Dealers in precious metals and stones are one of the DNFIs that require SCUML registration to operate their businesses in Nigeria
What is DNFI?
DNFI means Designated Non-Financial Institutions (DNFI). The statutory responsibility of SCUML is ‘to be a world-class regulatory unit – one that becomes a benchmark in the supervision, monitoring and regulation of the Designated Non-Financial Institutions (DNFI) as regards compliance to Nigeria’s Anti Money Laundering and Combating the Financing
Read: SCUML Registration Steps
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.
Back to Metals & Stones SCUML Requirements
A Dealer in Precious Metals and stones means an individual or any entity that buys or sells precious metals, precious stones or Jewellery, in the course of its business activities. Precious Metals include gold, silver and platinum. Precious Stone include Diamond Sapphires, emeralds, tanzanite, rubies or alexandrite. Jewellery means object made of precious metals, precious stones or pearls intended for personal adornment.
REGISTRATION REQUIREMENTS WITH SCUML
The Dealer in Precious Metals and stones as DNFIs are required to provide their full incorporation papers for registration
a) Certificate of Incorporation/ Business Name
b) Article of Memorandum & Association/ BN01
c) Tax Clearance Certificate / FIRs TIN
d) Form co7 ( Particulars of Directors)
e) Professional Certificate
f) Company Profile
Obligations Dealer in Precious Metals and stones as DNFIS
a) Rendering Currency Transaction Reports (CTRs) in accordance with Section 10 of the Money Laundering (Prohibition) Act 2011 as amended / Cash Based Transaction Reports (CBTRs) required by Section 5 of ML (P) A 2011 (as amended)
a) Suspicious Transaction Reports (STRs) may be defined as one which is unusual because of its size, volume, type or pattern or otherwise suggestive of known money laundering or terrorist financing methods. It includes such a transaction that is inconsistent with a client’s or customer’s known, legitimate business or personal activities or normal for that type of account or that lacks an obvious economic rationale. This report should be reported to the Nigeria Financial Intelligence Unit ( NFIU) www.nfiu.gov.ng
Dealer in Precious Metals and Stones Requirements for SCUML Certificate Collection.
a) Letter of Authorization written on a letter headed paper of the company introducing person(s) collecting the SCUML certificate on their behalf.
b) A valid identify card ( Drivers license, International Passport , Permanent Voters Card , National Identity Card, NIMC)