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We won’t encourage illicit funds in the Capital Market- SEC

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SEC Acting DG, Mary Uduk
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SEC Acting DG, Mary Uduk

By Chioma Obinagwam

The Securities and Exchange Commission, SEC, has restated it’s commitment to ensure that the Capital Market domain is not used in any way to inject illegal funds into the sector and the financial system as a whole.

This was stated by Acting Director General of the SEC, Ms. Mary Uduk in her opening remarks at the Anti Money Laundering (goAML) Training for Compliance officers of capital market operators held in Lagos, Thursday.

Uduk who was represented by Malam Adamu Sambo, a Deputy Director and Head of Department, Monitoring, at the SEC said being the apex regulator of the Nigerian Capital Market, with a vision “to develop and regulate” a world class Capital Market that is free from any criminal activity, the Commission is not relenting in its drive to fight the menace of money laundering and terrorist financing.

According to Uduk, “financial Institutions shoulder great responsibility in ensuring compliance with all Rules and Regulations governing financial system. It is our collective responsibility as stakeholders to collaborate and work together as a community in building more capacity in the system for effective compliance program.

“The Principles for market Intermediaries is to have an efficient functioning system that delivers compliance with standards for internal organizations and operational conduct.

“The Commission is investing in human capital training and developments in addition to the promotion of innovative technology and proffer solutions in the SEC’s and the Capital market operations as contained in the SEC 10-year Capital Market Master Plan (CMMP)”.

She said the goAML training which is being done in collaboration with the Nigerian Financial Intelligence Unit (NFIU), is going to be hands on, practical approach aimed at addressing challenges by CMOs in rendition of statutory returns and taking compliance to the next level in the Capital Market.

Confiance News gathered that the Acting DG further emphasized the SEC’s willingness 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 the relevant authorities in order to 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 (FIU’s) and is one of United Nations Office on Drugs and Crime, UNODC’s strategic responses to financial crime, including money-laundering and terrorist financing.

The training is in line with the initiatives introduced by the 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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