The hottest Compliance Substack posts right now

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Daily AI Snapshot: US AI Regulations: A Patchwork Emerges

The AI Observer • 0 implied HN points • 12 Feb 24
🕹 Technology AI Regulations Innovation Compliance Policy
  1. In 2023, AI encountered significant innovation alongside heightened legislative scrutiny in the US, leading to a complex landscape of 190 state bills and 14 laws along with federal actions.
  2. The increasing regulation indicates a shift towards more controlled AI development at both state and federal levels that may impact how organizations utilize AI technologies.
  3. US AI regulations pose challenges but also present opportunities for safer and more responsible AI development, pushing companies to innovate within a legal framework.

Alert: Central Bank of Nigeria Circular CPD/MCD/INT/CCD/020/140

RegAlert • 0 implied HN points • 08 Feb 24
💰 Finance Regulations Compliance Consumer Protection
  1. The circular from the Central Bank of Nigeria highlights the importance of compliance with consumer protection regulations for financial institutions.
  2. Financial institutions are required to establish effective internal complaint handling procedures and provide timely resolutions to consumer complaints.
  3. Regular reviews should be conducted by institutions to identify and rectify any deficiencies in their consumer protection practices.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/002

RegAlert • 0 implied HN points • 01 Feb 24
💰 Finance Regulations Compliance
  1. Central Bank of Nigeria has issued revised guidelines for International Money Transfer Services, aiming to enhance transparency, promote diaspora remittances, and improve the ease of doing business for IMTOs and money transfer recipients.
  2. Authorized dealers, IMTOs, and the general public are expected to adhere to the updated guidelines provided by the Central Bank of Nigeria.
  3. The revised guidelines are crucial for boosting the foreign exchange market and ensuring compliance among stakeholders in the money transfer sector.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/002/002

RegAlert • 0 implied HN points • 08 Dec 23
💰 Finance Banking Regulations Compliance Money Laundering
  1. Financial institutions in Nigeria need to collect evidence of registration with SCUML from Non-Profit Organizations before starting a business relationship.
  2. Banks and financial institutions must update their customer account information according to the new requirement.
  3. The Circular FPR/DIR/PUB/CIR/002/002 outlines the additional Know Your Customer requirement for NPOs in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/PRD/CIR/INT/001/003

RegAlert • 0 implied HN points • 07 Dec 23
💰 Finance Regulation Banking Compliance
  1. Financial institutions in Nigeria must display their corporate names prominently on their websites and online platforms, along with the statement 'Licensed by the Central Bank of Nigeria'.
  2. Compliance with the requirement to display corporate names must be met by January 31, 2024.
  3. The circular FPR/PRD/CIR/INT/001/003 issued by the Central Bank of Nigeria outlines the specific requirements for displaying corporate names online.
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Alert: Central Bank of Nigeria Circular BKS/DIR/CIR/GEN/001/003

RegAlert • 0 implied HN points • 17 Oct 23
💰 Finance Regulations Banking Compliance
  1. Financial institutions in Nigeria must validate MICR codeline details based on Nigerian Cheque Standards and ensure proper calibration of in-house cheque processing equipment.
  2. Supervision of cheque processing equipment is essential to prevent image and data distortion during the cheque truncation process.
  3. Non-compliance with the circular may lead to penalties for financial institutions.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/007

RegAlert • 0 implied HN points • 17 Aug 23
💰 Finance Regulation Foreign Exchange Compliance
  1. The Central Bank of Nigeria has introduced new operational mechanisms for Bureau de Change (BDC) operations to enhance the efficiency of the foreign exchange market.
  2. BDC operators are mandated to maintain a spread on buying and selling within a specific range of -2.5% to +2.5% of the previous day's weighted average rate.
  3. Operators are required to submit periodic reports on the upgraded Financial Institution Forex Rendition System (FIFX); failure to comply may lead to sanctions or license withdrawal.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/007/075

RegAlert • 0 implied HN points • 23 Jun 23
💰 Finance Regulations Risk management Compliance
  1. Financial institutions must establish measures to mitigate risks from high-risk customers, including Politically Exposed Persons (PEPs)
  2. The Central Bank of Nigeria has issued a guidance note to help with assessing and mitigating these risks
  3. Immediate compliance is expected from all financial institutions regarding the guidance note on Politically Exposed Persons (PEPs)

