Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origin of criminally derived proceeds so that the unlawful proceeds appear to have derived from legitimate origins or constitute legitimate assets.
Generally, money laundering occurs in three stages:
It is the policy of Naira4coin to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorists or criminal activity.Naira4coin is committed to full compliance with all applicable laws and regulations regarding anti-money laundering procedures. Naira4coin has adopted and will enforce the provisions set forth in Anti-Money Rules & Regulations in order to prevent and detect money laundering, terrorist financing and other illegal activities. Key components of our AML and CTF framework include the following:
NAIRA4COIN's compliance officer is tasked with the following responsibilities:
Establishing and maintaining a risk-based approach to Customer Due Diligence (CDD), including customer identification, verification and KYC procedures. To ensure we meet these standards, our customers are required to provide certain personal details and documents when opening a Naira4coin Account. The nature, and extent, of what is required is guided by the customer’s deposit and withdrawal limits and, in some cases, the customer’s country of residence. In certain circumstances, Naira4coin may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting large volumes etc.maintaining appropriate KYC records for the minimum prescribed periods.
All relevant employees are made aware of AML/CFT law and are trained regularly to recognise and deal with transactions that may be related to AML/CFT, as well as to identify and report anything that gives grounds for suspicion.
Suspicious transactions shall include but not limited to the following:
Other Legal Documents: