Anti Money Laundering / Know your customer
Money laundering is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money. Money laundering is most commonly associated with tax avoidance. However, other individuals may attempt to launder money in order to conceal their identity or finance their operations.
Suspicious activity’ is a very difficult concept to define because it can vary from one transaction to another based upon all the circumstances surrounding the transaction or group of transactions. For example, transactions by one customer may be normal based on our knowledge of that customer and their pattern of activity, while similar transactions by another customer may be suspicious. Many factors are involved in determining whether transactions are suspicious including the amount, the nature of the transaction and frequency of deposits/withdrawals from the system.
BITAFRIKA is committed to fighting money laundering and complying fully with anti-money laundering laws in every country we oprate. We understand that we have responsibilities to help fight the global battle against money laundering and our commitment will supersede all other privacy obligations contained in our policies. Accordingly, BitAfrika will take all reasonable and appropriate steps to prevent persons engaged in money laundering, fraud, or other financial crimes from utilizing our products and services. Our AML policies, procedures and internal controls are designed to ensure compliance with all applicable regulations and rules and will be reviewed and updated on a regular basis to ensure appropriate policies, procedures and internal controls are in place to account for both changes in regulations and changes in our business. Key components of our AML and KYC framework include the following
Suspicious activity’ is a very difficult concept to define because it can vary from one transaction to another based upon all the circumstances surrounding the transaction or group of transactions. For example, transactions by one customer may be normal based on our knowledge of that customer and their pattern of activity, while similar transactions by another customer may be suspicious. Many factors are involved in determining whether transactions are suspicious including the amount, the nature of the transaction and frequency of deposits/withdrawals from the system.
BITAFRIKA is committed to fighting money laundering and complying fully with anti-money laundering laws in every country we oprate. We understand that we have responsibilities to help fight the global battle against money laundering and our commitment will supersede all other privacy obligations contained in our policies. Accordingly, BitAfrika will take all reasonable and appropriate steps to prevent persons engaged in money laundering, fraud, or other financial crimes from utilizing our products and services. Our AML policies, procedures and internal controls are designed to ensure compliance with all applicable regulations and rules and will be reviewed and updated on a regular basis to ensure appropriate policies, procedures and internal controls are in place to account for both changes in regulations and changes in our business. Key components of our AML and KYC framework include the following
internal control
Formulate and implement internal controls and other procedures that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations under subsisting laws and Regulations are met
compliance officer
Prompt preparation and delivery of all relevant returns to the regulatory bodies in line with the rules and Regulations of the country of operationMonitoring transactions to detect unusual suspicious activities.Coordinating and monitoring day-to-day compliance with the relevant legislation, regulations, rules and industry guidance and applicable money laundering laws and regulations.
Know your customer
Establishing and maintaining a risk-based approach to Customer Due Diligence (CDD), including customer identification, verification and KYC procedures. To ensure we meet these standards, our customers are required to provide certain personal details when opening a BITAFRIKA account and also generate OTP and password for any withdrawal request. The nature, and extent, of what is required is guided by the customer’s deposit and withdrawal limits, account to be used and in some cases, the customer’s country of residence.
In certain circumstances, BITAFRIKA may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting large volumes etc. Maintaining appropriate KYC records for the minimum prescribed periods.
In certain circumstances, BITAFRIKA may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting large volumes etc. Maintaining appropriate KYC records for the minimum prescribed periods.
aML/CFT audits and training
To ensure adherence to AML/CFT regulations, an internal audit of BITAFRIKA's AML/CFT framework shall be conducted periodically.
This will enable BITAFRIKA determine whether the policy is effective and to what extent it needs to be revised or updated.
The report and findings of the audit will be circulated to the management and all relevant issues in relation shall be resolved.
In addition, relevant employees shall be adequately and periodically trained to ensure that they are well informed on how to identify red flags in transactions which may occur in the course of their work.
It shall be mandatory for all staff, including senior management, to partake in annual AML/CFT trainings.
This will enable BITAFRIKA determine whether the policy is effective and to what extent it needs to be revised or updated.
The report and findings of the audit will be circulated to the management and all relevant issues in relation shall be resolved.
In addition, relevant employees shall be adequately and periodically trained to ensure that they are well informed on how to identify red flags in transactions which may occur in the course of their work.
It shall be mandatory for all staff, including senior management, to partake in annual AML/CFT trainings.
record retention
Customer identification documents are retained throughout BITAFRIKA's relationship with its customers and for 3 years after the conclusion of the financial relationship
KYC policies are designed to be flexible and adaptable, as the risks and requirements related to money laundering and other financial crimes can change over time. The policies may be updated periodically to reflect changes in the legal and regulatory environment, and to ensure that the company is complying with all relevant laws and regulations.
KYC policies are designed to be flexible and adaptable, as the risks and requirements related to money laundering and other financial crimes can change over time. The policies may be updated periodically to reflect changes in the legal and regulatory environment, and to ensure that the company is complying with all relevant laws and regulations.
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