The hottest Regulations Substack posts right now

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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 OFI/DOA/CON/OFI/001/304

RegAlert • 0 implied HN points • 09 Jan 23
💰 Finance Regulations Investments Risk management
  1. Financial institutions in Nigeria's OFIs are directed to divest from funds managed by uninsured entities, aiming to reduce high credit and liquidity risks
  2. Existing placements in uninsured entities must be liquidated within 90 days to safeguard depositors' funds
  3. This regulation is implemented by the Central Bank of Nigeria to protect the financial interests of the depositors

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/064

RegAlert • 0 implied HN points • 15 Dec 22
💼 Business Regulations Banking Finance
  1. Financial institutions in Nigeria must implement targeted financial sanctions related to terrorism financing and proliferation financing.
  2. The measures outlined in the Terrorism Prevention and Prohibition Act (TPPA), 2022 must be strictly complied with by all financial institutions in Nigeria.
  3. The Central Bank of Nigeria has issued guidelines to aid in the prompt implementation of these required measures.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/062

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Regulations Sanctions Banking
  1. Financial institutions in Nigeria must follow guidelines on targeted financial sanctions related to proliferation financing set by the Central Bank of Nigeria.
  2. These institutions are required to implement the guidelines and submit quarterly returns on actions taken regarding targeted financial sanctions.
  3. The submissions to the Director of the Financial Policy and Regulation Department must be made within 10 days after the end of each quarter.
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Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/001/061

RegAlert • 0 implied HN points • 23 Nov 22
💰 Finance Regulations Banking
  1. The circular provides guidelines for individuals and entities seeking to operate as banks or financial institutions in Nigeria, focusing on Anti-Money Laundering and Combatting the Financing of Terrorism.
  2. It outlines the minimum requirements for licensing and should be followed along with relevant laws, regulations, and licensing criteria.
  3. The guidelines are applicable to both new and pending applications, and they are immediately effective upon publication.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/006

RegAlert • 0 implied HN points • 07 Oct 22
💰 Finance Banking Regulations
  1. Authorized dealers should not access the discount window on certain dates related to auctions and transactions
  2. Successful bidders at government securities auctions cannot use the discount window on settlement dates
  3. Participants with successful foreign exchange bids are also restricted from accessing the discount window during auctions and settlement dates

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/016/118

RegAlert • 0 implied HN points • 04 Jul 22
💰 Finance Regulations Banking Payments
  1. The Central Bank of Nigeria is requesting financial institutions to review and implement specific QR code presentment options in payments.
  2. Financial institutions can choose between merchant-presented or consumer-presented QR code options for payments.
  3. The Central Bank of Nigeria will continue to monitor industry developments and provide additional guidance as needed.

Alert: Central Bank of Nigeria Circular 44

RegAlert • 0 implied HN points • 01 Jun 22
💰 Finance Regulations
  1. The Central Bank of Nigeria has issued Circular 44 regarding Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2022/2023.
  2. This circular provides important guidelines for financial institutions operating within Nigeria.
  3. The document can be downloaded from the official Central Bank of Nigeria website for further details.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/01/006

RegAlert • 0 implied HN points • 26 May 22
💰 Finance Banking Regulations Payments
  1. Financial institutions in Nigeria must accept indemnity from customers for secure online funds transfers, with varying limits for individuals and corporations.
  2. Customers should be given the option of electronic or paper indemnity, with stricter controls like biometric verification for electronic indemnity.
  3. Multiple factor authentication is required for secure online funds transfers, and customers must be informed about indemnity's role in increasing transaction limits.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/INM/003/042

RegAlert • 0 implied HN points • 14 Mar 22
💰 Finance Banking Regulations Currency
  1. The circular outlines guidelines for the Bank Neutral Cash Hub (BNCH) in Nigeria, which offers cash services to high volume/value customers to reduce risk and costs related to currency management.
  2. The purpose of the BNCH is to provide bank-neutral cash withdrawal and deposit services, aiming to enhance the efficiency and security of cash transactions.
  3. Feedback and inquiries regarding the operational guidelines for the BNCH should be directed to the Director, Currency Operations Department, Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular CPD/GEN/GUIDE/01-2020

RegAlert • 0 implied HN points • 27 Jan 22
💰 Finance Regulations Banking Financial Institutions Charges Transactions
  1. Revised guide from Central Bank of Nigeria on bank charges includes lower fees for electronic transactions and aligning other charges with market trends.
  2. New sections added to the guide emphasize accountability, responsibility, and a sanction regime for dealing with excessive, unauthorized, and random charges.
  3. Financial institutions are required to comply with the updated guide starting from January 1, 2020.

