Banking Transactions: CBN Lists Means of Identification for Refugees

By Obinna Chima

The Central Bank of Nigeria (CBN) has advised commercial banks to always accept the Machine Readable Convention Travel Document (MRCTD) as well as some other cards it listed as means of identification with respect to the conduct of financial transactions in the country, for refugees and asylum seekers.

The CBN stated this in a circular posted on its website yesterday, and signed by its Director, Financial Policy and Regulation Department, Dr. Kevin Amugo.

The MRCTD is issued by the Nigeria Immigration Services.

In addition, banks were directed to always accept the Refugee Identity Card Issued by the National Commission for Refugees, Migrants and Internally Displaced Persons as means of identification for banking transactions for the aforementioned category of persons.

“The attention of the Central Bank of Nigeria has been drawn to challenges encountered by refugees and asylum seekers in Nigeria with regards to means of identification with respect to the conduct of financial transactions.

“To address these concerns, all banks and other financial institutions are referred to the provisions of the CBN AML/CFT Regulations, 2013 (as amended) on customer due diligence, especially Regulation 40 and Regulation 80, and to note that the Machine Readable Convention Travel Document (MRCTD) issued by the Nigeria Immigration Services; and the Refugee Identity Card Issued by the National Commission for Refugees, Migrants and Internally Displaced Persons are adequate as means of identification for banking transactions,” it stated.

It further urged banks and other financial institutions to continue to ensure that effective customer due diligence policies and procedures are implemented to combat money laundering, financing of terrorist and proliferation of weapons of mass destruction.