Femi Asu
The Association of Bureaux de Change Operators of Nigeria and Nigerian Financial Intelligence Unit has closed a three-day joint preparing/sensitisation program on hostile to illegal tax avoidance and fear based oppressor financing.
The program, went to by head workplaces/zonal secretariats staff of ABCON and key identities from the NFIU, was held at the ABCON secretariat, in Lagos, as per an announcement.
The President, ABCON, Alhaji Aminu Gwadabe, while tending to writers toward the finish of the program, said the counter illegal tax avoidance preparing was planned to acquaint Bureaux de Change administrators with the procedure of tax evasion and the laws that make it a wrongdoing.
As indicated by him, the preparation made mindfulness on the need to check tax evasion and psychological militant financing in the time of electioneering, and will guarantee that BDCs are not used to wash supports by politically uncovered people.
He said it would likewise upscale BDCs' consistence with the Anti-Money Laundering and Combating the Financing of Terrorism for Banks and Other Financial Institutions in Nigeria Regulations, 2013.
Gwadabe said the preparation was a piece of the endeavors of the Federal Government in battling tax evasion, and financing of fear monger exercises inside the nation.
The preparation is in accordance with BDCs sense of duty regarding meeting their commitments towards the Financial Action Task Force Recommendations, he said.
He said both the NFIU and BDCs utilized the preparation chance to examine the Central Bank of Nigeria's punishments on illegal tax avoidance and fear monger financing, including that a refreshed code of behaviors for BDC administrators in Nigeria would be divulged later.
The ABCON manager stated, "ABCON has been working steadily to cover all angles identifying with the battle against tax evasion and fear based oppressor financing, one of which is limit working for its individuals and commitment with key partners.
"ABCON is focused on bringing issues to light, standing up to and pushing in the regions of illegal tax avoidance and fear monger financing to address any saw holes in filling their exchange reports."
Sunday, May 20, 2018
Sunday, May 13, 2018
Why are banks concerned about anti-money-laundering rules?
Doug Goldstein, CFP and executive of Profile Investment Services Ltd., and David Kuenzi, CFP of Thun Financial, talk about why U.S. natives living in outside nations confront a progression of difficulties to keep their American monetary records.
It comes down to the basic expression: hostile to cash landing rules (AML). America has strict standards about cash leaving its shores. David offers his expert understanding regarding the matter and stresses the significance of working with a cross-outskirt counselor to keep your records in consistence.
It comes down to the basic expression: hostile to cash landing rules (AML). America has strict standards about cash leaving its shores. David offers his expert understanding regarding the matter and stresses the significance of working with a cross-outskirt counselor to keep your records in consistence.
Sunday, May 6, 2018
FINRA Amends Anti-Money Laundering Rule to Comply With Treasury Program
The Financial Industry Regulatory Authority has changed Rule 3310, its Anti-Money Laundering Compliance Program manage, to mirror the Treasury Department's Financial Crimes Enforcement Network's (FinCEN) reception of a last run on Customer Due Diligence Requirements for Financial Institutions.
As indicated by FINRA's Regulatory Notice 18-19, discharged Thursday, specialist merchants ought to guarantee that their AML programs are refreshed and agree to the CDD Rule by May 11, 2018.
Treasury's FinCEN, which is in charge of overseeing the Bank Secrecy Act and its actualizing directions, issued the CDD Rule on May 11, 2016, to "clear up and fortify client due tirelessness for secured money related organizations, including intermediary merchants."
FinCEN recognizes four segments of client due perseverance: (1) client distinguishing proof and confirmation; (2) helpful possession ID and check; (3) understanding the nature and motivation behind client connections; and (4) progressing observing for announcing suspicious exchanges and, on a hazard premise, keeping up and refreshing client data.
As FINRA states, the CDD Rule centers especially around the second segment by including another prerequisite "that secured budgetary organizations recognize and check the personality of the helpful proprietors of all lawful substance clients at the time another record is opened, subject to specific rejections and exclusions."
The CDD Rule likewise addresses the third and fourth segments by correcting 'the current AML program rules for secured money related foundations to expressly require these parts to be incorporated into AML programs as another 'fifth column,'" FINRA clarifies.
FINRA's recently changed Rule 3310(f) requires part firms' AML projects to, at any rate, incorporate fitting danger based methods for directing progressing client due industriousness, to incorporate, yet not be constrained to: (1) understanding the nature and motivation behind client connections to develop a client hazard profile; and (2) leading continuous checking to distinguish and report suspicious exchanges and, on a hazard premise, to keep up and refresh client data.
Amid a current hearing held by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, Rep. Blaine Luetkemeyer, R-Mo., the subcommittee administrator, expressed that "One of the issues that we see is that banks are being delegated as law authorization officers by this [CDD] lead from Treasury, and it's costing truly a large number of dollars."
One huge bank "that I've conversed with has 1,000 workers that do nothing else except for deal with BSA/AML and now they will manage this helpful possession circumstance," he included.
FinCEN issued Frequently Asked Questions direction on April 3 to help secured budgetary foundations with understanding the extent of the CDD run the show.
As indicated by FINRA's Regulatory Notice 18-19, discharged Thursday, specialist merchants ought to guarantee that their AML programs are refreshed and agree to the CDD Rule by May 11, 2018.
Treasury's FinCEN, which is in charge of overseeing the Bank Secrecy Act and its actualizing directions, issued the CDD Rule on May 11, 2016, to "clear up and fortify client due tirelessness for secured money related organizations, including intermediary merchants."
FinCEN recognizes four segments of client due perseverance: (1) client distinguishing proof and confirmation; (2) helpful possession ID and check; (3) understanding the nature and motivation behind client connections; and (4) progressing observing for announcing suspicious exchanges and, on a hazard premise, keeping up and refreshing client data.
As FINRA states, the CDD Rule centers especially around the second segment by including another prerequisite "that secured budgetary organizations recognize and check the personality of the helpful proprietors of all lawful substance clients at the time another record is opened, subject to specific rejections and exclusions."
The CDD Rule likewise addresses the third and fourth segments by correcting 'the current AML program rules for secured money related foundations to expressly require these parts to be incorporated into AML programs as another 'fifth column,'" FINRA clarifies.
FINRA's recently changed Rule 3310(f) requires part firms' AML projects to, at any rate, incorporate fitting danger based methods for directing progressing client due industriousness, to incorporate, yet not be constrained to: (1) understanding the nature and motivation behind client connections to develop a client hazard profile; and (2) leading continuous checking to distinguish and report suspicious exchanges and, on a hazard premise, to keep up and refresh client data.
Amid a current hearing held by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, Rep. Blaine Luetkemeyer, R-Mo., the subcommittee administrator, expressed that "One of the issues that we see is that banks are being delegated as law authorization officers by this [CDD] lead from Treasury, and it's costing truly a large number of dollars."
One huge bank "that I've conversed with has 1,000 workers that do nothing else except for deal with BSA/AML and now they will manage this helpful possession circumstance," he included.
FinCEN issued Frequently Asked Questions direction on April 3 to help secured budgetary foundations with understanding the extent of the CDD run the show.