What is a SCUML Certificate, how do I get one, and Why Every car dealer must have it

The Special Control Unit on Money Laundering (SCUML) was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act, 2004 which was subsequently repealed and amended to the Money Laundering (Prohibition) Act 2011(as amended).

SCUML was created as part of measures for the implementation of the Financial Action Task Force (FATF) Recommendations on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) in Nigeria.

The FATF requires Countries to implement 40 Recommendations which are considered an international standard for combating money laundering and terrorist financing as well as the financing of the proliferation of weapons of mass destruction (WMD).

Who needs a SCUML Certificate?

The Designated Non-Financial Organizations require a certificate from the Special Control Unit on Money Laundering. These organizations handle a lot of cash and are typically under scrutiny by AML/CFT regimes because they are easy prey for money laundering and terrorism financing activities.

Businesses that require SCUML registration

• Dealers in jewellery, cars, luxury goods, precious stones and metals,
• Real estate, Estate Developers, Estate Surveyors and Valuers, Estate Agents,
• Chartered Accountants, Audit Firms, Tax Consultants,
• Clearing and Settlement Companies,
• Hotels, Casinos, Supermarkets,
• Dealers in Mechanized Farming Equipment and Machineries,
• Practitioners of Mechanized Farming,
• Non-Governmental Organizations (NGOs) or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.
• All DNFIs are mandated to register under SCUML so that their activities can be monitored as this is to prevent fraudulent activities. These activities are regarded as transactions, provided it is a service rendered and paid for, i.e. currency (cash transactions).

What documents are required for SCUML?

Before an applicant can proceed with registration with SCUML, certain documents should be scanned for upload depending on the kind of company the applicant operates. The documents are:

• Certificate of Incorporation
• Article and Memorandum of Association
• Tax Clearance Certificate (Not Applicable to NGOs).
• Audited Financial Report
• Authorized Operational License (Not Applicable to NGOs).
• Company/Organization Profile
• Constitution (For NGOs Only)
• Agreement Signed between the NGO and the National Planning Commission ( For International NGOs Only)

How do I get a SCUML certificate As A Car Dealer?

LIMITED LIABILITIES

• Certificate of Incorporation
• Memorandum and Articles of Association
• Form CAC 1.1 (CAC 2 and CAC 7 FOR OLD REGISTRATION)
• Tax Identification Number (TIN)
• BVN, Bank Name and Account Number

BUSINESS NAME

• Certificate of Incorporation
• Form BN-01 (Proprietor’s Particulars)
• Tax Identification Number (TIN)
• BVN, Bank Name and Account Number

ADDITIONAL REGISTRATION REQUIREMENT

• Evidence of Registration with the Association of Motor Dealers of Nigeria (AMDON)

SCUML Offices in Nigeria

SCUML was created under the Money Laundering (Prohibition), Act, 2011 (as amended) to implement specific sections of the Act in line with the FATF recommendations for the implementation of AML/CFT measures within the Designated Non-Financial Institutions (DNFIs) Sector in Nigeria.

SCUML is statutorily under the Federal Ministry of Industry, Trade and Investment but operationally domiciled within the Economic and Financial Crimes Commission (EFCC) as the Commission drives the operational activities of the Unit in line with Sections 6(C) and 7(2) of the EFCC Establishment Act, 2004.

For more information, please visit the official SCUML website.