AML Policy – FXChangeNG
Money laundering is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money. Money laundering is most commonly associated with tax avoidance. However, other individuals may attempt to launder money in order to conceal their identity or finance their operations. ‘Suspicious activity’ is a very difficult concept to define because it can vary from one transaction to another based upon all the circumstances surrounding the transaction or group of transactions. For example, transactions by one customer may be normal based on our knowledge of that customer and their pattern of activity, while similar transactions by another customer may be suspicious. Many factors are involved in determining whether transactions are suspicious including the amount, the nature of the transaction and frequency of deposits/withdrawals from the system.
FXCHANGENG is committed to fighting money laundering and complying fully with anti-money laundering laws in the Nigeria. We understand that we have responsibilities to help fight the global battle against money laundering and our commitment will supersede all other privacy obligations contained in our policies. Accordingly, FXchangeNG will take all reasonable and appropriate steps to prevent persons engaged in money laundering, fraud, or other financial crimes from utilizing our products and services.
Our AML policies, procedures and internal controls are designed to ensure compliance with all applicable BSA regulations and FINRA rules and will be reviewed and updated on a regular basis to ensure appropriate policies, procedures and internal controls are in place to account for both changes in regulations and changes in our business. Key components of our AML and CTF framework include the following:
(i) COMPLIANCE OFFICER
- Coordinating and monitoring day-to-day compliance with the relevant legislation, regulations, rules and industry guidance and applicable money laundering laws and regulations.
- Monitoring transactions to detect unusual suspicious activities.
- Prompt preparation and delivery of all relevant returns to the regulatory bodies in line with SEC and FIU Rules and Regulations.
- Communicating AML/CFT issues to all stakeholders.
(ii) RISK COMMITTEE
The appointment of an independent risk committee which reports to our board of directors regularly on all risk and compliance matters using a risk-based approach to the assessment and management of money laundering and terrorist financing risks and Comply with the requirements of the Money Laundering (Prohibition) Act, 2011 (as amended), Terrorism (Prevention) Act, 2011 (as amended) and Terrorism Prevention (Freezing of International Terrorists Funds and other Related Measures) Regulations 2013, including related laws and Regulations.
(iii) INTERNAL CONTROL
Formulate and implement internal controls and other procedures that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations under subsisting laws and Regulations are met.
(iv) KNOW YOUR CUSTOMER
Establishing and maintaining a risk-based approach to Customer Due Diligence (CDD), including customer identification, verification and KYC procedures. To ensure we meet these standards, our customers are required to provide certain personal details when opening an account.
FXchangeNG account and also generate tokens, OTP and PIN for any withdrawal request. The nature, and extent, of what is required is guided by the customer’s deposit and withdrawal limits, account to be used and in some cases, the customer’s country of residence. In certain circumstances, FXchangeNG may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting large volumes etc. Maintaining appropriate KYC records for the minimum prescribed periods;
FXchangeNG shall ensure timely and accurate rendition of all AML/CFT returns as specified in the SEC AML/CFT Rules and Regulations as well as other relevant Regulations/Act/Guidelines/Circulars that may be issued from time to time by various government agencies.
We shall exercise due diligence in identifying and reporting a suspicious transaction. Suspicious transactions shall include:
- Transactions which are structured to avoid reporting and record keeping requirements
- Altered or false identification or inconsistent information or any transaction involving criminal activity in FXchangeNG’s view
- Entity that belongs to a person or organization considered as terrorist.
FXchangeNG shall also provide training on the framework and raising awareness among all relevant employees and every Settlement proceeds are only wired to verified bank accounts registered by us.
This site is owned and operated by FXchangeNg.com (“the Company”) with its website located at ‘fxchangeng.com’ (“the Website”). The Company provides various services, including but not limited to the buying of gift cards and bitcoin, your privacy on the Internet is of the utmost importance to us. We will never share your personal information with any third party, but because we may gather certain types of information about our users, we feel you should fully understand our policy and the terms and conditions surrounding the capture and use of that information. This privacy statement discloses what information we gather and how we use it. The private information you provide on the Website will be used only for its intended purpose. By using the Website, you consent to the data practices described hereinafter.
COLLECTION OF PERSONAL INFORMATION
By using the Website and its functions, you may provide basic information such as, including but not limited to, your name, phone number, address and email address which allows us to send information, provide updates and/or process the type of Services you so desire. If you sign up with the Company and/or purchase services through the Company, we may also collect, inter alia, billing and credit card information. The Company encourages you to review the privacy statements of the Websites you choose to link to and from the Company so that you can understand how those Websites collect, use and share your information (“Third Party Website”). The Company is not responsible for the privacy statements or other contents on the Third Party Website outside of the Company’s Website.
THE NATURE OF PERSONAL INFORMATION WE COLLECT
Personal information we collect which you may provide to us includes, inter alia: – ‘Identifying information’ (i.e. name, date and place of birth, gender, age); ‘Contact information’ (i.e. home / office address, home / mobile / office phone numbers); and ‘Financial information’ (i.e. bank account details, credit card details). As a general rule, you have the right not to provide the foregoing information when dealing with the Company and/or when we provide the Services to you. However, not providing certain information may result in the, inter alia, inability to provide you with the Services.
