KYC / AML Policy

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.

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.