Download Now

# KYC / AML Policy

WapxNigeria Limited

Effective Date: 3rd April 2026

## 1. Introduction

WapxNigeria Limited (“Wapx”, “we”, “our”, or “us”) is committed to preventing money laundering, terrorist financing, fraud, and other financial crimes.

This Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy outlines the procedures and controls implemented to:

- verify user identities
- monitor transactions
- detect and prevent suspicious activities
- comply with applicable laws and regulations

## 2. Regulatory Compliance

Wapx operates in compliance with:

- Nigerian Anti-Money Laundering (AML) laws
- Central Bank of Nigeria (CBN) regulations
- Know Your Customer (KYC) requirements
- Anti-Terrorism Financing regulations
- Nigeria Data Protection Regulation (NDPR)

We may also align with international AML standards where applicable.

## 3. KYC (Know Your Customer) Requirements

### 3.1 Account Verification Levels

Users are required to complete verification to access certain features.

#### Level 1 (Basic Account)

Requirements:

- Full name
- Email address
- Phone number

Limitations:

- Limited access to services
- Cannot withdraw funds
- Cannot access restricted features (e.g., virtual cards, task posting)

#### Level 2 (Verified Account)

Requirements:

- Government-issued ID (e.g., NIN, Passport, Driver’s License)
- Selfie verification (if required)
- Date of birth

Access:

- Full platform access
- Wallet funding and withdrawal
- Task marketplace participation
- Virtual card usage

### 3.2 Enhanced Due Diligence (EDD)

Additional verification may be required for:

- high-value transactions
- unusual activity patterns
- flagged accounts

EDD may include:

- proof of address
- source of funds
- additional identity verification

## 4. Customer Identification Process (CIP)

Before granting access to sensitive features, Wapx will:

- verify identity documents
- validate user information
- check for duplicates or fake identities
- screen users against watchlists (if applicable)

## 5. AML (Anti-Money Laundering) Measures

### 5.1 Transaction Monitoring

Wapx continuously monitors transactions for suspicious activity, including:

- unusually large transactions
- rapid movement of funds
- repeated failed transactions
- suspicious patterns in task marketplace activity
- abnormal crypto trading behavior

### 5.2 Red Flags

Examples of suspicious activity:

- multiple accounts linked to one user
- use of stolen or fake identities
- frequent disputes or fraudulent task submissions
- attempts to bypass system controls
- transactions inconsistent with user profile

### 5.3 Suspicious Activity Handling

When suspicious activity is detected:

- account may be temporarily restricted
- transactions may be paused or reversed
- additional verification may be requested
- case may be escalated for internal review

## 6. Reporting Obligations

Wapx reserves the right to:

- report suspicious activities to relevant authorities
- comply with lawful requests from regulators or law enforcement
- freeze or restrict accounts when required

## 7. Sanctions Compliance

Wapx may screen users against:

- international sanctions lists
- politically exposed persons (PEP) lists
- restricted entities databases

Accounts flagged may be:

- restricted
- suspended
- permanently banned

## 8. Record Keeping

Wapx will retain:

- customer identification data
- transaction records
- audit logs

Retention period: minimum of 5 years (or as required by law)

## 9. Risk-Based Approach

Wapx adopts a risk-based approach by:

- assigning risk levels to users
- applying stricter controls to high-risk users
- continuously reviewing user activity

## 10. User Responsibilities

Users must:

- provide accurate and truthful information
- not use the platform for illegal purposes
- cooperate with verification requests
- report suspicious activity

Failure to comply may result in:

- account suspension
- permanent ban
- reporting to authorities

## 11. Data Protection

All KYC data is:

- securely stored
- encrypted where applicable
- processed in accordance with NDPR

We do not sell user data.

## 12. Enforcement Actions

Wapx may take the following actions:

- restrict account access
- freeze funds
- cancel transactions
- permanently suspend accounts

These actions may be taken without prior notice where necessary.

## 13. Updates to Policy

Wapx may update this KYC/AML Policy at any time. Continued use of the platform implies acceptance of updates.

## 14. Contact Information

WapxNigeria Limited

Email: compliance@wapxnigeria.com

Get Started Now!

Buy and sell crypto, trade gift cards, pay bills, create virtual cards, and access powerful digital services — all in one super secure app.

© 2025 Wapx Africa Ltd. Copyright and rights reserved

Terms of Service Privacy Policy KYC/AML Policy