AML & Anti-Fraud Policy for PaymentBridge.ng

Last Updated: November,1st 2023

1. Introduction

PaymentBridge.ng is committed to maintaining the highest standards of integrity and compliance with applicable laws and regulations. This Anti-Money Laundering (AML) and Anti-Fraud Policy outlines our commitment to preventing money laundering and fraudulent activities.

2. AML Compliance

  1. a. Customer Due Diligence (CDD): We will conduct thorough customer due diligence before establishing a business relationship or processing transactions. This includes verifying the identity of customers, beneficial owners, and conducting risk assessments.

  2. b. Enhanced Due Diligence (EDD): In high-risk scenarios, we may implement enhanced due diligence measures to mitigate potential money laundering risks.

  3. c. Record Keeping: We will maintain records of customer identification information and transaction history in accordance with applicable laws.

3. Reporting and Cooperation

  1. a. Suspicious Activity Reporting: Employees are obligated to report any suspicious activities that may indicate money laundering or fraud promptly.

  2. b. Cooperation with Authorities: We will cooperate with law enforcement and regulatory authorities, providing them with the necessary information to combat money laundering and fraud.

4. Employee Training

  1. a. AML Training: Employees will receive regular training on AML and anti-fraud policies, procedures, and relevant legal requirements.

  2. b. Awareness Programs: We will conduct awareness programs to ensure that all employees understand their role in preventing money laundering and fraud.

5. Transaction Monitoring

  1. a. Real-Time Monitoring: We employ real-time monitoring systems to identify and investigate unusual or suspicious transactions.

  2. b. Automated Alerts: Automated alerts are set up to notify relevant personnel of potentially suspicious activities.

6. Anti-Fraud Measures

  1. a. Fraud Detection Systems: We implement robust fraud detection systems to identify and prevent fraudulent activities.

  2. b. User Authentication: Multi-factor authentication and other secure measures are employed to protect against unauthorized access.

7. Whistleblower Protection

Employees and stakeholders are encouraged to report any concerns related to money laundering or fraud. Whistleblowers will be protected from retaliation.

8. Compliance Monitoring

Regular internal reviews and audits will be conducted to assess the effectiveness of our AML and anti-fraud program.

9. Non-Tolerance Policy

PaymentBridge.ng has a zero-tolerance policy for money laundering and fraudulent activities. Violations of this policy may result in disciplinary action, termination of services, and legal action as appropriate.

10. Contact Information

If you have any questions or concerns about our AML and Anti-Fraud Policy, please contact us at contact@paymentbridge.ng.

11. Governing Law

This AML and Anti-Fraud Policy are governed by the laws of Nigeria.