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.
