Monica.cash is committed to combating money laundering, terrorist financing, and other financial crimes. This Anti-Money Laundering (AML) Policy outlines the measures we take to ensure compliance with local and international laws, regulations, and industry best practices.

By using Monica.cash’s services, you agree to adhere to this policy and assist in maintaining a safe and compliant financial ecosystem.

1. Purpose of the Policy

The purpose of this AML Policy is to:

1. Prevent Monica.cash from being used for money laundering or other illicit activities.

2. Comply with applicable laws, including Nigeria's Money Laundering (Prohibition) Act and global AML standards.

3. Protect the integrity of Monica.cash and the financial system.

   
   

2. Key Principles

Monica.cash adopts the following principles to ensure compliance:

• Know Your Customer (KYC): Verify the identity of all users.

• Risk-Based Approach: Monitor transactions and assess risks based on user activity.

• Suspicious Activity Reporting: Identify and report suspicious transactions to the appropriate authorities.

• Training and Awareness: Ensure employees are trained on AML policies and procedures.

  
  

3. Know Your Customer (KYC) Process

Monica.cash requires all users to complete KYC verification before accessing full services. This includes:

1. Personal Information: Full name, date of birth, phone number, and email address.

2. Identity Verification: Government-issued ID (e.g., BVN, NIN, passport).

3. Proof of Address: Recent utility bills, bank statements, or other valid documentation.

4. Additional Verification: For high-risk transactions or accounts, additional checks may be required.

We reserve the right to deny or restrict access to services if verification is incomplete or unsatisfactory.

4. Transaction Monitoring

Monica.cash monitors transactions to identify and prevent illicit activities. This includes:

• Analyzing transaction patterns for anomalies.

• Flagging high value or unusual transactions.

• Implementing limits for specific transactions to mitigate risks.

Transactions that trigger AML red flags will be subject to further review and may be suspended until verified.

5. Reporting Suspicious Activities

Monica.cash complies with legal obligations to report suspicious activities to the appropriate authorities. Examples of reportable activities include:

• Transactions with no apparent economic or lawful purpose.

• Frequent high value transactions inconsistent with a user’s profile.

• Attempted circumvention of KYC or AML procedures.

Users engaging in suspicious activities may face account restrictions, termination, or legal action.

6. Prohibited Activities

Users of Monica.cash are prohibited from engaging in the following activities:

1. Money laundering or terrorist financing.

2. Using funds derived from illegal activities.

3. Structuring transactions to avoid reporting thresholds.

4. Attempting to bypass KYC or AML procedures.

Violation of these prohibitions will result in immediate account suspension and possible reporting to law enforcement.

7. Record Keeping

Monica.cash maintains comprehensive records of:

• User KYC information.

• Transaction histories.

• Suspicious activity reports (SARs).

These records are securely stored and retained for a minimum of 5 years or as required by law.

8. Employee Training and Awareness

Monica.cash ensures all employees are trained on AML compliance, including:

• Identifying red flags and suspicious activities.

• Understanding legal and regulatory requirements.

• Procedures for escalating potential AML concerns.

Regular training ensures Monica.cash maintains the highest standards of compliance.

9. Collaboration with Authorities

Monica.cash cooperates fully with regulatory bodies, law enforcement, and financial institutions to:

• Share information on suspicious activities when legally required.

• Assist in investigations of financial crimes.

• Ensure compliance with local and international AML regulations.

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10. User Responsibilities

As a user of Monica.cash, you are responsible for:

• Providing accurate and truthful information during KYC verification.

• Ensuring your transactions are lawful and comply with applicable regulations.

• Reporting any suspicious activities or security breaches immediately.

Failure to meet these responsibilities may result in account restrictions or termination.

11. Policy Updates

This AML Policy is subject to periodic review and updates to reflect changes in laws, regulations, or industry standards. Users will be notified of significant updates through email or in app notifications. The latest version will always be available on our website.