Anti-Money Laundering (AML) Policy

Introduction

Glowthic Digital is committed to preventing money laundering and combating the financing of illegal activities. This Anti-Money Laundering (AML) Policy outlines our commitment to comply with applicable laws, regulations, and best practices related to anti-money laundering and counter-terrorist financing.

1. Purpose

The purpose of this policy is to:

Detect and deter money laundering and terrorist financing activities.

Ensure compliance with applicable AML laws and regulations.

Protect Glowthic Digital’s reputation and maintain the trust of our customers and partners.

2. Scope

This policy applies to all Glowthic Digital employees, contractors, and business partners. It covers all activities related to our business, including customer onboarding, financial transactions, and reporting suspicious activities.

3. Legal Framework

Glowthic Digital adheres to AML regulations and laws in Nigeria, including but not limited to:

AML Laws or Acts Applicable in Nigeria.

Any other relevant international AML standards, including those set by the Financial Action Task Force (FATF).

4. Customer Due Diligence (CDD)

We implement customer due diligence measures to verify the identity of our customers and assess the risk of money laundering or terrorist financing. These measures include:

Identity Verification: Collecting and verifying customer information such as name, address, and identification documents.

Risk Assessment: Identifying high-risk customers, transactions, or activities.

Ongoing Monitoring: Regularly reviewing customer activities to detect unusual or suspicious behavior.

5. Record-Keeping

Glowthic Digital maintains detailed records of customer transactions, identification documents, and any reports submitted to regulatory authorities. Records are stored securely and retained for at least 2 years in compliance with applicable laws.

6. Reporting Suspicious Activities

All employees are required to report suspicious activities to the designated AML Compliance Officer. Examples of suspicious activities include:

Unusual or complex transactions without a clear purpose.

Transactions involving high-risk jurisdictions.

Attempts to evade reporting requirements.

The AML Compliance Officer is responsible for:

Investigating suspicious activities.

Reporting confirmed cases to the relevant authorities, as required by law.

7. Employee Training

Glowthic Digital provides regular AML training to employees to ensure they:

Understand their responsibilities under this policy.

Recognize potential money laundering activities.

Know how to report suspicious activities.

8. Risk Assessment

Glowthic Digital conducts periodic risk assessments to identify potential AML risks in our operations. Based on the results, we update our policies and procedures to mitigate identified risks effectively.

9. Third-Party Relationships

We require our partners, vendors, and service providers to adhere to equivalent AML standards. We perform due diligence on third parties to ensure compliance with this policy.

10. Consequences of Non-Compliance

Non-compliance with this policy may result in disciplinary action, termination of employment or business relationships, and legal consequences, including fines and penalties.

11. Policy Updates

This AML Policy will be reviewed and updated periodically to ensure compliance with evolving laws and regulations.

12. Contact Us

For questions about this policy or to report suspicious activities, contact:

Email: hamzamoukhlis06@gmail.com 
Phone: +2349075729263
Address: No, 44, Line 4, Alabiye Community, Owode Ede, Osun State, Nigeria