Anti-Money Laundering (AML) Policy

1. Introduction
Ondred is committed to complying with all applicable laws and regulations aimed at combating money laundering, terrorist financing, and other financial crimes. This Anti-Money Laundering (AML) Policy outlines the measures we have implemented to ensure compliance with these laws and to protect the integrity of our platform.

2. Compliance with Laws and Regulations
Ondred will comply with all relevant national and international laws, regulations, and guidelines issued by government agencies and financial regulators. This includes, but is not limited to, the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), and any other regulatory bodies concerned with AML enforcement.

3. Know Your Customer (KYC) Procedures
To prevent money laundering and the financing of terrorism, Ondred requires that all users undergo a thorough Know Your Customer (KYC) process. This process includes:

  • Identification: Users must provide valid identification documents, such as a passport, national ID card, or driver’s license.
  • Verification: Ondred will verify the authenticity of the provided identification documents and other information using reliable and independent sources.
  • Ongoing Monitoring: Ondred will conduct ongoing monitoring of transactions to identify any suspicious activity. Users may be required to provide additional information or documentation as part of this monitoring process.

4. Transaction Monitoring
Ondred employs automated systems to monitor user transactions for unusual or suspicious patterns that may indicate money laundering or other illicit activities. These systems are designed to detect:

  • Large or unusual transactions that are inconsistent with the user’s profile.
  • Transactions that appear to be structured to evade reporting requirements.

5. Reporting of Suspicious Activity
If Ondred identifies any suspicious activity, it is our policy to promptly report such activity to the relevant authorities, including the Nigerian Financial Intelligence Unit (NFIU) and other applicable regulatory bodies. Users should be aware that Ondred is legally obligated to report suspicious activity and may do so without notifying the user involved.

6. Training and Awareness
Ondred ensures that all employees and relevant personnel are trained on AML requirements and are aware of their obligations under this policy. Regular training sessions are conducted to keep employees up-to-date with the latest developments in AML regulations and best practices.

7. Record-Keeping
Ondred will maintain records of all transactions, KYC documentation, and any reports filed under this policy for a minimum of five years or as required by law. These records will be kept securely and made available to regulatory authorities upon request.

8. Non-Compliance
Failure to comply with this AML Policy may result in disciplinary action, including termination of the user’s account, reporting to relevant authorities, and potential legal action.

9. Review of Policy
This AML Policy will be reviewed periodically to ensure it remains up-to-date with current laws and best practices. Any changes to this policy will be communicated to users and employees as necessary.

10. Contact Information
If you have any questions about this AML Policy or need to report suspicious activity, please contact our Compliance Team at [email protected]