Money Laundering Prevention
What am I asked to do?
You may find that you are asked to confirm your identity and other personal
details. EFX.com.ng has established special verification systems involving
your bank account or payment card to prove your identity. To safeguard the
integrity of our exchange system, your EFX.com.ng account may also be
subject to periodic transaction limits depending on your user status.
You could be asked to confirm your identity whether you are applying to be
a new customer or have been a customer for some time. While our identity
verification systems are designed to minimize any inconvenience for you,
the verification process may take several days to complete.
Crime and terrorism need cash. Criminals turn the "dirty" cash made from
drug trafficking, smuggling, and robbery into clean money by using false
identities or taking the names of innocent people - like you. Making sure
that people are who they say they are is essential in the fight against
crime and terrorism. This does not mean in any way that suspicion is
falling on you. Any information about your identity is held confidentially
and will help stop your identity being used falsely.
Who is involved?
Agencies of Government and all organizations involved in financial
services. All are united in their determination to stop the spread of
financial crime as part of the international effort to crack down on
financial crime - protecting us all against crime and terrorism.
Your co-operation is vital to the successful fight against crime and
What the Nigerian CBN AML/CFT regulations 2013 requires:
* We may be required to verify your identity and address.
* We are required to keep full records of all transactions together with
* We are required to monitor any unusual or suspicious transactions of any
* We have a legal obligation to report to the Financial Crime Agency of
government any suspicious transaction.