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Categories Of Businesses That Require SCUML Certificate In Nigeria

Categories of Businesses That Require SCUML Certificate in Nigeria

Categories of Businesses That Require SCUML Certificate in Nigeria

SCUML stands for Special Control Unit Against Money Laundering and it is issued by the EFCC (Economic and Financial Crimes Commission) as proof that a bank account is not being used for money laundering activities. The certificate is issued after a thorough background check of the applicant company/business.

Categories of Businesses That Require SCUML Certificate in Nigeria

Financial Institutions: A financial institution (FI) is a company engaged in the business of taking care of financial and monetary transactions such as deposits, loans, investments, and currency exchange.

The following are financial institutions that require SCUML certificate in Nigeria;

  • Banks
  • Insurance companies 
  • Microfinance banks
  • Mortgage institutions  
  • Financial services providers

NPO Sector; NPO (non-profit organization) are organizations that focus on a specific social cause, such as in science, education, health, arts and recreation, and religion.A nonprofit organization is an entity that is created and operated for charitable or socially beneficial purposes rather than to make a profit. 

The following non-profit organizations require SCUML certificate in Nigeria;

  • Clubs
  • Associations
  • Humanitarian/Charity organization
  • Religious/Faith based organization

Designated Non-Financial Businesses and Professions (DNFBPs): These are businesses that are not financial institutions but are at risk of being used for money laundering or terrorist financing

The following Non-Financial Businesses and Professions (DNFBPs) businesses require SCUML certificate in Nigeria;

  • Dealers in luxury goods.
  • Dealers in jewelry.
  • Importers and dealers in cars or any other automobile.
  • Hotels and other hospitality businesses.
  • Tax consultants.
  • Audit firms.
  • Casinos, pools betting and other Lottery businesses.
  • Audit firms.
  • Accountants and Accounting Firms.
  • Consultants and consulting companies.
  • Clearing and settlement companies.
  • Trust and company service providers.
  • Estate Surveyors and Valuers.
  • Dealers in Real Estate, Estates Developers, Estate Agents and Brokers.
  • Dealers in precious stones and metals.
  • Dealers in Mechanized farming equipment and machineries.
  • Construction companies.
  • Non-Governmental/Non-profit organizations.
  • Mortgage Brokers.
  • Practitioners of Mechanized farming and such other businesses and professions as the federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.

NPO Sector; NPO (non-profit organization) are organizations that focus on a specific social cause, such as in science, education, health, arts and recreation, and religion.A nonprofit organization is an entity that is created and operated for charitable or socially beneficial purposes rather than to make a profit. 

The following non-profit organizations require SCUML certificate in Nigeria;

  • Clubs
  • Associations
  • Humanitarian/Charity organization
  • Religious/Faith based organization

Please note that even if you classify your business under some category not mentioned here, you will still require a SCUML Certificate if the objectives of your business as stated in the MEMART or Business Name Form covers any of the above listed areas.

Businesses subject to SCUML regulations are required to register with SCUML and undergo due diligence procedures to ensure compliance

with anti-money laundering and counter-terrorism financing laws. This often involves submitting required documentation related to the business’s ownership, management, financial activities, and anti-money laundering policies and procedures.

Failure to comply with SCUML regulations can result in penalties, including fines and suspension of business activities. Therefore, it’s essential for businesses in Nigeria falling under the SCUML mandate to adhere to the requirements and maintain compliance with anti-money laundering laws.

How to Register SCUML Certificate

To register for your SCUML certificate, kindly vistit SCUML website, www.scuml.org click on the tab “Register online”. Fill the
registration Form and attach the required documents listed below:

LIMITED LIABILITY COMPANIES:
Certificate of Incorporation
Memorandum and Article of Association (MEMART)
Form CAC2 and CAC7
Evidence of tax Registration

BUSINESS NAMES:
Certificate of Incorporation
Form BN-O1 (Proprietor’s Particulars)
Tax Evidence of tax Registration
Note: professional companies are to also provide professional certificates e.g.
Law firms, Accounting firms, Audit firms, etc.

NON-GOVERNMENTAL ORGANIZATION (NGOS)/NON-PROFIT ORGANIZATIONS (NPOS):
Certificate of Incorporation/Registration
Incorporation of Trustees OR CAC7
Constitution OR Memorandum & Article of Association

STATE REGISTRATIONS:
Certificate of Registration from State
Constitution
Copies of valid Identification of at least 3 executive members

INTERNATIONAL NGOs/NPOs:
Evidence of Registration with National Planning Commission (NPC)
Constitution
Organisational Profile.

All documents filled are to be scanned and attached in PDF format as provided in the online form.

After successful appoval of the certificate,DNFIS are expected to undergo sensitization session and orignal copy of CAC Certificate is sighted before SCUML Certificate is released. Any of the Company”s director cn pick the certificate on behalf of the organisation.

 

We would be glad to assist you to register your SCUML Certificate and other Statutory required documents registration.

Book a free advisory session with us today.

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