AUTOMATICALLY COLLECTED INFORMATION
We collect and temporarily store certain information about your visit for use in site management and security purposes only. We collect and analyze this information because it helps us to better design the Website to suit your needs. We may also automatically collect information about the web content you view in the event of a known security or virus threat. The information includes, inter alia :- The internet domain name from which you access our Website (for example, “xyzcompany.com” if you use a private internet access account, or “yourschool.edu” if you connect from an educational domain); The internet protocol (“IP”) address (a unique number for each computer connected to the internet) from which you access our Website; The type of browser used to access our Website; The operating system used to access our Website; The date and time you access our Website; The Universal Resource Locators (“URLs”) or address of the pages you visit; Your username, if it was used to log in to the Website; and If you visited this Website from another website, the URL of the forwarding site.
INFORMATION COLLECTED FOR TRACKING AND CUSTOMIZATION (COOKIES)
A ‘cookie’ is a small file that a website transfers to your computer to allow it to remember specific information about your session while you are connected. Your computer will only share the information in the cookie with the Website that provided it, and no other Website can request it. There are two types of cookies: ‘Session’: Session cookies last only as long as your web browser is open. Once you close your browser, the cookie is deleted. Websites may use session cookies for technical purposes such as to enable better navigation through the site, or to allow you to customize your preferences for interacting with the site. ‘Persistent’: Persistent cookies are saved on a user’s hard drive in order to determine which users are new to the site or are returning.
SECURITY OF YOUR PERSONAL INFORMATION
The Company secures your personal information from unauthorized access, use or disclosure.
CHILDREN UNDER THIRTEEN
The Company does not knowingly collect personal information from children under the age of thirteen. If you are under the age of thirteen, you must ask your parent or guardian for permission to use this Website.
OPT-OUT & UNSUBSCRIBE
The Company respects your privacy and gives you an opportunity to opt-out of receiving information in respect of the Services by contacting us at firstname.lastname@example.org.
Terms of Service
Terms of Service for FXchangeNG
TERMS OF SERVICE
Thank you for engaging our services and/or placing an order with ‘fxchangeng.com’ (“Website”), a site operated by FXCHANGENG TRADINGS (“the Company”). By placing an order, clicking to accept this Agreement or using and/or accessing any of the Company or related services, you agree to all the terms and conditions of the Agreement. If you are using or ordering the Company’s service(s) or related service(s) on behalf of a Company or other entity, then “Customer” or “You” means that entity, and you are binding that entity to the Agreement. You represent and warrant that you have the legal power and authority to enter into the Agreement and that, if the Customer is an entity, the Agreement is entered into by an employee or agent with all necessary authority to bind that entity to the Agreement.
The terms and conditions of the Agreement (together with any other terms and conditions agreed in writing between the Company and the Client from time to time) constitute the entire agreement between the parties and supersede any previous agreement(s) or understanding(s) and may not be varied except with notice from the Company. No failure or delay by the Company in exercising any of its rights under the Agreement shall be deemed to be a waiver of that right, and no waiver by the Company of any breach of the Contract by the Client shall be considered as a waiver of any subsequent breach of the same or any other provision.
DEFINITION AND INTERPRETATION
The following words used herein have the following definitions and meanings: – ‘Authorized Users’ refers to the Client’s employees, agents, contractor, third parties, staffs or any entity that is duly authorized to act on behalf of the Client. ‘Client’ refers to you as the receiver of the Services and will also include inter alia, to your employees, agents, contractor, third parties, staffs or any entity that is duly authorized to act on behalf of you. ‘Parties’ collectively refers to ‘the Company’ and its employees, agents, contractor, third parties, staffs or any entity that is duly authorized to act on behalf of the Company for the carrying out of the Services as the Service Provider and ‘You’ as the Client and its authorized agents, contractors, employees or any entity duly authorized for and on behalf of you. ‘Services’ refers to the purchase and sale of bitcoin, e-commerce gift cards and payoneer hereinafter displayed on the Website (as the case may be) (subject to change). ‘Service Provider’ refers to the Company and/or its employees, agent, contractor, third parties, staff or any entity that is duly authorized to act on behalf of the Company for the carrying out of the Services. ‘We, Us or Our’ refers to the Company and its employees, agents, contractor, third parties, staffs or any entity that is duly authorized to act on behalf of the Company. ‘You or Your’ refers to the Client.
