Publication: Overview of CBN Draft Guidelines on Dormant Accounts
Publication: Overview of CBN Draft Guidelines on Dormant Accounts
A good number of the Nigerian population have accounts that lie dormant in banks and other financial institutions. Balances in these accounts have been left unclaimed and remain as deposits. In an attempt to provide a robust framework for dormant accounts, the Central Bank of Nigeria (the “CBN”) on April 6, 2023, issued the Exposure Draft Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria (“Draft Guidelines”). Once finalized, the Draft Guidelines will supersede the Guidelines on the Management of Dormant Accounts and Other Unclaimed Balances by Banks and Other Financial Institutions in Nigeria, 2015 (the CBN’s existing regulatory framework on dormant accounts).
In this Article, our Associates, Larry Nkwor, Ayomipo Adeniyi and IyanuOluwa Adeyemo give an overview of the Draft Guidelines, compare the Draft Guidelines with the existing regulatory framework and examine a pertinent provision on dormant accounts in the Finance Act, 2020 (the “Finance Act”). They also underscore the need for the CBN to collaborate with relevant stakeholders and identify areas of conflict with the Finance Act before finalizing the Draft Guidelines.
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In this Article, our Associates, Larry Nkwor, Ayomipo Adeniyi and IyanuOluwa Adeyemo give an overview of the Draft Guidelines, compare the Draft Guidelines with the existing regulatory framework and examine a pertinent provision on dormant accounts in the Finance Act, 2020 (the “Finance Act”). They also underscore the need for the CBN to collaborate with relevant stakeholders and identify areas of conflict with the Finance Act before finalizing the Draft Guidelines.
Read here - https://lnkd.in/d4f3rw4N
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