SCUML Conducts Surprise AML Enforcement Visit to SC Group in Abuja

In a concerted effort to combat money laundering and uphold the integrity of financial systems, the Special Control Unit against Money Laundering (SCUML) carried out an unannounced enforcement operation on Wednesday, September 20, 2023.

The target of this operation was SC Group, a Designated Non-Financial Business, situated in the bustling district of Wuye, Abuja. The company faced allegations of violating money laundering regulations and non-payment of prescribed penalties.

The crux of the matter revolved around SC Group’s consistent failure to submit statutory reports to SCUML and establish approved Anti Money Laundering, Combating the Financing of Terrorism, and Combating Proliferation Financing (AML/CFT/CPF) policies.

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These are vital measures for detecting and preventing money laundering activities, ensuring that businesses maintain a high level of transparency and accountability.

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During the enforcement operation, SCUML officers affixed a notice of non-compliance with AML/CFT/CPF regulations on the company’s premises. This notice serves as a stern warning to members of the public, cautioning them to exercise vigilance when engaging in business transactions with SC Group. It further underscores the gravity of the allegations against the company.

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The notice will remain prominently displayed until SC Group achieves full compliance with all existing laws and regulations pertaining to anti-money laundering and counter-terrorism financing. SCUML’s proactive measures in conducting enforcement visits underscore its commitment to preventing money laundering and associated criminal activities within the financial sector. These efforts are pivotal in safeguarding the financial system’s integrity and ensuring a transparent and accountable business environment.

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