In a bid to further open up discuss on the implementation of CAMA 2020 by the AML/CFT Compliance Reporting Entities and Accountable Institutions in Nigeria, DataPro Group is set to hold its annual AML/CFT lecture series via zoom due to the Coronavirus pandemic.
In a media parley on the impulse behind the focus of this year’s webinar series, the host and Founder DataPro Group, Abimbola Adeseyoju, disclosed that, ‘’Since the President signed into law the Companies and Allied Matters Act (commonly referred to as (CAMA) on the 7th of August 2020, our firm, DataPro, has received a lot of enquiries from members of the compliance community on the likely effects the new law will have on the fight against money laundering, terrorist financing, proliferation financing and all other criminal activities in Nigeria. A lot of practitioners are concerned with issues such as:Implications to on-boarding of Non-Profit Organisations (NPOs), Due Diligence requirements for Ultimate Beneficial Owners (UBOs), Impacts on compliance Policies, Programs, Processes and Procedures,Likely changes to be expected in KYC, CDD and EDD practices in Financial Institutions (FIs) and Designated Non-financial Institutions (DNFIs) in Nigeria and many more germane issues.’’
Speaking on the unique essence of the webinar, Adeseyoju said it was ‘’Propelled by the need and desire to provide useful answers to some of these questions and enquiries as it relates to CAMA 2020, we decided to organise this platform to give all stakeholders and participants the opportunity to listen to Experts and Policy Makers within the industry to proffer the needed insights. That as accountable and reporting institutions comprising of Financial Institutions (FIs) and Designated Non-Financial Business & Professions (DNFBPs) and operating through digital and virtual platforms, we now serve a global community. It is therefore in our best interest to abide with international best practices in order to avoid being vulnerable to threats and risks both within and outside Nigeria.’’
According to Oladele Adeoye CEO, DataPro Limited, ‘‘The 2020 CAMA AML/CFT Compliance webinar series was born out of the need to facilitate the culture and conduct of AML/CFT compliance in Nigeria.It would address possible challenges and proffer solutions associated with CAMA 2020 by the AML/CFT Compliance Community, whilst it would also promote the spirit of dialogue, interaction, collaborate, cooperation and coordination among stakeholders on issues pertaining to AML/CFT compliance in Nigeria.’’
Speaking on the role of the Corporate Affairs Commision,’’Business Development Manager and Head, DataPro Training Academy, Kehinde Rasheed, said ‘’The Corporate Affairs Commission (CAC) also happens to be the custodian of CAMA 2020. The CAC plays a very significant role in the fight against economic and financial crimes in Nigeria. For those in doubt, one of the methods and techniques by which criminals and their organisations launder their process of crime is through the use of Legal Persons such as Limited Liability Companies and Legal Arrangements such as Trusts, Charities & Foundations
The webinar would also bring to the fore needed review and updates that may occur in AML/CFT compliance Policies, Programs, Processes and Procedures as a result of CAMA 2020.9.3.
On speakers, key resources persons set to deliver presentations are; Dr. Buno Nduka Director, Program & Project, GIABA, The Deficiencies in AML/CFT Compliance regime in Nigeria & CAMA 2020: The Resolutions; Mallam A. G. Abubakar, Registrar General, Corporate Affairs Commission (CAC),The influence of CAMA 2020 on AML/CFT Compliance in Nigeria, Mr. Kevin Amugo, Director Financial Policy & Regulation. Central Bank of Nigeria, The implication of CAMA 2020 on AML/ CFT Regulations & Policies, Mr Hanafi Baba- Ahmed, Director Special Control Unit Against Money Laundering (SCUML) , The impact of CAMA 2020 on the regulatory obligations of Faith-Based Organisations & NPOs; Mr Pattison Boleigha, President, Compliance Institute, Nigeria (CIN), Expected changes in KYC, CDD and EDD practices among FIs and DNFIs due to CAMA 2020;Mr. Lateef Dabiri, Chairman, Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN),UBO and CAMA 2020: Expectations from reporting entities