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The Nigerian Securities and Exchange Commission (SEC) has mandated all capital market regulated entities to sever connections with institutions in North Korea and Iran, in response to updated risk assessments from the Financial Action Task Force (FATF). The directive, effective immediately, requires firms to cut all correspondent banking relationships and cease business dealings with entities in the two high-risk jurisdictions.

The SEC's order, issued in a circular dated June 19, 2026, aligns with the Investments and Securities Act of 2025 and the SEC's AML/CFT Rules and Regulations. For North Korea, the Commission instructed firms to terminate all financial ties with DPRK-linked institutions, effectively severing formal banking and capital market channels.

In Iran, capital market firms must refuse transactions involving Iranian financial institutions and refrain from establishing or operating branches, subsidiaries, or representative offices there. The SEC also emphasized the need to strengthen compliance controls for transactions with FATF-monitored jurisdictions, warning of severe penalties for non-compliance, including fines, suspension of operations, and revocation of registration.

This move is part of Nigeria's broader anti-money laundering and counter-terrorism financing efforts, following recent sanctions by the U.S. Treasury against Nigerian BDC operators and individuals for alleged ISIS-related financial facilitation.