Some few weeks ago, April 1 to be precise, a Nairaland member pointed to the fact that GTB requested a customer to produce a documentation from EFCC as part of their bank account opening requirements.

"Is it true that your registered company cannot have a corporate bank account with banks (e.g GTbank) without collecting another document/registration called 'scum' from EFCC?", he asked.

Ignorantly, I said that was untrue as I have never heard of such as ever been part of any bank's account opening requirement. But he persisted and said:

"I signed a GTBank reference form for a colleague yesterday in which he showed me the things they (GTB) wrote that he must get. Apart from those requirements you mentioned, that other item was listed as part of the requirements and the writing was not clear to me. It looked like 'scumi' but it was to be obtained from EFCC. So he was asking me where EFCC office is located in the Island."

Confused about this, I sent an email to GTB's online care assistance. Hours later, I got a feedback from GTB; and it reads in part:

"Dear Esteemed Customer,
Thank you for your patronage.
You do not have to get any clarification from EFCC before you can have an account with us."

This email was reassuring enough as I needed no other confirmation since the email emanated from GTB.

But was dead wrong! After 3 weeks, I can confirm to you that "Registration With SCUML Now Mandatory For Banking Transaction By DNFIs".

I know the question on your lips right now would be, "what is SCUML and DNFIs?"
For your information, SCUML is an accronym for Special Control Unit Against Money Laundering. And DNFIs means "Designated Non-Financial Institutions (hotels, real estate firms, auto dealers, audit and accounting firms, casinos, supermarkets, bureau de change, law firms, etc).

I think this is one requirement too many for business owners, especially small businesses who contend with the already high cost of doing business, and several government hurdles such as this one. Or which one is "SCUMbag" again o?

Read more details as seen in the news--}

THISDAY NEWSPAPER: "Money Laundering: EFCC Arrests 10 over Non-Compliance"

THE NIGERIAN VOICE: "Registration With SCUML Now Mandatory For Banking Transaction By DNFIs"

NB: I would have posted links here for reference, but for the antispam bot that bans everytime I post a link here.

@loudmedia,

Please check my post in your company registration thread. SCUML has nothing do with EFCC per se, it is a creation of an Act arising from the amended anti-money laundering Act. SCUML is working under the Trade and Investment Ministry with the collaboration of CBN, who in turn issues a regulation that no Designated Non- Financial Institutions shall open or maintain a bank account until such DFNI produces a certificate of registration from SCUML. In compliance with CBN directive, banks began implementation of the SCUML certificate of registration on February 1, 2013.

The part that relates to EFCC is that banks are mandated to report any transaction above N10m to the EFCC. This one is not new, any banker or anyone who has been involved in heavy money transaction in bank would attest that this particular regulation has been in existence for years. Your picture would be taken, information about you and the transaction would be sent to NFIU which was an arm of EFCC or so. It used to be N5m on individual, N10m on corporate organizations and foreign transfer above 10k USD per day.

Also, since the anti- money laundering law is an Act of National Assembly, it is expected that any violation thereof shall be prosecuted by the EFCC.

omogidi234: @loudmedia,

Please check my post in your company registration thread. SCUML has nothing do with EFCC per se, it is a creation of an Act arising from the amended anti laundering Act. SCUML is working under the Trade and Investment Ministry with the collaboration of CBN, who in turn issues a regulation that no Designated Non- Financial Institutions shall open or maintain a bank account until such DFNI produces a certificate of registration from SCUML. In compliance with CBN directive, banks began implementation of the SCUML certificate of registration on February 1, 2013.

The part that relates to EFCC is that banks are mandated to report any transaction above N10m to the EFCC. This one is not new, any banker or anyone who is been involved in heavy money transaction in bank would attest that this particular regulation has been in existence for years. Your picture would be taken, information about you and the transaction would be sent to NFIU which was an arm of EFCC or so. It used to be N5m on individual, N10m on corporate organizations and foreign transfer above 10k USD per day.

Also, since the anti- money laundering law is an Act of National Assembly, it is expected that any violation thereof shall be prosecuted by the EFCC.

@omogidi. Thanks.
I saw your post. Highly commendable. However, I created this topic earlier before I saw ur writeup.

I was even at a Skye Bank branch in Lagos today just to make inquiry on the SCUML. I was told that on bank account opening, they (Skye Bank) can assist in getting the required registration at SCUML; or I may get it myself at the EFCC office if I decide to.

LOUDmedia:


I was told that on bank account opening, they (Skye Bank) can assist in getting the required registration at SCUML; or I may get it myself at the EFCC office if I decide to.

Check their website: http://www.scuml.org/scuml/index.php/faqs?view=faq&catid=1

EVG Business Consulting Limited has been in existence since 2018 offering the following services:

Business name registration: 16,000
Company Registration: 45,000
NGO: 95,000
Scuml: 40,000
TIN: 5,000
Accounting Services like Bookkeeping, payroll Computation, etc.
we also offer post incorporation services like change of name or director

Instagram: evgbusiness
Phone number: 08128057533
Email: Info@evgbusiness.com
Website: evgbusiness.com
Office address: Suite D1 Kuriftu Plaza by Ecobank Jabi Abuja.