SEC Notifies on FG's Official Gazette on Proscription of Banditry and Screening of Clients

Regulators
1068 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Wednesday, January 19, 2022   /06:59 AM / by NGX/ Header Image Credit:   The Nation Nigeria


Proshare Nigeria Pvt. Ltd.


Please be informed that the Securities and Exchange Commission ("SEC" or the "Commission") has published the following information on its website:


1.     FG's Official Gazette On Proscription Of Banditry And Screening Of Clients Against Sanction Lists

On 17 January 2022, the Commission released a circular notifying all Capital Market Operators (CMOs) of the Federal Government of Nigeria's proscription of the existence of YAN BINDIGA GROUP, YAN TA'ADDA GROUP and other similar Groups, and the resultant requirement to screen clients against the Groups.


In line with the requirements of the Terrorism Prevention Act (No. 10, 2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government declared the activities of "YAN BINDIGA GROUP, YAN TA'ADDA GROUP and other similar Groups in Nigeria" to be terrorism and illegal, and restrained any person or group of persons from participating in activities of any of the Groups.


By the SEC Circular, all Capital Market Operators (CMOs) are now required to screen and verify every client against the above proscribed groups and any other proscribed terrorist group(s), the United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list, etc. prior to the on-boarding of a new client, and when carrying out one-off transaction(s). In addition, all existing clients of CMOs must be screened prior to executing any transaction from the date of the Circular (17 January 2022).


Also, CMOs are required to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit (NFIU) in line with the findings of the screening exercise.


Attached hereto is the Proscription Order for ease of reference.


Proshare Nigeria Pvt. Ltd.


Related News

  1. Anti-Money Laundering And Combating The Financing Of Terrorism Policy and Procedure Manual
  2. CBN Issues Anti-Money Laundering and Combating the Financing of Terrorism Regulations, 2018
  3. The Big Read: Financial Terrorism
  4. SEC, NFIU to Collaborate to Check Money Laundering, Terrorism Financing
  5. Terrorism Prevention Proscription Order Notice
  6. Amendments to Anti Money Laundry and Terrorism Regulation
  7. SURVEY: Nigerian Bank Involvement in Money Laundering & Financial Terroris
  8. The Economic Cost of Social Insecurity in Nigeria
  9. SEC Issues Circular to all CMOs on Rendition of Various Returns for AML or CFT and NFIU

 

 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP