01 Overview & Commitment
We actively prevent and detect money laundering, terrorism financing, and other illicit financial activities. Our AML/KYC policy is designed to protect our users, our platform, and the integrity of the digital economy by ensuring we know who our customers are and can identify suspicious transactions.
Failure to comply with these verification procedures may result in account limits, suspension, or termination.
02 Key Definitions
- Money Laundering: The process of making illegally-obtained funds ("dirty money") appear legal.
- KYC (Know Your Customer): The process of verifying the identity of our customers to prevent fraud and illegal activities.
- PEP (Politically Exposed Person): Individuals who hold or have held prominent public functions, who are subject to enhanced due diligence.
- CBN: Central Bank of Nigeria.
03 KYC Verification Tiers
To provide custom security and comply with regulations, we operate a tiered verification structure:
- Tier 1 (Basic): Requires basic information (Name, Email, Phone Number). Ideal for low-volume transactions and standard services.
- Tier 2 (Verified): Requires Bank Verification Number (BVN) or National Identification Number (NIN). Required for virtual bank accounts, high-value wallet funding, and special services.
- Tier 3 (Premium/API): Requires Government-issued Photo ID verification and/or CAC business registration documents. Required for API integrations and institutional accounts.
04 Acceptable Documents
For Tier 3 verification, we accept the following valid documents:
- National ID Card (NIN Slip/Plastic Card)
- Voter's Card (Temporary or Permanent)
- Nigerian International Passport
- Driver's License
- Corporate CAC Documents (for corporate/business users)
All submitted documents must be valid, unexpired, and display a clear photo and legible text matching your account details.
05 Transaction Monitoring
We perform automated and manual monitoring of transactions on our platform, searching for:
- Unusually large wallet funding transactions
- Multiple rapid transactions using different bank cards/accounts
- Activity originating from high-risk locations or using suspicious VPN addresses
- Structured deposits aimed at bypassing transaction thresholds
06 Suspicious Activity Reports (SAR)
If we detect activity that we suspect is related to fraud, money laundering, or illegal operations, we reserve the right to:
- Request additional verification documents immediately
- Place a temporary hold on the user's account and wallet balance
- Submit a Suspicious Activity Report to the EFCC, CBN, and other regulatory agencies without notifying the user (as prohibited by tipping-off laws)
07 Prohibited Practices
Users are strictly prohibited from:
- Providing false, misleading, or stolen identity credentials
- Registering multiple accounts using different names or details
- Using virtual accounts to facilitate third-party payments or money transfer operations
- Funding wallets via compromised bank accounts or cards
08 Record Keeping
We maintain comprehensive records of all identification data, verification documents, and transaction logs for a minimum period of 5 years after account closure or transaction date, complying with CBN record-retention requirements.
09 Compliance Officer
We have designated an AML Compliance Officer responsible for overseeing the implementation of this policy, training staff, and coordinating with law enforcement and regulatory bodies.
10 Updates to Policy
We update this policy from time to time to remain aligned with changes in Nigerian financial regulations. Material updates will be communicated on the platform.
If you have any questions about our compliance policies, please contact us at theafrodigitalz@gmail.com.