Does my company need a SCUML certificate?

Does my company need a SCUML certificate?

April 01, 2019

SCUML means Special Control Unit Against Money Laundering. This is a unit of the Economic and Financial Crimes Commission (EFCC). The SCUML certificate is issued by the EFCC as a proof that a bank account is not being used for money laundering activities and is issued after a thorough background check

SCUML is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non Financial Institutions (DNFIs) in line with the Money Laundering (Prohibition) Act ML(P)Act 2011 and the Prevention of Terrorism Act (PTA) 2011. These DNFIs therefore, are required to obtain the certificate in order to open a bank account.

WHO ARE DNFIs?

Section 25 of the Money Laundering Prohibition Act defines DNFIs as dealers in jewelry, cars and luxury goods, Precious stones and metals, Real estate, Estate developers, Estate surveyors and Valuers, Estate Agents, Chartered accountants, audit firms, tax consultants, clearing and settlement companies, hotels, casinos, supermarkets,.

Others include dealers in merchanised Farming equipment and machineries, Practitioners of mechanized farming, non- governmental organisations (NGOs) or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.

 

BELOW IS A LIST OF DOCUMENTS NECESSARY TO OBTAIN THE SCUML CERTIFICATE

i. Certificate of Incorporation.
ii. Articles and Memorandum of Association.
iii. Tax Clearance Certificate (Not Applicable to NGOs).
iv. Audited Financial Report.
v. Authorized Operational License- for companies that require licenses to operate (Not Applicable to NGOs).
vi. Company /Organization Profile.
vii. Constitution ( For NGOs Only)
vii. Agreement Signed between the NGO and the National Planning Commission ( For International NGOs Only)

Do you want to obtain SCUML certificate for your business? Or you have any question or clarification regarding the topic in this post that was not answered/provided by this post? Do you have questions regarding what the law states about a particular legal issue? Log on to our website – www.618bees.com or call us on 012803791 to speak to any of our consultants that are always on hand to provide answers to such questions.

 Team 618 Bees

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

 

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