Alert: Central Bank of Nigeria Circular BSD/DIR/GEN/LAB/09/048

RegAlert • 0 implied HN points • 14 Jun 23
💰 Finance Regulations Banking Compliance
  1. Financial institutions in Nigeria must follow liquidity coverage ratio guidelines to ensure they have enough liquid assets for a 30-day stress scenario.
  2. These institutions need to maintain a level of high-quality liquid assets and report their liquidity coverage ratio to the regulatory body quarterly.
  3. The Circular BSD/DIR/GEN/LAB/09/048 outlines the Exposure Draft of Guidelines on Liquidity Coverage Ratio for Non-Interest Banks in Nigeria.

Alert: Central Bank of Nigeria Circular BKS/DIR/CIR/GEN/001/001

RegAlert • 0 implied HN points • 09 Jun 23
💰 Finance Banking Regulations Compliance Transactions
  1. Financial institutions in Nigeria must stop using old cheques and follow the new Nigeria Cheque Standards 2.0 by December 31, 2023, or face penalties.
  2. The change is due to the Revised Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) 2.0 to ensure compliance and uniformity.
  3. Instructions are provided for financial institutions to download and implement Circular BKS/DIR/CIR/GEN/001/001 from the Central Bank of Nigeria website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/069

RegAlert • 0 implied HN points • 07 Feb 23
💰 Finance Regulations Compliance Banking
  1. Financial institutions must screen their customer database for any association with individuals linked to ISIL or Al-Qaida.
  2. Financial institutions need to update their sanctions screening lists according to recent changes in the United Nations Security Council Consolidated Lists.
  3. Immediate compliance is required from all financial institutions with the new regulations.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/064

RegAlert • 0 implied HN points • 13 Jan 23
💰 Finance Regulation Compliance Banking
  1. Financial institutions must identify and disclose beneficial owners of legal persons and arrangements to comply with anti-money laundering and counter-terrorism financing laws.
  2. The Central Bank of Nigeria has issued guidance on ultimate beneficial ownership to help financial institutions implement these measures.
  3. All financial institutions supervised by the Central Bank are required to adhere to the guidance on ultimate beneficial ownership.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/004

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Regulatory Banking Fraud Compliance
  1. Central Bank of Nigeria warns against illegal activities by Money Transfer Operators (MTOs) in Nigeria, emphasizing the need to make payments in US Dollars as per regulations.
  2. Banks found supporting unlicensed MTOs in terminating payments in Naira instead of US Dollars will face sanctions, as per the circular TED/FEM/PUB/FPC/01/004.
  3. Reminder for banks and MTOs to pay out diaspora remittance proceeds only in US Dollars and follow the guidelines for International Money Transfer Operations.

Alert: Central Bank of Nigeria Circular OFI/DOA/CON/ACT/004/155

RegAlert • 0 implied HN points • 29 Jun 22
💰 Finance Regulation Cybersecurity Compliance Banking Nigeria
  1. The Central Bank of Nigeria issued a circular requiring other financial institutions in Nigeria to enhance their cybersecurity defenses and adhere to the provided Risk-Based Cybersecurity Framework and Guidelines by January 1, 2023.
  2. This circular emphasizes the importance of strengthening cyber defenses in financial institutions to mitigate risks and ensure a more secure environment against cyber threats.
  3. Compliance with the Risk-Based Cybersecurity Framework and Guidelines is crucial for OFIs in Nigeria to safeguard their systems and data from cyber vulnerabilities.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/049

RegAlert • 0 implied HN points • 24 May 22
💰 Finance Banking Regulation Risk management Compliance
  1. Financial institutions must comply with the Regulatory Guidelines for the Redesigned Credit Risk Management System.
  2. Enforcement of the 'submit before disbursement' requirement begins on August 1, 2022.
  3. Customer accounts must be in the 10-digit Nigeria Uniform Bank Account Number format by June 20, 2022 to be enrolled onto the CRMS.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/031

RegAlert • 0 implied HN points • 31 Dec 21
💰 Finance Regulations Banks Transactions Compliance
  1. Financial institutions in Nigeria must conduct thorough due diligence on customers before opening accounts and monitor transactions for suspicious activities.
  2. These institutions are required to keep transaction records for at least five years and report any suspicious transactions to the appropriate authorities.
  3. Clients are mandated to provide valid identification and comply with all specified regulations and guidelines when dealing with financial institutions in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/035