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 TED/FEM/FPC/GEN/01/010

RegAlert • 0 implied HN points • 29 Nov 21
💰 Finance Regulations
  1. Starting from November 30, 2021, the e-Form 'NCX' will replace the hard copy version for non-commercial exports.
  2. Processing of the e-Form 'NCX' will be digitally carried out via the Trade Monitoring System website.
  3. Individuals using the Trade System for e-Form 'NCX' application need a valid Tax Identification Number from FIRS/JTB.

Alert: Central Bank of Nigeria Circular CCD/GUI/01/20-10-2021

RegAlert • 0 implied HN points • 20 Oct 21
💰 Finance Regulations Financial Institutions Entrepreneurship Guidelines
  1. The Central Bank of Nigeria issued a circular about the Guidelines for the Implementation of Tertiary Institutions Entrepreneurship Scheme (TIES). Financial institutions must provide compliance details, student participation numbers, report challenges, and maintain communication with authorities.
  2. The circular emphasizes the importance of adherence to the guidelines set forth for the Tertiary Institutions Entrepreneurship Scheme (TIES).
  3. Financial institutions are urged to engage in open communication with the relevant authorities regarding the implementation of the Tertiary Institutions Entrepreneurship Scheme (TIES).

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/013/149

RegAlert • 0 implied HN points • 12 Oct 21
💰 Finance Regulations Banking Payment Systems
  1. The Central Bank of Nigeria issued a revised regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian banking industry to enhance customer due diligence and Know Your Customer processes.
  2. The aim of the framework is to promote a safe and efficient banking and payment system in Nigeria by improving regulatory oversight.
  3. The Central Bank will continuously monitor industry developments and offer further guidance as needed to ensure compliance with the regulatory framework.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/007

RegAlert • 0 implied HN points • 11 Oct 21
💰 Finance Banking Policy Africa Regulations
  1. The Central Bank of Nigeria has issued a circular regarding the introduction of the Pan African Payments and Settlement System (PAPSS) for faster and cheaper cross-border transactions within Africa.
  2. The PAPSS system supports cross-border retail payments in local currencies in West Africa and inter-bank settlement in USD.
  3. Each central bank will determine eligible transactions for foreign exchange, and commercial banks may maintain a USD settlement account at Afreximbank for payments outside of eligible transactions.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/027

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Regulations Banks
  1. The Circular published by the Central Bank of Nigeria contains a comprehensive list of licensed microfinance banks as of September 30, 2021, with details like addresses and statuses.
  2. The listed microfinance banks in the Circular are located in states including Anambra, Lagos, Edo, Ogun, Abia, Bauchi, and the F.C.T.
  3. The Circular classifies the microfinance banks into categories such as state, national, and tier 2 units, offering insights into their operational scope.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/026

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Banking Regulations Nigeria
  1. Financial institutions should take note of the list of deposit money banks provided in the circular, categorized by their banking licenses and addresses.
  2. The circular from the Central Bank of Nigeria includes information on international, national, and regional deposit money banks as of September 30, 2021.
  3. The circular can be downloaded from the Central Bank of Nigeria website for further reference.

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

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulations
  1. Financial institutions must implement effective liquidity risk management practices and assess internal liquidity adequacy according to provided guidelines.
  2. Institutions need to maintain sufficient liquidity buffers, establish contingency funding plans, and regularly monitor and report liquidity risk.
  3. The circular issued by the Central Bank of Nigeria emphasizes the importance of managing liquidity risk effectively.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/14/052

RegAlert • 0 implied HN points • 28 Jul 21
💰 Finance Regulations
  1. Financial institutions in Nigeria must set up teller points at designated branches for the sale of foreign exchange to retail customers, selling FX in cash and/or electronically.
  2. Institutions should not refuse customers if all documentation and requirements are met, and must establish electronic systems to update customers on the status of their FX requests.
  3. The Central Bank of Nigeria has issued Circular BSD/DIR/PUB/LAB/14/052 detailing these requirements for FX sales at bank branches.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/011/091

RegAlert • 0 implied HN points • 09 Jul 21
💰 Finance Regulations Risk management Financial Institutions
  1. Financial institutions in Nigeria must follow the regulatory framework for mobile money services to ensure transaction safety.
  2. Institutions need to strengthen their risk management systems for mobile money operations.
  3. Cooperation with the Central Bank of Nigeria is necessary to provide important data for oversight of mobile money transactions.

