To be a world-class regulatory unit – one that becomes a benchmark in the supervision, monitoring and regulation of the Designated Non-Financial Businesses and Professions (DNFBPs) as regards compliance to Nigeria’s Anti Money Laundering and Combating the Financing of Terrorism AML/CFT regime.
To serve as a structure for the curtailment of Money Laundering and Terrorist Financing in the DNFBP sector, providing world-class intelligence as regards AML/CFT issues to relevant stakeholders, and the sanitization of the DNFBP sector to create an enabling environment for the inflow of foreign direct investment.
SCUML performs the following key functions to actualise its mandate:
- Registration and certification of DNFBPs in Nigeria.
- Sensitization of DNFBPs in Nigeria on their compliance obligations, under the
Money Laundering Prevention and Prohibition Act 2022 and the implementation guidelines.
- Monitoring and supervision of the activities of DNFBPs as it relates to
- Conducting off-site, on- site, and spot checks inspection of DNFBPs.
- Taking necessary enforcement actions to ensure compliance with the
AML/CFT Laws and Regulations.
- Collection of statutory reports: Cash based transaction reports (CBTRs)
and Currency Transaction Reports (CTRs) for onward forwarding to the
Nigeria Financial Intelligence Unit (NFIU).
- Establishment and maintenance of comprehensive database of DNFBPs and
their financial transactions to support tactical, operational and strategic
analysis as well as policy options in combating ML/FT.
- Strategic analysis using available data to identify emerging trends and
patterns in money laundering and terrorist financing.
- Provision of vital information relating to DNFBPs money trails to assist
criminal investigations by Law Enforcement Agencies in order to boost the
fight against economic and financial crimes within the DNFBPs sector in
- Collaboration with stakeholders to ensure compliance with AML/CFT
measures within the DNFBP sector in Nigeria.
SCUML has the mandate to monitor, supervise and regulate the activities of DNFBPs in Nigeria in consonance with the Nigeria’s AML/CFT regime. The DNFBPs as defined under section 30 of the Money Laundering Prevention and Prohibition Act, 2022 are:
- Dealers in Jewelry
- Car dealers
- Dealers in luxury goods
- Audit firms
- Tax consultants
- Clearing and settlement companies
- Casinos, Pool Betting and lottery businesses
- Law firms, notaries, and other independent legal practitioners
- Accountants and Accounting Firms
- Trust and Company Service Providers
- Estate Surveyors and Valuers
- Dealers in precious stones and metals
- Importers and dealers in cars or any other automobiles
- Construction companies
- Consultants and consulting companies
- Hospitality Industry
- Real estate agents, Estate developers, Estate Agents and Brokers
- Mortgage Brokers
- Dealers in mechanized farming equipments and machineries
- Practitioners of mechanized farming.