The hottest Regulations Substack posts right now

And their main takeaways
Category
Top Technology Topics

LexNews+ Weekly

⚔️ LexNews+ ⚖️ • 0 implied HN points • 08 Feb 24
🔮 Crypto Regulations
  1. El Salvador stands firm on Bitcoin as legal tender despite IMF's recommendations
  2. US lawmakers introduce bill to challenge SEC accounting policy on cryptocurrencies
  3. Genesis seeks approval to sell $1.4B in GBTC to settle debts through bankruptcy proceedings

Ethical Considerations at the Intersection of Law and AI

AI For Lawyers • 0 implied HN points • 11 Feb 24
🕹 Technology Regulations
  1. Ethical considerations are crucial for lawyers integrating AI into their practice, affecting duties like confidentiality and candor.
  2. Using AI in law introduces privacy concerns such as data security, client confidentiality, and adherence to ethical responsibilities.
  3. Legal professionals must navigate complex ethical and regulatory landscapes when using AI, with an emphasis on privacy protection, compliance, and client transparency.

Daily AI Snapshot: US AI Regulations: A Patchwork Emerges

The AI Observer • 0 implied HN points • 12 Feb 24
🕹 Technology Regulations
  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.
Get a weekly roundup of the best Substack posts, by hacker news affinity:

Announcing Amanita Security

INT3 / Low-level Cybersecurity • 0 implied HN points • 14 Feb 24
💼 Business Regulations
  1. Amanita Security is a new cybersecurity company focused on assisting product manufacturers with improved security measures and compliance with new regulations.
  2. Manufacturers are expected to undergo a shift towards enhanced cybersecurity due to evolving regulations and the need for secure products from circuit board to cloud.
  3. Future articles on INT3 will be released on the Amanita Security website, focusing initially on European cybersecurity regulations and technical topics, with an invitation for topic suggestions from readers.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/012

RegAlert • 0 implied HN points • 09 Feb 24
💰 Finance Regulations
  1. Financial institutions are requested to remove the spread on foreign exchange transactions and conduct transactions on a 'Willing Buyer and Willing Seller' basis.
  2. Ethical standards like price disclosures and transparency are emphasized for foreign exchange dealings.
  3. All executed transactions must be immediately recorded on relevant treasury systems and reported to market authorities.

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

RegAlert • 0 implied HN points • 08 Feb 24
💰 Finance Regulations
  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 BSD/DIR/PUB/LAB/016/027

RegAlert • 0 implied HN points • 03 Feb 24
💰 Finance Regulations
  1. Central Bank of Nigeria is updating the Cash Reserve Requirement (CRR) mechanism for banks, with changes like no longer having daily CRR debits and specific ratios for different types of banks.
  2. Commercial banks will have a 32.5% ratio and merchant banks 10% applied to increases in their weekly average adjusted deposits.
  3. Banks not meeting the minimum Loan to Deposit Ratio (LDR) will face a 50% CRR levy on the lending shortfall.

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

RegAlert • 0 implied HN points • 01 Feb 24
💰 Finance Regulations
  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 FMD/DIR/PUB/CIR/001/011

RegAlert • 0 implied HN points • 30 Jan 24
💰 Finance Regulations
  1. Financial institutions must provide transparent pricing in financial market transactions to avoid market manipulation.
  2. The Central Bank of Nigeria warns against underreporting transaction rates and using 'second cheques' as these practices will be sanctioned.
  3. Compliance with CBN rules and guidelines is crucial for a well-functioning and transparent financial market.

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

RegAlert • 0 implied HN points • 08 Dec 23
💰 Finance Regulations
  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 BKS/DIR/CIR/GEN/001/003

RegAlert • 0 implied HN points • 17 Oct 23
💰 Finance Regulations
  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 PSM/DIR/PUB/CIR/001/049

RegAlert • 0 implied HN points • 31 Jul 23
💰 Finance Regulations
  1. Microfinance banks and primary mortgage banks in Nigeria are exempted from paying processing fees for withdrawals above cash withdrawal limits from correspondent banks.
  2. The exemption is meant to support these banks in providing specialized retail banking services to the economically active poor.
  3. While exempt from processing fees, these banks still need to comply with the cash withdrawal limits set in an earlier circular by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/039

