AML Policy
Anti-Money Laundering (AML) Policy for iRoyalPay
INTRODUCTION
Money laundering involves attempting to conceal or disguise the nature, location, source, ownership, or control of funds obtained illegally. While often associated with tax evasion, individuals may also launder money to hide their identity or finance unlawful operations. Suspicious activity is context-dependent because a transaction may be normal for one user based on their activity patterns but suspicious for another, with factors such as transaction amounts, frequency, and transaction types considered in determining suspicious activity. iRoyalPay is fully committed to combating money laundering and complying with all applicable laws in Nigeria, recognizing its responsibility to contribute to the global fight against money laundering, fraud, and financial crime, and taking all reasonable and appropriate steps to prevent individuals involved in such activities from using our platform and services.
PURPOSE OF THE POLICY
The purpose of this AML Policy is to prevent iRoyalPay from being used for money laundering or other illicit activities, comply with applicable laws including Nigeria's Money Laundering (Prohibition) Act and global AML standards, and protect the integrity of iRoyalPay and the financial system.
POLICIES, PROCEDURES, AND INTERNAL CONTROLS
iRoyalPay’s AML policies, procedures, and internal controls are designed to ensure compliance with all relevant regulations and are regularly reviewed to account for changes in the law and business operations. Key components of our AML and Counter-Terrorist Financing (CTF) framework include appointing a compliance officer responsible for coordinating and monitoring day-to-day compliance, monitoring transactions to detect suspicious activity, preparing and submitting required regulatory reports, and communicating AML/CTF matters to stakeholders; establishing an independent risk committee that reports regularly to the board on money laundering and terrorist financing risks while ensuring compliance with Nigeria’s Money Laundering (Prohibition) Act, Terrorism (Prevention) Act, and related regulations; implementing internal controls and procedures to prevent criminals from using the platform for illicit purposes and to ensure legal obligations are consistently met; and maintaining a risk-based approach to Customer Due Diligence (CDD), including KYC procedures, identity verification, and enhanced due diligence for higher-risk customers. All users must provide personal information, generate OTPs, tokens, or PINs for withdrawals, and verification may vary depending on deposit and withdrawal limits, account type, and country of residence. iRoyalPay maintains KYC records for the minimum prescribed periods and ensures timely and accurate submission of all AML/CTF reports as required by law.
SUSPICIOUS TRANSACTION MONITORING AND REPORTING
iRoyalPay exercises due diligence in identifying and reporting suspicious transactions, which include transactions with no apparent economic or lawful purpose, frequent high-value transactions inconsistent with a user’s profile, attempted circumvention of KYC or AML procedures, transactions structured to avoid reporting requirements, transactions involving false or inconsistent identification, transactions linked to criminal activity, or accounts associated with individuals or entities flagged as terrorist organizations. All settlement proceeds are only transferred to verified bank accounts registered with iRoyalPay, and users engaging in suspicious activities may face account restrictions, termination, or legal action.
PROHIBITED ACTIVITIES
Users of iRoyalPay are prohibited from engaging in money laundering or terrorist financing, using funds derived from illegal activities, structuring transactions to avoid reporting thresholds, or attempting to bypass KYC or AML procedures, with violations resulting in immediate account suspension and possible reporting to law enforcement.
COLLABORATION WITH AUTHORITIES
iRoyalPay cooperates fully with regulatory bodies, law enforcement, and financial institutions to share information on suspicious activities when legally required, assist in investigations of financial crimes, and ensure compliance with local and international AML regulations.
USER RESPONSIBILITIES
Users of iRoyalPay are responsible for providing accurate and truthful information during KYC verification, ensuring their transactions are lawful and comply with applicable regulations, and reporting any suspicious activities or security breaches immediately, with failure to meet these responsibilities potentially resulting in account restrictions or termination.
EMPLOYEE TRAINING AND AWARENESS
iRoyalPay provides regular AML/CTF training and raises awareness among all relevant employees to ensure compliance with the platform’s policies and applicable laws.
POLICY UPDATES
This AML Policy is subject to periodic review and updates to reflect changes in laws, regulations, or industry standards, and users will be notified of significant updates through email or in-app notifications, while the latest version will always be available on our website.
CONTACT
For any questions about these Terms, please contact us.
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