BitAfrika Ltd is committed to maintaining a secure, compliant, and transparent
platform for cryptocurrency transactions. Our Anti-Money Laundering (AML) and
Know Your Customer (KYC) policies are designed to protect our users and prevent
illicit activities such as money laundering, terrorist financing, and fraud.
This document outlines our AML and KYC framework, user responsibilities, and how
we ensure compliance with Ghanaian laws and international standards.
1. Purpose of the AML and KYC Policy
The purpose of this policy is to:
a) Prevent money laundering, terrorist financing, and fraudulent activities on
the BitAfrika platform.
b) Ensure compliance with the Anti-Money Laundering Act, 2020 (Act 1044)
and regulations issued by the Financial Intelligence Centre (FIC) of Ghana.
c) Protect BitAfrika and its users by verifying the identity of all platform
participants and monitoring their activities.
2. Who Does This Policy Apply To?
This policy applies to:
• All users of the BitAfrika platform, including individuals and corporate
entities.
• All employees, agents, and representatives of BitAfrika involved in
operations.
• All transactions conducted on the BitAfrika platform, including
cryptocurrency purchases, sales, and wallet activities.
3. Key Features of the Policy
3.1 Customer Identification (KYC Requirements)
Before using BitAfrika’s services, all users must complete the KYC verification
process by providing:
1. Personal Information:
a) Full name, date of birth, nationality, and contact details.
b) A valid government-issued ID (e.g., Ghana Card, passport, driver’s
license).
2. Corporate Users:
a) Company registration documents, including Tax Identification
Number (TIN).
b) Details of ultimate beneficial owners (UBOs).
c) Proof of the company’s physical address.
3. Enhanced Due Diligence (EDD):
a) Required for users flagged as high-risk, such as Politically Exposed
Persons (PEPs) or users from high-risk jurisdictions.
b) Additional documentation, such as proof of source of funds, may be
requested.
3.2 Transaction Monitoring
BitAfrika monitors all user transactions to detect unusual or suspicious activity,
including:
• Transactions above a certain threshold
• Unusual transaction patterns or activities inconsistent with a user’s profile.
• Transfers involving high-risk jurisdictions or individuals flagged on sanctions
lists.
Transactions flagged as suspicious are reviewed by our compliance team and
reported to the Financial Intelligence Centre (FIC) if necessary.
3.3 Reporting Suspicious Activity
• BitAfrika is required to file a Suspicious Transaction Report (STR) with the FIC
for any activity deemed suspicious or inconsistent with user profiles.• Examples of suspicious activities include:
o Multiple transactions just below the reporting threshold.
o Rapid transfers to multiple wallets or accounts.
o Use of false or stolen identities.
3.4 Politically Exposed Persons (PEPs)
• Users identified as PEPs or closely associated with PEPs undergo Enhanced
Due Diligence (EDD).
• Senior management approval is required to onboard or continue
relationships with PEPs.
4. User Responsibilities
As a user of BitAfrika, you are responsible for:
• Providing accurate and up-to-date information during registration and
verification.
• Ensuring all transactions comply with applicable laws and regulations.
• Avoiding any activity that could be considered suspicious or illegal.
5. Privacy and Data Protection
We take your privacy seriously. All personal information provided during the KYC
process is handled in accordance with our Privacy Policy and used solely for
compliance and security purposes.
6. Consequences of Non-Compliance
Failure to comply with this policy or providing false or misleading information may
result in:
1. Account suspension or termination.
2. Reporting to the relevant regulatory authorities.
3. Legal action if deemed necessary.
7. Training and Awareness
All BitAfrika employees and agents undergo regular training to stay informed
about:
• AML and KYC regulations and best practices.
• Identifying and reporting suspicious activities.
• Updates to Ghanaian laws and international standards.
8. Sanctions and Prohibited Transactions
BitAfrika strictly prohibits transactions involving:
• Sanctioned individuals or entities
• Funds from illicit activities such as fraud, drug trafficking, or terrorism
financing.
9. Record Keeping
We retain the following records for at least six (6) years:
• User identification documents.
• Transaction histories.
• Reports of suspicious activities.
10. Updates to This Policy
This policy may be updated periodically to reflect changes in laws or operational
requirements. Users will be notified of significant updates through the BitAfrika
platform.
11. Contact Us
If you have questions or concerns about this policy, please contact us:
Email: [[email protected]]By using BitAfrika, you agree to adhere to this AML and KYC Policy.
Thank you for helping us maintain a secure and compliant platform.