RegAlert • 0 implied HN points • 27 Jun 23
💰 Finance Regulations
  1. The Central Bank of Nigeria issued guidelines for contactless payments in the country, aiming to standardize operations and promote innovation while ensuring financial system stability.
  2. Banks, financial institutions, and payment service providers are required to adhere to these guidelines, implement risk management processes, and maintain relevant standards for contactless payments.
  3. Participants in contactless payments in Nigeria must download and adhere to Circular PSM/DIR/PUB/CIR/001/039 available on the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/048

RegAlert • 0 implied HN points • 27 Jun 23
💰 Finance Regulations
  1. The Central Bank of Nigeria has issued a circular regarding transaction limits on contactless payments, requiring adherence from financial institutions and payment service providers.
  2. Transactions exceeding the specified limits on contactless payments will need verification and authorization.
  3. Higher-value contactless payments must meet existing KYC requirements and limits on electronic payment channels, while transactions above the daily cumulative limit should use contact-based technology.

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

RegAlert • 0 implied HN points • 23 Jun 23
💰 Finance Regulations
  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
  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 BSD/DIR/GEN/LAB/09/048

RegAlert • 0 implied HN points • 13 Jun 23
💰 Finance Regulations
  1. The Central Bank of Nigeria has issued a circular regarding Exposure Draft of the Guidelines on Liquidity Coverage Ratio and Revised Guidelines on Regulatory Capital for Non Interest Banks in Nigeria.
  2. The circular provides important regulatory information for non-interest banks and other financial institutions in Nigeria.
  3. This update was posted on June 13, 2023, on the regulatory alerts platform.

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

RegAlert • 0 implied HN points • 09 Jun 23
💰 Finance Regulations
  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 BKSD/SCO/CON/001/039

RegAlert • 0 implied HN points • 19 May 23
💰 Finance Regulations
  1. The Central Bank of Nigeria has conducted re-accreditation for Cheque Printers and Personalizers, with listed financial institutions holding valid accreditation licenses.
  2. All accredited printers and personalizers were notified and issued certificates as of May 4th, 2023.
  3. For more details and the full list, you can download Circular BKSD/SCO/CON/001/039 from the CBN website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/072

RegAlert • 0 implied HN points • 28 Mar 23
💰 Finance Regulations
  1. The Central Bank of Nigeria has issued guidelines for changing operating licenses for banks and financial institutions in the country.
  2. The guidelines aim to provide clarity on regulatory requirements for financial institutions that want to upgrade or change to a different license.
  3. Financial institutions in Nigeria have three weeks to provide comments and feedback on the draft guidelines.

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

RegAlert • 0 implied HN points • 15 Feb 23
💰 Finance Regulations
  1. The Pre-Shipment Inspection Agents (PIAs) Portal has been deployed on the Stakeholder Verification Portal (SVP). PCIs/CCIs will be electronically generated on the SVP from March 1st, 2023.
  2. Authorized Dealers must ensure that the processing of PCIs/CCIs by PIAs is done electronically on the SVP at https://syp.tradesystem.gov.ng.
  3. This circular is issued by the Central Bank of Nigeria notifying Pre-Shipment Inspection Agents (PIAs), Monitoring and Evaluation Agents (MEAs), Authorized Dealers, Nigerian Customs Service (NCS), Exporters, and the General Public about the deployment of the PIA Portal on the SVP.

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

RegAlert • 0 implied HN points • 07 Feb 23
💰 Finance Regulations
  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
  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 CCD 21b Dec 2022

RegAlert • 0 implied HN points • 21 Dec 22
💰 Finance Regulations
  1. The Central Bank of Nigeria has revised the cash withdrawal limits for individuals and corporate organizations.
  2. Financial institutions need to obtain customer information and written approval for withdrawals above the set limits.
  3. Third-party cheques above N100,000 will not be eligible for payment over the counter.

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

RegAlert • 0 implied HN points • 15 Dec 22
💼 Business Regulations
  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
  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.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/001/061

RegAlert • 0 implied HN points • 23 Nov 22
💰 Finance Regulations
  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 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
  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 COD/BNCH

RegAlert • 0 implied HN points • 02 Jun 22
💰 Finance Regulations
  1. The circular provides guidelines for setting up Bank Neutral Cash Hubs (BNCH) in Nigeria.
  2. It details the requirements and procedures for financial institutions to establish and operate BNCHs.
  3. The document can be accessed for download from the Central Bank of Nigeria's website.

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 Regulations
  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 Regulations
  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
  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
  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.