If you intend to do any business that designated non-financial institution in Nigeria, you need to register for SCUML certificate which is issued by the supervising and regulating body of Designated Non-Financial Institutions (DNFIs) in accordance with the Money Laundering (Prohibition) Act ML (P) Act 2011 and the Prevention of Terrorism Act (PTA) 2011.
SCUML means Special Control Unit against Money Laundering. It is a certificate issued by the Economic and Financial Crimes Commission (EFCC) to non-financial institutions in Nigeria. Now, you might wonder what these non-financial institutions are in Nigeria. Don’t worry because we will tell you that. In Nigeria, only the commercial banks are authorized by the government to carry out the business of management of finance.
Therefore, any other organization claiming to be a financial institution but is not a commercial bank is considered to be non-financial institution that will require the SCUML certificate to operate.
What are these Designated Non-Financial Institutions (DNFIs)?
These institutions are many, but we will mention a few to give you an idea of the type of business institutions that we are talking about. Some examples are: Estate Developers, Tax Consultants, Audit Firms, Chartered Accountants, Supermarkets, and Precious Stones and Metal Dealers, etc.
What are the Documents Required for SCUML Registration?
• Certificate of Incorporation from CAC.
• Memorandum and Articles of Association.
• Form CAC 1.1 (CAC 2 and CAC 7 for old registration).
• National Identification Number (NIN).
• Bank Verification Number (BVN).
• Bank name and Account number.
• Tax Identification Number.
How to Apply SCUML Certificate for your business in Nigeria
To get the SCUML certificate, you need to officially apply to the appropriate authority for the process of issuing the certificate to kick start. As we stated earlier, this certificate is issued by the Economic and Financial Crimes Commission (EFCC).
And because of how huge their task of tracking fraud and money laundering in Nigeria is, you will need to follow the right protocol to be able to get it done for you in the right well.
If you want to apply, you can visit the Economic and Financial Crimes Commission (EFCC) official website at www.efcc.gov.ng to learn more about the registration process.