Last Updated: December 2020
The Obiex Inc (“Obiex”) Anti-Money Laundering (“AML”) and Counter-Financing of Terrorism (“CFT”) Policy is designed to prevent money laundering, including the need to have adequate systems and controls in place to mitigate the risk of Obiex and its products being used to facilitate financial crime.
These AML and CFT Policy and Procedures adopted by Obiex are in compliance with the Money Laundering (Prohibition) Act, the Money Laundering (Prohibition) (Amendment) Act, the Economic and Financial Crimes Commission Act and the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, the Recommendations of the international Financial Action Task Force (FATF) as at 1 December 2014 and other Acts which impose significant obligations in relation to AML/CFT procedures. As used in this AML Policy, "Obiex", "we", "us" or "our" refers to Obiex Africa LTD, registered with the Corporate Affairs Commission (CAC) of the Federal Republic of Nigeria, with its registered address at No. 19 Garden Avenue, GRA, Enugu, Nigeria. Obiex is a data controller under this AML Policy, which sets out the manner in which Obiex, as data controller, may use your Personal Data.
Obiex will actively prevent and take measures to guard against Obiex being used as a medium for money laundering and financing terrorism activities and any other activity that facilitates money laundering or the funding of terrorist or criminal activities.
This AML and CFT Policy sets out the minimum standards which must be complied with and includes:
Obiex takes a risk-based approach when adopting and implementing Counter Financing of Terrorism (CFT) measures and in conducting AML risk assessments.
Obiex's adopted internal CFT controls and undefended decisions regarding CFT matters supersedes any business, strategic or other operating tasks.
Individuals can be identified by passport or other identification document and utility bills stating their current post address. Companies have to be identified by extracts from the Memorandum and Articles of Association or by Incorporation Certificate from CAC. Copies have to be made and archived in files securely.
To this end:
The identities of all new and existing customers will be verified to a reasonable level of certainty;
Obiex has established a Know-Your-customer (KYC) policy to ensure that the identities of all new and existing customers are verified to a reasonable level of certainty. This will include all individual customers, all directors and shareholders with a stake holding of 25% or more of customer companies, all partners of customer partnerships, and every board member of customer charities.
Bank Statement showing Name, Account Number and SWIFT/BIN/Sortcode (either hard copy or electronic statements are acceptable)
A business debit card issued under their name to prove they are an account signatory.
Obiex shall take a risk-based approach in monitoring the financial activities of its customers. This will be carried out whilst preparing the accounts, or conducting any other business with the customer.
Obiex will classify all Users as high-risk, medium-risk or low-risk, and will periodically update the KYC records for all Users as follows:
i. once every two years for high-risk Users;
ii. once every eight years for medium-risk Users; and
iii. once every ten years for low-risk Users.
The business will actively not accept high-risk customers that are identified as follows:
Obiex will conduct ongoing monitoring of business relationships with customers, to ensure that the documents, date or information held evidencing the customer's identity are kept up to date.
The following are examples of changes in a customer's situation that may be considered suspicious:
Internal controls and Communication are not applicable as the business only has one employee (Nwamaka Ofili) involved in customer compliance and they are also the AMLCFTRO ([email protected]).
The AMLCFTRO will regularly monitor the following procedures to ensure they are being carried out in accordance with the AML policies and procedures of the business:
• customer identity verification;
• reporting suspicious transactions;
• record keeping.
The AMLCFTRO will also monitor any developments in the AML and CFT regulation and the requirements of the AMLR supervisory body. Changes will be made to the AML policies and procedures of the business when appropriate to ensure compliance.
A Suspicious Activity Report (SAR) will be made to either the Economic and Financial Crimes Commission (EFCC), the National Drug Law Enforcement Agency, the Central Bank of Nigeria, the Nigeria Police Force, the Nigerian Customs Service or any other competent authority as soon as the knowledge or suspicion that criminal proceeds exist arises.
The AMLCFTRO will be responsible for deciding whether or not the suspicion of illegal activity is great enough to justify the submission of a SAR.
Records of all identity checks will be maintained for up to 5 years after the termination of the business relationship or 5 years from the date when the transaction was completed. The business will ensure that all documents, data or information held in evidence of customer identity are kept up to date. Copies of any SAR, together with any supporting documentation filed will be maintained for 5 years from the date of filing the SAR.
All records will be handled in confidence, stored securely, and will be capable of being retrieved without undue delay.
The training of staff is not applicable as the business only has one employee involved in AML compliance who is also the AMLCFTRO.
All affected employees are provided with training that explains the Money Laundering (Prohibition) Act, the Money Laundering (Prohibition) (Amendment) Act, the Economic and Financial Crimes Commission Act and the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, the Recommendations of the international Financial Action Task Force (FATF) as at 1 December 2014 and other Acts which impose significant obligations in relation to AML/CFT procedures and how these affect Obiex, its customers and its employees.
All affected employees are trained on their responsibilities in relation to money laundering and counter financing of terrorism legislation, and are aware of how to identify and deal with transactions that may involve money laundering and financing of terrorism.
Obiex is prohibited from transacting with individuals, companies and countries that are on prescribed sanctions lists. Obiex will therefore screen against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists.
“Politically exposed persons” means natural persons ‘who is or has, at any time in the preceding year been entrusted with a prominent public function by a state or Country other than Nigeria, a community institution or an international body' or a family member or known close associate of such a person.'
Please contact us with questions, comments, or concerns regarding our AML/CFT Policy at [email protected]