Workshop on Regulatory Compliance in Financial Services: AML, CBN, and SEC Regulations

Program Overview:

This course provides a comprehensive overview of regulatory compliance frameworks with a focus on Anti-Money Laundering (AML), the regulatory requirements of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in Nigeria. It is designed to equip professionals in the financial and investment sectors with the knowledge and tools required to ensure adherence to regulatory standards, mitigate risks, and maintain the integrity of financial operations.

Participants will explore the legal foundations, compliance strategies, and operational requirements for managing regulatory obligations effectively. The course also emphasizes the roles of compliance officers, risk management protocols, and reporting duties within financial institutions.

For Whom:

This program is designed for Compliance Officers, Risk Managers, Internal Auditors, Legal and Regulatory Affairs Professionals, Bankers, Investment Analysts, and Fintech Professionals. Anyone pursuing a career in compliance or regulatory affairs will benefit from this program.

Learning Objectives:

At the end of the program, participants will be able to:

·         understand key compliance obligations under Nigerian and International laws;

·         develop and implement internal compliance programs;

·         conduct risk assessments and respond to regulatory requirements;

·         identify and report suspicious transactions in line with AML law; and

·         navigate audits, inspections, and enforcement actions by regulatory bodies.

Course Outline:

Day 1: Introduction to Regulatory Compliance in Financial Services

Overview of Regulatory Compliance

·         Definition, importance, and global perspective

·         Role in risk management and corporate governance

Key Nigerian Regulatory Bodies

·         CBN, SEC, NDIC, EFCC, NFIU

·         Regulatory mandates and jurisdiction

Compliance Functions in Financial Institutions

·         Roles and responsibilities of compliance officers

·         Building a compliance culture

·         Corporate Governance and Ethics in Compliance

·         Accountability, transparency, and decision-making frameworks

·         Case Study: Regulatory failure and reputational risk (e.g., major bank sanction in Nigeria)

Day 2: Anti-Money Laundering (AML) Frameworks and Obligations

Understanding Money Laundering and Terrorist Financing

·         Stages of money laundering

·         AML laws and regulations (local and international)

Key AML Regulations in Nigeria

·         CBN AML/CFT Guidelines

·         Nigerian AML Act, FATF Recommendations

Know Your Customer (KYC) and Customer Due Diligence (CDD)

·         Onboarding and verification processes

·         Enhanced Due Diligence for high-risk customers

·         Reporting Requirements

·         Suspicious Transaction Reports (STRs)

·         Currency Transaction Reports (CTRs)

·         Engagement with NFIU and EFCC

·         Class Exercise: Suspicious transaction detection and reporting

Day 3: CBN Regulatory Compliance

CBN Compliance Guidelines for Banks and Other Financial Institutions

·         Licensing and prudential requirements

·         Risk management and internal controls

Key Circulars and Policies

·         Corporate governance codes

·         Consumer protection regulations

CBN Risk-Based Supervision Framework

·         Operational risk, credit risk, market risk

·         CBN Enforcement Actions and Sanctions

·         Case examples and impact on institutions

Day 4: SEC Regulations and Capital Market Compliance

Role of the Securities and Exchange Commission (SEC)

·         Overview of the Investments and Securities Act

·         Licensing of capital market operators

SEC Regulatory Framework

·         Compliance for stockbrokers, investment advisers, fund managers

Market Conduct and Investor Protection

·         Insider trading, market manipulation, disclosure obligations

·         Reporting and Filing Requirements

·         Periodic filings, disclosure standards, and enforcement actions

·         Case Study: SEC enforcement case on market manipulation

Day 5: Integrated Compliance Strategy and Assessment

Building and Maintaining a Compliance Program

·         Policies, procedures, training, and communication

·         Risk-based approach to compliance monitoring

Regulatory Technology (RegTech)

·         Using technology to enhance compliance efforts

Integrative Assessment

·         Class Exercise: Designing a compliance program for a sample institution

Training Methodology

·         Lectures, discussions, exercises, case studies, audio-visual aids will be used to reinforce these teachings/learning methods.