1 Introduction
KoboPoint is committed to the highest standards of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. We adhere strictly to the regulations set forth by the Central Bank of Nigeria (CBN), the Money Laundering (Prevention and Prohibition) Act, 2022, and other relevant financial authorities to ensure a secure financial environment for all our users.
Financial crime undermines the integrity of the global financial system. As a responsible fintech entity, we have implemented robust measures to prevent our platform from being used for money laundering, terrorist financing, or any other illicit activities.
2 Verification Processes
To comply with CBN's tiered KYC requirements, KoboPoint employs a rigorous identity verification process. The level of verification required depends on the transaction limits and services accessible to the user.
KYC Tiers
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Tier 1 (Low Limits) Requires a verified phone number and basic personal information. Limits are capped strictly according to CBN guidelines.
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Tier 2 (Medium Limits) Requires Bank Verification Number (BVN) verification and a valid government-issued ID.
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Tier 3 (High Limits) Requires full address verification, utility bill submission, and BVN verification.
3 Transaction Monitoring
We utilize automated systems and manual reviews to monitor transactions in real-time. Our monitoring framework is designed to detect suspicious patterns such as:
- Rapid movement of funds between accounts with no clear economic purpose.
- Transactions involving high-risk jurisdictions.
- Structuring of transactions (smurfing) to evade reporting thresholds.
- Sudden spikes in transaction volume inconsistent with the customer's profile.
4 Sanctions Screening
KoboPoint screens all customers against relevant international and local sanctions lists, including but not limited to the UN Security Council Consolidated List, OFAC Specially Designated Nationals (SDN) List, and the Nigeria Sanctions List. We do not do business with individuals or entities on these lists.
5 Reporting Obligations
As a regulated financial institution, KoboPoint is legally obligated to report suspicious activities to the relevant authorities:
NFIU Reporting
We file Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to the Nigerian Financial Intelligence Unit (NFIU).
EFCC Cooperation
We cooperate fully with the Economic and Financial Crimes Commission (EFCC) regarding investigations into financial crimes.
6 Data Retention
In accordance with AML laws, we retain all customer identification documents and transaction records for a minimum period of five (5) years after the termination of the business relationship or completion of the transaction.