EFCC Charges Car Dealers on Compliance with SCUML Regulations

Malik Yahya/

The Economic and Financial Crimes Commission (EFCC) has called on automobile dealers in the country to comply with regulations requiring registration and certification by the Special Control Unit Against Money Laundering (SCUML).

The Coordinator of SCUML in the Gombe Zonal Command of EFCC, Junaidu Shehu made the call today while speaking at a one-day sensitisation lecture organised for the state’s branch of the Association of Motor Dealers, in Gombe, the state capital.

He urged them to take issues of due diligence seriously as this could save them from avoidable consequences of regulatory breaches.

“You cannot operate such capital intensive and risky business without ensuring proper due diligence and strict compliance with the Know-Your-Customer protocols,” he stated.

He pointed out the implication of conducting business with people they do not know, saying that it was both risky to the state and for business.

“If not for greed and indifference, you are not expected to conduct any business with someone you do not know”.

Junaidu explained, in detail to the dealers, the Money Laundering Act, 2011 (as amended), especially as it relates to accepting cash payment above the threshold of N5 million for individual and N10 million for body corporate.

While fielding questions from the participants, the SCUML coordinator further reiterated the importance of reporting their activities to both SCUML and the Nigeria Financial Intelligence Unit (NFIU) according to extant laws.

The chairman of the Association, Alhaji A.A. Sadiq, commended SCUML for its consistency in sensitising his members and gave assurance of their willingness to comply with existing regulations.

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