier 1) to which he or she is a
signatory, after validation. No new account/wallet (except Tier 1) shall be
allowed to operate without BVN (except inflows), however, any
account/wallet (except Tier 1) without BVN shall be closed within 30 days.
vi. Delinking of Customer’s BVN from accounts/wallets (except Tier 1): This
is the process of removing the BVN of a signatory (except for Directors/

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 Beneficial owners) that is linked to an account/wallet (except Tier 1). The
BVN shall be delinked upon the approval of the Chief Audit Executive of
the customer’s bank. This delinking process is for corporate or joint
accounts and for activities not associated with breaches. Returns on
delinked accounts/wallets (except Tier 1) shall be rendered to the
Director, Payments System Management Department on a monthly basis.
Where there is no linked account a nil report should be submitted.
vii. Fraud Management: This is a process aimed at using BVN to deter,
prevent, detect and mitigate the risks of fraud in the banking industry.
viii. Customer Information Update: This is the process by which the
customer’s information can be updated on the BVN database.

1.7 Access to the BVN Database*

Except for Tier 1 users of the BVN database i.e. banks, Other Financial
Institutions and Mobile Money Operators (who have direct access),
access** to the BVN database shall be approved by the CBN and guided
in line with the following grid:

S/N TIER 1 ACCESS ACCESS RULES

USERS OF BVN DATABASE TYPE
1 Banks Direct Treat with strict
Access (Do confidentiality
2 Other Financial Institutions Not Require Requires consent
(excluding PSPs) CBN’s of customers
Approval)
S/N TIER 2 ACCESS ACCESS RULE
USERS OF BVN DATABASE TYPE
1 Payments Service Providers Through Requires consent
2 Credit Bureau NIBSS as of customers
defined in the
3 Other entities that may be BVN SOG
approved by the CBN

* Details of operational procedures guiding the access to the BVN database

shall be as contained in the BVN SOG.
** Foreign entities shall not be allowed access to the BVN database.

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1.8 Request for BVN Information

Without prejudice to the extant laws of Nigeria, the following entities***

may be granted BVN information upon presentation of valid Federal High
Court orders:

i. Law Enforcement Agencies;

ii. National Pension Commission;
iii. Pension Fund Administrators; and
iv. Other entities as may be approved.

***Individuals are not eligible to access BVN information, other than their
own.

1.9 Restrictions on the Use of BVN

The use of BVN shall be restricted only to purposes specified by the CBN.
The following shall constitute abuse of the BVN:

i. Use of BVN to sanction individuals for non-financial offences;

ii. Use of BVN for identification outside the banking system; and
iii. Any other misuse, as may be designated by the CBN.

1.10 Access Fees

The CBN shall determine fees payable for accessing information from the
BVN database.

1.11 Security and Data Protection

i. Parties involved in the BVN operations, shall put in place, secure

hardware, software and encryption of messages transmitted through a
secured network;
ii. BVN data shall be stored within the shores of Nigeria and shall not be
routed across borders without the consent of the CBN;
iii. Users of the BVN information shall establish adequate security
procedures to ensure the safety and security of its information and those

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 of its clients, which shall include physical, logical, network and enterprise
security;
iv. Access to BVN information by customers shall be obtained through
secured channels with appropriate authentication;
v. BVN participants shall ensure that BVN information is treated as
confidential; and
vi. All stakeholders shall comply with Nigeria Data Protection Regulation
(NDPR) or any regulation of the Bank on data protection and relevant
extant laws.

1.12 Risk Management

BVN participants shall ensure that risk mitigation measures are in place
to minimise operational risks. The BVN operations shall not be
susceptible to sustained operational failures.

1.13 Consumer Protection and Dispute Resolution

All consumer complaints shall be resolved in accordance with the CBN

Consumer Protection Regulation.

1.14 Updating Customer’s BVN Records

Change of customer records shall be allowed as follows:

i. Correction of date of birth on BVN record shall be allowed once, with

supporting documents, evidencing the correct date of birth;
ii. Change of Name due to marriage/divorce/religion shall only be allowed
with supporting documents, such as marriage certificate/divorce
certificate/affidavit, newspaper adverts, etc.;
iii. Minor correction of name, due to misspelling shall only be allowed, with
supporting documents and regulatory forms of identification such as
international passport, driver’s licence and NIMC ID, showing the correct
name;
iv. Change of names that are totally different or partially different shall only
be allowed after the customer has produced supporting documents to the
change of the name, and this shall be reported to the Nigerian Financial

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 Intelligence Unit (NFIU) as a suspicious act by the participant. The NFIU
shall issue appropriate clearance in the case of a totally different name
before effecting the change;
v. The customer's name on the BVN database shall be the same in all
his/her accounts, across the banking industry;
vi. Customers who wish to close their accounts/wallets (except Tier 1) shall
be allowed to do so. Where the account/wallet (except Tier 1) is not linked
with the BVN, a payment instrument shall be issued in the same name in
which the account/wallet was opened. In cases where the balance on the
account/wallet(except Tier 1) is more than what is legally allowed on a
paper instrument (i.e. N10 million) the bank shall seek and obtain
clearance from the NFIU before such accounts/wallets(except Tier 1) can
be closed and the balance transferred electronically to another account;
vii. Timeline for the resolution of BVN issues shall be 5 working days from the
date the customer submits all the required documents; and
viii. Following corrections/updating of details, the customer shall be notified
by the institution that made the changes through any of the following:
email, SMS, letter, etc.

