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