RegAlert • 0 implied HN points • 31 Dec 21
💰 Finance Regulations Banking Compliance
  1. Financial institutions in Nigeria must ensure they collect required documentation and identification data from customers to comply with regulations.
  2. All banks should establish and maintain internal control systems to promote compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
  3. Institutions need to have trained staff and technological systems in place to effectively comply with regulatory requirements.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/029

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Policy Mortgage Compliance Banks
  1. The Central Bank of Nigeria issued a circular listing primary mortgage banks as of September 30, 2021, for financial institutions to comply with the stated requirements.
  2. The list includes various mortgage banks located in different states across Nigeria.
  3. Financial institutions are advised to review the circular and ensure they are in compliance with the regulations.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/14/063

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulation Banking Compliance
  1. The Central Bank of Nigeria issued new leverage ratio guidelines in September 2021 to ensure financial institutions maintain adequate capital in relation to their risk exposure and activities.
  2. Financial institutions are expected to comply with the outlined principles in the guidelines.
  3. In addition to compliance, timely submission of required reports is crucial for financial institutions.

Alert: Central Bank of Nigeria Circular FPRD/DIR/PUB/CIR/01/020

RegAlert • 0 implied HN points • 19 Aug 21
💰 Finance Regulation Banking Compliance Financial Services
  1. Microfinance Banks in Nigeria are required to adhere to strict guidelines outlined by the Central Bank, including focusing on providing financial services to retail and micro-clients, rather than engaging in foreign exchange transactions.
  2. At least 80% of the total loan portfolios for Microfinance Banks should be allocated to micro credit facilities, as per the Revised Regulatory and Supervisory Guidelines.
  3. The Circular FPRD/DIR/PUB/CIR/01/020 issued by the Central Bank of Nigeria emphasizes the cessation of non-permissible activities for Microfinance Banks.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/018

RegAlert • 0 implied HN points • 30 Jun 21
💰 Finance Regulations Banking Compliance
  1. The post discusses a circular from the Central Bank of Nigeria regarding a list of Deposit Money Banks as of June 30, 2021, classified based on their licensing authorization and head office addresses.
  2. Financial institutions are required to adhere to the specific list of deposit money banks mentioned in the circular, categorized by their licensing authorization types (international, national, regional) and the locations of their head offices.
  3. The circular emphasizes the inclusion of institutions with commercial banking licenses and international, national, or regional authorizations, providing clarity on the types of institutions covered and their distinctions.

Alert: Central Bank of Nigeria Circular FPR/LAD/CON/BDC/006/100

RegAlert • 0 implied HN points • 23 Jun 21
💰 Finance Regulations Banking Compliance Fees Sanctions
  1. Financial institutions in Nigeria must pay their Annual Licence Renewal Fees by 31st March each year from their operating accounts in the names of the institutions to avoid sanctions.
  2. Payments must be made within the regulatory deadline to be considered for processing by the Central Bank of Nigeria.
  3. Non-compliance with the payment of Annual Licensing Renewal Fees may lead to necessary sanctions being imposed by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/007

RegAlert • 0 implied HN points • 31 Mar 21
💰 Finance Regulation Compliance Central Bank
  1. The Central Bank of Nigeria issued Circular FPR/DIR/GEN/CIR/01/007 regarding a list of finance companies licensed as of March 31, 2021. Financial institutions are required to review the list and ensure compliance with regulations.
  2. The circular provides a reference for financial institutions to follow with regards to the licensed finance companies in Nigeria.
  3. The document linked in the post contains the specific list of finance companies that financial institutions need to be aware of and comply with.

Safe events

Joshua Gans' Newsletter • 0 implied HN points • 30 Aug 21
🏥 Health & Wellness Events Rapid Testing Risk management Compliance
  1. Rapid antigen tests can help make events safer by reducing the risk of someone infectious attending, but they are not foolproof. Testing before an event and daily can help manage the risk of potential spread.
  2. The use of rapid tests can potentially lead to a sense of complacency regarding social distancing and mask-wearing, so it's important to have a clear plan in place in case someone tests positive at the event.
  3. In the end, having everyone vaccinated is crucial, with testing serving as an additional layer of protection especially in high-prevalence situations. However, there are no guarantees, so decisions should be made based on the specific circumstances.