Unusual P2P advertiser's terms

[sokani]

Whenever I wanted to sell my coins via P2P on an exchange, one of the things I normally do is to check the buyer's number of successful trades, feedback remarks, and advertiser's terms. Recently, as I wanted to trade, I was going through different buyers' profiles, and my eyes caught this in the buyer's terms: "My accounts are fully registered with the EFCC Special Control Unit against money laundering and bank fraud."

In terms of the number of successful trades and feedback remarks, the buyer ticked the boxes. However, I couldn't go through with the trade because of the warning, I decided to sell to another buyer. I don't know if the buyer gives the data of the users he trades with to the EFCC, but I just felt like not trading with him/her.

I'd like to ask if anyone has come across something like this, and what do you guys make of it?

[Charles-Tim]

It is a registration with the Special Control Unit Against Money Laundering (SCUML) which is free. Its purpose is against money laundering and terrorism financing.

So the person literally mean if you know that you are involved in criminal activities, do not use my P2P service. I am not laundering money and I am not financing any terrorist, so I can make use of it and there is no problem.

There are many people that might register with SCUML but you will not know.

One thing about money laundering is that if the money is not traced to the source, it is difficult to know if the money is laundered or not.

[sokani]

It is a registration with the Special Control Unit Against Money Laundering (SCUML) which is free. Its purpose is against money laundering and terrorism financing.

Thank you Charles. Initially, when I googled "Special Control Unit EFCC", nothing came up but after your enlightenment, when I entered SCUML EFCC, I got all the info I need.

There are many people that might register with SCUML but you will not know.

Yea, I also think so.

[SmartGold01]

Well, I have never seen such a thing on p2p trade but I do check how much they have traded and percentage of their trade, and the rating they gave him before trading, most times I will check the bad reviews and if is above my expectations I wouldn't exiting it and look for someone more better than him. We should be very careful while trading on p2p because it's another easier way to scam people.

[BIT-BENDER]

I can not speak for you OP but for anyone that is doing a legit business and not going against any financial obligations and law then I don't see any reason for you to break a sweat or get scared because of this.
Also sometimes the OP is protecting themselves against some shady guys in those exchanges, seeing something like this can scare away anyone with negative intentions during a trade.

And if the buyer has the intention of giving people's details to the EFCC I believe they will act casual and organic as possible so as not to give away too much to prospective sellers, you won't even know them.

[Coyster]

There are many Nigerian businesses registered with SCUML than you know, all you do is visit their portal/website and register your business, it is completely free. Thus the buyer is even doing people a "favor" by telling them that he is fully registered with SCUML, so if you know you are into any shady business, take your coins to another trader.

That said, nothing dey wrong in registering your business with SCUML, the only reason why we fit get problem with am is due to how poor our security operatives work, sometimes chasing innocent Nigerians without doing proper investigation. So i would not be surprised if a legit business person gets into a problem with the EFCC.

[SatoPrincess]

This na my first time to see this kind thing for p2p trader profile. Normally I go panic if I see am before because EFCC wahala no be wetin person dey use play. As Charles-Tim don explain am so I don know now say no be something I need to worry about but still I go rather deal with a neutral trader.

[Mpamaegbu]

Na merchants like dat I dey even like trade with. Dat SCUML warning must also include sey d merchant nor dey accept 3rd Party account, and we're good to go. I nor need to help anybodi launder their dirty funds ignorantly. E get wan merchant too wey dey warn sey im get gadget to fish out unclean money and if to sey you wan pay wit unclean money make u avoid him or im go report u. I dey like deal wit dat dude. However, I nor dey too like run several deals wit a particular at short intervals. Any merchant wey write sey dem fit pay from their personal or business account, I dey run away from dem oh. I need to see only personal account registered in d same name as d exchange own.

[Smartvirus]

It’s unusual indeed as it isn’t the kind of policy you get to see everyday or from every day cryptocurrency users.

In fact, the continued trading of this sort of users is what you should be doing, especially when you are on the good side. Though there might be conspiracy theories that could emerge from that, you would have to understand that, the people that would do the most wouldn’t need to say it out loud like that user did. In fact, they would manage to pull more accounts without having to say nothing if that was the sole purpose.

This user is by far informing that, in any eventuality that you are trying to wash money by laundering it through P2P trading, it’s all going to come right back to you. If you aren’t into no criminal activity, than it’s safe to continue your trade with such user.

It also illiterates the stands of the EFCC on cryptocurrency or P2P transactions which remains legal so long as the sources are of legal origin and not from false pretense or other forms of criminal coin acquisition.

[Odusko]

I know that a lot of people that engage in financial services such that involves large sum of money are always advice to register their company business with the anti Money laundering unit of the EFCC, I first hard about this unit via their EFCC radio but I have not seen anyone that have physical business around my areas that have such certificate yet so is not so popular or not publicly displayed in most cases.

[Coyster]

but I have not seen anyone that have physical business around my areas that have such certificate yet so is not so popular or not publicly displayed in most cases.

Small businesses in Nigeria, by small businesses i mean those that do not handle a lot of money, wouldn't waste their time registering with SCUML, simply because their business only involves a small amount of money. That said, there is a good chance that many businesses that handle millions of naira on a daily basis might be resgistered with SCUML, so they do not get in trouble.

I also don't understand what you mean by you have not seen, if businesses around you are registered with this unit of the EFCC, are they going to display their certificate to you?

[Franctoshi]

There are many Nigerian businesses registered with SCUML than you know, all you do is visit their portal/website and register your business, it is completely free. Thus the buyer is even doing people a "favor" by telling them that he is fully registered with SCUML, so if you know you are into any shady business, take your coins to another trader.

