CAC harps on lawyers to utilise Beneficial Ownership Register to curb corrupt practices
The Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar has encouraged lawyers in the country to use the Beneficial Ownership Register (BOR).
Delivering an address at a-day training workshop program conducted by Corporate Affairs Commission (CAC) held on Tuesday in Lagos said the BOR will help to curb corrupt practices such as terrorism, financial fraud, money laundry among others in Nigeria.
Present at the workshop also was the Chairmam of the Nigeria Bar Association Section on Business Law (NBA-SBL).
The Chairman expressed the gratitude of the association to collaborate with CAC on BOR.
“At the Nigeria Bar Association (NBA) we are very focused on development and regulation to help and support our companies across Nigeria. The BOR has taken good note to the sanctions that are related not providing information on time or providing incorrect or wrong information.”
Speaking further, he assured the commission of the lawyers keeping their clients informed of the BOR.
Mrs Priscilla from Oasis Management Company Ltd, said that the BOR Portal will enable users to find the Person with Significant Control of any entity when a search is initiated with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname.
She added that it offers a search function and information on persons with significant control (PSC) in accordance with the international standard of beneficiary ownership data standards (BODS) under the guidance of the World Bank.
Mrs Uroro Obaji from Securities and Exchange Commission (SEC) who gave a presentation on capital market operations and the requirements for compliance under the AML/CFT frame work said SEC is the apex regulatory body of capital market, and any organisation who didn’t register with SEC is recognised as illegal.
She mentioned some entities that register under SEC which are, Capital Market Expert, Brokers or dealer broker, Housing Houses and underwritter, Public Companies and Trustees.
According to her, the SEC manual provides for the conduct of screening of promotes, directors, significant shareholders and senior management to determine. If they are Beneficial Owners during the licensing or onboarding process. Criminal background checks and identification of sanctioned individual and entities is required to be conducted on all promoters including proposed directors , significant shareholders and senior management
She concluded that the Capital market operator is required to take reasonable steps to verify the identity of a beneficial-owner using relevant information or data obtained from a realiable source to satisfy itself that it knows who beneficial owner is.