2.0 WATCH-LIST FOR THE NIGERIAN BANKING INDUSTRY

A Watch-List shall be maintained for the banking industry. The Watch-List

contains BVN records of individuals that have been confirmed to be
involved in breaches outlined within this Framework (see Appendix I).

In determining what constitutes a breach, participants shall adhere to the

following procedures:

2.1 Identify Nature of Breach

Upon receipt of a report of an alleged breach, the participants shall, within

one (1) month, investigate the alleged breach with a view to determining
the nature of the breach, where and when it occurred.

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2.2 Fair Hearing

Once a breach is established, in the process of investigation/fair hearing,

a customer's account shall be placed on Post-No-Debit (PND), the
customer shall be notified through verifiable means within five (5)
business days:

i. At a minimum, the notification shall clearly state the breach and the
consequences which include watch-listing;
ii. The customer(s) shall be given the opportunity to present documentary
evidence that may affect the decision within three (3) business days; and
iii. Where decision to watch-list the BVN is reached, the customer shall be
notified through verifiable means.

2.3 Categories of Breaches

Breaches include, but not limited to, the list in Appendix I. For watch-
listing, the participants shall use ‘Table 1’ below to classify/categorise
breaches:

Table 1: Watch-list Classification

S/No Description Category
1 Any Breach without monetary value. 0
2 Any Breach with monetary value 1
3 When a customer is watch-listed more than once 2
4 Deceased Customer 33
5 Any breach with individual at large 99

2.4 Watch-List Stakeholders

Watch-list stakeholders include:

i. CBN
ii. Nigeria Inter-Bank Settlement System Plc (NIBSS)
iii. Banks/Other Financial Institutions (OFIs)
iv. Customers

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2.5 Delisting from Watch-List

All aggrieved individuals whose BVNs were watch-listed shall make

formal request for delisting through the initiating participant. Only a
participant that placed an individual’s BVN on the Watch-list can request
for delisting.

2.6 Conditions for Delisting

i. Expiration of term in the Watch-List.

ii. Erroneous listing of a BVN on the Watch-List.

2.7 Process for Delisting

The processes for delisting are automatic or manual.

2.7.1 Automatic delisting

Once a watch-listed BVN has served its term in the Watch-List, the NIBSS
system shall automatically delist the BVN and notify the participant, who
shall in-turn notify the customer.

2.7.2 Manual delisting

i. Where it is established that a customer’s BVN should be delisted, the

initiating participant shall apply in writing with supporting documents to
the CBN for approval to delist. The supporting documents shall be duly
authorised by the MD/CEO and the Chief Audit Executive.
ii. Upon approval from CBN, the initiating participant shall be notified while
Risk Management Department, CBN shall forward same to NIBSS for
delisting within one (1) business day. NIBSS shall effect the delisting
within one (1) business day of receiving the letter.
iii. The initiating participant shall immediately notify the customer.

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3.0 SANCTIONS AND PENALTIES

3.1 Breach of Framework

Any participant who fails to perform its stipulated responsibilities shall be

penalised by the Central Bank of Nigeria.

3.1.1 Sanctions for customers with BVNs on Watch-list

The following penalties shall apply to customer whose BVN is on the

Watch-list:

i. They shall not be allowed to enter new relationship with any participant.
ii. A participant may choose not to continue business relationship with
account/wallet (except Tier 1) holder on the Watch-list.
iii. Where a participant chooses to continue an existing business
relationship with holders of account/wallets(except Tier 1) on the
watch-list, the account/wallet(except Tier 1) holder shall be prohibited
from all electronic channels such as but not limited to ATM, POS,
Internet Banking, Mobile Banking, USSD including issuance of third-
party cheques. However, inflows may be allowed, provided these are
from legitimate sources.
iv. A customer with watch-listed BVN shall not reference accounts, access
or guarantee credit facilities.
v. A customer shall remain on the Watch-list for a period as specified in
‘Table 2: Watch-list Penalties’ below.
vi. In the event of a recurrence of breach, the penalty period shall run
consecutively.
vii. Subject to the provision of Section 1.9, penalties associated with a
watch-listed BVN shall apply to all accounts/wallets (except Tier 1) the
BVN is linked to.

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 Table 2: Watch-list Penalties
S/N Infraction Category Penalty
1 Any Breach without 0 As stipulated in Section
monetary value 3.1.1 above for a period of
five (5) years.
2 Any Breach with 1 As stipulated in Section
monetary value 3.1.1 above for a period of
ten (10) years.
3 When a customer is 2 As stipulated in Section
watch-listed more than 3.1.1 above for a period of
once ten (10) years and
transactions are limited to
the domiciled branch.
4 When a customer is 33 As stipulated in Section
deceased 1.5.3 (vii).
5 Any breach with 99 As stipulated in Section
Individual at 3.1.1 above and ‘POST NO
large(Timeline 72hrs DEBIT’ on all accounts
of no contact) linked to the BVN (in line
with extant laws).

