The Special Control Unit against Money Laundering (SCUML) is department under the Economic and Financial Crimes Commission charged with the responsibility of registering monitoring, and supervising the activities of Designated Non-Financial Businesses and Professions ( DNFBPs) in line with the Money Laundering (Prevention& Prohibition) Act, 2022 and Economic & Financial Crimes Commission (Anti-Money Laundering, Combating the Financing of Terrorism and Proliferation of Weapons of Mass Destruction for Designated Non-Financial Businesses and Professions and other Related Matters) Regulations, 2022. The Designated Non-Financial Businesses & Professions are required under the above laws and Regulations to carry out the following: (i) To register with SCUML (ii) To make Currency Transaction Reports (CTRs) to SCUML of any single transaction, lodgment or transfer of funds in excess of N5,000,000 or it is equivalent in the case of an individual or N10,000,000 in the case of a body corporate within 7 days from the date of transaction via SCUML online reporting platform ( [email protected]) on the SCUML website www.scuml.org (iii) To make Cash Based Transaction Reports (CBTRs) to SCUML of any single transaction in excess of $1,000 or it is equivalent within 7 days from the date of transaction via SCUML online reporting platform ( [email protected]) on the SCUML website www.scuml.org (iv) To make Suspicious Transaction Reports (STRs) to the Nigeria Financial Intelligence Unit (NFIU) via dnfbp.nfiu.gov.ng (v) To comply with all relevant provisions of the Money Laundering (Prevention & Prohibition) Act, 2022
i. Certificate of Incorporation. ii. Article and Memorandom of Association. iii. Tax Clearance Certificate ( Not Applicable to NGOs). iv. Audited Financial Report. v. Authorised Operational License ( 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)
Money Laundering is a process by which criminals attempt to hide or disguise the true origin and ownership of their ill-gotten wealth to make it look legitimate. The purpose is to avoid prosecution, conviction and confiscation of the ill-gotten wealth
Section 30 of the MLPP 2022 Act defines DNFBPs 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, Dealers in Mechanized Farming Equipment and Machineries, Practitioners of Mechanized Farming or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.
Dealers in Jewelleries , Dealers in Luxury Goods, Chartered/Professional Accountants, Audit Firms, Tax Consultants, Clearing and Settlement Companies, Legal Practitioners, Trust and Company Service Providers. Estate Surveyors and Valuers, Hotels and Hospitality industry, Dealers and Miners of Precious Stones and Metals, Pool Betting, Casino and Lottery, Supermarkets, Consultants and Consulting companies, Construction Companies, Estate Agents, Dealers in Real Estate, Importers and Dealers in cars and vehicles Dealers in Mechanized farming equipment and machinery. Practitioners of mechanized farming and any other business(es) as may be designated from time to time by the Federal Ministry of Trade and Investment or SCUML
Special Control Unit against Money Laundering (SCUML) and Economic Financial Crimes Commission (EFCC) are the regulatory authorities for the implementation of the AML/CFT regime in respect to the DNFBP sector in Nigeria.
No! Registration can be done on the SCUML website at NO COST.
A suspicious transaction is a transaction in which a DNFBP suspects that it may involve proceeds of any of the offenses specified in the Money Laundering Prevention and Prohibition Act 2022, 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.
A CTR is a report that Designated and Non-Financial Institutions (DNFBPs) 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 Memorandum of Understanding between Special Control Unit against Money Laundering and the Nigerian Financial Intelligence Unit, DNFBPs are to report CTRs directly to SCUML.
This is a report that Designated Non-Financial Businesses and Professions (DNFBPs) 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 DNFBPs, which involves cash transaction in excess of $1,000 or its equivalent in Naira or other currencies.
The reporting threshold is $1,000 or its equivalent and above for all transactions.
All Cash Based Transaction Reports (CBTR) and Currency Transaction Reports (CTR) should be reported on SCUML website or forwarded [email protected] and a copy also sent to the respective SCUML Zonal office email address where your organization is located as detailed below: Lagos Zonal Office (Lagos, Oyo, Ogun, Osun, Ekiti and Ondo States): [email protected] Enugu Zonal Office (Enugu, Ebonyi, Abia, Imo and Anambra States): [email protected] Kano Zonal Office (Kano, Sokoto, Kebbi, Zamfara, Katsina, Jigawa and Kaduna States: [email protected] Port Harcourt Zonal Office (Rivers, Bayelsa, Akwa Ibom, Cross River, Delta and Edo States): [email protected] Gombe Zonal Office (Gombe, Bauchi, Yobe, Borno, Adamawa and Taraba States): [email protected] STRs are to be sent via the NFIU website – www.nfiu.gov.ng
No. it is a legal requirement designed to protect legitimate businesses and professions as well as their customers.
A compliance officer is an officer at management level who will coordinate AML/CFT activities within the DNFBP and liaises with SCUML.
Yes, they should report for the protection of their business and sanitization of the industry and economy.
All activities are regarded as transactions, provided it is service rendered and paid for, i.e. currency (cash transactions). It will not be possible to be classified since legal practitioners in Nigeria do not engage in specialized practices.
No, it is a requirement of the law.
No, it is illegal.
Yes, cumulative amount of grant should be reported as soon as the agreement for the funding is concluded. Subsequently released funds from the grant agreement that meet currency transaction reporting or cash transaction reporting threshold should be reported with reference to the first report.
Yes, for the purpose of anti money laundering and counter-terrorist financing.