Policy Statement
Payyng is committed to maintaining the highest standards of compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. This policy establishes our framework for preventing, detecting, and reporting suspicious financial activities in accordance with Nigerian financial regulations and international best practices.
Customer Due Diligence (CDD)
Identity Verification
All customers must provide valid government-issued identification including National ID, International Passport, or Driver's License. We verify these documents through secure third-party verification services.
Address Verification
Customers must provide proof of address through utility bills, bank statements, or official correspondence dated within the last 3 months.
Enhanced Due Diligence
For high-risk customers or transactions exceeding ₦1,000,000, we conduct enhanced due diligence including source of funds verification and additional documentation requirements.
Ongoing Monitoring
We continuously monitor customer transactions and behavior patterns to identify suspicious activities and ensure compliance with regulatory requirements.
Transaction Monitoring
Automated Monitoring Systems
Our advanced AI-powered systems monitor all transactions in real-time, analyzing patterns, amounts, frequencies, and counterparties to detect suspicious activities.
Transaction Limits
Daily transaction limits are enforced based on customer verification levels: Tier 1 (₦50,000), Tier 2 (₦500,000), Tier 3 (₦5,000,000). Transactions exceeding these limits require additional verification.
Red Flag Indicators
We monitor for structured transactions, unusual transaction patterns, transactions to high-risk jurisdictions, and other indicators as defined by regulatory guidelines.
Reporting Mechanisms
Suspicious transactions are automatically flagged and reported to our compliance team for investigation and potential reporting to relevant authorities within 24 hours.
Prohibited Activities
Money Laundering
Any attempt to disguise the source of illegally obtained funds through our platform is strictly prohibited and will result in immediate account suspension and reporting to authorities.
Terrorist Financing
We maintain zero tolerance for any activities related to terrorist financing. All transactions are screened against international sanctions lists and terrorist financing databases.
Fraud and Financial Crimes
We prohibit all forms of fraud, including identity theft, account takeover, payment fraud, and any other financial crimes. Violators will face account termination and legal action.
Sanctions Violations
Transactions involving sanctioned individuals, entities, or jurisdictions are strictly prohibited. We maintain comprehensive sanctions screening procedures.
Compliance Framework
Regulatory Compliance
We comply with all applicable Nigerian financial regulations including CBN guidelines, NFIU requirements, and international standards such as FATF recommendations.
Staff Training
All employees receive comprehensive AML training upon joining and annual refresher training to ensure awareness of latest threats and regulatory requirements.
Independent Audits
Our AML program undergoes regular independent audits by certified compliance professionals to ensure effectiveness and regulatory compliance.
Record Keeping
We maintain detailed records of all transactions, customer due diligence documentation, and compliance activities for a minimum of 7 years as required by regulations.
Risk Assessment Categories
Low Risk
Medium Risk
High Risk
Reporting Channels
Internal Reporting
compliance@payyng.com
Anonymous Hotline
+234 (0) 700 COMPLY
Regulatory Reporting
NFIU Portal
Law Enforcement
EFCC / Police
Customer Obligations
- Provide accurate and complete information during account registration and verification
- Promptly update personal information when changes occur
- Cooperate with additional verification requests and compliance procedures
- Report any unauthorized or suspicious activities on your account immediately
- Ensure all transactions comply with applicable laws and regulations
AML Compliance Contact
For AML-related inquiries, compliance concerns, or to report suspicious activities:
- Compliance Officer
- compliance@payyng.com
- Emergency Hotline
- +234 (0) 700 COMPLY
- Business Hours
- 24/7 Monitoring & Response
- Response Time
- Within 24 hours