KYC/AML Policy

Biplify.com KYC/AML Policy

Last Updated: June 29, 2025

1. Introduction

At Biplify.com, operated by Biply & co., we are committed to maintaining the highest standards of integrity and transparency in our financial operations. This Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy outlines the procedures and controls we have implemented to prevent our services from being used for illegal activities such as money laundering, terrorist financing, fraud, and other financial crimes.

This policy is designed to comply with all applicable laws and regulations, including but not limited to the provisions of the Money Laundering (Prohibition) Act  2011 (as amended) of the Federal Republic of Nigeria, regulations issued by the Central Bank of Nigeria (CBN), and international standards set by the Financial Action Task Force (FATF).

2. What is KYC and AML?

  • Know Your Customer (KYC): KYC refers to the process of verifying the identity of our customers. This involves collecting and assessing identifying information about our users to ensure they are who they claim to be and to understand the nature of their financial activities.

  • Anti-Money Laundering (AML): AML refers to the set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions (money laundering) or funding terrorist activities. Our AML measures include monitoring transactions, identifying suspicious activities, and reporting them to the relevant authorities.

3. Importance of KYC/AML

Implementing robust KYC/AML measures is crucial for:

  • Legal and Regulatory Compliance: Fulfilling our obligations under national and international laws.

  • Fraud Prevention: Protecting our users and Biplify from financial fraud, identity theft, and scams.

  • Combating Financial Crime: Preventing our platform from being used to facilitate money laundering and terrorist financing.

  • Building Trust: Ensuring a secure and trustworthy environment for all our users.

4. Customer Due Diligence (CDD) – The KYC Process

Upon registration and throughout your relationship with Biplify, we will collect and verify certain information. The extent of the information collected will depend on the type of account you open, the level of transactions you wish to perform, and our risk assessment.

a. Information Collected:

  • Identity Information: Full legal name, date of birth, nationality, gender.

  • Contact Information: Residential address, email address, phone number.

  • Government-Issued Identification: National Identification Number (NIN), Passport number, Driver's License number, Voter's Card number.

  • Proof of Address: Recent utility bill (electricity, water, gas), bank statement, or government-issued document (not older than [e.g., 3] months).

  • Biometric Data (if applicable): [e.g., Facial scans for live identity verification].




  • b. Verification Process:

  • Document Verification: We use reputable third-party services and/or manual review to verify the authenticity of submitted identification documents.

  • Identity Confirmation: This may involve cross-referencing provided data with public databases, performing liveness checks (e.g., selfie with ID), or biometric verification.

  • Address Verification: Confirmation of your residential address through document checks.

  • Screening against Sanctions Lists: All prospective and existing users are screened against global sanctions lists (e.g., OFAC, UN, EU) and Politically Exposed Persons (PEPs) databases.

5. Ongoing Monitoring – AML Measures

Our commitment to AML is continuous and includes:

a. Transaction Monitoring: We continuously monitor transactions conducted through our platform for unusual patterns or suspicious activities. This includes:

  • Large or frequent transactions.

  • Unusual transaction patterns for a user's typical behavior.

  • Transactions involving high-risk jurisdictions or entities.

  • Rapid movement of funds through multiple accounts.

b. Suspicious Activity Reporting (SAR): If our monitoring systems or staff identify suspicious activities, we are legally obliged to report these to the appropriate financial intelligence units, such as the Nigerian Financial Intelligence Unit (NFIU), without notifying the user involved.

c. Periodic Reviews: We conduct periodic reviews of customer information and risk assessments to ensure that the data we hold is current and accurate, and that the risk associated with an account remains within acceptable parameters.

6. Sanctions Compliance

Biplify strictly adheres to all applicable sanctions regimes. We screen all customers, beneficiaries, and transactions against international and national sanctions lists. Any individual or entity identified on such lists will be denied service, and transactions involving sanctioned entities or jurisdictions will be blocked and reported.

7. Our Right to Suspend or Terminate Accounts

Biplify reserves the right to suspend, block access to, or terminate any Account immediately if:

  • You fail to provide requested KYC information or if the information provided is found to be false, incomplete, or misleading.

  • We suspect your Account is involved in illegal, fraudulent, or suspicious activities.

  • We are required to do so by a court order, regulatory authority, or any other competent legal body.

  • You violate any of our Terms of Service or this Policy.

8. Data Protection

All personal data collected during the KYC/AML process is handled in strict accordance with our Privacy Policy and applicable data protection laws. We implement robust security measures to protect your data from unauthorized access, loss, or disclosure.

9. Contact Us

If you have any questions about our KYC/AML Policy, please contact our Compliance Team at:

Email: compliance@biplify.com