Special Control Unit against Money Laundering (SCUML) is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non-Financial Institutions (DNFIs) in line with the Money Laundering (Prohibition) Act ML(P)Act 2011 and the Prevention of Terrorism Act (PTA) 2011.
SCUML was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act, 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended). A SCUML certificate is the Special Control Unit against Money Laundering certificate issued to organizations in compliance with the provisions of the Act.
Which type of business requires a SCUML certificate?
SCUML was created in response to the evolving techniques used by money launderers and financial criminals in order to counter their technique. It is charged with the duty of monitoring, supervising and regulation the Designated Non-Financial Institutions (DNFIs).
The regulation specifies that the following businesses and professions exist as Designated non- Financial Institutions for the purpose of registration, reporting, and conduct of customer due diligence
- Dealers in Jewelleries
- Dealers in Luxury Goods
- Chartered/Professional Accountants
- Audit Firms
- Tax Consultants
- Clearing and Settlement Companies
- Legal Practitioners
- Trust and Company Service Providers
- Estate Surveyors and Valuers
- Hotels and Hospitality industry
- Dealers and Miners of Precious Stones and Metals
- Pool Betting
- Casino and Lottery
- Non-Governmental Organizations
- Consultants and Consulting companies
- Construction Companies
- Estate Agents
- Dealers in Real Estate
- Importers and Dealers in cars and vehicles
- Dealers in Mechanized farming equipment and machinery.
- Practitioners of mechanized farming
The businesses listed above in addition to any other business(es) as may be designated from time to time by the Federal Ministry of Trade and Investment or SCUML are required to register.
Also read: What do I need to open an account with Lenco
How do I get the SCUML certificate?
To get a SCUML certificate, Registration can be done on the SCUML website at NO COST. Visit the SCUML registration portal
The requirements for getting a SCUML certificate are clearly stated here – SCUML requirements
If you need more information visit https://www.scuml.org/ for more details.