AML & KYC Compliance Policy
Framework aligned with NFIU Guidelines and Nigerian Financial Regulations
1. Policy Objective
Wicomi Global Services is committed to maintaining the highest standards of Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Know Your Customer (KYC) compliance.
This policy guarantees that our financial infrastructure, payment links, lending facilities, and APIs are not utilized for money laundering, terrorism financing, proliferation, or other financial crimes.
2. Customer Identification Program (KYC Tiers)
In accordance with financial regulations, Wicomi enforces a tiered KYC structure:
Tier 1 — Basic Individual
Phone number, Full Name, Email verification. Basic daily transaction limit.
Tier 2 — Verified Individual
BVN verification, NIN check, Proof of Address. Unlocks virtual accounts and lending eligibility.
Tier 3 — Corporate / Business
CAC Certificate, Memorandum, Director BVN/NIN, TIN, Physical Office verification. Unlocks API keys and high-volume merchant features.
3. Sanctions Screening & PEP Identification
All onboarding users, business directors, and transaction beneficiaries are automatically screened against international and national sanctions watchlists (including OFAC, UN Sanctions, EU, and UK Sanctions lists) and Politically Exposed Persons (PEP) databases.
4. Transaction Monitoring & Suspicious Activity Reporting
Wicomi utilizes real-time automated rules to monitor transaction patterns for anomaly detection, such as rapid structuring, sudden volume spikes, or unverified high-value payouts.
Where suspicious transaction patterns are identified, Wicomi Compliance Officers are legally mandated to file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) without notifying the customer ("tipping off" prohibition).
5. Record Retention
All customer identification files, KYC documents, transaction records, and account communications are retained for a minimum of five (5) years post-account closure in compliance with Nigerian AML statutory directives.