Compliance Policy

Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance

Effective Date: August 1st, 2025
Last Updated: August 1st, 2025
Applies To: All Users and Approved Merchants on BlockEX.Trade

1. Overview

This Compliance Policy outlines BlockEX.Trade's obligations and approach to Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance in accordance with applicable laws and global standards, including those set by:

  • The Financial Action Task Force (FATF)
  • Nigerian Financial Intelligence Unit (NFIU)
  • Securities and Exchange Commission (SEC), Nigeria
  • Other applicable local and international regulatory bodies

2. Objectives

  • Prevent and detect any form of money laundering or terrorist financing.
  • Ensure only legitimate users have access to the platform.
  • Maintain records of customer identities and transactions.
  • Report suspicious activities to relevant authorities.

3. KYC (Know Your Customer)

To access our platform, users must undergo identity verification based on their risk profile.

3.1 Individual Users

Required Documents:

  • Valid Government-issued ID (e.g., NIN, International Passport, Driver's License)
  • Live selfie or facial recognition

Optional:

  • Proof of address (for higher volume accounts)

Ongoing Review: Users are subject to periodic KYC updates.

3.2 Merchants / Advertisers

Stricter KYC Requirements:

  • Full identity verification
  • Phone number and email verification
  • Proof of address
  • Proof of bank account ownership
  • May be subject to enhanced due diligence and background checks

4. AML (Anti-Money Laundering)

We apply risk-based AML controls to monitor and report suspicious activity.

4.1 Prohibited Activities

  • Use of the platform for money laundering or terrorist financing
  • Trading on behalf of sanctioned individuals/entities
  • Attempting to disguise the source of funds

4.2 Transaction Monitoring

  • All trades are monitored for suspicious patterns.
  • Large trades or abnormal behavior may be flagged for review.
  • Suspicious transactions will be reported to the NFIU.

5. Sanctions and Blacklists

BlockEX.Trade does not support transactions involving:

  • Sanctioned individuals, countries, or entities (e.g., OFAC lists)
  • Users from high-risk jurisdictions as defined by FATF

6. Escrow and Dispute Mechanism

All P2P trades involving crypto assets are protected by an escrow system. Funds are held securely until the trade conditions are met. This ensures protection from fraud and abuse.

7. Data Retention and Privacy

We retain KYC and transaction data securely for a minimum of 5 years, as required by law. All personal data is handled in accordance with our [Privacy Policy].

8. User Responsibilities

  • Provide accurate and verifiable information.
  • Report any suspicious behavior or transactions.
  • Use your own account — never trade on behalf of third parties.

9. Enforcement and Consequences

Failure to comply with this policy may result in:

  • Suspension or termination of account
  • Freezing of funds
  • Reporting to regulatory or law enforcement agencies

10. Policy Updates

This policy may be updated at any time. Users will be notified of significant changes, and continued use of the platform indicates acceptance of the revised terms.