3.1.2 Sanctions for Participants

The following infractions by participants shall attract appropriate

penalties:

i. Misuse of the BVN watch-listing process for victimisation;

ii. Improper linking of accounts/wallets (except Tier 1); and
iii. Other infraction(s), as may be determined by CBN.

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 Table 3: Infraction Penalties for Participants
S/N RESPONSIBILITY INFRACTION SANCTION
N2,000,000 penalty
per
infraction/customer,
15% of the total
No amount credited into
account/wallet(except Operating an account the account during the
1
Tier 1) shall operate without BVN. period infraction exists
without BVN. and N20,000 penalty
per
infraction/customer
per day after the
infraction exists.
i. Failure to capture
customers’ i. N2,000,000 penalty
Ensure proper biometrics and per
capturing of the BVN biodata in line with infraction/customer
2 data (including BVN the BVN Framework.
captured by their
agents)

i. Failure to validate
in-line with the N2,000,000 penalty
Ensure validation and
3 BVN Framework per
Linkage BVN data
and BVN SOG. infraction/customer

Ensure all operated

accounts/wallets
(except Tier 1) N200,000 penalty per
(including infraction/customer.
accounts/wallets Failure to comply with
4 (except Tier 1) opened the Framework and N20,000 penalty per
through agents) are BVN SOG. infraction/customer
linked with the per day after the
signatories’ BVN within infraction exists.
24 hours of NIBSS
making BVN available.

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S/N RESPONSIBILITY INFRACTION SANCTION
Ensure that BVN
details of all
signatories, Directors,
and Beneficial owners
N200,000 penalty per
are linked to their
infraction/customer.
respective non-
Failure to comply with
individual
5 the Framework and N20,000 penalty per
accounts/wallets
BVN SOG. infraction/customer
(except Tier 1). This is
per day after the
also mandatory for
infraction exists.
Non-resident Non-
Nigerian Directors
(NRNND) of corporate
accounts.
Report the BVN of
Failure to report
individuals in breach to N200,000 penalty per
6 customers’ BVN for
NIBSS for update of the infraction/customer.
watch-listing.
Watch-list.
i. Failure to correctly
Report the BVN of N100,000 penalty per
report the BVN of
confirmed deceased infraction/customer.
deceased customer.
customers to NIBSS for
ii. Failure to follow due
7 designation as N20,000 penalty per
process in confirming
“DECEASED” on the infraction/customer
and designating a
BVN database within 2 per day after the
customer as
business days. infraction exists.
‘DECEASED’.
N100,000 penalty per
Where a bank needs to infraction/customer.
watch-list a customer Administrative
of another sanctions may be
Failure to inform in line
participating bank, imposed by the Bank.
8a with the procedure for
the Chief Audit
watch-listing.
Executive of the N5,000 penalty per
customer’s bank shall infraction/customer
be notified. per day after the
infraction exists.

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S/N RESPONSIBILITY INFRACTION SANCTION

Upon notification the

N200,000 penalty per
Chief Audit Executive
Failure to comply with infraction/customer
shall comply with the
8b the procedure for watch- and N20,000 per day
procedure for
listing. for every day the
investigating and watch
infraction subsists.
listing the customer.

Enforce the appropriate

Failure to comply with N100,000 penalty per
9 sanctions on customers
the Framework. infraction/customer.
as stipulated.
Use the BVN API only
for account/wallet
opening, maintenance
Failure to comply with
and operational N200,000 penalty per
10 the Framework and
purposes and ensure infraction/customer.
SOG.
full compliance with
relevant data privacy
laws.

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 Glossary of Terms

BVN Operations – process involving enrollment, identification, validation,

verification, linking of customers BVN to all related bank
accounts/wallets(except Tier 1), offline authentication, fraud management and
customer information update.

Initiating Participant – Any participant that requests the BVN of a customer for
watch-listing.

ISO – International Organisation for Standardisation.

Participants – Entities or individuals involved in the BVN operations.

Stakeholders – Entities or individuals who have an interest (business or

otherwise) in BVN database.

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 Appendix I

List of Breaches

i. Use of forged document

ii. Forgery
iii. Compromise
iv. Complicity and connivance
v. Duplicate enrolment
vi. Use of fictitious information
vii. Receipts of proceeds of deception
viii. Deception
ix. Receipts of fraudulent proceeds
x. Any infractions on AML/CFT laws
xi. Dishonest acts
xii. Non-cooperation with efforts (as stipulated in the Regulation on Instant
Interbank Electronic Funds Transfer) to reverse wrong credit, erroneous,
multiple or duplicated payments or credits
xiii. Any infringement of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015
xiv. Misuse of identity
xv. Misrepresentation/Identity theft
xvi. Misuse of financial information
xvii. Breach of confidentiality
xviii. Falsification
xix. Concealment of relevant information
xx. Conspiracy
xxi. Extortion
xxii. False representation
xxiii. Any other fraudulent infraction

October, 2021
Central Bank of Nigeria, Abuja

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