We explained SCUML registration and the requirements for Real Estate Agents, Estate Developers, Construction Companies and Mortgage Brokers in this post as on of the DNFIs.
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 Registration Requirements for Real Estate Agents, Estate Developers, Construction Companies And Mortgage Brokers
The Real estate sector in Nigeria involves a plethora of professionals and non-professionals that are active players within the industry. These constitute of Estate Valuers , Professionlas , ,construction companies, Estate Agents amongst others.
Estate Valuers: these are individuals /sectors set to direct and supervise an interest in landed properties. Valuation is usually conducted on the property to ascertian the value of the property.
Estate Agents – any person or business that is in charge of arranding the sales , renting or management of properties and buildings.
Construction Firms: These firms are into planning ,design and financing structure and getting ready for occupancy.
Read: NGOs Registration Service in Nigeria
SCUML REQUIREMENTS
The above 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 ON ALL 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
REQUIREMENT FOR 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)
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.