Anti-Money Laundering (AML) Policy

PechPay is committed to preventing the use of its platform for money laundering, terrorism financing, or any other illicit financial activity, in line with the Money Laundering (Prevention and Prohibition) Act 2022 and applicable CBN AML/CFT guidelines for payment service providers.

1. Customer due diligence (KYC)

Every PechPay wallet is assigned a tier based on the level of identity verification completed (e.g. phone-only, BVN, NIN, or full document verification). Transaction and balance limits scale with tier, and higher-value activity requires stronger verification before it is permitted.

2. Transaction monitoring

• Transactions are monitored for patterns consistent with money laundering or fraud, such as rapid movement of funds, structuring to avoid limits, or activity inconsistent with a customer's verified profile.
• We may place a transaction under review, request additional information, or temporarily restrict an account while a review is ongoing.
• Suspicious activity is reported to the Nigerian Financial Intelligence Unit (NFIU) where required by law.

3. Sanctions and watchlist screening

Customers and counterparties may be screened against applicable sanctions and watchlists. We will not knowingly process transactions for sanctioned individuals or entities.

4. Record keeping

Identity verification records and transaction history are retained for a minimum of 5 years after account closure, or longer if required by an ongoing investigation or legal obligation.

5. Reporting suspicious activity

If you believe your account has been compromised or used for an unauthorized purpose, contact us immediately at the email below so we can investigate and, where appropriate, escalate to the relevant authority.

6. Staff training and governance

PechPay maintains internal controls and staff training aligned with its AML/CFT obligations, and reviews this policy periodically as regulation and risk evolve.