Regulatory Alerts2022-09-29
Sec Amlcftcpf Regulations 12 May 2022
The Securities and Exchange Commission (SEC) has released new regulations for capital market operators in Nigeria, aimed at combating money laundering, terrorism financing, and proliferation financing. These regulations, effective from May 2022, outline the obligations of capital market operators in implementing preventive measures, conducting customer due diligence (CDD), and reporting suspicious transactions. The regulations emphasize a risk-based approach to compliance and provide detailed guidelines for identifying and verifying clients, monitoring transactions, and ensuring employee training. Capital market operators are now required to enhance their internal controls and procedures to deter criminals from using their facilities for illicit activities, contributing to a more secure and transparent capital market in Nigeria.