In its bid to frontally combat money laundering, terrorism financing, proliferation of weapons of mass destruction, safeguard businesses and strengthen the integrity of Nigeria’s financial system, the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has called on operators of Designated Non-Financial Businesses and Professions, DNFBPs in the South-East to comply with mandatory registration under the Special Control Unit Against Money Laundering, SCUML.
He made this call recently on a live Radio programme at the Enugu State Broadcasting Service where he explained the importance of the SCUML certificate for businesses operating within the non-financial sector.
The Executive Chairman, who was represented by Assistant Commander of the EFCC, ACE II Promise Oluigbo, Head of SCUML Department in Enugu Zonal Directorate of the Commission noted that SCUML is responsible for the registration, regulation, monitoring and supervision of DNFBPs as provided for under the Money Laundering (Prevention and Prohibition) Act 2022.
“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 organizations.’
“ As a regulatory body responsible for overseeing the activities of these businesses in order 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.
According to him, with the introduction of electronic certification which has improved efficiency and eliminated the risk of fake certificates, over 480,000 (Four Hundred and Eighty Thousand ) 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 authorize 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”, he said.
While emphasizing on the need for businesses to register and collect the certificate, Olukoyede enjoined 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.