AML/KYC Policy

  • Effective From: 11th April, 2023

This Know Your Customer (“KYC Policy”) and Anti-Money Laundering (“AML Policy”) is an integral part of the legal procedure of Bingtellar Inc. (“Bingtellar”) and it is an integral part of Bingtellar’s Terms and Conditions. In order to be able to use the services offered by Bingtellar, every user of Bingtellar’s platform and services (“User”) needs to have declared to have read and agreed with these conditions.

Money laundering is the process by which the illegal origin of wealth is disguised to avoid the suspicion of law enforcement authorities. Money Laundering also encompasses the illicit act of funding terrorism. The challenges in the fight against money laundering are vast, and potential threats exist in every corner of the world. Financial services firms, regulators and law enforcement agencies alike work very hard to stay ahead of increasingly sophisticated criminals that seek to exploit the global financial system.

  Bingtellar’s mission is to serve as a trusted partner by responsibly providing financial services that enable growth and economic progress. Consistent with this goal, Bingtellar is committed to the fight against money laundering.

Policy description

Money Laundering and financing terrorism are financial crimes with economic effects. This policy is to eradicate the adverse effects of criminal economic activity and promotes integrity and stability in financial markets. Compliance with this policy is also critical to preserving the Company’s corporate integrity, reputation and operational efficiency.
The purpose of this Policy is:

(i). To guide the standard of conduct and practice that Bingtellar must follow in implementing the AML, KYC, and CFT regulations.
(ii). To protect the Company against fraud, reputation and other financial market risks.
(iii). To minimise the risks faced by the Company from proceeds of crime (iv). To prevent money laundering and establish ERM systems to monitor the Company’s exposure to financial crime.

Compliance with policy

The Company shall comply with the following:

(a). Formulate and implement internal controls and other procedures that will deter criminals from using its facilities for money laundering and terrorist financing and ensure that its obligations under Nigerian and subsisting laws and Regulations are met.
(b). Embark on Enterprise Risk Management (ERM) and maintain an ERM register
(c). Designate a Money Laundering Reporting Officer (MLRO) with the relevant competence and independence to implement the Company’s AML/KYC compliance policy. (d). Comply with the Money Laundering (Prohibition) Act, the Money Laundering (Prohibition) (Amendment) Act (together, the Money Laundering Act) and the Economic and Financial Crimes Commission Act.
(e). Identify and report any suspicious transactions from the criminal activities defined in AML/KYC Regulations.
(f). Ensure the implementation of the AML/KYC Act requirements is not inhibited through the Company’s Confidentiality Agreement or Policy.
(g). Effectively communicate and raise staff awareness on AML/KYC issues
(h). Establishing and maintaining a risk-based approach to assessing and managing money laundering and terrorist financing risks.

Bingtellar AML Procedure

In order to comply with any applicable AML laws, Bingtellar shall be entitled performs all the required measures in accordance with applicable law and regulations. The AML policy is being fulfilled within Bingtellar by means of the following:

  • Know your customer policy and due diligence
  • Obtaining User Information
  • Monitoring User activity
  • Record keeping
  • Communication with Competent Authorities
  • Risk Assessment and Suspension of Users

Know your customer

KYC is the due diligence that the Company must perform to identify their clients and ascertain relevant information before carrying out any financial businesses with them. The Company, in upholding its KYC policies, shall undertake the following:

(a). Establishing and maintaining a risk-based approach to Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), including customer identification, verification and KYC procedures.
(b). Issue a KYC compliance form to clients.
(c). Obtain the necessary documents and information from every client (d). Report suspicious activities and transactions to the regulatory authorities
(e). Update client information as and when available
(f). Identify the client and verify the client’s identity using reliable, independent source documents (e.g. passport data page, national ID card, voters card, utility bills stating their current postal address. e.t.c), data or information.
(g). Verify the legal status of business names, incorporated trustees and companies with the Corporate Affairs Commission.
(h). Refuse to transact business with “shell companies” as described under the International Conventions.
(i). Conduct due diligence for higher-risk clients, business relationships or transactions including PEP, cross border transactions and business relationships.

Monitoring User activity

In addition to gathering information from the Users, Bingtellar continues to monitor the activity of every User to identify and prevent any suspicious transactions. A suspicious transaction is known as a transaction that is inconsistent with legitimate business or the usual User’s transaction history known from User activity monitoring. 

Record keeping and reporting

The Company shall keep the record of a customer’s identification for at least seven years after the closure of the account or the severance of relations with the customer.
Upon request by a regulatory or law enforcement agency, the Company shall make available records related to AML/CFT compliance or its clients as soon as possible from the date of the request.
If the company notices any illegal transaction, it shall:

  • Draw up a report on the identity of the principal and the beneficiary or beneficiaries;
  • Take appropriate action to prevent the laundering of the proceeds of criminal conduct;
  • Send a copy of the report and action taken to the Nigerian Financial Intelligence Unit (NFIU);

Risk Assessment and Suspension of Users

While assessing the risks, Bingtellar applies the risk-based approach. It means that Bingtellar has an understanding of the AML risks to which it is exposed and applies AML measures in a manner and to an extent which would ensure mitigation of these risks. This flexibility enables Bingtellar to focus its resources and take enhanced measures in situations where the risks are higher.
To prevent money laundering, Bingtellar reserves the right to suspend any User’s operation, which can be regarded as imposing risk to an illegal or, may be related to money laundering in the opinion of Bingtellar at its sole discretion.

Third Party Verification

In order to conduct such verification process and/or background checks, in accordance with Bingtellar’s AML policy, Bingtellar may perform inquiries, directly or indirectly through third party service providers that Bingtellar considers necessary to verify User identity or to prevent fraud, suspicious activity, misidentification, money laundering or any other prohibited activity. Bingtellar reserves the right to take any action Bingtellar deems necessary with respect to the outcome of such inquiries. Users hereby acknowledge that Bingtellar shall have the right to investigate Users in case Bingtellar determines User to be risky or suspicious.


A breach of the AML/CFT is a severe offence and could lead to investigations, imposition of fines and criminal sanctions (including imprisonment)