The Money Laundering (Prohibition) Act and the Terrorism (Prevention) Act (TPA) all of 2011(as amended) are laws put in place to prohibit Money laundering in Nigeria and the Special Control Unit against Money Laundering is the governmental unit which collaborates the efforts of the Economic and Financial Crimes Commission (EFCC) in implementing Nigeria’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime.

To further guarantee that money laundering is reduced to the barest minimum, the above stated laws assigned some businesses the appellation of a Designated Non-Financial Institutions (DNFIs) and one of the cardinal statutory obligations of the DNFIs after the first three (3) months of commencing Business operations is to register with SCUML.
For a detailed information on Business entities selected as DNFI’s, please visit: https://ibechidoassociates.com/how-to-process-a-special-control-unit-against-money-laundering-scuml-compliance-certificate/

The following are phases required for a successful application for a SCUML Compliance Certificates:
Firstly, the registration is carried out through the SCUML online registration platform which is www.scuml.org and the required information to be utilized for the completion of the registration process and upload of requisite documents on the platform include the following:
•   Certificate of Incorporation/registration.
•   Form CAC 1.1 or Form BN 1(for Business names) and Form CAC 2A or 7A for older companies.
•   Memorandum and Articles of Association.
•   Tax Clearance certificate or Print out of TIN.
•   Company Profile.
•   Constitution in case of an NGO or NPO.
•   Professional Certificate ( for professional)

 REQUISITE INFORMATION FOR REGISTRATION LOGIN
•   DNFI category
•   BVN of the Company or Business
•   Bank details( account name and number)
•   Head office of the Company or Business
•   Preferred Certificate pick up location.
•   Phone no., email address and Website/Url of applicant

It is important to note that all pages of required documents are to be scanned in PDF (adobe reader). Visitors to the site are also advised to ensure that all documents scanned and uploaded are contained in a single file/document not exceeding 2MB or 200KB.
To ensure that a compliance certificate is issued, the applicant must Endeavour to visit the nearest SCUML branch office for follow up or send an email to [email protected] with all the relevant uploaded documents so that a Compliance officer will have a firsthand opportunity to ascertain the authenticity of the documents supplied.

The official duration for the Completion of the registration process for the issuance of a SCUML Compliance certificate is Seven (7) working days from the date the agency sent a notice of receipt of the application and this is subject to the condition that all submitted documents meets the agencies requirements.
On the other hand, the effect of Non Compliance with the registration with SCUML as a DNFI has a severe effect on the Business entity. Failure to comply with the requirements of registration will bring down the force of law to the effect that the institution will either be suspended from operating as a Business entity, or its license will be revoked pending compliance. Other sanctions include, fine, imprisonment or both as the case maybe.

In conclusion, it ought to be noted that Professional certificates are key to the success of an application for the issuance of a SCUML Compliance certificate, so therefore, it is important for an applicant to ensure that the Memorandum and Articles of association of the Company or the Form BN1 of the Business is thoroughly examined in order to ascertain eligibility.
On that note, below is a link for a Comprehensive list of Professional certificates required for both limited liability companies and Business name:
https://ibechidoassociates.com/how-to-process-a-special-control-unit-against-money-laundering-scuml-compliance-certificate/

REFERENCES:
•   Special Control Unit against Money Laundering(SCUML): https://scuml.org/registration2/
https://www.scuml.org/faqs/

•   Ibe, Chido and Associates: https://ibechidoassociates.com/how-to-process-a-special-control-unit-against-money-laundering-scuml-compliance-certificate/

Okpi, Ibe Chinedu is the Principal partner in the Law Firm of Ibe, Chido and Associates ( www.ibechidoassociates.com ) with an extensive knowledge in Corporate and Commercial Law Practice. He can be contacted via phone: 07069279374 or email: [email protected].

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Posted: at 9-10-2020 01:40 PM (3 years ago) | Newbie

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