SCUML Certification: This is how to go about it – Are you a business person in Nigeria? Do you want to have a bank account for your business? SCUML is essential for this to happen. SCUML means Special Control Unit Against Money Laundering. This is a special unit of the Economic and Financial Crimes Commission (EFCC). As a matter of fact, SCUML certificate is issued by the EFCC. This is a proof that a bank account is not being used for money laundering activities and is issued after a thorough background check. Every DNFI must be registered. DNFI stands for Designated Non-Financial Institution.
Furthermore, this post is relevant for both old and new business personas. In fact, young webpreneurs must go through this post to be able to know how to go about their businesses. Therefore, for all concerned, covered in this post are SCUML certificate requirements, certificate sample and certificate collection. Others include www.scuml.org online registration portal and how to know if your SCUML certificate is ready. Covered also are businesses that require SCUML registration, DNFI classification, SCUML registration fee and how long does it take to get SCUML certificate.
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As a matter of fact, SCUML registration can be done online and all you need to do is to logon to the SCUML website click, and complete the online registration form. You must attach the required documents depending on the type of institution with Professional certificate where applicable. In fact, relevant proficient certificates re to be attached. This calls for caution while registering your business with CAC and while writing your business Memo and article of association. This also matter while writing your business aims and objectives even for an enterprise. For instance, an enterprise (business name) with import and export objective must show evidence of registration with Export Promotion Council.
SCUML – Special Control Unit:
For better understanding, the 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 provision of the Money Laundering (Prohibition) Act, 2011 (as amended) and the Terrorism (Prevention) Act (TPA) 2011 (as amended) as well as the Federal Ministry of Industry, Trade and Investment (Designation of Non-Financial Institutions) 2013 and 2016 respectively.
SCUML Certification: This is how to go about it
The Designated Non-Financial Institution (Dnfis):
Furthermore, who then are the Designated Non-Financial Institution (Dnfis)? In fact, Section 25 of Money Laundering (Prohibition) Act defines Designated Non-Financial Institutions (DNFIs) as Dealers in Jewelry, Luxury goods, Importers and dealers in cars or any other automobile, Hotels and other Hospitality businesses, Supermarkets and many others. Click here
Why must your business be registered for SCUML in Nigeria?
If you belong to the classified DNFIS, then, you must be registered. That is for you to be able to do banking transaction and other businesses in Nigeria. Therefore, you re required under the above stated laws and regulations to carry out the following statutory Obligations:
- 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 case of a body corporate within 7 days from the date of transaction via SCUML online reporting platform on the SCUML Website:www.scuml.org
- And, 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 the following emails firstname.lastname@example.org
- To comply with all relevant provisions of the Money Laundering (Prohibition) Act, 2011 (as Amended) and the Terrorism (Prevention) Act, 2011 (as Amended).
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Do you need help on SCUML Certification: This is how to go about it
Help can only come to those who need it. For you not to have problem with SCUML registration, you have to start getting it right from the time of your business incorporation.
Secondly, if you are having problem applying for it, you also need help. Our professional services cover every of your business start-up processes including assisting you apply for your SCUML certificate. Even for existing business, regularizing and moderating your business objectives will mean much to you, and we can render some of the services along your business value chain. You can contact on +234 8034347851 or 09053130518 or email@example.com
Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.