Anti Mony Laundering Policy
Bukam Marketplace Anti Money Laundering (AML) Policy
1. Introduction
Bukam is committed to maintaining the highest standards of ethics, integrity, and compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This policy outlines our approach to preventing the use of our platform for illegal activities and safeguarding the integrity of financial transactions.
2. Objectives
The objectives of this AML Policy are as follows:
To prevent and detect instances of money laundering, fraud, and other financial crimes on the Bukam platform.
To ensure compliance with relevant AML and CTF laws, regulations, and guidelines in Nigeria.
To protect the reputation of Bukam as a responsible and trustworthy e-commerce platform.
3. Customer Due Diligence (CDD)
Bukam will conduct thorough customer due diligence on all users who engage in transactions on our platform. This includes verifying the identity and legitimacy of both vendors and customers.
Enhanced due diligence will be applied to high-risk transactions or users, in accordance with regulatory requirements.
4. Monitoring and Reporting
Bukam will implement transaction monitoring systems to identify and report any suspicious or unusual activities that could be indicative of money laundering or other illicit activities.
Our platform will promptly report any suspicious transactions to the relevant authorities as required by law.
5. Risk Assessment and Management
A risk assessment will be conducted periodically to identify potential AML risks associated with our operations and user base.
Appropriate risk management strategies will be implemented to mitigate identified risks.
6. Training and Awareness
All employees and relevant stakeholders will receive training on AML policies and procedures to ensure they are aware of their responsibilities in preventing money laundering and financial crimes.
7. Record Keeping
Bukam will maintain accurate and up-to-date records of customer identification and transaction details as required by law.
Records will be securely stored and accessible for regulatory and audit purposes.
8. Cooperation with Authorities
Bukam will fully cooperate with law enforcement agencies and regulatory authorities in matters related to AML investigations.
We will provide the necessary information and support to facilitate lawful investigations.
9. Whistleblowing
Bukam encourages its employees and stakeholders to report any suspicions of money laundering or financial crime through appropriate channels. Whistleblowers will be protected in accordance with applicable laws.
10. Review and Updates
This AML Policy will be reviewed regularly to ensure its effectiveness and relevance to changing AML and CTF regulations.
Updates will be made as needed to address emerging risks and regulatory changes.
11. Conclusion
Bukam is committed to maintaining a safe and secure platform for all users. By adhering to this AML Policy, we aim to contribute to the prevention of money laundering, safeguard the integrity of financial transactions, and uphold the trust of our users and stakeholders.
This policy is effective from 24th of August, 2023.