NCMI Holds Compliance Summit On FATF

ABUJA – The Nigerian Capital Market Institute (NCMI), the subsidiary of the Securities and Exchange Commission, is holding a com­pliance summit for CEOs 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 at the Federal Palace Hotel in Lagos between October 21 and 22, 2024.

Director General of the SEC, Dr. Emomotimi Agama, said the summit 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 is to equip capital market operators with essential insights and strategies to effec­tively navigate the evolving reg­ulatory landscape.

“Attendees are to gain knowl­edge of Understand Regulatory Changes, clarity on the latest up­dates to FATF (Financial Action Task Force) standards and how these impact virtual asset service providers (VASPs).

“And learn best practices for aligning their compliance pro­grams with new regulations, en­suring they meet international standards enhancing compliance frameworks in their organisa­tions,” he said.

The Welcome Address is ex­pected to be presented by Ms. Frana Chukwuogor, Executive Commissioner, Legal & Enforce­ment, SEC Nigeria, Opening Remarks and Overview of the Summit by Dr. Agama while Ms. Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit, NFIU, will present a goodwill message.

According to the Commission, key objectives include Regulato­ry Compliance: Understand and implement Anti-Money Launder­ing (AML) and Combating the Financing of Terrorism (CFT) regulations, Risk Management: Identify, assess and mitigate risks associated with virtual as­sets and operational efficiency which will lead to enhanced in­ternal controls, governance and compliance frameworks.

The benefits of the summit include regulatory Clarity: Clar­ifies regulatory expectations and obligations; Risk Reduction: Min­imizes risk of non-compliance, fines and reputational damage, and Enhanced Governance: Strengthens internal controls and compliance culture.

Other benefits are Compet­itive Advantage: Demonstrates commitment to compliance, enhancing reputation and trust and Networking Opportunities: Facilitates collaboration and knowledge sharing among in­dustry stakeholders.

Speakers expected at the event are Mr. Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist & Investigator, Mr Ade Bajomo, the President, Fintech Association in Nigeria, Mr. Peter Shodipo, the President, Commit­tee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN), Mr. Ayodele Othihiwa, President, Association of Reporting Accountants and Auditors in the Capital Market (ARAACAM) and Mr. Zacch Ad­edeji, PhD, 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.