WorldStage Newsonline– Central Securities Clearing Systems Plc (CSCS) has notified the general market and all trading participants (Brokerage firms and investors) who maintain trading/deposit account with Heritage Bank, that Direct Cash Settlement service have been discontinued on their CSCS account.
CSCS in a note to stakeholders in the capital market said the decision was in view of recent Central Bank of Nigeria (CBN) announcement that the operating license of Heritage Bank Plc has been revoked.
“Consequently, all affected accounts have been temporarily suspended in compliance with the Securities & Exchange Commission’s directive requiring comprehensive Know Your Customer (KYC), including provision of active bank account details for direct settlement of trades,” the notice said.
“Please ensure that you update the bank account number(s) of all trading accounts previously linked to Heritage Bank Plc with an alternative bank account number from any other settlement bank of the investor’s choice.
“For further inquiries regarding this matter or instructions on how to proceed with updating the KYC information for affected trading investor accounts, please do not hesitate to contact us via email at contact@cscs.ng.”
