NGX Regulations Limited (NGX REGCO), the regulatory subsidiary of the Nigerian Exchange Group Plc, has listed Anti-Money Laundering/Combating the Financing of Terrorism(AML/CFT) as one its supervision priorities in 2021.

In her statement on NGX REGCO’s supervisory priorities for 21, Chief Executive Officer, Ms. Tinuade Awe, said Anti-Money Laundering/Combating Financing Terrorism remains an area of key focus for NGX REGCO. She stated that “This year, our regulatory programmes will be centered on activities that will enhance Ant-Money Laundering/Combating Financing Terrorism processes and reporting requirements”.

Commenting further, she said “We will assess the trading licence Holder’s AML/CFT programmes, Know Your Client (KYC) procedures, including on-boarding processes for Politically Exposed Person’s (PEP), record keeping, suspicious activity identification, third party payments and reporting deficiencies, and due diligence procedures regarding certain accounts”. According to her, the supervision programme will focus on the firm’s risk assessment of its business practices and implementation of the AML/CFT programme related to those risks.

NGX REGCO boss also stated that the outfit will conduct reviews of Order Management System (OMS) platforms to assess the capability of the system in flagging accounts with incomplete KYC information, and the Trading Licence Holder’s processes for capturing full information in respect of new clients and updating information of their existing clients in line with the Securities and Exchange Commission’s (SEC) directives.

Ant-Money Laundering/Combating Financing Terrorism is one of the NGX REGCO supervisory priorities for 2021 which was published today by the NGX REGCO. This document highlights areas of regulatory concern to guide NGX’s Trading Licence Holders and the investing public.

NGX Regulation Limited (NGX RGCO) is a wholly owned subsidiary of Nigerian Exchange Group Plc, registered with the Securities and Exchange Commission (SEC) as a Self-Regulatory Organization (SRO). NGX Regulation is registered to provide regulatory services to Nigerian Exchange Limited under the terms of a Regulatory Services Agreement (RSA), and other SROs, trade groups/associations and statutory regulators/agencies. NGX REGCO is one of the three operating subsidiaries of the Nigerian Exchange Group Plc, which emerged from the ashes of the Nigerian Stock Exchange after its demutualization. The other operating subsidiaries are Nigerian Exchange Limited and NGX Real Estate Limited.