SCUML Certificate And Its Relevance To Businesses In Nigeria

SCUML Certificate And Its Relevance To Businesses In Nigeria

As a business owner in Nigeria, there is a very high chance that you have come across the word SCUML Certificate especially as it relates to opening a Corporate bank account for your business after it has been registered in Nigeria, but what is a SCUML certificate?

 

The acronym SCUML is known as The Special Control Against Money Laundering, is a unit of the Economic and Financial Crime Commission (EFCC), established in 2005 and charged with the duty of monitoring, supervising, and regulating the activities of Designated Non-Financial Institutions (DNFIs) in line with the money laundering prohibition act 2022 an prevention and terrorism Act

 

The unit SCUML however derives the power to carry out operative activities in line with Sections 6C and 7 C of the EFCC Act., and issues a certificate of registration (known as a SCUML certificate in accordance with sections 5 and 4 of the Money laundering act. This certificate is also required for the opening and continuous use of corporate bank accounts in Nigeria.

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The certificate is also seen to be a mandatory obligation for Designated Non-Financial Institutions (DNFIs), to show that a corporate bank account is not being used for money laundering activities ( the process of concealing money obtained from illicit activities by converting it into a legitimate source ) after a proper check By the unit.

Since SCUML certificate is mandatory for DNFIs, the question arises as to what DNFIs is.

 

Section 25 of the money laundering Act defines DNFIs as dealers in jewelry and luxury goods, Chattered Accountants, Audit firms, Tax consultants, clearing and settlement companies, hotels and hospitality, supermarkets, casinos, pool better and lottery, Estate surveyors and valuers, cars and luxury goods, real estate and estate developers, non-Government Organizations, merchandised farming, consultants and consulting companies, construction companies, dealers or precious stones, trust and company services, mortgage brokers and such business as the federal ministry of trade and investment or appropriate regulatory authority may designate from time to time etc.

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In embarking on a SCUML registration, the following requirements are required depending on the category of a designated non-financial institution:

 

For Non-Governmental organizations / trustee

  • Certificate of incorporation and registration
  • Constitution or memorandum & article of association
  • Incorporation of Trustees or CAC7 and CAC 2
  • Identification of Trustees with a valid means of identification
  • Constitution/Memorandum & Articles of Association
  • Tax Identification Number (TIN) or Tax Exemption
  • Particulars of Settlors
  • Particulars of Protector (if any)
  • Copy of Cooperation Agreement (For international NGOs)
  • Trust Deed Agreement
  • BVN, Bank Name, and Account Number

 

 

For Companies

  • Certificate of Incorporation
  • Memorandum and Articles of Association
    Form CAC 1.1 (CAC 2 and CAC 7 FOR OLD REGISTRATION)
  • Evidence of tax registration (Tax Identification Number (TIN)
  • BVN, Bank Name, and Account Number
  • Business names
  • Certificate of Incorporation
  • BN FORM 01, (Proprietor’s Particulars)
  • Evidence of tax registration (TIN letter) and Professional certificate where applicable
  • BVN, Bank Name, and Account Number

 

 

Association / Club

– Certificate of Incorporation/Registration

– Copy of Constitution/Bye-Laws etc

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– Particulars of the trustees

– Reliable means of Identification of at least two of the trustees

– Tax Identification Number (TIN) or Tax Exemption

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– BVN, Bank Name, and Account Number

In conclusion, compliance with SCUML certification is however necessary to protect legitimate businesses and professionals as well as their customers especially in combating money laundering and terrorist financing.

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