The hottest Regulatory Compliance Substack posts right now

And their main takeaways
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August 2023: The Electric Vehicle charging orchestration layer

Kunle.app • 137 implied HN points • 10 Aug 23
🕹 Technology Electric Vehicles API Regulatory Compliance
  1. An EV aggregator app that consolidates charging networks can provide a seamless user experience.
  2. Developing an API for EV charging could simplify processes like parking, finding chargers, pricing, and payments.
  3. Ecosystem aggregation for EV charging needs to consider incentives for charging networks, distribution entities, and consumers.
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Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/005

RegAlert • 0 implied HN points • 25 Jul 23
💰 Finance Regulatory Compliance
  1. The Central Bank of Nigeria issued a circular about the Pan African Payments and Settlement System (PAPSS), specifying details like transaction requirements, payment modes, and limits.
  2. Transactions on PAPSS must be trade backed, and the approved payment mode is Bills for Collection.
  3. There are specific transaction limits set by the Central Bank for both customers and Authorized Dealer Banks, with the requirement for USD cover approval before initiating payments.

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

RegAlert • 0 implied HN points • 06 Jul 23
💰 Finance Regulatory Compliance
  1. Banks and financial institutions need to implement enhanced due diligence based on the outcomes of the FATF Plenary, which added Cameroon, Croatia, and Vietnam to the 'Increased Monitoring' list.
  2. The Democratic People's Republic of Korea, Iran, and Myanmar are still considered high-risk jurisdictions and are subject to 'Call for Action'.
  3. Counter-measures may need to be taken to protect the international financial system alongside implementing enhanced due diligence.

Alert: Central Bank of Nigeria Circular ACGSF

RegAlert • 0 implied HN points • 18 Nov 21
💰 Finance Regulatory Compliance Banking Policy
  1. Financial institutions must adhere to the guidelines of the Agricultural Credit Guarantee Scheme Fund in Nigeria, approved by the Board in March 2021.
  2. The document with the guidelines is meant for internal use by the Central Bank in Nigeria.
  3. For further details, the guidelines for the Agricultural Credit Guarantee Scheme Fund can be downloaded from the Central Bank's website.

Alert: Central Bank of Nigeria Circular DFD/RAC/INT/RSP/02/095

RegAlert • 0 implied HN points • 05 Nov 21
💰 Finance Regulatory Compliance
  1. Financial institutions must adhere to the revised guidelines of the Anchor Borrowers' Programme (ABP) by the Central Bank of Nigeria from September 2021.
  2. The guidelines specify the procedures and criteria for participating in the ABP, as outlined by the Development Finance Department of the Central Bank of Nigeria.
  3. Interested parties can access the complete guideline document, DFD/RAC/INT/RSP/02/095, on the official Central Bank of Nigeria website for further details.

Alert: Central Bank of Nigeria Circular OFI/DOA/LTT/CON/002/138

RegAlert • 0 implied HN points • 08 Oct 21
💰 Finance Regulatory Compliance Central Bank Financial Institutions Nigeria
  1. All Other Financial Institutions in Nigeria must prepare their annual financial statements according to International Financial Reporting Standards (IFRS) starting from the 2021 financial year.
  2. The Central Bank of Nigeria will no longer accept financial statements that do not comply with IFRS, and non-compliance will lead to penalties.
  3. OFIs adopting IFRS for the first time must follow IFRS 1 for first-time adopters to ensure compliance.

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

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulatory Compliance
  1. The Central Bank of Nigeria issued guidelines on regulatory capital for financial institutions in the country, requiring them to meet specified minimum capital requirements.
  2. Financial institutions in Nigeria are advised to maintain compliance with the newly issued guidelines on regulatory capital and seek clarification from the regulatory body in case of any uncertainties.
  3. It is crucial for financial institutions in Nigeria to carefully adhere to the guidelines provided in Circular BSD/DIR/PUB/14/063 to ensure regulatory compliance.

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

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulatory Compliance Risk management Banking
  1. The Central Bank of Nigeria issued revised guidelines on supervisory review process for internal capital adequacy assessment to enhance supervision and risk management in financial institutions.
  2. Financial institutions in Nigeria are required to comply with the new guidelines to ensure accurate assessment of internal capital adequacy.
  3. The aim of the revised guidelines is to strengthen the supervision and risk management practices in the financial sector of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/AML/CON/BOF/006/002

RegAlert • 0 implied HN points • 10 Feb 21
💰 Finance Regulatory Compliance Money Laundering
  1. Financial institutions in Nigeria must accept Machine Readable Convention Travel Documents and Refugee Identification Cards as valid means of identification for banking transactions.
  2. Effective customer due diligence policies and procedures are necessary for combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
  3. The Circular FPR/AML/CON/BOF/006/002 from the Central Bank of Nigeria highlights the importance of compliance and vigilance in the financial sector.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/008

RegAlert • 0 implied HN points • 28 Dec 23
💰 Finance Regulatory Compliance Banking Financial Markets Financial Institutions
  1. Financial institutions in Nigeria must submit their financial market transaction signature mandate to the Central Bank of Nigeria's Financial Markets Department, detailing authorized dealers, dealing mandates, transaction limits, and annual review requirements.
  2. The signature mandate should include full names, designations, level of authority, and transaction limits of authorized officers, with any changes promptly communicated. Submissions are due by January 12, 2024.
  3. This circular FMD/DIR/PUB/CIR/001/008 emphasizes the importance of transparency, accountability, and clear communication within financial institutions regarding financial market transactions and authorized officers.