Anti-Money Laundering (AML) Policy

At BillBuddy, we are committed to preventing money laundering, fraud, and other financial crimes. We fully comply with applicable anti-money laundering (AML) regulations in Nigeria and adhere to international best practices to ensure that our platform is not misused for illicit activities.

Money laundering involves concealing the origin, source, or destination of illicitly obtained funds. These funds may come from illegal activities such as extortion, insider trading, drug trafficking, and illegal gambling. To protect the integrity of our platform and the broader financial ecosystem, it is crucial that such funds are "cleaned" to appear legitimate, allowing them to pass through financial institutions without raising suspicion.

As a responsible company, BillBuddy is committed to complying with all AML laws and regulations in Nigeria, as well as international standards for cryptocurrency transactions, digital asset management, and bill payments. We take all reasonable and appropriate steps to ensure that individuals engaged in money laundering, fraud, or other financial crimes do not use our services.

Our Commitment to AML Compliance

Our policies, procedures, and internal controls are designed to ensure full compliance with applicable regulations, including the Bank Secrecy Act (BSA) and FINRA rules. These policies are reviewed and updated regularly to account for changes in regulations and shifts in our business operations.

In line with our commitment to preventing money laundering, we:

1. Compliance Unit
   • We have established a dedicated Compliance Unit, led by a designated Compliance Officer, who oversees the implementation and enforcement of our anti-money laundering policies. This unit ensures that we comply with both local and international regulatory standards concerning financial transactions.
2. Risk Management Systems
   • We continuously develop and refine robust vetting systems designed to identify and mitigate money laundering risks. These systems are aimed at detecting suspicious transactions and reporting such activities to the relevant authorities promptly.
3. Ongoing Risk Assessments
   • We regularly review and assess potential risks associated with money laundering activities within our services. Any identified risks or suspicious activities are reported to the relevant authorities in accordance with applicable laws and global best practices for cryptocurrency exchanges, digital asset management, and bill payment platforms.