SEC to apply zero tolerance to money laundering, other financial violations –Yuguda

The Director General of the Security and Exchange Commission (SEC) Mr. Lamido Yuguda has revealed that the commission will apply zero tolerance to money laundering, terrorism, and proliferation financing violations.

SEC Boss who disclosed this recently, disclosed that for the safety and security of the capital market, and to address the deficiencies in Nigeria’s Mutual Evaluation Report (MER), the Commission has issued new AML/CFT regulations and guidelines.

According to him, the guidelines mandate CMOs to comply with stringent reporting obligations, such as the application of RBS by reporting entities, screening of clients against the United Nations Sanction List before onboarding, and continuous monitoring of clients among others.

Yuguda assured that in protecting investors and creating an enabling environment for fit-and-proper capital market operators to thrive, the Commission will prioritize its planned increase of on-site inspections and improved collaboration with Trade Groups and other relevant stakeholders.

“We must all ensure that we continue with the implementation of the revised Capital Market Master Plan (CMMP), alongside the implementation of other initiatives. Over the years, we have relied on the support of CAMMIC, Technical Committees, and Working Groups in the implementation of the Master Plan.

“In line with the RCMMP, we will review and align the structure and scope of work of the various technical committees and working groups to ensure seamless implementation of the plan and continue to rely on the stakeholders,” he said

While stating that the Year 2022 was a turbulent one that brought with it increased inflationary pressure and consequent increase in interest rates for the global economy, he however expressed optimism that inflationary pressures would be managed in the not-too-distant future.

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