1. Anti-Money Laundering (AML) Policy

    Africhange Technologies Limited is committed to the combating of financial crimes, including money laundering and terrorist financing. In this regard, the Company has implemented a framework for Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) under Money Laundering (Prohibition) Act 2011 as amended in 2012, Nigerian Financial Intelligence Unit Act, 2018 and other applicable laws and regulations. The company has adopted an AML framework that covers the following:

    1. The appointment of a chief Compliance officer to supervise the AML/KYC team
    2. Compliance policies and procedures including AML/Compliance policy, Executing Know Your Customer (“KYC”) procedures, Ongoing monitoring and business relationship, Record keeping requirements, Transaction reporting requirements
    3. Risk assessment to evaluate all risks related to money laundering and terrorist financing
    4. Ongoing compliance training program for our AML/KYC Compliance team
    5. 12 months effectiveness review of our Policy
    6. For more information on our AML/KYC policy, please send an email to hello@nairaex.pro
  2. Know Your Customer (KYC) Policy

    The company has implemented Know Your Customer (“KYC”) policies and procedures that emphasize the following:

    1. Implementation of customer due diligence and know your customer (CDD/KYC) measures for customer identification and verification upon establishment of business relations and upon subsequent risk-sensitive basis.
    2. Obtain and verify identity and information of beneficial owners in relation to accounts with an authorised representative; and examine the capacity of such representative to operate the account.
    3. Verify legal status of a body corporate by obtaining proof of incorporation and determine the natural persons behind such corporation.
    4. Enhanced Due Diligence (EDD) is conducted on high risk customers including politically exposed persons. The approval of senior management and Compliance is required prior to the commencement of business relationship with such high-risk customers.
    5. Profile Customers and Accounts into risk categories with special focus on non-resident customers; legal persons or legal arrangements such as trusts; Politically Exposed Persons (PEPs)
    6. Conducting ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution’s knowledge of the customer, their business and risk profile, including, where necessary, the source of funds.
    7. Customer information update whenever the need arises.
    8. Obligation to report to the regulatory authorities’ suspicious transactions, which may ultimately have a bearing with money laundering activities
    9. Screening of customer information against database of individuals and entities subject to sanction (watch-list check) at on-boarding stage and quarterly customer database scan