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Banditry proscription: SEC urges CMOs on screening, verification of clients

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By Aluta News

Jan. 19, 2022

The Securities and Exchange Commission (SEC) has called on all Capital Market Operators (CMOs) to begin the screening and verification of their clients to clear them of any links with proscribed terrorist groups.

A circular released by the Commission on its website, said that the call was in line with the gazette released by the Federal Government proscribing the activities of bandits, terrorists and kidnappers.

The Commission however urged the operators to file any suspicious transaction reports immediately to the Nigerian Financial Intelligence Unit (NFIU) in line with their findings.

“All CMOs are hereby notified that this is in line with the requirements of the Terrorism Prevention Act (No. 10) and Terrorism (Prevention) Proscription Order Motion, 2021.

“The Federal Government has declared the activities of Yan Bindiga Group, Yan Ta’adda Group and other similar group in Nigeria as terrorism and illegal.

“The government has proscribed their existence and restrained any person or group of persons from participating in any manner whatsoever or any form in their activities.

“All CMOs are required by this circular to screen and verify every client against the above proscribed groups and any other proscribed terrorist group(s) on United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list.

“Prior to the on-boarding of a new client and when carrying out one-off transaction(s),’’ the Commission explained.

The Federal Government had released a publication gazetting the activities of bandits, kidnappers and others as terrorists.

NAN