To be a world-class regulatory unit – one that becomes a benchmark in the supervision, monitoring and regulation of the Designated Non Financial Institutions (DNFI) 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 DNFI sector, providing world class intelligence as regards AML/CFT issues to relevant stakeholders, and the sanitization of the DNFI 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 DNFIs in Nigeria.
- Sensitization of DNFIs in Nigeria on their compliance obligations, under the Money Laundering (Prohibition) Act 2011 (as amended) and the implementation guidelines.
- Monitoring and supervision of the activities of DNFIs as it relates to AML/CFT.
- Conducting off-site, on- site, and spot checks inspection of DNFIs.
- 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 DNFIs 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 DNFIs money trails to assist criminal investigations by Law Enforcement Agencies in order to boost the fight against economic and financial crimes within the DNFIs sector in Nigeria.
- Collaboration with stakeholders to ensure compliance with AML/CFT measures within the DNFI sector in Nigeria.
SCUML has the mandate to monitor, supervise and regulate the activities of DNFIs in Nigeria in consonance with the Nigeria’s AML/CFT regime. The DNFIs as defined under section 25 of the Money Laundering (Prohibition) Act, 2011 (as amended) are:
- Dealers in Jewellery
- 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
- Non-governmental organizations (NGOs, NPOs, FBOs, CSOs)
- 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.