Firm unveils Mobile Apps for BVN
Datapro, Nigeria’s leading compliance Solutions Company has introduced the capturing of the Global Positioning System (GPS) featuring the latitude and longitude of an address, in its quest to eliminate fictitious address verification during the mandatory Know Your Customer (KYC) procedure in banks and other financial institutions
Speaking to newsmen in Lagos recently, Mr. Oladele Adeoye, executive director, Operations of the company, explained that ‘’Since the company pioneered the outsourcing of address verification by banks in 2010, one major challenge has been how to have a fool-proof method of documenting the process.’’
In his words, ‘’with the recent introduction of our mobile application, the company is now able to completely eliminate fictitious address verification by capturing the GPS, photograph and all other physical characteristics of any address in Nigeria on-line and real time.’’
He further said: ‘’The mobile application would eliminate all paper work, guaranty proof-of-work and achieve robust turnaround time.”
By virtue of Section 3 of the Money Laundering Prohibition Act (MPLA) 2011 ( As Amended) all financial institutions are mandated to conduct the KYC procedure which involves the identification and verification of the customers demographics of name and address before establishing any business relationship with the customer. This is to ascertain that the customer is who he says he is, and also confirm if he is the Ultimate Beneficial Owner (UBO).
However, according to Mr. Oladele, this process is fraught with a lot of bottle-necks in Nigeria because the country does not have a comprehensive, reliable and up-to-date database of names and addresses of all its citizens.
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