AML & KYC policy

Remi operates in partnership with licensed local financial institutions. We strictly align our controls with guidelines from financial regulators, central banks, and the Financial Action Task Force (FATF).

To ensure safety and prevent fraud, we require customers to complete specific levels of identity verification:

1. 1Verify identity with a valid government-issued photo ID (passport, national ID card, driver's licence).
2. 2Perform biometric liveness checks to prevent identity theft and impersonation.
3. 3Verify phone numbers and email addresses at registration.
4. 4Collect proof of address for high-tier accounts or suspicious activities.
5. 5Verify the source of funds for transactions exceeding regulatory thresholds.

Compliance officer

Designation of a fully qualified Anti-Money Laundering Compliance Officer responsible for overseeing policy implementation.

Risk assessment

Continuous evaluation of geographical, customer type, product, and channel risks to update our controls.

Record keeping

Maintenance of all verification records and transaction histories for a minimum of 5 years (or longer, as locally legislated).

Staff training

Regular, mandatory training programmes for all front-line and operational personnel to recognise and report financial crimes.

Customer due diligence (CDD / KYC)

We implement strict Know Your Customer procedures, verifying the identities of all users through government-issued ID checks, biometric verification, and address verification where appropriate before granting access to higher transaction limits.

Transaction monitoring

We employ automated systems and dedicated compliance teams to monitor transactions in real time for suspicious patterns, unusual transaction sizes, or structures that deviate from normal user profiles.

Regulatory reporting

Remi reports suspicious activities to relevant financial intelligence units and law enforcement authorities in compliance with applicable local and international regulations, without tipping off the customers involved.

Sanctions and PEP screening

All customers and transactions are screened against global sanctions lists (including OFAC, EU and UN lists) and politically exposed persons (PEP) databases to prevent servicing prohibited entities or individuals.

In accordance with the laws of the Federal Republic of Nigeria, Remi and its licensed processing partners are legally mandated to place restrictions on or freeze accounts under the following statutory frameworks:

Economic and Financial Crimes Commission (EFCC) Act, 2004

Under Section 34 of the Act, accounts suspected of being connected to financial crimes may be restricted or frozen pursuant to an order of a court of competent jurisdiction obtained by the Commission.

Money Laundering (Prevention and Prohibition) Act, 2022

In accordance with Section 6, any suspicious transaction or fund volume that violates established thresholds may be placed on temporary hold or blocked by reporting institutions, pending directives from the NFIU.

Central Bank of Nigeria (CBN) directives

Remi complies with regulatory directives, including 'Post No Debit' (PND) instructions issued by the Central Bank of Nigeria to protect the financial system from fraudulent activities or unauthorised accounts.

Terrorism (Prevention and Prohibition) Act, 2022

Mandatory compliance with Sections 57 and 58, which require the immediate freezing of all assets and funds linked to individuals or entities designated on national or international terrorist lists.

Our systems are continuously audited internally and externally to verify operational compliance:

• Integration with licensed verification partners and credit registries.
• Daily automated list screening and update sweeps.
• Dedicated AML review queues and transaction blockages for high-risk flags.
• Internal whistleblowing channels and independent annual audits.