What is SCUML and which business needs it?

What is SCUML?

SCUML stands for Special Control Unit on Money Laundering. It is a unit of the Economic and Financial Crimes Commission (EFCC) in Nigeria, established to monitor and regulate Designated Non-Financial Institutions (DNFIs) and other reporting entities to prevent money laundering and terrorist financing.

SCUML's primary objectives include:

1. Supervising and monitoring DNFIs' compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
2. Receiving and analyzing suspicious transaction reports (STRs) from DNFIs.
3. Conducting inspections and examinations to ensure compliance.
4. Providing guidance and training on AML/CFT to DNFIs.

DNFIs regulated by SCUML include:

1. Bureau de Change (BDCs)
2. Real estate developers
3. Dealers in precious stones and metals
4. Lawyers and law firms
5. Accountants and accounting firms
6. Non-governmental organizations (NGOs)
7. Casinos

SCUML registration is mandatory for all DNFIs operating in Nigeria.


Benefits of SCUML registration:

1. Compliance with AML/CFT regulations
2. Reduced risk of money laundering and terrorist financing
3. Enhanced reputation and credibility
4. Improved customer confidence
5. Access to financial services and funding opportunities

To register with SCUML, DNFIs must:

1. Submit an application form
2. Provide required documents (e.g., CAC registration, business license)
3. Pay the registration fee
4. Undergo training on AML/CFT


Would you like more information on SCUML registration or AML/CFT regulations? Click here

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