This is HouseAfrica’s approach to anti-money laundering (AML) and know-your-customer (KYC) processes
Money laundering is the process whereby the financial proceeds of a crime are disguised to give the impression of legitimate income. Often criminals target financial service providers through which they attempt to launder criminal proceeds without raising suspicion. In many cases, laundered funds are used to fund further crime or to finance terrorism. Sometimes both.
As a means to combat money laundering, HouseAfrica is duly registered in accordance with the provision of Money Laundering (Prohibition) Act, 2011 with Special Control Unit Against Money Laundering (SCUML) of Economic and Financial Crime Commission in Nigeria with Registration number: SC331801133. Together with guidance from regulators, applicable task forces and industry best practice, form the cornerstone of HouseAfrica’s approach to AML. As such, HouseAfrica has implemented systems and controls that meet the standards applicable to regulated sectors such as real estate financing. This decision reflects our desire to prevent money laundering and terrorist financing.
Key components of our AML framework include the following:
- The appointment of a Money Laundering Reporting Officer (MLRO). This is an individual with a sufficient level of seniority and independence who is tasked with the responsibility of overseeing compliance with the relevant legislation, regulations, rules and industry guidance; The appointment of an independent risk committee which reports to our board of directors regularly on all risk and compliance matters;
- Establishing and maintaining a risk-based approach to the assessment and management of money laundering and terrorist financing risks;
- Establishing and maintaining 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 and documents when opening HouseAfrica Account. The nature, and extent, of what is required is guided by the customer’s investment limits. In certain circumstances, HouseAfrica may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting large volumes and Politically Exposed Persons (PEPs);
- Establishing and maintaining risk-based systems and procedures for the monitoring of ongoing customer activity;
- Establishing procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
- Maintaining appropriate KYC records for the minimum prescribed periods;
- Providing training on the framework and raising awareness among all relevant employees;
Further Information If you would like any more information or you have any comments about our AML/KYC process, please e-mail us at [email protected]