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OVERVIEW OF THE ROLES AND MANDATES OF THE NBA AMLC.
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Table of Contents. 01. Introduction to NBA AMLC. 02.
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1. Introduction to NBA AMLC. Rule 73(1) of RPC empowered the NBA to create NBA-AMLC Nigerian Bar Association Anti-Money Laundering(NBA-AMLC) Appointment and Examination Rules and Protocols 2023 Chapter 2 of RPC provides for Guideline and Rules on Ant-money Laundering and Combating the Financing of Terrorism for legal practitioners The NBA Anti-Money Laundering Committee (NBA-AMLC) is pivotal for enhancing compliance with financial regulations in the legal sector. Established to tackle Money laundering and terrorists financing vulnerabilities within the legal profession, it fosters integrity, transparency, and accountability. Acts a compliance liaison between the members of the NBA and regulatory authorities The committee embodies a proactive stance towards reducing risks of financial misconduct in Nigeria. It serves as a framework for compliance, protecting the profession against financial crimes. Membership of the NBA-AMLC:.
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2. Introduction to NBA-AMLC. The committee was formed to boost adherence to Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations in Nigeria. It aims to safeguard the legal profession from risks linked to AMLCFT By addressing existing vulnerabilities, NBA-AMLC promotes a culture of ethical practices. This initiative underscores the importance of accountability within the legal profession in Nigeria..
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3. Goals/Objectives of the NBA-AMLC part 1. Facilitating Compliance Examinations: The committee is to assess adherence of Legal Practitioners and law firms to AML and CFT regulations. Ensuring Fairness and Justice: Upholding integrity is crucial in their examination process. Making Recommendations: The committee is to provide valuable insights and recommendations to the NBA. Managing Transactions or persons: provides oversight and management of transactions and Legal practitioners/firms for compliance. PROTOCOLS APPLIES TO: the tenure ,procedures and activities of the NBA-AMLC and the examination of Legal Practitioner and Law firms in Nigeria.
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4. Appointment, Tenure and Removal of Members of NBA-AMLC part 2.
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5. Responsibilities of the Committee part 3. Advisory Role: The committee advises NBA on compliance matters regarding AML and CFT. Compliance Examination: Conducting thorough risk-based examinations on law firms and legal practitioners. Reporting: forward reports to SCUML Risk Identification: Lead in assessing money laundering and terrorism financing risks. In the legal sector Risk Assessment, control and procedures and period publication of such reports…make recommendations on the standing of Legal practitioners Policy Development: Formulating policies and procedures for identifying vulnerabilities in thee sector that will help mitigate vulnerabilities in the profession. Develop compliance examination template and create a supervisory framework on CDD including Beneficial ownership records ..
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6. Responsibilities of the Committee part 3. Receive reports from Legal Practitioners on Nigerian sanction list or UN consolidated list of persons and entities Receive STRs and SAR and submit them to NFIU for analysis recommend Legal Practitioners in breach of chapter 2 of RPC to the LPDC Training Initiatives: Conducting training on Customer Due Diligence (CDD) ,ML and Financing risks for Legal Practitioners and law firms Committee shall create, manage and control a dedicated secured portal for the submission and preservation of all documents.
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7. NBA-AMLC SECRETARIAT part 4. NBA secretariat Abuja NBA-AMLC may establish offices in any other state or city NBA to equip the secretariat Secretariat to manage ,direct and control its staff Maintain secure and preserve documents and records Confidentiality of data provided by Legal practitioners of firms-not to allow unauthorized persons to open or examine the data provided.
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8. Other Functions and Powers of NBA-AMLC part 5.
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9. Other Functions and Powers of NBA-AMLC part 5.
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10. Supervisory and Monitoring compliance part 6.
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11. Verification of compliance part 7. Verification of compliance inline with 73 RPC May inspect clients files and documents to assess compliance or good standing of Legal Practitioner or firm with AML/CFT standards If dissatisfied- serve a written notice to make god the non compliance and submit a signed written representation with supporting documents showing actions taken to comply refer the legal practitioner or firm to LPDC for failure to comply after a review. For appropriate sanctions Pending the action by LPDC may notify NBA that the legal practitioner is not in good standing with AML/CFT obligations Issue guidance on compliance –compliance plan Issue letters of engagement for partially compliant legal practitioner or firm.
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12. Communication with regulatory authorities part 7.
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13. General. Quorum –presence of one co-chairman and three other members Decisions of the committee –simple majority Where decision are not unanimous , the view of the minority may be recorded on the minutes or report In the case of a tie , the chairman shall have a casting vote Meetings can be held virtually through any digital platform NBA to bear the cost of the committee.
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14. Conclusion and Call to Action. The NBA-AMLC is aimed at fostering a transparent and accountable legal environment. By embracing compliance, we protect our profession from financial crimes. Collective effort is necessary to combat issues in the legal sector. Together, let’s uphold the integrity of the legal profession..
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15. Thank You!. [image] inox )IUDUI.