AML and KYC Policy
This AML Policy (hereinafter referred to as the Policy) regulates the activities of Ngrcash in relation to the fight against money laundering and its involvement in the fight against money laundering and the financing of terrorist activities.
Money laundering is the legalization of the possession, use or disposal of money or other property obtained as a result of a crime. Ngrcash strictly follows laws that prohibit us or any of our employees from knowingly engaging in or attempting to engage in any type of activity that is in any way related to money laundering. Our anti-money laundering policy is aimed at improving the security of customers and the services provided by the Service.
Terrorist Financing means the intentional provision or collection by any means, directly or indirectly, of funds with the intent to use those funds or on the condition that they be used to carry out acts of terrorism.
The administration of the Ngrcash service, realizing the public danger of crimes related to money laundering and terrorist financing, has developed a set of measures in order to ensure that our Service is not used for Money Laundering and Terrorism. To reduce this risk, the Administration of the Ngrcash only offers services to citizens of Nigeria, resident in Nigeria and abroad.
To ensure we comply with AML standards & regulations: Ngrcash customers are required to go through our KYC (know your customer) policy. Mandatory identification of Users who are allowed to make transactions on our Service. To verify the User, the Administration has the right to require the following data to be provided: take a photo (“selfie”) with a citizen’s identity document: a scanned copy of the front and back of an official photo ID, i.e. a valid passport, driver’s license or other national identity card; proof of residence: an official document issued within the last 3 months, clearly indicating the name and address of the client provided during registration on the Ngrcash website. This could be a utility bill (for water, electricity, or a landline phone) or a bank statement. The copy must include: full name, full address of residence, date of issue (within the last 3 months), name of the issuing authority, with official logo or seal.
