How to Obtain SCUML Registration from EFCC With Ease

By Modupe Gbadeyanka

For those who have tried to open a corporate bank account in Nigeria, they must have come across the word ‘SCUML.’ In some cases, without this document in your possession, banks cannot complete the account opening process for you.

SCUML is an acronym for Special Control Unit Against Money Laundering and it is issued by the Economic and Financial Crimes Commission (EFCC).

If someone had in the past told you that obtaining the SCUML certificate costs a lot and difficult to obtain, we are here to let you know that all you need is a computer, internet access and a scanner to scan your documents, which must be less than 2MB and merged as one file.

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.

Who are Designated Non-Financial Institutions?

Section 25 of the ML (P) Act defines DNFIs as dealers in jewellery, 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, Dealers in Merchanised Farming equipment and machineries, Practitioners of Mechanised 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.

Does SCUML registration attract any fee?

No! Registration can be done on the SCUML website at NO COST.

What is a suspicious transaction?

A suspicious transaction is a transaction in which a DNFI suspects that it may involve proceeds of any of the offences specified in the Money Laundering (Prohibition) Act 2011 as amended, regardless of the value involved; or

(a) Appears to be made in circumstances of unusual or unjustified complexity; or

(b) Appears to have no economic justification or lawful objective; or

(c) Gives rise to suspicion that it may involve financing of terrorism.

STR has no threshold; it could be based on any amount. This report should be submitted to the Nigeria Financial Intelligence Unit (NFIU) solely.

What is Currency Transaction Report?

A CTR is a report that Designated and Non-Financial Institutions (DNFIs) are statutorily required to file with the Nigeria Financial Intelligence Unit (NFIU) on transactions that involve amounts in excess of N10,000,000 (Ten Million Naira) and N5,000,000 (Five Million Naira) for corporate bodies and Individuals respectively. However, based on the Memoradum of Understanding between Special Control Unit against Money Laundering and the Nigerian Financial Intelligence Unit, DNFIs are to report CTRs directly to SCUML.

What is Cash Based Transaction Report? This is a report that Designated Non-financial Institutions are required to file with the Special Control Unit against Money Laundering (SCUML) for each deposit, purchase or sale and other payments , by a customer to the DNFI, which involves cash transaction in excess of $1,000 or its equivalent in Naira or other currencies.