Pady takes its responsibilities under the Money Laundering (Prevention and Prohibition) Act, the CBN AML/CFT Regulations, and the Terrorism (Prevention and Prohibition) Act seriously.
1. Know Your Customer (KYC)
Every Pady customer is verified using a tiered approach. Tier 1 verifies BVN, phone, and a liveness selfie. Tier 2 adds a government-issued ID. Tier 3 adds proof of address. Verification is required to access higher transaction limits and certain product features.
2. Customer Due Diligence (CDD)
Enhanced due diligence is applied to politically exposed persons, customers from high-risk jurisdictions, and accounts with unusual transaction patterns.
3. Ongoing monitoring
Every transaction on the Pady platform is screened in real time against sanctions lists (UN, EU, OFAC, NFIU) and behavioural risk models. Suspicious activity reports (SARs) are filed with the Nigerian Financial Intelligence Unit as required.
4. Record-keeping
We retain transaction and identification records for at least 7 years after the closure of an account, in line with CBN guidance.
5. Training
All Pady staff complete annual AML/CFT training. Our Compliance team is led by a CBN-certified Money Laundering Reporting Officer.
6. Reporting concerns
Report suspected money laundering or fraud to compliance@padymoney.com. Whistleblower reports are confidential.