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The Securities and Exchange Commission (SEC) is set to host a compliance summit aimed at empowering Chief Executive Officers (CEOs) and Compliance Officers with critical knowledge on the Financial Action Task Force (FATF) standards and related regulatory challenges.
Dr. Emomotimi Agama, the Director-General of SEC, made this announcement in a statement released in Lagos. The summit, titled “Navigating Regulatory Challenges: Aligning with FATF Changes in the Era of Virtual Asset Service Providers (VASPs),” will take place on October 21-22, 2024, in Lagos.
Agama emphasized that the summit aims to provide capital market operators with the tools necessary to excel in an increasingly complex regulatory environment. The Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, will spearhead the event.
“The goal is to foster a culture of compliance and integrity within the capital market,” Agama said. “Participants will gain insights into understanding regulatory changes, updates on FATF standards, and their impact on Virtual Asset Service Providers (VASPs). They will also learn best practices for aligning their compliance programs with international regulations, ensuring robust compliance frameworks within their organizations.”
Key topics to be covered include regulatory compliance, Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and risk management. Attendees will learn how to identify, assess, and mitigate risks associated with virtual assets, as well as improve operational efficiency through enhanced internal controls, governance, and compliance structures.
The summit is expected to offer several key benefits, including improved regulatory clarity, risk reduction, enhanced governance, and networking opportunities. Participants will also gain a competitive advantage by staying ahead of emerging regulatory trends.
Among the distinguished speakers at the event are Mr. Obinna Iwuno, Chairman of the Stakeholders in Blockchain Association of Nigeria (SiBAN), and Mr. Ade Bajomo, Certified Cryptocurrency Compliance Specialist and Investigator. Also expected to speak are Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS); Mr. Peter Shodipo, President of the Fintech Association of Nigeria; and the President of the Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN), among others.
This summit underscores SEC’s commitment to strengthening regulatory compliance and ensuring that capital market operators are equipped to navigate the evolving landscape of financial regulations, especially in the era of digital assets and emerging technologies.
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