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organizations in compliance with the provisions of the Money Laundering (Prohibition) Act, 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended).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.
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;
- 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
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/