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SCUML Certification: Why NGOs Now?

SCUML Certification: Why NGOs Now?

SCUML Certification: Why NGOs Now? SCUML login details – www.scuml.org online registration portal. Here are the SCUML certificate requirements for NGOs. Then, is how to follow the procedure to avoid SCUML application rejection.

Are you an NGO? Are you wondering why NGOs are required to obtain SCUML certificate for their financial transactions? And, now, do you required SCUML for your banking operations? As a matter of fact, NGOs are required to obtain SCUML certificate for the purpose of anti money laundering and counter-terrorist financing. Did you get ”Why NGOs Now?” Completefmc.com goes forward now to give you more details on how you will go about obtaining your NGO’s SCUML certificates.

Who are the Non-Financial Institutions (DNFIs)

Starting from here, Section 25 of Money Laundering (Prohibition) Act defines Designated Non-Financial Institutions (DNFIs) as dealers in;

  • Jewelry,
  • Cars and Luxury Goods,
  • Precious Stones and Metals,
  • Real Estate, Estate Developers, Estate Surveyors and Valuers,
  • Estate Agents,
  • Chartered Accountants, Audit Firms, Tax Consultants,
  • Clearing and Settlement Companies,
  • Hotels, Casinos and Supermarkets,
  • Dealers in Mechanized Farming Equipment and Machineries,
  • Practitioners of Mechanized Farming,
  • Non-Governmental Organizations (NGOs)
  • Or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.
  • Subsequently, money lending firms and few other businesses have been added to the category.

You can see that the NGOs are specifically mentioned here. So, get your SCUML to enable you carry out your financial transactions. In fact, cumulative amount of agreed up-on grants should be reported as soon as the agreement for the funding is concluded.

SCUML Certification: Why NGOs Now?

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How do I register to process my SCUML certificate?

SCUML registration is done online. So, what you have to do is simply logon to the SCUML website, and complete the online registration form. And, you must attach all the required documents specified for your type of institution.

However, we have here the general requirements for SCUML registration for different categories of DNFIs:

Business Name:

Please scan and upload the clean copies of the following.

  • Certificate of Incorporation,
  • C.A.C. Proprietor’s Particulars; that is BN FORM 01,
  • Evidence of tax registration (TIN letter) and
  • Professional certificate where applicable.
  • BVN, Bank Name, and Account Number ( where the business account exist otherwise enter your personal details)


Companies

Again, here, the clean copies of the following must be attached.

  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Form CAC 1.1 (CAC 2 and CAC 7 FOR OLD REGISTRATION)
  • Evidence of tax registration (Tax Identification Number (TIN)
  • BVN, Bank Name, and Account Number – where business account is not in existence yet, please enter the directors details.


Incorporated Trustee/NGO:

This section is devoted to the NGOs. So, do not get confused. NGOs are the same. But there are certain differences due to mode of operations. Therefore, check out for your relevant NGO here.

Trust/NGO

Please, get the following ready before applying.

  • C.A.C. Certificate of Incorporation/Registration
  • Incorporation of Trustees or CAC7 and CAC 2
  • Identification of Trustees – valid ID for each
  • Constitution/Memorandum & Articles of Association
  • Tax Identification Number (TIN) or Tax Exemption
  • Particulars of Settlors
  • Particulars of Protector (if any)
  • For international NGOs – Copy of Cooperation Agreement
  • Trust Deed Agreement
  • BVN, Bank Name, and Account Number

SCUML Certification: Why NGOs Now?


Religious Organization

  • Certificate of Incorporation/Registration
  • Incorporation of Trustees
  • Trustees IDs – valid means of identification
  • Constitution
  • Bank details where in existence


Association /Clubs/Societies

  • Certificate of Incorporation/Registration
  • Copy of Constitution/Bye-Laws etc.
  • Particulars of the trustees
  • Reliable means of Identification of at least two of the trustees
  • Tax Identification Number (TIN) or Tax Exemption
  • BVN, Bank Name, and Account Number

If you re done here. There are these two questions for you.

SCUML Certification: Why NGOs Now?

Two important questions for NGOs?

1. Since your grants/donations re released in amounts that do not meet the reporting threshold most often, do you have the obligation to report the cumulative amount of the grant?

The answer is Yes. The cumulative amount of grant should be reported. This is as soon as the agreement for the funding is concluded. Afterwards, every released funds from the grant agreement. All that meet currency transaction reporting or cash transaction reporting threshold. These should be reported with reference to the first report.

2. NGOs have obligations to report to the National Planning Commission; do we still have to report to SCUML?

The answer again is Yes. This must be done. It’s for the purpose of anti money laundering and counter-terrorist financing.

SCUML Certification: Why NGOs Now?

Related Topics – a must read

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  5. Render annual returns for you @ C.A.C. and obtain other certifications/reports for you
  6. Apply and obtain SCUML certificate for your banking purposes
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Relevant Questions Why NGOs Now?

  • Why is your SCUML Application Rejected Now?
  • How may times have you applied and failed?
  • Do you have the required documents for application?
  • Do you require a consultant to help out?

Summing Up on SCUML Certification: Why NGOs Now?

In conclusion, did you get the solutions to those questions above? Which one is a challenge? And, do you need to contact us for it? So, you may do that now on +234 8034347851 or 09053130518 (Office) or cfmclimited@gmail.com.

Finally, I know you enjoy the post; this is because every of my readers do. And, moreover, this had serious solutions to serious problem on SCUML. Again, did you Click the relevant related and recommended articles for broader understanding? If you didn’t, please go back and click on not less than 3 relevant posts.

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