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...