Frequently Asked Questions - Scuml
The reporting threshold is $1,000 or its equivalent and above for all transactions.
All Cash Based Transaction Reports (CBTR) and Currency Transaction Reports (CTR) should be forwarded to firstname.lastname@example.org and a copy also sent to the respective SCUML Zonal office email address where your organization is located as detailed below:
- Lagos Zonal Office (Lagos, Oyo, Ogun, Osun, Ekiti and Ondo States): email@example.com
- Enugu Zonal Office (Enugu, Ebonyi, Abia, Imo and Anambra States): firstname.lastname@example.org
- Kano Zonal Office (Kano, Sokoto, Kebbi, Zamfara, Katsina, Jigawa and Kaduna States: email@example.com
- Port Harcourt Zonal Office (Rivers, Bayelsa, Akwa Ibom, Cross River, Delta and Edo States): firstname.lastname@example.org
- Gombe Zonal Office (Gombe, Bauchi, Yobe, Borno, Adamawa and Taraba States): email@example.com
STRs are to be sent via the NFIU website – www.nfiu.gov.ng
No. it is a legal requirement designed to protect legitimate businesses and professions as well as their customers.
A compliance officer is an officer at management level who will coordinate AML/CFT activities within the DNFI and liaises with SCUML.
Yes, they should report for the protection of their business and sanitization of the industry and economy.
All activities are regarded as transactions, provided it is service rendered and paid for, i.e. currency (cash transactions). It will not be possible to be classified since legal practitioners in Nigeria do not engage in specialized practices.
No, it is a requirement of the law.
No, it is illegal.
This is in accordance with the powers conferred on the Minister in charge of commerce to make further designations of DNFIs subject to section 25 of the ML (P) Act 2011. Such designation is usually made where a sector is found to be vulnerable to money laundering.
Yes, cumulative amount of grant should be reported as soon as the agreement for the funding is concluded. Subsequently released funds from the grant agreement that meet currency transaction reporting or cash transaction reporting threshold should be reported with reference to the first report.