![]() SCUML was established to remedy identified inadequacies of legislation and institutional framework on Money Laundering. The establishment of SCUML was a part of the Federal Government’s measures to implement the Financial Action Task Force (FATF) recommendations on Anti- Money Laundering/Combating the Financing of Terrorism (AML/CFT) in Nigeria. The Federal Ministry of Industry, Trade Investment ( the Ministry), with the responsibility to monitor money-laundering activities, established the Special Control Unit on Money Laundering ( SCUML) in 2005 under the Money Laundering (Prohibition) Act, 2004, which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011 ( the Act). We will briefly examine the establishment and functions of the SCUML, conditions that necessitate registration with the SCUML, the documents required for registration, continuing obligations of the DNFIs and penalties for non-compliance. In today’s piece, we discuss the regulatory requirement for some Companies and Business Names commonly referred to as “Designated Non-Financial Institutions” ( DNFIs) and the need for such entities to register with the Special Control Unit against Money Laundering ( SCUML)”. More often, this would be your first encounter with the word “SCUML” or what it entails in general. Thereafter, the bank representative informs you that to proceed with opening of the corporate account, its Compliance department requires you to produce a SCUML certificate. Have you tried to open a corporate bank account and you were informed that a search (at the Corporate Registry) will be undertaken by the Bank? This search, amongst others, includes a review of your Memorandum and Articles (MEMART) of Association. ![]() ![]() Hello and welcome to another edition of Governance and Compliance Digest. ![]()
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