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Simplified Explanation of Laws and Penalties for SCUML Applicants #SCUML#SCUMLApplicants#NigerianLaws#LegalCompliance#FinancialRegulations#avielavenantelawpractice#law#aalawsng#nigerianlawfirm#nigerianlaw#EFFCC#Antimoneylaundering

Simplified Explanation of Laws and Penalties for SCUML Applicants www.aaLawsng.com
Special Control Unit Against Money Laundering (SCUML) applicants must implement training programs, designate compliance officers, and establish Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) policies to meet regulatory obligations. 1 Non-compliance with these obligations can result in administrative fines, with serious breaches leading to fines of at least N1 million for professionals and N500,000 for businesses. www.aaLawsng.com 2
Designated Non-Financial Businesses and Professions (DNFBPs) are required to report significant transactions within 7 days, with daily fines for non-compliance and potential license revocation. 3 Applicants must also preserve records for five years and report suspicious activities, facing heavy penalties, including fines and imprisonment, for failing to comply. www.aaLawsng.com 4
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PMprotechbro.bsky.social

According to Singapore, DPT and virtual asset service providers stand out in the financial industry as a high-risk group. Singapore’s updated Money Laundering (ML) National Risk Assessment (NRA) has highlighted significant risks in the anti-money… #Crypto#antimoneylaundering#Digitaltoken

Singapore Warns of Digital Token Money Laundering Risk
Singapore Warns of Digital Token Money Laundering Risk

According to Singapore, DPT and virtual asset service providers stand out in the financial industry as a high-risk group. Singapore’s updated Money Laundering (ML) National Risk Assessment (NRA) has highlighted significant risks in the anti-money…

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PMprotechbro.bsky.social

In an international conspiracy, a criminal gang in China has been sentenced for money laundering using digital Yuan. The case in which suspects Yuan, Zhang, and Kou were found guilty of using digital yuan accounts to cash out and conceal criminal proceeds was… #Crypto#antimoneylaundering#China

China Sentences Gang for Digital Yuan Money Laundering
China Sentences Gang for Digital Yuan Money Laundering

In an international conspiracy, a criminal gang in China has been sentenced for money laundering using digital Yuan. The case in which suspects Yuan, Zhang, and Kou were found guilty of using digital yuan accounts to cash out and conceal criminal proceeds…

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PMprotechbro.bsky.social

Todd admits guilt in breaching Bank Secrecy Act, faces possible 5-year jail term and $250K fine. Adam Todd, the founder and former CEO of Digitex Futures Exchange, entered a guilty plea for willfully causing the company to neglect implementing an… #Crypto#adamtodd#antimoneylaundering

Bank Secrecy Act Ex-CEO Pleads Guilty: 3 Shocking Violations
Bank Secrecy Act Ex-CEO Pleads Guilty: 3 Shocking Violations

Todd admits guilt in breaching Bank Secrecy Act, faces possible 5-year jail term and $250K fine. Adam Todd, the founder and former CEO of Digitex Futures Exchange, entered a guilty plea for willfully causing the company to neglect implementing an…

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BJcyberlawyeryyz.bsky.social

Just released: the @CBA_News's Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime." Glad to be part of this great team effort. #aml #antimoneylaundering #antiterror https://www.cba.org/CMSPages/GetFile.aspx?guid=79bee08d-c7c3-40e4-b945-21c4703cc12f

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