Anti-Money Laundering (AML) Policy

Last updated: 2026-04-01

1. Our Commitment

CrossPay is committed to preventing money laundering, terrorist financing, and other financial crimes. We comply with the Money Laundering (Prohibition) Act 2011, CBN Anti-Money Laundering regulations, and international standards set by the Financial Action Task Force (FATF).

2. Know Your Customer (KYC)

All users must complete identity verification before making transfers. We verify identity through BVN (Bank Verification Number) and NIN (National Identification Number) checks. Business accounts require additional documentation including CAC registration. Enhanced due diligence is applied to higher-risk customers and transactions.

3. Transaction Monitoring

We monitor all transactions for suspicious patterns using automated systems and manual review. Monitoring includes transaction velocity checks, unusual amount patterns, geographic risk assessment, and behavioral analysis. Transactions flagged by our systems are reviewed by our compliance team.

4. Suspicious Activity Reporting

We report suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU) as required by law. We are prohibited from informing customers about filed reports (tipping off). All employees are trained to recognize and report suspicious activity.

5. Sanctions Compliance

We screen all users and beneficiaries against international sanctions lists including UN, OFAC, EU, and Nigerian sanctions lists. Transactions involving sanctioned individuals, entities, or jurisdictions are blocked. We update our screening databases regularly.

6. Record Keeping

We maintain records of all customer identification documents, transaction details, and compliance decisions for a minimum of 7 years as required by Nigerian law. Records are stored securely and made available to regulators upon request.

7. Staff Training

All CrossPay employees receive AML/CFT training upon hiring and annual refresher training. Training covers recognizing suspicious activity, reporting obligations, and the consequences of non-compliance.

8. Contact

For AML compliance inquiries, contact our Chief Compliance Officer at [email protected].