Legal and Compliance

Legal & Compliance

Anti Money Laundering

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the money to the launderer in an obscure and indirect way. It can also be said to be the process of making illegally-gained proceeds (i.e., "dirty money") appear legal (i.e., "clean"). Typically, it involves three steps: placement, layering, and integration. ... Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean". When it involves the process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source then it’s dirty money, and the process "launders" it to make it look clean. Money laundering is itself a crime.

Criminals use a wide variety of money laundering techniques to make illegally obtained funds appear clean. Online banking and cryptocurrencies have made it easier for criminals to transfer and withdraw money without detection. The prevention of money laundering has become an international effort and now includes terrorist funding among its targets.

Governments around the globe have stepped up their efforts to combat money laundering in recent decades, with regulations that require financial institutions to put systems in place to detect and report suspicious activity to fight against Money laundering. The Anti-money laundry policy and Combating the Financing of Terrorism (CFT) has been applied.

Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities. An effective AML program requires a jurisdiction to criminalise money laundering, giving the relevant regulators and police the powers and tools to investigate; be able to share information with other countries as appropriate; and require financial institutions to identify their customers, establish risk-based controls, keep records, and report suspicious activities.

Combating the Financing of Terrorism (CFT) involves investigating, analyzing, deterring, and preventing sources of funding for activities intended to achieve political, religious, or ideological goals. CFT is achieved through violence and the threat of violence against civilians. By tracking down the source of the funds that support terrorist activities, law enforcement may be able to prevent some of those activities from occurring.

How we are been compliance with AML and CFT

Although regulations for the cryptocurrency industry is not yet established in some countries we operate, most notably Nigeria. Cryptocurrency businesses like ours follow regulations in similar industry like banking systems. Abiding by the AML rules and KYC policies.

  • To combat Money Laundering, CFT and related crimes, we perform KYC on all of our customers. We adopt different levels of KYC which impact the daily limits of a user.
  • We control, record, and moderate the flow of transactions to ensure that users are not using stolen cards, dirty money, etc to perform transactions. We do so by not just ensuring we 'Know our Customers', but by placing daily limits to account, running due diligence checks and keeping accurate records of all activities.
  • We keep records on the transactions performed on our platform, the parties involved in the transactions, etc. We are willing to corporate with government and other agencies to share informations when needed.
  • We also monitor accounts for suspicious activities and we are inclined to report any such activity to the right authorities.

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