The Nigerian Capital Market Institute (NCMI), the subsidiary of the Securities and Exchange Commission, is holding a compliance summit for Chief Executive Officers and Compliance Officers on Financial Action Task Force and other related issues.
The summit with the theme: “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” is scheduled to hold in Lagos between October 21 and 22, 2024.
Director-General of the SEC, Dr. Emomotimi Agama said the event will provide capital market operators with the tools and knowledge necessary to thrive in a complex regulatory environment, ultimately fostering a culture of compliance and integrity in their operations.
The aim, he continued, “is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.”
Attendees, he assured, will understand regulatory changes and latest updates to FATF (Financial Action Task Force) standards and how these impact Virtual Asset Service Providers (VASPs).
They will also “learn best practices for aligning their compliance programs with new regulations, ensuring they meet international standards enhancing compliance frameworks in their organisations.”
According to the Commission, key objectives of the summit include regulatory compliance. Allowing participants understand and implement Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations
They will also learn risk management, identifying, assessing and mitigating risks associated with virtual assets and operational efficiency which will lead to enhanced internal controls, governance and compliance frameworks.
The benefits of the summit, the commission continued, include regulatory clarity which will enable them clarify regulatory expectations and obligations; promote risk reduction by minimizing risk of non-compliance, fines and reputational damage; just as it will also enhance governance which would strengthens internal controls and compliance culture.
Other benefits, it stressed, include competitive advantage such as demonstrating commitment to compliance, enhancing reputation and trust and networking opportunities by facilitates collaboration and knowledge sharing among industry stakeholders.
Speakers expected at the event are Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist & Investigator; Ade Bajomo, President, Fintech Association in Nigeria; and Peter Shodipo, the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN). Others are Ayodele Othihiwa, President, Association of Reporting Accountants and Auditors in the Capital Market (ARAACAM) and Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), Nigeria.
Various panels have been lined up to discuss issues like GIABA’s Efforts in Curbing ML/TF in the ECOWAS Region, Understanding the New FATF Standards for VASPs, Understanding the Evolving Regulatory Environment for Digital Assets and Tax Implications, and Nigeria’s Status and FATF ICRG Gray Listing Issues.
