SCUML Registration: An Important Compliance Question for Certain Nigerian Businesses
SCUML Registration: An Important Compliance Question for Certain Nigerian Businesses After CAC registration and tax identification, entrepreneurs should ask another question: Does my business fall within a category that has SCUML obligations? SCUML—the Special Control Unit against Money Laundering —is responsible for registration and monitoring of relevant Designated Non-Financial Businesses and Professions in Nigeria, within the applicable AML/CFT framework. The regulatory framework covers a range of sectors, including businesses such as: Real estate businesses Dealers in precious stones and metals Automobile dealers Hotels Accountants and accounting firms Legal practitioners Consultants and consulting companies Construction companies Jewellery businesses Certain high-value goods businesses among others. Why should entrepreneurs pay attention? Because registration is only one part of compliance. Depending on the business and applicable rules, releva...