EFCC Charges South-East Businesses to Comply with SCUML Registration

In a bid to strengthen Nigeria’s financial system and curb money laundering, terrorism financing, and the proliferation of weapons of mass destruction, 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).

The call was made during a live radio programme on the Enugu State Broadcasting Service, where Olukoyede explained the importance of SCUML certification for businesses operating within the non-financial sector. He was represented on the programme by Assistant Commander of the EFCC, ACE II Promise Oluigbo, Head of the SCUML Department in the Enugu Zonal Directorate.

Olukoyede highlighted that SCUML is responsible for the registration, regulation, monitoring, and supervision of DNFBPs, as stipulated under the Money Laundering (Prevention and Prohibition) Act 2022. He explained that DNFBPs include businesses in sectors such as automobile dealerships, real estate, construction, hospitality, supermarkets, legal practice, consultancy, and non-profit organizations.

He emphasized that the registration process is completely free and should be completed directly through the SCUML portal. Over 480,000 entities have already registered nationwide with the introduction of electronic certification, which has improved efficiency and eliminated the risk of fake certificates. Olukoyede warned the public against engaging agents who charge fees for SCUML registration, stressing that the Commission does not authorize third-party facilitation.

“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.

He further called on businesses to ensure adherence to statutory requirements such as Know Your Customer (KYC) procedures, customer due diligence, record keeping, and reporting of suspicious transactions. Failure to comply, he noted, constitutes a violation of the law and may attract fines, imprisonment, or other regulatory sanctions.

“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,” Olukoyede added.