SCUML certificate is issued to organizations in compliance with the provisions of the 2004 Money Laundering (Prohibition) Act which was subsequently amended by the Money Laundering (Prohibition) Act 2011. The certificate is solely designed to provide its carriers with the ability and legal rights to participate in the fight against money laundering and terrorism financing in Nigeria. Today, a SCUML certificate is now very essential for one to successfully run a business in the country, and without it, you will not have an official bank account for your company or business.
Requirements For SCUML Certificate Registration
Over time, Nigeria has put several measures in place in a bid to mitigate money laundering because of its adverse effects on the nation’s economy. SCUML has become one of such measures, and through registration and acquiring of the certificate, companies, businesses, and non-profit bodies are able to protect themselves from criminal activities. Below are the requirements you would need in the registration process to obtain a SCUML certificate.
- Business/company name
- RC/BN Number
- Date of Business Registration
- Form CAC 1.1 (a form Co2 & CO7 for old registration)
- Article and Memorandum of Association
- BVN, bank name, and account number
- Business Trade Name
- Evidence of tax registration (TIN number)
- Company/business Account Number
- Brief Description of Company profile
- Incorporation documents including the constitution
- For Professionals; Professional Certificate
Note: You have to make sure all the necessary documents and licenses as listed above are complete and handy before you begin the registration process. The same thing goes for your business objectives; ensure that it does not reflect any certificate you do not have at hand. For instance, if your business memo or objectives reflect an engineering business, then you must have a COREN certificate from one of your directors attached.
Step By Step SCUML Certificate Application Process
SCUML registration is a very straightforward process that you can easily follow without guidance. You can apply for the certificate online and all you have to do is log on to their website, follow the instructions carefully, and attach all necessary documents depending on the type of institution. First and foremost, for a successful online application, you need to have an internet-enabled device that is connected to a reliable internet service provider. Then follow the steps below;
- On your browser, visit the official SCUML website
- Scroll a little bit down, you will see Online Registration, click on it to access the registration portal
- A form will appear on your screen (the SCUML registration form), complete all the required details in the form.
- After completing the form, you will be required to attach the registration documents. The documents should be scanned and uploaded in PDF format, the file should not exceed 2MB (the required documents are already listed above, so ensure to have them already scanned and saved in your phone or PC before you begin the registration)
- Then submit, once the application goes through, the company will receive its SCUML registration number which will be used in collecting the certificate from their office
Note that the registration does not attract any fee, it is done on the SCUML website at no cost.
How Long Does it Take to Get the SCUML Certificate After Registration?
After the successful registration and submission of all legal documents, it takes between 15 to 20 working days to obtain the certificate. The collection of the original certificate is done at their respective zonal offices. Visit the website to know a branch that is located near you.
Kinds of Businesses and Organisations That Require SCUML Certificate
According to the regulations, the Special Control Unit against Money Laundering of the Federal Ministry of Industry, Trade and Investment is charged with the responsibility of all the registration processes and monitoring of the activities of the Designated Non-Financial Institutions in Nigeria. It collaborates with the Nigerian Financial Intelligence Unit (NFIU) and other relevant and self-regulatory organizations and professional bodies.
The regulation states that the following professions and businesses are regarded as Designated non-Financial Institutions and require a SCUML certificate to successfully function in the country.
- Hotels
- Casinos
- Business outfits dealing in jewelry
- Audit firms
- Tax consultants
- Pool betting
- Importers and dealers in cars or any other automobiles
- Dealers in luxury goods
- Chartered accountants
- Construction Companies
- Clearing and settlement companies
- Mortgage Brokers
- Non-profit organizations
- Supermarkets
- Notaries, law firms, and other independent legal practitioners
- Accounting firms and Accountants
- Trust and company service providers
- Estate surveyors and valuers
- Dealers in precious stones and metals
- Dealers in real estate, estate developers, estate agents, and brokers
- Hospitality Industries
- Consultants and Consulting Companies
- Dealers in mechanized farming equipment and machinery
- Practitioners of mechanized farming
- Lottery businesses such as fixed odds, pari-mutuel, scratch card gaming, sports lottery (betting), and other forms of gaming
SCUML Was Inaugurated in Nigeria in 2005
Special Control Unit Against Money Laundering (SCUML) was established in September 2005 by the federal government of Nigeria in accordance with the provisions of the money laundering act, 2004 which was later amended in 2011. It is created as a special unit of the Federal Ministry of Commerce and Industry with the aim of contributing to the development of anti-money laundering efforts in Nigeria.
Money laundering in Nigeria has over the years been a serious criminal offense, given its distortion of the country’s economy. It also erodes the financial sector and brings about a reduction in the value of the country’s revenue. Hence, the establishment of SCUML.
Moreover, it is not enough to control money laundering only through financial institutions, but also pertinent to act on the Designated Non-Financial Institutions DNFIs such as real estate agents, hotels, casinos. etc. SCUML now operates in various locations across Nigeria and its level of activity is significantly growing.
Functions of SCUML
Among many others, these are the key functions of SCUML to actualize its mandate
- Registration and certification of DNFIs in Nigeria
- Orientation of DNFIs in Nigeria in different obligations
- Conducting on-site, off-site, and spot checks inspection of DNFIs
- Taking necessary steps to ensure compliance with laws and regulations
- Collection and compilation of statutory report and forwarding to the Nigeria Financial Intelligence Unit (NFIU)
- Creation and maintenance of comprehensive of DNFIs database and their financial transactions
- Provision of crucial information relating to DNFIs money trails to assist criminal investigations by Law Enforcement Agencies in boosting the fight against economic and financial crimes within the sector in Nigeria
- Cooperation with stakeholders to ensure compliance with all the AML/CFT measures