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, relevant entities may have responsibilities relating to:

Customer Due Diligence

Record Keeping

Transaction Monitoring

Regulatory Reporting

AML/CFT Compliance

The NFIU currently provides registration and reporting infrastructure for DNFBPs and other reporting entities.

My advice to entrepreneurs:

Don't wait until a bank, regulator, client or business partner asks:

"Do you have your SCUML registration?"

Instead, determine whether your business activities fall within the relevant regulatory category and understand the obligations that apply to you.

Good compliance starts with knowing what applies to your business.

💬 QUESTION

Which business sector do you think entrepreneurs are most likely to overlook when it comes to regulatory compliance?

I'd like to hear your thoughts.

📘 NEXT: Trademark Registration

#SCUML #BusinessCompliance #Entrepreneurship #BusinessRegistration #AML #SMEs #NigeriaBusiness #DanisjogaConsulting

Comments

Post a Comment

Popular posts from this blog

Senior Toll-Pusher vacancy at Oando Plc

Oando Plc, is one of Africa’s largest integrated energy solutions providers with a proud heritage. It has a primary listing on the Nigerian Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.   Job Title:   Senior  Tool-pusher Department : Rig Operations
Read more

Oando Plc Graduate Recruitment, Rig Trainee 2012

Oando PLC is one of Africa’s largest integrated energy solutions providers with a proud heritage. It has a primary listing on the Nigerian Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.With shared values of  T eamwork,  R espect,  I ntegrity,  P assion and  P rofessionalism ( TRIPP ), the Oando Group comprises six companies who are leaders in their market:
Read more

2019 Graduate Tax Apprenticeship at PwC

2019 Graduate Tax Apprenticeship Programme at Pricewaterhousecoopers (PWC) At PwC, our purpose is to build trust in society and solve important problems. It is this focus which informs the services we provide and the decisions we make. We're a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, tax and advisory services. In Africa we're the largest provider of professional services with close to 400 partners and over 9,000 people in 34 countries. Graduate Tax Apprenticeship Programme 2019 Reference Number: 125-NIG00213 Location: Lagos Department: Tax Job type: Contract Duration One Year [successful candidates who perform well during the one-year program will be offered Associate 2 level role] Requirements Minimum of HND Upper Credit or BSc Second Class Upper in any discipline Completion of NYSC program IT skills, MBA or Professional qualifications of ICAN, CITN or ACCA is an advantage Successf...
Read more