LoadNG Automated Systems. (individually and collectively, the “Company”), incorporated under the laws of the Federal Republic of Nigeria through the Corporate Affairs Commission RC 1688483 is an internet-enabled automated system where you can trade bitcoins instantly in nigeria for the purchase and sale of bitcoin to naira, the decentralized digital currency (“bitcoin”), Ethereum, Litecoin, USDc and Bitcoin Cash.
The Company is registered as a Digital Services Business with the Nigeria’s Coporate Affairs Commission RC1606330 as IBCdesign Digital Services Limited. LoadNG’s Anti-Money Laundering (“AML”) policies and procedures are designed to deter illicit activities on the best trading platforms for cryptocurrencies, protect the users, the business, and the digital currencies and financial services communities from exploitation by criminals. The Company is compliant with the requirements of the CAC’s regulations and guidance
DEFINITIONS
- Money Laundering – Money laundering (ML) has been defined as the process whereby criminals attempt to conceal the illegal origin and/or illegitimate ownership of property and assets that are the proceeds of their criminal activities. It is, thus, a derivative crime (Central Bank of Nigeria Manual)
- Terrorism Financing – includes both legitimate and illegitimate money characterised by concealment of the origin or intended criminal use of the funds
- Know Your Customer – This entails obtaining and verifying customer identity, preservation of records of customers, mandatory disclosure of transactions to authorised statutory bodies
- Customer Due Diligence – This covers steps taken by LoadNG to identify its clients and validate their identities
- Nigeria Financial Intelligence Unit – The Nigerian arm of the global Financial Intelligence Unit (FIU)
PURPOSE
The purpose of this Policy manual is to:
- Provide guidance on the standards of conduct and practice that must be followed in the implementation of the Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements of the capital market
- Protect the Company against fraud, reputational and other financial market risks
- Minimise the risks faced by the Company from proceeds of crime
- Protect the integrity of the securities market against all forms of abuse, fraudulent and unfair trade practices
The following are key elements of the LoadNG AML/CTF Policy:
- Customer Due Diligence;
- Risk Assessment;
- Ongoing Monitoring;
- Record Keeping;
- Communication with Competent Authorities.
Customer Due Diligence
Customer due diligence information comprises the facts about a customer that should enable LoadNG to assess the extent to which the customer exposes it to a range of risks. Customer due diligence information is obtained from the customer before establishing the business relationships with him/her/it. LoadNG also verifies the obtained information against reliable and independent sources.
By collecting and verifying the customer’s information the Company aims to form a reasonable belief as to the true identity of the customer. LoadNG must also understand the business of the customer to make sure that the customer does not launder illicit funds through LoadNG and/or these funds will not be used for TF.
Information, documents and data provided to LoadNG during identification of the customer are processed in accordance with LoadNG Privacy Policy.
Risk Assessment
While assessing the risks, LoadNG applies the risk-based approach. It means that LoadNG has an understanding of the ML/TF risks to which it is exposed and applies AML/CFT measures in a manner and to an extent which would ensure mitigation of these risks. This flexibility enables LoadNG, where you can easily convert your bitcoin to cash to focus its resources and take enhanced measures in situations where the risks are higher.
Ongoing Monitoring
LoadNG: best cryptocurrency exchange in nigeria, performs an ongoing monitoring of the business relationships with customers. Ongoing monitoring is performed on all business relationships regardless of their risk rating under the risk-based approach. However, the degree and nature of monitoring will depend on the risk rating of the customer and the particular service provided.
Ongoing monitoring allows LoadNG to gain deeper insights into customers’ profiles and behaviors and strengthen risk-based allocation of resources to tackling higher risk areas.
Record Keeping
LoadNG maintains appropriate records in relation to every customer, with the idea being that maintaining an adequate audit trail is a significant component of combating ML/TF.
Record keeping is essential to facilitate effective investigation, prosecution and confiscation of criminal property. If the funds used to finance terrorist activity cannot be traced back through the financial system, then the sources and the destination of terrorist financing will not be identified.
Communication with Competent Authorities
Upon suspicion or any knowledge that the property of any value is directly or indirectly derived from criminal activity or participation in such activity, or that the intended purpose of property is to sponsor one or several terrorists or terrorist organization, LoadNG will report that to the competent authorities and will cooperate on any follow-up actions.
