Anti-Money Laundering PolicyLast updated: December 11, 2023.
ZeGidPay is committed to high standards of anti-money laundering/counter terrorist financing (AML/CTF) and requires all ZeGidPay Clients (Merchants & Partners), management and employees to adhere to these standards in order to prevent the use of ZeGidPay's products and services for money laundering/terrorist financing purposes. Implemented AML/CTF compliance program comprises written policies, procedures, internal controls and systems including but not limited to:
- Information we collect
- The identification of potential AML/CTF risks relevant to each ZeGidPay's activities.
- Global and local AML/CTF policies and procedures to ensure compliance with AML laws and regulations.
- Customer identification and verification (including beneficial owners).
- Rules regarding transactions of Politically Exposed Persons (PEPs).
- Enhanced due diligence of increased risk clients.
- Internal procedures for monitoring and reporting suspicious activities of the ZeGidPay's customers.
- Customer screening against global list of terrorists and specially designated nationalities, relevant financial and other sanctions lists.
- Maintenance of relevant records.
- Regular staff training and awareness raising.
- Management of regulatory inquiries and incidents.
- Coordinating day-to-day compliance by responsible compliance staff.
Standards set out in the internal AML/CTF policy are based on applicable legal and regulatory requirements to prevent ZeGidPay and its clients from money laundering, terrorist financing or other fraudulent activities.
ZeGidPay CONDUCTS ITS BUSINESS IN COMPLIANCE WITH THE FOLLOWING GENERAL PRINCIPLES:
KNOW YOUR CLIENT AND CUSTOMER IDENTIFICATION PROCEDURES
KYC procedures include the following key elements: customer identification, customer acceptance policy, risk management and permanent monitoring of high risk clients' accounts. Prior to executing any type of business, ZeGidPay determines and documents the true identity of customers and obtains information about the purpose and real nature of the business.
ZeGidPay obtains and documents any additional information, appropriate to the assessment of the money laundering risk with a risk-sensitive approach.
KYC procedures are always complied with when customers open accounts and establish a new business relationship. ZeGidPay's AML/CTF and KYC procedures are conducted on a risk-based approach. Consequently, opening anonymous accounts to access or use ZeGidPay's services are not allowed.
ZeGidPay is also developing an automated controlling system in place whereby it can constantly monitor private individuals and legal entities against global watch lists.
CORRESPONDENT RELATIONSHIP WITH BANKS, FINANCIAL SERVICE COMPANIES AND OR FINTECH COMPANIES
ZeGidPay does not have correspondent relations with "shell with Banks/ Financial Service Companies/ Fintech Companies "
ZeGidPay always determines the reputation of correspondent institutions, including whether they have been subject to money laundering or terrorist financing investigations or other regulatory actions/sanctions.
MONITORING AND REPORTING OF SUSPICIOUS TRANSACTIONS AND ACTIVITIES.
In accordance with the requirements of the laws of the USA, UK, and Nigeria on Facilitating the Prevention of Illicit Income Legalization, ZeGidPay implements and maintains measures for handling suspicious transactions. ZeGidPay considers indications that a customer's money originated from unlawful activities or other money laundering activities and will report all identified instances of suspicious activities to the relevant authorities.
ZeGidPay avoids providing support or assistance to parties seeking to deceive law enforcement authorities through the provision of false, altered, incomplete or missing information.
Accordingly, all ZeGidPay staff are diligent in monitoring of any unusual or suspicious transactions/activities based on the relevant applicable criteria.
RECORD AND DOCUMENT KEEPING
Records of all documents obtained for the purpose of identification and all transaction data, as well as other documents are kept electronically for at least 15 years.
If you have any questions or require additional information regarding ZeGidPay's Anti- Money Laundering efforts, please contact:
Risk assessment & Compliance Officer