Regulatory Alerts2022-01-17
FG Official Gazette on Proscription of Banditry and Client Screening Against Sanction Lists
The Securities and Exchange Commission has proscribed the YAN BINDIGA and YAN TA’ADDA groups as terrorist entities, requiring Capital Market Operators to screen all clients against these proscribed groups, UN Security Council Resolutions, and OFAC lists. This mandate applies to new client onboarding, one-off transactions, and all existing clients prior to executing any transaction from the circular’s effective date. Capital Market Operators must subsequently file suspicious transaction reports to the Nigerian Financial Intelligence Unit based on screening findings.
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