WHAT IS THE SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING (SCUML)?
The Special Control Unit Against Money Laundering (SCUML) is a specialized Unit established to monitor, supervise and regulate the activities of designated non-financial institutions and professions in Nigeria.
WHAT ARE DESIGNATED NON-FINANCIAL INSTITUTIONS (DNFIS)?
DNFIs in Nigeria include: dealers in jewelry, cars and luxury goods, hotels, chartered/professional accountants, audit firms, tax consultants, legal practitioners, supermarkets, casinos, pool betting and hotels. Others include estate surveyors and valuers, precious stones and metals dealers and non-governmental organizations (NGOs).
DNFIs in Nigeria include: dealers in jewelry, cars and luxury goods, hotels, chartered/professional accountants, audit firms, tax consultants, legal practitioners, supermarkets, casinos, pool betting and hotels. Others include estate surveyors and valuers, precious stones and metals dealers and non-governmental organizations (NGOs).
WHAT ARE THE FUNCTIONS OF THE SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING (SCUML)?
The Special Control Unit against Money laundering (SCUML) regulates the activities of designated Non Financial Businesses and professions (DNFBPs) in terms of Anti Money Laundering and Counter Terrorism Financing in Nigeria. This is implemented by:
* Registration of DNFBPS
* On-site and off-site inspection of all DNFBPs
* Collection, evaluation, and escalation of currency transaction
* Filing currency transaction reports resulting from their operations.
* Establishment of database on DFBPs and their financial transactions for use in combating money laundering and terrorism financing
The Special Control Unit against Money laundering (SCUML) regulates the activities of designated Non Financial Businesses and professions (DNFBPs) in terms of Anti Money Laundering and Counter Terrorism Financing in Nigeria. This is implemented by:
* Registration of DNFBPS
* On-site and off-site inspection of all DNFBPs
* Collection, evaluation, and escalation of currency transaction
* Filing currency transaction reports resulting from their operations.
* Establishment of database on DFBPs and their financial transactions for use in combating money laundering and terrorism financing
WHAT ARE THE REQUIREMENTS FOR SCUML REGISTRATION?
i. Certificate of Incorporation
ii. Article and Memorandum of Association
iii. Tax Clearance Certificate (Not applicable to NGOs)
iv. Audited Financial Report
v. Authorized Operational License (Not applicable to NGOs)
vi. Company / Organization Profile
vii. Constitution (for NGOs only)
viii. Agreement signed between the NGO and the National Planning Commission (for international NGOs only).
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