30/09/2024
SCUML certificate, issued by the *Special Control Unit Against Money Laundering* (SCUML) under EFCC, it is required by businesses and organizations that fall under the category of *Designated Non-Financial Institutions* (DNFIs) in Nigeria. This certificate ensures that these entities comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Who Needs a SCUML Certificate*
1. **Real Estate Agents and Property Dealers**
2. **Dealers in Precious Metals and Stones**
3. **Car Dealers**
4 **Consulting Firms**
5. **Non-Governmental Organizations (NGOs)**
*6. Supermarkets*
*7. *And any other form of businessess that fall under DNFIs (Designated Non-financial Institutions.*
# # # Why It’s Required:
1. **Compliance with AML/CTF Regulations**: The certificate helps monitor and regulate financial activities, preventing the use of these businesses for money laundering or terrorist financing.
2. **Banking Operations**: Banks require businesses in these sectors to present a SCUML certificate when opening accounts or conducting large transactions.
3. **Regulatory Requirement**: Non-compliance can lead to penalties, account restrictions, or business disruption.
Essentially, the SCUML certificate ensures that these businesses are not exploited for illicit financial activities.
