HOW TO GET A SCUML CERTIFICATE
A SCUML certificate is the Special Control Unit against Money Laundering
HOW TO GET A SCUML CERTIFICATE
A SCUML certificate is the Special Control Unit against Money Laundering (“SCUML”) certificate issued to organizations in compliance with the provisions of the Money Laundering (Prohibition) Act, 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended).
The Money Laundering (Prohibition) Act ML (P) Act and the Prevention of Terrorism Act (PTA) 2011 both require designated non-financial institutions (DNFIs) to have SCUML certificates. When a company applies for this, it is typically granted after the unit has done background research on the company.
WHICH TYPE OF BUSINESS REQUIRES A SCUML CERTIFICATE?
The Regulations states that the Special Control Unit against Money Laundering (“SCUML”) of the Federal Ministry of Industry, Trade and Investment will be responsible for the registration, monitoring and of the activities of Designated Non-Financial Institutions in Nigeria in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and other relevant regulators, professional bodies and self-regulatory organizations.
According to the Regulations, the following businesses and professions exist as Designated non- Financial Institutions for the purpose of registration, reporting, and conduct of customer due diligence:
business outfits dealing in jewellery;
car dealers; dealers in luxury goods;
chartered accountants; audit firms;
tax consultants; clearing and settlement companies;
hotels; casinos;
supermarkets;
law firms, notaries, and other independent legal practitioners;
accountants and accounting firms;
trust and company service providers;
estate surveyors and valuers;
mortgage Brokers;
non-profit organizations;
dealers in precious stones and metals;
dealers in real estate, estate developers, estate agents, and brokers;
hospitality Industry;
Consultants and Consulting Companies;
Construction Companies;
importers and dealers in cars or any other automobiles;
dealers in mechanized farming equipment and machinery;
practitioners of mechanized farming;
Pool betting;
Lottery businesses including fixed odds, pari-mutuel, sports lottery (betting), scratch card gaming, and other forms of gaming
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080