General Terms of Service
The Company shall provide the Services to the Client subject to the terms and conditions contained herein or any other reference to documents referred to by the Company to the Client or such other terms and conditions as may be agreed in writing between the Company and the Client. The Company shall provide to the Client the Services as specified on the Company’s website. If in any event, the Company is unable to provide the Services, it will inform the Client as soon as reasonably possible. Responsibilities, Obligations and Due Diligence At the absolute discretion of the Company, it will provide the Client with the Services in its best endeavor to the Client. In the event that the Company is unable to provide the Services within a reasonable period from the dates(s) and time(s) and the Company have agreed or notified the Client, then the Client will have the rights subject to the terms and conditions contained herein to exercise the Client’s option to wait until the Company is available to start performing the Services. In the event that the Company has begun performance of the Services and the Client has in the course of exercising your right of termination of the Agreement pursuant to the provision contained herein, the Client will be liable to pay for any Services incurred by the Company up to the date of termination of the Agreement. Without limitation to any of the rights contained herein and contractual remedies, the Company reserves the right to claim for any loses and damages incurred as a result of the termination. The Client shall not request the Company to perform Services which are immoral or unlawful in nature. The decision will be at the absolute discretion of the Company. The Client shall endeavor to provide the Company with as much detailed information as possible regarding the Services under request in order for the Company to provide excellent services. The Client shall not request the Company to perform Services to, from and for people or places where the Company’s staffs, employees, agents and any other duly authorized entities of the Company may experience any form of abuse, bodily harm or death. Payment The Company offers the following services: – Buying of various gift cards; The Company requires payment for Services to be made prior to the performance of the Service. The Company shall be entitled to vary the Charge from time to time and shall communicate any such changes to the Client before any payment is made.
TERMINATION AND REFUNDS
After the Parties have entered into the Agreement, refunds may only be requested, subject to the final discretion of the Company when performance by the Company has not begun. Any refunds made by the Company will be with reduction of the direct costs including any handling costs. Without prejudice to any other rights and remedies available, the Company shall have the right to terminate the Agreement for the provision of all or any of the Services upon written notice if the Client commits a serious breach of the terms and conditions contained herein. The Company reserves the right to claim against the Client including but not limited to losses and damages as a result of the termination by the Client. On termination for any reason whatsoever, the Client shall immediately make payment to the Company of all and any sums outstanding and owing to the Company. In the event that a deposit is paid by the Client, at the sole discretion of the Company, the deposit will be retained by the Company and for the necessary deduction of the Company losses and costs without prejudice to its rights to further claim damages against you.
LIABILITY, EXCLUSION AND LIMITATIONS
The Company warrants to the Client that it shall use all of its reasonable endeavors to provide the Services using reasonable care and skill and as far as reasonably possible, in accordance with the Client’s request. The Company will not exclude or limit liability for its negligence or negligent omission which causes personal injury or death. The Company shall not be liable for any loss, cost, expense or damage of any nature whatsoever (whether direct or indirect) resulting from the use of Services except where it is expressly determined that a person acting under the direct instruction of the Company has knowingly acted in a negligent manner. The Company shall have no liability to the Client for any loss, damage, costs, expenses or other claims for compensation arising from requests or instructions supplied by the Client which are incomplete, incorrect or inaccurate or any other fault of the Client. The Company shall not be liable or be deemed to be in breach of the Agreement by reason of any delay in performing, or any failure, any of the Company’s obligations in relation to the Services, if the delay or failure was due to any cause beyond the Company’s reasonable control. Subject to the provisions of the terms and conditions contained herein, the maximum liability of the Company to the Client for breach of any of its obligations hereunder shall be limited to the value of the Charge (provided that the Charge has at such time been paid by the Client in full).
DISCLOSURE OF INFORMATION
The Company may update or modify this Agreement from time to time. If the Company modifies the Agreement during the Services, the modified version will take effect upon the next Service. Client may be required to check the update version from time to time after the modified version takes effect, in any event the continued use of the Services shall constitute acceptance of the modified version.
If any provision of this Agreement is found by any Court of competent jurisdiction to be unenforceable or invalid, that provision will be limited to the minimum extent necessary so that this Agreement may otherwise remain in effect.
Neither Party will be liable for any delay or failure to perform its obligations under the Agreement (except payment obligations) if the delay or failure is due to causes beyond its reasonable control, such as a strike, blockade, war, act of terrorism, riot, natural disaster, failure or reduction of power or telecommunications or data networks or services, or government act.
Nothing in the Agreement prevents the Company from disclosing Client information and data to the extent required by law, subpoenas, or court orders, but the Company will use commercially reasonable efforts to notify Client where permitted to do so.
The Agreement will bind and inure to the benefit of each Party’s permitted successors and assigns. Neither Party may assign the Agreement without the advance written consent of the other party, except that the Company may assign the Agreement without consent to an affiliate or in connection with a merger, reorganization, acquisition or other transfer of all or substantially all of its assets or voting securities.
The Agreement represents the parties’ complete and exclusive understanding relating to the Agreement’s subject matter. It supersedes all prior or contemporaneous oral communications, proposals and representations with respect to the Company or any other subject matter covered by this Agreement.
GOVERNING LAWS, JURISDICTION AND VENUE
This Agreement is governed by the laws of Nigeria, without regard to choice or conflict of law rules thereof.
Your questions, feedbacks or comments are welcome on the aforementioned terms.