SEC tasks stakeholders on regulatory framework to align with TAFT 

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has called on capital market stakeholders to adapt to regulatory frameworks to align with the evolving Financial Action Task Force, FATF, standards. He warned that failure to do so would not only jeopardize the integrity of the capital markets, but also pose a risk to Nigeria and the global financial system. Agama spoke at the Compliance Summit 2024 organised by the Nigerian Capital Market Institute, a subsidiary of the SEC, with the theme: ‘Navigating Regulatory Challenges: Aligning with Changes in FATF Standards in the Era of Virtual Asset Service Providers held in Lagos, Monday’. FATF guidance helps countries implement effective regulations, addressing risks associated with virtual assets. According to him, as virtual assets continue to gain prominence, navigating regulatory challenges in the space requires proactive engagement with FATF standards adding that collaboration between regulators, VASPs and stakeholders ensures effective implementation.

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