SCUML, REDAN partner on anti-money laundering compliance

Stanley Ihedigbo

Special Control Unit Against Money Laundering (SCUML) and the Real Estate Developers Association of Nigeria (REDAN) have reaffirmed their commitment to strengthening compliance with Anti-Money Laundering, Counter Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) laws within Nigeria’s real estate sector.

The commitment was made during a stakeholders’ engagement held on Thursday, September 10, 2026, which focused on strengthening cooperation between the regulatory agency and real estate operators.

The engagement also examined Nigeria’s readiness for Mutual Evaluation, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and other measures required to strengthen the sector’s compliance framework.

Speaking on behalf of SCUML, Assistant Commander of the Economic and Financial Crimes Commission (EFCC), ACE 1 Ibinabo Amachree, stressed the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system.

Amachree noted that the real estate sector requires particular attention because of its exposure to money laundering and other financial crime risks.

She urged members of REDAN to move beyond registration and ensure that compliance measures are effectively incorporated into their daily business operations.

According to her, real estate operators should understand their institutional risks, know their customers and beneficial owners, identify politically exposed persons (PEPs), conduct appropriate sanctions screening, maintain effective internal controls and comply with applicable reporting obligations.

She further reaffirmed SCUML’s readiness to work closely with REDAN and other relevant stakeholders to improve compliance, strengthen capacity and promote accountability within the real estate sector.

“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system,” she said.

In his remarks, the Chairman of REDAN, Lagos State, Mr. Tony Kolawole, expressed the association’s readiness to partner with SCUML to ensure compliance with AML/CFT/CPF requirements across the real estate industry.

Kolawole said closer collaboration between regulators and industry operators would contribute to greater financial integrity and help address emerging compliance challenges in the sector.

The engagement also provided an opportunity for REDAN members to raise practical regulatory and operational challenges affecting their businesses.

The stakeholders agreed that continuous engagement between regulators and operators remains important in improving understanding of regulatory obligations, strengthening compliance practices and addressing risks associated with money laundering and other financial crimes in the real estate sector.