How Much Does It Cost To Register Scuml In Nigeria

SCUML – SOW

SCUML Registration

Special Command Unit Against Money Laundering (SCUML) was established by the Federal Government of Nigeria in September 2005 in line with the provisions of the Money Laundering (Prohibition) Human activity, 2004, which was subsequently repealed and amended to Coin Laundering (Prohibition) Act 2011 (every bit amended).

SCUML was created as role of measures for the implementation of the Financial Action Job Force (FATF) Recommendations on Anti- Coin Laundering/Combating the Financing of Terrorism (AML/CFT) in Nigeria.

The recommendations include amongst others the establishment of Legal and Institutional framework for the effective implementation of the AML/CFT measures in all Countries. This led to the enactment of the Money Laundering (Prohibition) Human activity, 2011 (as amended) and the Terrorism (Prevention) Act, 2011, (as amended) 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) every bit the Commission drives the operational activities of the Unit in line with Sections half-dozen(C) and vii(2) of the EFCC Establishment Human activity, 2004.

FUNCTIONS OF SCUML

1. Registration and certification of DNFIs in Nigeria.
2. Sensitization of DNFIs in Nigeria on their compliance obligations, nether the Money Laundering (Prohibition) Deed 2011 (equally amended) and the implementation guidelines.
3. Monitoring and supervision of the activities of DNFIs as information technology relates to AML/CFT.
4. Conducting off-site, on- site, and spot checks inspection of DNFIs.
5. Taking necessary enforcement actions to ensure compliance with the AML/CFT Laws and Regulations.
6. Drove of statutory reports: Cash based transaction reports (CBTRs) and Currency Transaction Reports (CTRs) for onward forwarding to the Nigeria Financial Intelligence Unit (NFIU).
7. Institution and maintenance of comprehensive database of DNFIs and their fiscal transactions to support tactical, operational and strategic analysis likewise 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 DNFIs money trails to assist criminal investigations by Law Enforcement Agencies in lodge to boost the fight against economic and financial crimes within the DNFIs sector in Nigeria.
10. Collaboration with stakeholders to ensure compliance with AML/CFT measures inside the DNFI sector in Nigeria.

Requirements for Registration of SCUML

1. Certificate of Incorporation.
2. Article and Memorandum of Association.
3. Tax Clearance Certificate (Not Applicative to NGOs)
4. Audited Fiscal Report
5. BVN, Depository financial institution Name and Account Number
6. Authorized Operational License (Not Applicative to NGOs).
7. Company/Arrangement Profile.
8. Constitution ( For NGOs But)
9. Understanding Signed betwixt the NGO and the National Planning Committee ( For International NGOs Only)

The registration is expected to be done online via https://scuml.org/registration2/ and if the submission confirmed that all documents has been duly uploaded, The registration period is betwixt 15 – 20 working days and the collection of original certificate is expected to be done at the corresponding Zonal Office equally indicated during the online registration.

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