<h3>SCUML REGISTRATION IN NIGERIA</h3><h3>Introduction:</h3>In Nigeria, compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations is not just a moral duty—it is a legal requirement. The Special Control Unit Against Money Laundering (SCUML)&nbsp;plays a central role in ensuring that businesses, especially those in the Designated Non-Financial Businesses and Professions (DNFBPs) category, operate transparently. Registration with SCUML is not optional; it is a statutory obligation for certain categories of businesses.What is SCUML?The Special Control Unit Against Money Laundering (SCUML)&nbsp;is an agency under the Economic and Financial Crimes Commission (EFCC). It was established to monitor, regulate, and supervise the activities of DNFBPs in accordance with the Money Laundering (Prevention and Prohibition) Act 2022&nbsp;and related regulations.Requirements for SCUML RegistrationTo register with SCUML, businesses must submit the following documents:Certificate of Incorporation&nbsp;(CAC)Company’s Memorandum &amp; Articles of Associationax Identification Number (TIN)Bank details of the companyValid Means of Identification&nbsp;(Directors/Proprietors)Business Profile&nbsp;or company’s operational descriptionAny relevant professional license&nbsp;(if applicable)How to Register for SCUMLVisit the SCUML Website&nbsp;– <a href="http://www.scuml.org/">www.scuml.org</a>Create an Account&nbsp;– Provide company details and upload the required documents.Submit Application&nbsp;– Complete the form and submit online or at any SCUML office.Verification &amp; Approval&nbsp;– SCUML reviews the application and may request additional information.Issuance of Certificate&nbsp;– Upon approval, SCUML issues a registration certificate, which must be displayed at your business premises.Importance of SCUML RegistrationLegal Compliance&nbsp;– Avoid penalties and sanctions from EFCC and other regulatorBusiness Credibility&nbsp;– Enhances your reputation with clients, partners, and banks.Access to Financial Services&nbsp;– Many banks now require SCUML registration before opening corporate accounts for DNFBPs.Regulatory Protection&nbsp;– Safeguards your business from being used as a conduit for money laundering or terrorist financing.Penalties for Non-ComplianceUnder the Money Laundering (Prevention and Prohibition) Act 2022, businesses that fail to register or comply with SCUML regulations may face:Monetary finesSuspension of operationsCriminal prosecution of directors or proprietorsConclusionSCUML registration is a key compliance requirement for many Nigerian businesses. Beyond fulfilling legal obligations, it builds trust, protects your operations, and aligns your business with global best practices in financial transparency.By: Samuel I. Oladele, Esq - TEL: 08135619268 &nbsp;

SCUML Registration in Nigeria: What Every Business Must Know

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