MARY-KATE AND ASHLEY OLSEN STEP OUT IN COORDINATED BLACK LOOKS FOR NEW YORK STROLL. (PHOTO).

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Mary-Kate and Ashley Olsen step out in coordinated black looks for New York stroll Mary-Kate and Ashley Olsen made a rare joint appearance in New York City, stepping out together for a relaxed afternoon in matching, understated fashion. The 39-year-old twins were seen walking through Midtown Manhattan on April 30, dressed in coordinated black trench coats paired with wide-leg denim. They completed the look with sunglasses, scarves, and structured alligator handbags from their luxury label, The Row, before stopping for lunch during their outing. Long before becoming fashion insiders, the sisters built global recognition as child actors through projects like Full House, It Takes Two, and New York Minute. Over time, they stepped away from Hollywood and fully transitioned into fashion, officially launching The Row in 2005. Mary-Kate now serves as creative director of the brand, while Ashley oversees it as CEO. In earlier interviews, Ashley has described the label’s beginnings as a small ex...
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BANKS GET 30-DAY DEADLINE TO CLOSE ACCOUNTS WITHOUT BVN. (PHOTO).

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Banks get 30-day deadline to close accounts without BVN

15 May 2023 

The Central Bank of Nigeria (CBN) has given banks and other financial institutions a 30-day timeline to close accounts without Bank Verification (BVN).

Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that 57.39 million customers’ accounts have been linked to their BVNs as at April 8.

A review of the ‘Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry’ said the move was driven by the demand for effectiveness of Know- Your-Customer (KYC) and Customer’s-Due-Diligence principles, and promotion of more safe, reliable and efficient banking and payment systems.

The policy was also meant to address increasing incidence of frauds and to enhance public confidence in the banking industry and provide a guide for BVN operations and watch-list activities carried out by financial institutions in Nigeria.

As part of the policy implementation plan, the CBN directed banks to link customer’s BVN to related accounts/wallets (except Tier 1).

This requires using the customer’s BVN generated after his/her enrollment to link accounts/wallets to which he or she is a signatory, after validation.

 “No new account/wallet shall be allowed to operate without BVN (except inflows), however, any account/wallet without BVN shall be closed within 30 days,” the framework said.

It said delinking of customers’ BVN from accounts/wallets involves removing the BVN of a signatory (except for Directors/Beneficial owners) that is linked to an account/wallet.

The CBN said the BVN shall be delinked upon the approval of the Chief Audit Executive of the customer’s bank.

“This delinking 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,” it said.

Also, “Where there is no linked account, a nil report should be submitted while fraud management is a process aimed at using BVN to deter, prevent, detect and mitigate the risks of fraud in the banking industry,” it added.

A watch-listed individual is barred from entering into new relationship with any bank. The apex bank said that in a situation that a bank chooses to continue business relationship with an account holder on the watch- list, an account holder shall be prohibited from e-channels, issuance of third-party cheques, shall not provide reference to another customer, shall not be allowed to access credit facility or guarantee credit facilities.

Also, individuals shall remain on the watch list for up to 10 years and penalties that applied to such shall apply to their accounts.

“Once a Watch-Listed BVN has served its term on the Watch-List, the Nigerian Interbank Settlement System (NIBSS) shall automatically delist the BVN and notify the stakeholders. Where a bank realised that an individual was placed on the watch-list in error, the bank shall apply in writing, with supporting documents to the Director, Risk Management Department of the CBN, for approval to delist,” it said.

The supporting documents shall be duly authorised by the MD/CEO and the Chief Audit Executive of the bank. Upon approval from CBN, the bank shall forward the approval to NIBSS for delisting. Only the institution that placed an individual on the watch-list can request for such delisting.

According to the framework, it is the responsibility of the CBN to conduct oversight on BVN operations and systems, monitor other stakeholders to ensure compliance, issue circulars to regulated institutions on the operations of the Watch-List, review framework for the operations of the Watch-List, as the need arises and apply appropriate sanctions for non-compliance with the Regulatory Framework.

The NIBSS is expected to collaborate with other stakeholders to develop and review the Standard Operating Guidelines of the BVN, initiate review of Guidelines, as the need arises, subject to the approval of the CBN, ensure seamless operations of the BVN system, maintain the BVN database, ensure adequate security of the BVN information; an maintain an on-line real-time Watch-list Portal. 
 

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