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/01/011

RegAlert • 0 implied HN points • 31 May 21
💰 Finance Banking Regulations
  1. The circular provides a list of licensed payment service banks as of March 31, 2021, including institutions like Hope PS3 Limited and Moneymaster PS3 Limited.
  2. The circular includes the head office addresses of the listed payment service banks for reference.
  3. Interested individuals can download the full circular, which is titled FPR/DIR/GEN/CIR/01/011, from the Central Bank of Nigeria website.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/011/008

RegAlert • 0 implied HN points • 28 May 21
💰 Finance Regulations Banking Nigeria
  1. The Central Bank of Nigeria has released a Regulatory Framework for Non-Bank Merchant Acquiring in Nigeria, setting rules and standards for services.
  2. Various stakeholders, including banks and financial institutions, must adhere to this framework and other related regulations.
  3. Continuous monitoring and guidance will be provided by the Central Bank to ensure compliance.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/004

RegAlert • 0 implied HN points • 26 May 21
💰 Finance Regulations Banking Taxation
  1. The Central Bank of Nigeria issued guidelines for shared services in the banking sector to address governance, financial management, and tax concerns, aiming to prevent abuse and ensure compliance by June 1, 2022.
  2. The guidelines focus on streamlining activities of institutions involved in shared services and transfer pricing.
  3. It is essential for institutions in the banking industry to adhere to these guidelines to prevent the misuse of shared services agreements as tax shields.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/10/145

RegAlert • 0 implied HN points • 24 May 21
💼 Business Regulations
  1. Financial institutions in Nigeria must meet new license requirements for the payments system, including submitting various necessary documents and information to the Central Bank of Nigeria.
  2. Required documents include the company's audited financial statements for the past 3 years, proof of tax clearance for 3 years, and details about ownership, business operations, and structure.
  3. All applications for the new license requirements should be sent to the Payments System Management Department of the Central Bank of Nigeria in Abuja.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/002

RegAlert • 0 implied HN points • 20 Apr 21
💰 Finance Regulations Currency Banking
  1. Financial institutions in Nigeria must accept old and lower denominations of United States Dollars as legal tender or face sanctions.
  2. Authorized forex dealers are advised to avoid defacing or stamping US Dollar banknotes to preserve their authenticity.
  3. The Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/002 provides details on the rejection of old/lower denominations of USD by DMBs and FOREX dealers.

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

RegAlert • 0 implied HN points • 26 Jan 21
💼 Business Regulations
  1. The Federal Government has appointed Pre-shipment Inspection Agents (PIAs) to oversee non-oil exports in specific regions of Nigeria
  2. Different regions will have different appointed agents such as Anglia International Services Limited, Neroli Technologies Limited, and Gojopal Nigeria Limited
  3. Monitoring & Evaluation Agents have been assigned to supervise the activities of the appointed Pre-shipment Inspection Agents in their respective zones

Should indie medical-device techs have the ‘right to repair’?

Fight to Repair • 0 implied HN points • 17 Apr 21
🏥 Health Politics Medical Devices Right-to-repair Regulations Healthcare system
  1. Skilled technicians struggle with repairs due to lack of documentation, tools, and parts, causing delays for device users.
  2. Independent technicians lack legal leverage to access tools and resources necessary to repair medical devices like wheelchairs and insulin pumps.
  3. The FDA and FTC have supported right-to-repair policies for medical devices, emphasizing the importance of technicians in maintaining the healthcare system.

Red Flags for Repair in Proposed Auto Cyber Guidelines

Fight to Repair • 0 implied HN points • 04 Feb 21
🇺🇸 U.S. Politics Regulations Cybersecurity Software updates
  1. The draft guidelines from the U.S. National Highway Traffic Safety Administration (NHTSA) have raised concerns for repair advocates due to the potential impact on state laws granting access to vehicle data for repair.
  2. The proposed guidelines recommend giving automakers control over diagnostic tools' access to vehicle systems, potentially affecting laws like the Massachusetts 2013 auto right to repair act.
  3. There are positive aspects in the guidelines encouraging automakers to maintain serviceability, evaluate software vulnerabilities, and track software in vehicles, but the voluntary nature of the guidelines raises concerns about implementation and cybersecurity in existing connected vehicles.

Bangsun Tech terminates IPO!

CyberSecurityMew • 0 implied HN points • 06 Dec 23
💼 Business IPO Financial Services Regulations Tech industry
  1. Bangsun Tech terminated its IPO application with sponsors due to unresponsiveness and failure to update financial data as required by regulations.
  2. The company's IPO journey, from initial application to termination, lasted less than six months, highlighting the challenges faced in the process.
  3. Bangsun Tech, primarily operating in the financial sector, revealed concerning financial information in the prospectus, including significant losses and over ambitious fundraising plans.