Compliance - SCUML Registration and compliance guidelines

Anti-money laundering compliance.


SCUML was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended) and most recently to Money Laundering Prevention and Prohibition Act, 2022.

SCUML was created to implement specific sections of the Act in line with the FATF recommendations for the implementation of AML/CFT measures within the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Nigeria.

SCUML is statutorily under the Federal Ministry of Industry, Trade and Investment but operationally domiciled within the Economic and Financial Crimes Commission (EFCC) as the Commission drives the operational activities of the Unit in line with Sections 6(C) and 7(2) of the EFCC Establishment Act, 2004.

The agency is established to perform the following key functions to actualise its mandate:

  1. Registration and certification of DNFBPs in Nigeria.
  2. Sensitization of DNFBPs in Nigeria on their compliance obligations, under the Money Laundering Prevention and Prohibition Act 2022 and the implementation guidelines.
  3. Monitoring and supervision of the activities of DNFBPs as it relates to AML/CFT.
  4. Conducting off-site, on- site, and spot checks inspection of DNFBPs.
  5. Taking necessary enforcement actions to ensure compliance with the AML/CFT Laws and Regulations.
  6. Collection of statutory reports: Cash based transaction reports (CBTRs) and Currency Transaction Reports (CTRs) for onward forwarding to the Nigeria Financial Intelligence Unit (NFIU).
  7. Establishment and maintenance of comprehensive database of DNFBPs and their financial transactions to support tactical, operational and strategic analysis as well as policy options in combating ML/FT.
  8. Strategic analysis using available data to identify emerging trends and patterns in money laundering and terrorist financing.
  9. Provision of vital information relating to DNFBPs money trails to assist criminal investigations by Law Enforcement Agencies in order to boost the fight against economic and financial crimes within the DNFBPs sector in Nigeria.
  10. Collaboration with stakeholders to ensure compliance with AML/CFT measures within the DNFBP sector in Nigeria.


REQUIREMENTS FOR REGISTRATION

For the registration requirements, kindly click http://bit.ly/41IFVCr  for your appropriate category registration requirements.


We are also available to render assistance to you and your organization. Kindly reach out to us via email.

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