What is SCUML? Special Control Unit on Money Laundering (SCUML) is collaborating with Economic and Financial Crimes Commission (EFCC). SCUML is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non Financial Institutions (DNFIs) in line with the provisions of the Money Laundering (Prohibition) Act (TPA) 2011 (as amended) as well as the SCUML Regulations 2013 and 2016.
The Designated Non Financial Institutions (DNFIs) are required under the above stated laws and Regulations to carry out the following statutory obligations.:
Your role:
• To register with SCUML
To make Currency Transactions Reports (CTRs ) to SCUML of any single transaction, lodgment or
transfer of funds in excess of N5,000,000 or its equivalent in the case of an individual or N10,000,000
in the of body corporate within 7 days from the date of transaction via
SCUML online reporting platform on the SCUML Website: www.scuml.org
To make Cash Based Transactions Reports (CBTRs) to SCUML on any single transaction in excess of $1,000
or its equivalent within 7 days from the date of transaction via SCUML online reporting platform on the
SCUML Website: www.scuml.org To make Suspicious Transaction Reports (STRs) to the Nigeria Financial
Intelligence Unit (NFIU) via (www.nfiu.gov.ng) (see SCUML Regulations 2013 for more details).
Click HOW TO Register SCUML
WHO ARE DESIGNATED NON-FINANCIAL INSTITUTION (DNFIS)?
Designated Non-Financial Institutions that are suppose to register with SCUML are businesses below:
Dealers in jewelry,
Dealers in luxury goods,
Importers and dealers in cars or any other automobile
Hotels and other Hospitality businesses
Supermarkets
Casinos, Pools Betting & other Lottery Businesses
Audit firms
Tax Consultants
Law firms, Notaries and other independent Legal Practitioners
Accountants and Accounting firms
Consultants and Consulting Companies
Clearing and Settlements Companies
Trust & Company Service Providers
Estate surveyors and Valuers
Dealers in Real Estate, Estate Developers, Estate Agents and Brokers
Dealers in Precious Stones and Metals
Dealers in Mechanized farming equipment and machineries
Construction Companies
Non- Governmental Organizations (NGOs) – Non- Profit Organizations (NPOs))
Mortgage Brokers
Practitioners of Mechanized Farming and such other Businesses and Professions as the Federal Ministry of Industry, Trade & Investment or appropriate regulatory authorities may from time to time designate
Click HOW TO Register with SCUML