FUNCTIONS OF SCUML

SCUML performs the following key functions to actualise its mandate:

  1. Registration and certification of DNFIs in Nigeria.
  2. Sensitization of DNFIs in Nigeria on their compliance obligations, under the Money Laundering (Prohibition) Act 2011 (as amended) and the implementation guidelines.
  3. Monitoring and supervision of the activities of DNFIs as it relates to AML/CFT.
  4. Conducting off-site, on- site, and spot checks inspection of DNFIs.
  5. Taking necessary enforcement actions to ensure compliance with the AML/CFT Laws and Regulations.
  6. Collection of statutory reports: Cash based transaction reports (CBTRs) and Currency Transaction Reports (CTRs) for onward forwarding to the Nigeria Financial Intelligence Unit (NFIU).
  7. 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.
  8. Strategic analysis using available data to identify emerging trends and patterns in money laundering and terrorist financing.
  9. 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.
  10. Collaboration with stakeholders to ensure compliance with AML/CFT measures within the DNFI sector in Nigeria.