36.
37.
38.
commits
an
offence
and
is
liable
on
summary
conviction
to
a
fine
of
N500,000.00
and
shall
further
be
liable
to
payment
in
monetary
terms
the
value
of
loss
sustained
by
the
card
holder
or
forfeiture
of
the
assets
or
goods
acquired
with
the
funds
from
the
account
of
the
cardholder.
(1)
Any
person
who
with
intent
to
defraud
uses
any
device
or
attachment,
e-‐mails
or
fraudulent
website
to
obtain
information
or
details
of
a
cardholder
commits
an
offence
and
upon
conviction
is
liable
to
imprisonment
for
a
period
of
3years
or
to
a
fine
of
N
1,000,000.00
or
both.
(2)
Any
person
who
fraudulently
re-‐direct
funds
transfer
instructions
during
transmissions
over
any
authorized
communications
path
or
device
and
re-‐directs
funds
transferred
electronically
with
an
authorized
account
commits
any
offence
and
upon
conviction
is
liable
to
imprisonment
for
a
period
of
3years
or
to
a
fine
of
N
1,000,000.00
and
shall
further
be
liable
to
payment
in
monetary
terms
the
value
of
loss
sustained
by
the
cardholder
or
forfeiture
of
the
assets
or
goods
acquired
with
the
funds
from
the
account
of
the
cardholder.
PART
IV
-‐
DUTIES
OF
FINANCIAL
INSTUTUTIONS
(1)
A
financial
institution
shall
—
(a)
verify
the
identity
of
its
customers
carrying
out
Electronic
financial
transactions
by
requiring
the
customers
to
present
documents
bearing
their
names,
addresses
and
other
relevant
information
before
issuance
of
ATM
cards,
credit
cards,
Debit
cards
and
other
related
electronic
devices;
(b)
apply
the
principle
of
know
your
customer
in
documentation
of
customers
preceding
execution
of
customers
electronic
transfer,
payment,
debit
and
issuance
orders;
(2)
Any
official
or
organization
who
fails
to
obtain
proper
identity
of
customers
before
executing
customer
electronic
instructions
in
whatever
way,
commits
an
offence
and
shall
be
liable
on
conviction
to
a
fine
of
N5,000,000.00
(3)
Any
financial
institution
that
makes
an
unauthorized
debit
on
a
customers
account
shall
upon
written
notification
by
the
customer,
provide
clear
legal
authorization
for
such
debit
to
the
customer
or
reverse
such
debit
within
72
hours.
Any
financial
institution
that
fails
to
reverse
such
debit
within
72
hours
,
shall
be
guilty
of
an
offence
and
liable
on
conviction
to
restitution
of
the
debit
and
a
fine
of
N
5,
000,000.00.
DUTIES
OF
SERVICE
PROVIDERS
(1)
A
service
provider
shall
keep
all
traffic
data
and
subscriber
information
as
may
be
prescribed
by
the
relevant
authority
for
the
time
being,
responsible
for
the
regulation
of
communication
services
in
Nigeria,
for
a
period
of
2
years.
Use
of
Fraudulent
Device
or
Attached
E-‐mails
and
Websites.
Duties
of
Financial
Institutions.
Records
retention
and
protection
of