The Nigerian Capital Market Institute, a subsidiary of the Securities and Exchange Commission, is organizing a compliance summit for chief executive officers and compliance officers focused on the Financial Action Task Force and related matters.
On Saturday, the organisers announced that the summit’s theme would be ‘navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,’ scheduled to take place in Lagos next week.
As of February 24, 2023, Nigeria, South Africa, and 21 other jurisdictions were placed on the FATF’s ‘grey list.’
Countries on the FATF grey list have been recognized for having strategic shortcomings in their anti-money laundering, terrorist financing, and proliferation financing frameworks. They have received a warning to rectify these shortcomings and have formally pledged to address them promptly, within established timelines, and under heightened scrutiny.
The Director General of the SEC, Dr Emomotimi Agama, emphasized that the summit aims to equip capital market operators with essential tools and knowledge to navigate a complex regulatory landscape, thereby promoting a culture of compliance and integrity in their operations.
“The goal is to provide capital market operators with crucial insights and strategies to adeptly maneuver through the changing regulatory environment.”
“Attendees will acquire insights into regulatory changes, gain clarity on the latest updates to FATF standards and their implications for virtual asset service providers, and learn best practices for aligning their compliance programs with new regulations, ensuring adherence to international standards and enhancing compliance frameworks within their organizations,” he said.
The SEC outlines several key objectives, including ensuring regulatory compliance, understanding and implementing anti-money laundering guidelines, adhering to financing of terrorism regulations, and managing risks effectively. This involves the ability to identify, assess, and mitigate risks related to virtual assets, as well as improving operational efficiency, which will contribute to stronger internal controls, governance, and compliance frameworks.
The summit highlighted several advantages, such as regulatory clarity, risk reduction, and improved governance.
The Executive Commissioner, Legal & Enforcement, SEC Nigeria, Ms Frana Chukwuogor, will deliver the welcome address, followed by opening remarks and an overview of the summit by Agama. Additionally, Ms Hafsat Bakari, the Director of the Nigeria Fraud Intelligence Unit, NFIU, will present a goodwill message.
The event will feature notable speakers including Mr. Obinna Iwuno, the Chairman of Stakeholders in the Blockchain Association of Nigeria and a Certified Cryptocurrency Compliance Specialist & Investigator; Mr. Ade Bajomo, the President of the Fintech Association in Nigeria; Mr. Peter Shodipo, the President of the Committee of Chief Compliance Officers of Capital Market Operators in Nigeria; Mr. Ayodele Othihiwa, the President of the Association of Reporting Accountants and Auditors in the Capital Market; and Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service Nigeria.
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