SCUML Certificate is majorly used for corporate bank account opening in Nigeria. Special Control Unit on Money Laundering, a section of Economic and Financial Crime Commission is in charge of issuing SCUML Certificate.
SCUML registration can be done on online via SCUML registration platform or their various offices across Nigeria. DNFIs are advised to visit SCUML website for guidance www.scuml.org
Click FOR BUSINESSES THAT REGISTERS WITH SCUML.
SCUML’s MANDATE:
SCUML has the mandate to Monitor, Supervise and Regulate the activities of Designated Non Financial Institutions (DNFIs) in consonance with Nigeria’s Anti-Money Laundering and Combating the Financing of Terrorism
(AML/CFT) regime. All DNFIs are obligated to register with SCUML and ensure compliance with the relevant
sections of the ML (P) Act 2011, (as amended) in order to avoid sanctions for noncompliance.
Note
SCUML collaborates with the Economic and Financial Crimes Commission (EFCC) for the enforcement of the provisions of the Act through enforcement actions including prosecution of non-compliant DNFIs. HIGHLIGHTS OF RELEVANT SECTIONS OF THE MONEY LAUNDERING (PROHIBITION) ACT, 2011(AS AMENDED) AS IT RELATES TO DNFI’s
Section 1:
Limitation to Make and Accept Cash
Section 2:
Duty to Report International transfer of Funds & Securities
Section 3:
Identification of customers
(Part III of SCUML Regulations Emphasizes on the Need To Know Your Customer).
Section 4:
Duties Incumbent upon Casinos
Section 5:
Registration with SCUML
Rendition of Occasional Cash Based Transactions( CBTRS)
Section 6
Suspicious Transaction Reporting (Part IV of the SCUML regulations)
Section 7
Preservation of Records
Section 8
Mandatory Disclosure by DNFI
SECTION 9
Arouse Awareness Among Employees.
Section 10
Mandatory Disclosure by DNFI
Penalty /Fine
Section 15 & 16
Money Laundering Offences
Other offences