Introduction

BorderFlo is committed to ensuring the integrity and security of our services by adhering to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This policy outlines our procedures for verifying the identity of our users and preventing money laundering and other financial crimes.

1. Purpose

The purpose of this KYC and AML Policy is to:

• Prevent Money Laundering and Terrorist Financing: Comply with legal requirements to prevent our services from being used for money laundering, terrorist financing, or other illegal activities.
• Verify Customer Identity: Ensure that all users are properly identified and verified to reduce the risk of fraudulent activities.
• Maintain Compliance: Adhere to applicable laws and regulations related to KYC and AML in the jurisdictions where BorderFlo operates.

2. KYC Procedures

2.1 Customer Identification

To use BorderFlo's services, users must provide accurate and complete information. This includes:

• Personal Information: Full name, date of birth, nationality, and residential address.
• Identification Documents: Valid government-issued photo ID (e.g., passport, driver’s license) and proof of address (e.g., utility bill, bank statement).

2.2 Verification Process

• Document Verification: All identification documents submitted by users are reviewed for authenticity and validity. BorderFlo may use third-party verification services to assist with this process.
• Identity Checks: BorderFlo conducts background checks and screening against lists of known financial criminals or individuals subject to sanctions.
• Additional Information: We may request additional information or documentation if necessary to complete the verification process.

2.3 Risk Assessment

BorderFlo evaluates the risk profile of each user based on various factors, including but not limited to:

• Geographic Location: Risk assessment based on the user’s country of residence and its associated AML risks.
• Transaction Patterns: Monitoring and analysis of transaction patterns for unusual or suspicious activities.
• Account Activities: Review of account activities to detect any anomalies or patterns that may indicate financial crime.

3. AML Procedures

3.1 Monitoring and Reporting

• Transaction Monitoring: BorderFlo continuously monitors transactions for suspicious activity. This includes large or unusual transactions, patterns of transactions that may indicate money laundering or fraud, and transactions involving high-risk countries.
• Suspicious Activity Reporting: If suspicious activity is detected, BorderFlo is obligated to report it to relevant authorities as required by law. This may include submitting Suspicious Activity Reports (SARs) or other required documentation.

3.2 Record Keeping

• Documentation Retention: BorderFlo maintains records of customer identification documents, transaction details, and communication related to AML compliance. These records are kept for a minimum period of [insert number of years] years or as required by applicable laws.
• Access to Records: Records are stored securely and are accessible only to authorized personnel for compliance and regulatory purposes.

3.3 Training and Awareness

• Employee Training: BorderFlo provides regular training to employees on KYC and AML policies, including recognizing and reporting suspicious activities.
• Ongoing Education: Employees are kept informed about changes in regulations, emerging risks, and best practices in AML compliance.

4. User Responsibilities

Users of BorderFlo's services are responsible for:

• Providing Accurate Information: Ensuring that all information and documentation provided to BorderFlo are accurate, complete, and up-to-date.
• Reporting Changes: Notifying BorderFlo of any changes to their personal information, including changes to their address or identification documents.
• Compliance: Adhering to all applicable laws and regulations related to the use of BorderFlo’s services.

5. Privacy and Data Protection

• Confidentiality: BorderFlo is committed to protecting the privacy of user information. All personal and financial data collected for KYC and AML purposes is handled confidentially and in accordance with our Privacy Policy.
• Data Security: We implement appropriate technical and organizational measures to safeguard user data against unauthorized access, disclosure, or loss.

6. Policy Review and Updates

BorderFlo regularly reviews and updates this KYC and AML Policy to ensure ongoing compliance with legal and regulatory requirements. Any changes to the policy will be posted on our website, and users will be notified of significant updates.

7. Contact Us

For any questions or concerns related to KYC or AML compliance, please contact us at:

BorderFlo
Email: support@borderflo.com
Phone: 0706 250 7559
Address: 82B, Younis Bashorun Street, Victoria Island, Lagos.

Acknowledgement

By using BorderFlo’s services, you acknowledge that you have read, understood, and agree to comply with this KYC and AML Policy.