SCUML certificate isn’t clearance to operate CBEX – EFCC clarifies
EFCC
Abdullateef Fowewe
The Economic and Financial Crimes Commission has stated that the SCUML certificate held by ST Technologies does not equate to clearance to operate the CBEX platform.
EFCC in a statement on Monday emphasised that ST Technologies, not CBEX—is the entity registered with the Special Control Unit Against Money Laundering (SCUML) under the Money Laundering (Prevention & Prohibition) Act, 2022.
Registration with SCUML is a mandatory legal requirement for all Designated Non-Financial Businesses and Professions (DNFBPs) in Nigeria to comply with anti-money laundering laws, Dailyeconomy gathered.
However, it does not serve as a regulatory clearance or endorsement by EFCC for business operations.
EFCC’s statement reads, “ST Technologies( not CBEX) registered with the Special Control Unit against Money Laundering, SCUML in line with Section 17 of the Money Laundering( Prevention & Prohibition) Act, 2022.
“Registration is a statutory requirement for all Designated Non-Financial Businesses and Professions, DNFBPs, in Nigeria in consonance with Nigeria’s Anti-Money Laundering/ Control of Financing Terrorism, AML/CFT regime.
“The EFCC is not a clearing house or regulatory authority of online businesses.
“But financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam.”
SCUML certification is issued to DNFBPs to ensure compliance with Nigeria’s AML/CFT regime.
It is a regulatory requirement for opening corporate bank accounts but does not imply EFCC approval or guarantee legitimacy of business models.
Dailyeconomy had earlier reported that the EFCC remains focused on prosecuting financial crimes and protecting victims and reaffirmed its dedication to pursuing justice for victims of the CBEX scam, describing the fraudulent activities as within its remit.
