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SEC vows to frustrate fraud in Capital Market

by CredibleNews

The Securities and Exchange Commission, SEC, has promised to ensure that the capital market is not used for money laundering and terrorism financing.

Acting Director-General, SEC, Ms Mary Uduk at the Anti-Money Laundering training for compliance officers of capital market operators in Lagos said the commission would ensure that the capital market domain is not used in any way to inject illegal funds.

Uduk, represented by Malam Adamu Sambo, a deputy director  in charge of monitoring said the commission, as the apex regulator of the Nigerian capital market with a vision to developing and regulating a world-class capital market, would not relent in its drive to fight the menace of money laundering and terrorism financing.

Uduk said financial institutions need to shoulder great responsibility in ensuring compliance with all rules and regulations governing the financial system. “It is our collective responsibility as stakeholders to collaborate and work together as a community to build more capacity in the system for effective compliance programme.

“The principles for market intermediaries is to have an efficiently functioning system that delivers compliance with standards for internal organisations and operational conduct. The commission is investing in human capital training and development in addition to the promotion of innovative technology and proffer solutions in SEC’s and capital market operations as contained in the SEC 10-year Capital Market Master Plan, CMMP,” Uduk said.

She noted that the goAML training organised in partnership with the Nigerian Financial Intelligence Unit, NFIU, is going to be hands-on, a practical approach aimed at addressing challenges by CMOs in a rendition of statutory returns and taking compliance to the next level in the capital market.

Uduk, however, expressed the commission’s readiness to engage relevant stakeholders in building capacity on developments and trends in compliance; changes in laws and rules and regulations, the interpretation and application of same by relevant authorities.

She said these would encourage and promote the culture of compliance among financial institutions. “goAML software application is a fully integrated software solution developed specifically for use by financial intelligence units and is one of United Nations Office on Drugs and Crime’s strategic responses to financial crime including money-laundering and terrorist financing,” she said.

The training is in line with the initiatives introduced by SEC to sustain the confidence of investors in the capital market and to instill discipline in the transactional processes in the market.

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