Legal

    Anti-Money Laundering (AML) Policy

    Last updated December 24, 2024

    Introduction

    Ratefy Technology Limited ("Ratefy") is committed to the highest standards of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance. This policy outlines the measures we take to prevent money laundering, terrorist financing, and other financial crimes through our platform.

    Our Commitment

    Ratefy is committed to complying with all applicable AML/CTF laws and regulations in Nigeria, including but not limited to:

    • The Money Laundering (Prohibition) Act, 2011 (as amended)
    • The Terrorism (Prevention) Act, 2011 (as amended)
    • The Central Bank of Nigeria (CBN) AML/CFT regulations
    • Financial Action Task Force (FATF) recommendations

    Know Your Customer (KYC)

    Ratefy implements a multi-tiered KYC verification process to identify and verify the identity of all users before granting full access to our services. Our KYC levels include:

    • Starter: Basic registration with email and WhatsApp verification.
    • Standard: Government-issued ID verification (BVN, NIN), liveness selfie check, and personal information declaration.
    • Pro: Enhanced due diligence including proof of address, government-issued photo ID, employment details, source of funds declaration, and PEP screening.
    • Agent: Comprehensive verification including Service Level Agreement (SLA).

    Transaction Monitoring

    We monitor transactions on our platform to detect and report suspicious activities. Our monitoring includes:

    • Automated transaction screening against known patterns of suspicious activity
    • Manual review of flagged transactions by our compliance team
    • Monitoring for unusual transaction patterns, volumes, or frequencies
    • Ongoing review of user account activity

    Suspicious Activity Reporting

    Ratefy will file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) when we identify transactions or activities that we suspect may involve money laundering, terrorist financing, or other financial crimes.

    Record Keeping

    We maintain records of all customer identification documents, transaction records, and compliance activities for a minimum period as required by applicable law.

    Employee Training

    All Ratefy employees and agents receive regular training on AML/CTF compliance, including recognizing red flags and understanding their reporting obligations.

    Sanctions Screening

    Ratefy screens all users against relevant sanctions lists, including those maintained by the United Nations, the Office of Foreign Assets Control (OFAC), and other applicable regulatory bodies.

    Cooperation with Authorities

    Ratefy fully cooperates with law enforcement agencies and regulatory authorities in their efforts to combat money laundering and terrorist financing.

    Contact

    If you have any questions about our AML Policy or wish to report suspicious activity, please contact us at chat@ratefy.co.