If you are a business owner and your business falls under the category that deals in large financial transactions, getting the SCUML certificate will be key in protecting your brand against legal action. In this article, we will be exploring the EFCC SCUML registration requirements and how to get your certificate without hassle.
The Special Control Unit for Money Laundering is a Federal Government agency under the Department of the Economic and Financial Crimes Commission saddled with the responsibility of registering monitoring, and supervising the activities of businesses.
Money Laundering on the other hand is a due process by which criminals attempt to hide or disguise the origin and ownership of their ill-gotten wealth to make it look legitimate. The purpose is to avoid prosecution, conviction and confiscation of the ill-gotten wealth.
The Money Laundering Prohibition Act, of 2011 makes provisions for preventing money laundering by limiting the amount of cash payments that could be made or accepted, regulating over-the-counter exchange transactions and providing proper identification of customers.
The EFCC SCUML department, following the principles of this ACT, is charged with regulating, monitoring and certification some designated Non-Financial Institutions (DNFs) to prevent money laundering and prosecute defaulters
As a business owner, getting CAC registration and documents is not enough to give you 100% protection against litigation and all forms of harassment you could encounter with the law.
If your business requires SCUML and you fail to register and obtain the certificate, banks will reject opening a corporate account for you and even if you succeed, your account could be frozen anytime.
With so much already going on in the country, staying on the side of the law will be one of the best decisions you could make as a person and as a brand.
Regardless of which location or medium your business operates (digital or physical store) getting a SCUML certificate will always give you an edge and also build customer trust,
Before we proceed into the SCUML online registration, it is key to understand what businesses need this certificate the most.
Businesses That Need EFCC SCUML Certificate in Nigeria
Below are businesses that must have a SCUML certificate in other to have a smooth running of business without legal actions
- Dealers in Jewelries
- Dealers in Luxury Goods
- Chartered/Professional Accountants
- Audit Firms
- Tax Consultants
- Clearing and Settlement Companies
- Legal Practitioners
- Trust and Company Service Providers
- Estate Surveyors and Valuers
- Hotels and Hospitality industry
- Dealers and Miners of Precious Stones and Metals
- Pool Betting, Casino and Lottery, Supermarkets
- Consultants and Consulting companies
- Construction Companies
- Estate Agents
- Dealers in Real Estate
- Importers and Dealers in cars and vehicles
- Dealers in Mechanized farming equipment and machinery.
- Practitioners of mechanized farming and any other business(es) as may be designated from time to time by the Federal Ministry of Trade and Investment or SCUML
SCUML Registration Requirements
Below are some requirements to register and obtain a SCUML certificate for your company or business
For Companies
- Certificate of Incorporation
- Memorandum and Article of Association (MEMART)
- Status Report
- Evidence of Tax Registration (Which may be optional)
- Certificate of Incorporation
- Status report
- Tax Evidence
Note: professional companies are to also provide professional certificates e.g. Law firms, Accounting firms, Audit firms, etc.
NGO/Foundations
- Certificate of Incorporation/Registration
- Incorporation of Trustees
- Constitution or Memorandum & Article of Association
- Identification of Trustees with a valid means of identification
State Registrations
- Certificate of Registration from State
- Constitution
- Copies of valid Identification of at least 3 executive members
International NGOs
- Evidence of Registration with the National Planning Commission (NPC)
- Constitution
- Organizational Profile.
Professional Certificates for both Limited Liabilities Companies and Business Name
- Law firms – Call to bar certificate, Legal Practicing certificates
- Accounting firms – ICAN, ANAN, ACCA etc
- Audit & Tax firms – ICAN, ANAN, ACCA,
- Consulting firms – Respective professional body
- Construction – COREN
- Membership Certificate
- Real Estate – REDAN etc
- Estate Surveyor & Valuers Certificate etc
- Import & Export – NEPC etc
- Mining – Exploration License/permit (Ministry of Solid Minerals), License from a certified geologist etc
Other Requirements include:
- BVN of the director, proprietor or Trustee
- Bank details (any savings account)
- TIN
Note that professional certification is optional. It depends on your business or company activity.
EFCC SCUML Registration Fee
SCUML registration fee varies depending on the person processing your registration.
SCUML Certificate Collection
Recent innovations in technology have made it possible to now have your SCUML certificate delivered to you via mail and WhatsApp. The certificate has been digitalized to curb the stress of sending physical documents.
SCUML Certificate Duration
The whole process to register and get your SCUML certificate takes about 3 to 5 working days. A registration number will be attached to your certificate upon completion, which you can use to verify online.
How To Verify SCUML Certificate
Upon completion, You can visit the website and using your registration number, you can verify if the certificate is valid or not.
Conclusion
Getting the SCUML certificate for your business is very essential if your business falls under the categories above.
The department under EFCC over the years has helped to regulate and control financial and cyber crime through this inception, making it safe and easier to run a business without legal issues.
I hope this guide has given you an insight into SCUML registration requirements and the process of obtaining and verifying your certificate online.
