XOTIC XCHANGE’S Anti-Money Laundering Policy
Money laundering is the process of concealing of the origins of illegally obtained money or converting money or other material values gained illegally (by terrorism, human trafficking, child pornography, drug dealing, illegal arm trade, corruption, etc.) into money or investments that appear to be legitimate. With the sole aim of hiding traces of illegal source of funds.
As per Anti-money laundering legislation in effect not only in Nigeria but in most countries makes it necessary for XOTIC XCHANGE to make public the companies policy to ensure we comply with money laundering regulations and not accept payments that expose XOTIC XCHANGE to possible criminal fines and penalties.
XOTIC XCHANGE views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:
- Verifying the identity of our customers through “Know your customer” (KYC).
- Retaining transaction and identification records for a minimum period of five years.
- Training staff continuously in terms of anti-money laundering regulations.
- Appointing compliance officer responsible for monitoring and reporting any and all suspicious activities.
- Supervise and oversea that all transactions and information in the system is correct and complies with applicable laws.
Please note that XOTIC XCHANGE under the law has the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, XOTIC XCHANGE will be obliged to report this suspicious activity in order to comply with regulations, and internationally accepted laws and customs which also prohibits XOTIC XCHANGE from disclosing this information.
Providing XOTIC XCHANGE with false identification or contact details will be deem as a misuse of our terms of service. XOTIC XCHANGE is legally bound to report such misdemeanors to the Nigerian authorities, and as such you may be the subject to a criminal investigation.
XOTIC XCHANGE will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.