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, participating in a criminal group or racketeering, currency counterfeiting, forgery bribery.
However, individuals may attempt to launder money to conceal their identity or finance their operations. 'Suspicious activity or transactions can not be defined as it can vary on a transaction basis it can, however, be described to include; transactions which are structured to avoid reporting and record-keeping requirements; altered or false identification or conflicting information or any transaction involving criminal activity in the Company's view; an entity that belongs to a person or organization considered as a terrorist; nature of transaction and frequency of deposits/withdrawals.
GetEquity is committed to fighting money laundering and complying fully with Anti-Money Laundering laws in 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, GetEquity 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 CBN regulations.
They will be reviewed and updated regularly to provide appropriate policies, procedures, and internal controls are in place to account for both changes in laws and changes in our business. Key components of our AML and CTF framework include the following:
We have a verification and compliance team who coordinate and monitor day-to-day compliance with the relevant legislation, regulations, rules and industry guidance and applicable money laundering laws and regulations who monitor transactions to detect unusual suspicious activities prompt preparation and delivery of all appropriate returns to the regulatory bodies in line with SEC and FIU Rules and Regulations Communicating AML/CFT issues to all stakeholders.
We have a risk committee that reports to management 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.
We formulate and implement internal controls and other procedures that will deter criminals from using our facilities for money laundering and terrorist financing and ensure that its obligations under subsisting laws and Regulations are met.
We have a very strict KYC process ensuring that only investors that are accredited can partake in the opportunities in our platform.
At GetEquity we maintain 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 with GetEquity and also generate OTP (One time pin) and PIN for any withdrawal requests to be made.
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 and bank details.
In certain circumstances, GetEquity 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.
At GetEquity Your security is our major priority, so we work with different PCI-DSS-compliant payment processors one of them , https://flutterwave.com/us/ handles your card details.
Your card details are extremely safe and we encrypt every thing on our end so we do not have access to your information or store them where they can be compromised.
GetEquity 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 suspicious transactions.
We understand that customer experience may not be as smooth as we hope but we are Confident that working with our partners to improve your safety and experience is of utmost priority for us.
We want you to trust us and feel safe while taking advantage of the deals we provide on the platform and for that we will keep improving our services .
We take cognizance of the fact that no system is infallible and no perfect system exists anywhere but we know it’s a responsibility on us to keep things safe and we will continue to do so.