What is a SCUML certificate and how do I get one for my business?
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organizations in compliance with the provisions of the Money Laundering (Prohibition) Act, 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended).
SCUML was created as part of the measures for the implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing of Terrorism (AML/CFT) in Nigeria.
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.
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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:
- Chartered accountants;
- Mortgage Brokers;
- Audit firms;
- Tax consultants;
- Estate appraisers and surveyors;
- Accountants and accounting firms;
- Construction Companies;
- Jeweler that is business outfits dealing in jewellery;
- Car dealers;
- Dealers in luxury goods;
- Clearing and settlement companies;
- Law firms, notaries, and other independent legal practitioners;
- Trust and company service providers;
- Non-profit organizations;
- Dealers in precious stones and metals;
- Dealers in real estate, estate developers, estate agents, and brokers;
- Hospitality Industry;
- Lottery businesses including fixed odds, pari-mutuel, sports lottery (betting), scratch card gaming, and other forms of gaming
- Consultants and Consulting Companies;
- Importers and dealers in cars or any other automobiles;
- Dealers in mechanized farming equipment and machinery;
- Practitioners of mechanized farming;
- Pool betting;
How do I get the SCUML certificate?
To get a SCUML certificate, please register on the SCUML website here – SCUML registration
You can also access the requirements for getting a SCUML certificate here – SCUML requirements
For more information, please visit the official SCUML website here – https://www.scuml.org/