We consider it necessary to make public our anti-money laundering (AML) policy due to the Anti-money laundering legislation that is in effect in most countries including Nigeria. Our AML policies, procedures and internal controls are designed to comply with money laundering regulations and prevent us from accepting payments that will expose us to possible criminal fines and penalties.
Money laundering is the process whereby the proceeds of crime are transformed into ostensibly legitimate money or other assets, thereby making the illegal source of such assets or funds untraceable.
9jaCASH views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering.
We have therefore devised the following measures to check such activities:
1. Verification of our customers;
2. Retaining transaction and verification documents for a minimum period of five years;
3. Setting a daily transaction limit for all transactions;
4. Constant regulation of deposits by the introduction of the Invoice System;
5. Educating our staff continuously in terms of anti-money laundering regulations;
6. Monitoring and reporting any suspicious activities and transactions;
7. Prevention of virtual/anonymous registration on the site by using the customer's bank information and
8. Close monitoring of all transactions and information in the system making sure they are correct at all times and complies with applicable laws.
Please note that 9jaCASH reserves the right to refuse a transaction at any time should suspicion arise that may be connected to money laundering and/ or terrorist financing or any other criminal activity. In addition, 9jaCASH will report this suspicious activity to the proper law enforcement agency in order to comply with said regulations, and internationally accepted laws and customs which also prohibits 9jaCASH from disclosing this information to you.
This AML Policy was Revised and Republished Thursday, 8th September, 2016.