Regulatory Alerts2022-09-29
Securities and Exchange Commission Capital Market Operators Anti-Money Laundering, Combating Terrorism Financing and Proliferation Financing Regulations 2022
The Nigerian Securities and Exchange Commission issued these 2022 regulations to establish a comprehensive anti-money laundering, combating terrorism financing, and proliferation financing framework for capital market operators. The rules mandate strict customer due diligence, enhanced procedures for high-risk clients and politically exposed persons, mandatory reporting of suspicious transactions to the Nigerian Financial Intelligence Unit, and the appointment of independent compliance officers. By standardizing identification protocols, virtual asset oversight, and correspondent banking requirements, the regulations align domestic capital market operations with international standards while mitigating financial crime risks across corporate, individual, and trust entities.