image

Anti-money laundering Policy

The Company recognizes that money laundering is a criminal offence in Nigeria and as such is committed to fight it and has also put reasonable measures in place to control and limit money laundering in its business activities.

We are committed to high anti-money laundering standards and require all our employees, officers, customers, farms’ sponsors, consultants, contractors, volunteers, interns, and casual workers to adhere to these standards in preventing the use of our products and services for money laundering.

The anti-money laundering policy of the Company is designed to be compliant with Money Laundering (Prohibition) Act 2011 (Act).

The Company has established standards in respect of customer due diligence under its Know-Your-Customer (KYC) policy. These standards require due diligence on each prospective customer before creation of a business relationship.

The Company’s customer/sponsor acceptance policy requires that the Company:

  1. accepts as customers pr sponsors only persons and entities with which the Company may and wishes to develop commercial relations with;
  2. ensures that the marketing/sales unit has a good knowledge of the customer/sponsor and can exercise the due diligence appropriate to their level of risk from the start of the relationship;
  3. avoid entering into business relations with persons who might be involved in money laundering;
  4. meets all legal / regulatory requirements; and
  5. applies the risk-based approach in categorizing customers/sponsors in relation to risk criteria.

The Company shall exercise due diligence in identifying and reporting a suspicious transaction as specified in the Act. For this purpose, suspicious transactions shall include:

  1. Transactions which are structured to avoid reporting and record keeping requirements
  2. transactions completed with altered or false identification or inconsistent information.

Please note that records of all transactions will be kept for at least five years after the transactions or the end of the business relationship.

× Chat with Us