AML Policy

AML Policy

Last updated: (08-07-2023)

Monica.ng Anti-Money Laundering (AML) Policy

At Monica.ng, our commitment to ensuring a safe and compliant environment for digital currency transactions is unwavering. This Anti-Money Laundering (AML) Policy aims to prevent, detect, and counter the potential misuse of our platform for money laundering or terrorist financing activities.

We uphold the highest standards of regulatory compliance and abide by all relevant laws and regulations in Nigeria and Ghana, including adhering to the guidelines provided by their respective financial regulators. To ensure this, we undertake the following measures:

1. Customer Due Diligence (CDD)
All users of Monica.ng are required to undergo a comprehensive Know Your Customer (KYC) process. This involves providing valid identification, proof of address, and other relevant documents that can assist us in verifying the identities of our users.

2. Ongoing Monitoring
We continuously monitor all transactions on our platform. Any transaction that appears suspicious in nature or deviates from a user's typical transactional behavior will be flagged for further investigation by our compliance team.

3. Reporting Suspicious Activities
Monica.ng is committed to reporting any suspicious transactions to the appropriate regulatory authorities in a timely manner. This ensures that potential illicit or harmful activities can be intercepted and addressed promptly.

4. Employee Training
All Monica.ng staff undergo periodic training to remain updated on the latest AML best practices and regulatory requirements. This ensures that our team is always equipped to recognize and address potential AML risks.

5. Record Keeping
For transparency and regulatory compliance, Monica.ng retains transactional and user verification records for a minimum period of five years. This assists in any future audits or investigations that may arise.

We request all our users to be vigilant and ensure that their transactions are compliant with the legal standards of their respective countries. Any attempt to engage in illicit activities on our platform will lead to immediate account suspension and necessary legal actions.

In essence, Monica.ng values the trust of its community and takes all required steps to ensure a safe and compliant transaction environment. We remain committed to working alongside regulatory bodies to guarantee the integrity of our operations and the safety of our users.

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