The Head, Corporate Communication of Securities and Exchange Commission (SEC) in Nigeria, Mrs Efe Ebelo said that it has developed an initiative in form of a standardized investors’ data and consent form as a measure to check identity theft and money laundering in the capital market. This is to allow Capital Market Operators (CMOs) to collect and update information about investors as a way to improve participation and performance.
The initiative was developed to help Nigeria identify investors and also curb money laundering and other related crimes. Mrs Efe Ebelo stated that the form is already out for operators to check and comment, while also using it to get information from investors. The information will be stored in a database protected under the law and serve as an identifier for investors. The Acting Director-General, Ms Mary Uduk has expressed that the commission is committed to identifying investors so as to prevent the flow of illicit funds into the capital market. She equally said that SEC will strictly frown at investors who use fake names to buy stocks in the capital market.