That said, nothing dey wrong in registering your business with SCUML, the only reason why we fit get problem with am is due to how poor our security operatives work, sometimes chasing innocent Nigerians without doing proper investigation.

So i would not be surprised if a legit business person gets into a problem with the EFCC.

This is not even a question of if a legit or innocent person gets into EFCC's problem, It happens regularly, when EFCC does their investigation, and it happened that you're one of the person's that the victim have transacted with via P2P even without knowing of the source of the funds, EFCC will squeeze you, and before you, they grant you a bailout you must have spent a reasonable huge amount of money before you come out. The system is rigged, and they're not doing proper investigation and arresting the main people.

[Hewlet]

So the person literally mean if you know that you are involved in criminal activities, do not use my P2P service. I am not laundering money and I am not financing any terrorist, so I can make use of it and there is no problem.

For those that might not have known about this, it's going to look like a totally different thing to them because in some way, it's giving this idea that the owner of the ad is associated with the EFCC and looking at the way the EFCC has been really brutal on any transaction that's affiliated with crypto, that might in a way hinder a lot of users from carrying out trades with such user.

Even though I have never seen such ads, I'm always on the part of safety when carrying out P2P because likely, if you don't fall victim of being scammed, you might end up associating your account with one that's a scammer which will in a way also affect you. I still remembered my binance account being suspended temporarily because I received a payment from an end that appears to be a questionable source, that's the reason for putting out things like this so if for any reason your account is associated with some fraudulent things, you will desist from transacting with certain persons.

[Obari]

There’s no need to be scared provided you’re not involved in any criminal activities and most times, I understand when we have to trade with extra caution on p2p but we also have to understand that, as much as we also try to stay safe, so is the vendor out there is also trying to dry very safe and out of troubles as well.
Typically the vendor is only trying to protect himself against criminal funds and against terrorist groups using his services for criminal activities without his awareness.

Personally I pay more attention to remarks on vendor’s profiles and how fast a vendors releases coin or payment because I don’t have to be scared of losing money when the trade is already escrowed.
When trading on p2p, just do the right thing, and I don’t think you might have anything to be really scared of.

[Gozie51]

Such merchant putting that is serving as a disclaimer and caveat to protect himself and business incase say him even transact with you, EFCC go see him as an innocent party in the transaction. Again, it also means that the sender or any person dealing with him should be aware that EFCC runs a check on his transaction and account from time to time so some kind huge funds can be scrutinized. But the person wey no get Cockroach for him cupboard go easily transact with a merchant that has such caveat.

[Abu-Naim]

All these are not the main problem we should encounter while doing p2p transaction, the main thing you should do is make sure you protect your account by not using any crypto related words so that there will be no trace of anything in your account. Send your money neutrally so that the reason for the transaction will be personal. Some accounts might be registered and they will not indicate in their description. Therefore, always be sure you have a successful transactions by ensuring you send and receive the right amount whenever you are doing p2p transactions.

[Samlucky O]

All these are not the main problem we should encounter while doing p2p transaction,

Every information dey useful no matter how the thing look simple because if person take everything common, person fit go jam problem. Just as Charles Tim don explain am, so na any body wey get intention for money laundering no go even try am again, even though say the possibility to know if na laundering money no possible except them trace am. But people just need to be careful.

the main thing you should do is make sure you protect your account by not using any crypto related words so that there will be no trace of anything in your account.

Dat one na true, but almost every body dey awear about am. Even them dey make am obvious whenever you wan initiate trade. But apart from dat, when you wan buy coin for p2p you go try make you no go put the the Kobo or the small figure wey dey added to that amount because those small money dey attract the eyes of bank to suspect if you dey do crypto transaction.

[Coyster]

All these are not the main problem we should encounter while doing p2p transaction, the main thing you should do is make sure you protect your account by not using any crypto related words so that there will be no trace of anything in your account.

Nigeria's crypto laws are very uncertain and changes often (i don't even know what the current stance is on crypto/p2p), so what you are saying is also important, but it is somewhat different from what the OP is about. Just using crypto does not mean you are into money laundering or bank fraud and the warning by that crypto vendor is for people involved in these criminal activities, not legitimate crypto users.

[EarnOnVictor]

I'd like to ask if anyone has come across something like this, and what do you guys make of it?

I've not come across such a nonsensical advert, and I don't pray to come across it, but if I do, I will just skip it to the next available ad.

What I am yet to understand is why the guy added it in his profile, he could have been silent about it because the EFCC has entrusted the account to an extent for registering with the Special Control Unit Against Money Laundering of the agency. For this, I think the guy is bluffing, he didn't register a sh*t, it's an attempt to scare people with bad intention away from his account to make it clean.

As we know, P2P is porous, if some financial crimes are being investigated on certain accounts, it will surely be linked to many accounts that have transacted in P2P with them.

[Coyster]

What I am yet to understand is why the guy added it in his profile, he could have been silent about it because the EFCC has entrusted the account to an extent for registering with the Special Control Unit Against Money Laundering of the agency. For this, I think the guy is bluffing, he didn't register a sh*t, it's an attempt to scare people with bad intention away from his account to make it clean.

If you read the whole thread, you'd have read what a lot of us have already said, there is nothing special about this registration and the EFCC does not entrust anything to you when your register your business with SCUML. The registration is free, all you need do is visit their website and follow the instructions and there you have it, your business is registered with this unit of the EFCC.

This buyer definitely registered their accounts and it is good that he has it in his ad description/terms, so that his counterparty is aware before going on to trade.