Anti-Money Laundering (AML) Policy

Anti-Money Laundering (AML) refers to a set of laws, regulations, and procedures designed to prevent and detect illegal financial activities, specifically money laundering and terrorist financing.

Money laundering is the process of making illegally obtained funds appear legitimate, often involving a series of transactions that “clean” the dirty money. AML measures are implemented to hinder these activities and protect the integrity of financial systems and institutions.

Anti-Money Laundering (AML) Policy

1. Introduction

At Snapiro, we are committed to maintaining the highest standards of integrity and transparency. As part of our commitment to responsible financial services, we have implemented this Anti-Money Laundering (AML) Policy to prevent and mitigate the risks associated with money laundering, terrorist financing, and other illegal activities.

2. Legal Framework

Snapiro operates in accordance with the AML and counter-terrorist financing regulations applicable in Nigeria and any other relevant international standards.

3. Know Your Customer (KYC) Procedures

3.1. Customer Identification: Snapiro has implemented strict customer identification procedures. We will verify the identity of all users who register on our platform.

3.2. Ongoing Monitoring: We continually monitor customer transactions to identify and report any unusual or suspicious activity.

3.3. Enhanced Due Diligence: In certain cases, we may conduct enhanced due diligence, including the verification of the source of funds and the purpose of transactions.

4. Reporting Suspicious Transactions

4.1. Obligation to Report: All employees of Snapiro are required to report any suspicious transactions to the designated AML officer.

4.2. Suspicious Activity Reports (SARs): When a suspicious transaction is identified, a Suspicious Activity Report (SAR) will be prepared and filed with the relevant authorities as required by law.

5. Customer Identification and Records

5.1. Data Retention: We maintain records of customer identification and transaction data for a period as mandated by law.

5.2. Customer Due Diligence: Snapiro will conduct customer due diligence procedures when establishing a business relationship, carrying out occasional transactions, or when there is suspicion of money laundering or terrorist financing.

6. Training and Awareness

6.1. Training: Snapiro provides regular training to employees to raise awareness and ensure compliance with AML regulations.

6.2. Updates: Our AML policies and procedures are reviewed and updated regularly to remain in compliance with changing regulations and standards.

7. Sanctions

7.1. Risk Assessment: Snapiro conducts risk assessments to identify, assess, and understand the risk of money laundering and terrorist financing associated with its operations.

7.2. Sanctions: We will not engage in transactions with individuals, entities, or countries that are subject to international sanctions or embargoes.

8. Responsibilities

8.1. AML Officer: Snapiro has designated an AML officer responsible for implementing and overseeing the AML program.

8.2. Employee Responsibilities: All employees are responsible for understanding and complying with AML policies and procedures.

9. Reporting Violations

9.1. Reporting Violations: Any employee who suspects a violation of this AML policy must report it immediately to the AML officer.

10. Cooperation with Authorities

Snapiro will fully cooperate with regulatory authorities and law enforcement agencies to provide information and support in investigations related to money laundering or terrorist financing.

11. Review and Updates

This AML policy will be reviewed periodically and updated as necessary to ensure its effectiveness and compliance with changing regulations.

12. Contact Information

For any questions, concerns, or reports related to money laundering or AML compliance, please contact our AML officer at [].