There is growing confusion around what a SCUML certificate means for businesses in Nigeria, especially in light of recent online scams. Economic and Financial Crimes Commission (EFCC) have now clarified that a SCUML certificate is not the same as getting clearance
According to EFCC, ST Technologies, not CBEX, is the company registered with the Special Control Unit Against Money Laundering (SCUML). The registration was done under Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Registering with SCUML is a legal requirement for certain types of businesses and professions in Nigeria. These are known as Designated Non-Financial Businesses and Professions (DNFBPs). This process is part of Nigeria’s wider effort to fight money laundering and terrorism financing.
However, having a SCUML certificate doesn’t mean a business has been cleared by the EFCC. In fact, the EFCC is not in charge of regulating or approving online businesses. The agency’s main job is to investigate and deal with financial crimes.
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In response to public concerns, the EFCC has reassured Nigerians that it is committed to investigating the CBEX scam and bringing those responsible to justice.
Experts warn that people should not confuse SCUML certificate and EFCC roles, as they are two different things. Just because a business has a SCUML certificate does not mean it is free from scrutiny or investigation by the EFCC.
This development is a strong reminder for investors and customers to always carry out due diligence before engaging in any online business, no matter how legitimate it may appear.
The misunderstanding around SCUML certificate and EFCC is one of the reasons many fall victim to financial scams like the CBEX case, which is currently under EFCC investigation.
