The Economic and Financial Crimes Commission (EFCC) has cautioned members of the public against making any payment for Special Control Unit Against Money Laundering (SCUML) certificate registration, stressing that it is free.
During a live radio programme on Enugu State Broadcasting Service, the Head of SCUML Department in Enugu Zonal Directorate of the EFCC, Mr Promise Oluigbo, said obtaining the certificate is now seamless.
According to him, with the introduction of electronic certification, which has improved efficiency and eliminated the risk of fake certificates, over 480,000 entities have been registered nationwide.
He warned members of the public against engaging agents who charge fees for SCUML registration, stressing that the commission does not authorise third-party registrations.
“The EFCC frowns at any individual or group collecting money from businesses under the guise of facilitating SCUML registration. The process is seamless and free of charge,” Mr Oluigbo declared.
He charged operators of Designated Non-Financial Businesses and Professions (DNFBPs) in the South-East to comply with mandatory SCUML registration to combat money laundering, terrorism financing, proliferation of weapons of mass destruction, safeguard businesses and strengthen the integrity of Nigeria’s financial system.
“DNFBPs are categories of businesses identified under Section 30 of the Money Laundering Act and include sectors such as automobile dealerships, real estate businesses, construction firms, hospitality services, supermarkets, legal practitioners, consultants, and non-profit organisations.
“As a regulatory body responsible for overseeing the activities of these businesses to curb money laundering and financing of terrorism, it’s important I say it here that the registration process is completely free.
“Business owners do not need to engage any third party. All they need to do is visit the SCUML portal and complete the registration process,” he said.
While emphasizing on the need for businesses to register and collect the certificate, he urged them to ensue adherence to statutory requirements such as Know Your Customer (KYC) procedures, customer due diligence, record keeping and reporting of suspicious transactions, adding that failure to comply constitutes a violation of the law and may attract fines, imprisonment or other regulatory sanctions as stipulated under the Act.
“The objective of the SCUML framework is not to stifle businesses but to protect the financial system and ensure transparency in commercial activities. It is designed to safeguard businesses and strengthen the integrity of Nigeria’s financial system,” he said.