The Central Bank of Nigeria (CBN) has introduced stricter BVN-enrollment and data access rules, to prevent suspected fraudulent transactions, taking effect from 1 May. This was disclosed in a statement issued on Friday, titled “Addendum to the Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry 2021,” and signed by Musa Jimoh, Director of the Payment System Policy Department. The CBN said it introduced the ‘Revised Regulatory Framework for Bank Verification (BVN) and Watch-List for the Nigerian Banking Industry 2021’, to promote a stable financial system. The apex bank reiterated that enrollment for the Bank Verification Number (BVN) be limited to individuals aged 18 and above, while amendments to phone numbers linked to a BVN will be restricted to a one-time change only. “Financial Institutions are mandated to establish and maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions reported by a financial institution. “A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours. During this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s). “Enrolment for BVN is restricted to individuals who have attained the age of eighteen (18) years and above. Amendments to phone numbers linked to a BVN shall be allowed only once,” the statement read. The CBN insisted that it maintain an exclusive right to access BVN databases and the right to approve access to the BVN databases by the financial institutions. “Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions. Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws.” This is part of the CBN’s recent regulatory amendments in combatting fraudulent activities. On Tuesday, the Bank issued new regulations, “Baseline Standards for Automated Anti-Money Laundering (AML) Solution for Financial Institutions in Nigeria’, to all financial institutions, in a bid to automatically counter money laundering and terrorism financing.