AML & KYC Policy

FonPay is committed to complying with Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and Know Your Customer (KYC) regulations in Nigeria.

As part of our regulatory compliance obligations, FonPay operates in accordance with applicable Nigerian financial compliance standards and SCUML requirements.

Purpose of AML/KYC Compliance

Our AML/KYC procedures are designed to:

• Prevent money laundering
• Prevent terrorism financing
• Prevent identity fraud
• Protect customer accounts
• Maintain financial system integrity

Identity Verification

Users may be required to provide:

• Full legal name
• Phone number
• Email address
• Government-issued identification
• Bank Verification Number (BVN)
• National Identification Number (NIN)

Transaction Monitoring

FonPay monitors transactions to identify suspicious or unusual activities that may violate financial regulations.

Restricted Activities

Users are prohibited from using FonPay for:

• Fraudulent transactions
• Money laundering
• Identity theft
• Illegal financial activities
• Terrorism financing

Account Restrictions

FonPay reserves the right to suspend accounts involved in suspicious activities pending investigation.

Regulatory Cooperation

FonPay may cooperate with law enforcement agencies and regulatory authorities when required by law.