Anti-money Laundering Policy


Prestige Services is obligated to fighting money laundering and abiding fully with anti-money laundering laws in Nigeria. Prestige Services understands beyond reasonable doubts and accept our responsibilities to help in the global fight against money laundering. This commitment will overrule all other privacy responsibilities present in our policies. Prestige Services will not hesitate to take all reasonable and appropriate steps to block individuals involved in money laundering, fraud, or other financial crimes from using our products and services.

Our AML policies, procedures and internal controls have been prepared to guarantee adherence with all applicable BSA regulations and FINRA rules and will be reviewed and updated regularly to guarantee appropriate policies, procedures and internal controls are in place to account for both changes in regulations and changes in our services.

Risk management

A team is available with the purpose being to report to concerned bodies regularly all risk and compliance issues using a risk-based approach to the evaluation and management of money laundering and terrorist financing risks and Comply with the requirements of the Money Laundering (Prohibition) Act, 2011 (as amended), Terrorism (Prevention) Act, 2011 (as amended) and Terrorism Prevention (Freezing of International Terrorists Funds and other Related Measures) Regulations 2013, including related laws and Regulations.

Internal control

This team sees to the implementation of procedures that will prevent criminals from using Prestige Service’s services for money laundering and terrorist financing. They also guarantee that Prestige Service’s responsibility under subsisting laws and regulations are met.


This team has been specifically set aside to supervise and coordinate day-to-day compliance with the applicable legislation, regulations, rules and industry guidance as well as applicable money laundering laws and regulations. They keep the stakeholders on track by regularly communicating all AML issues.

They provide timely preparation and delivery of all relevant returns to the regulatory bodies in line with SEC and FIU Rules and Regulations. They also monitor closely all transactions to detect any unusual suspicious activities.

Know your customers

Establishing and maintaining a risk-based approach to Customer Due Diligence (CDD), including customer identification, verification, and KYC procedures. To ensure we meet these standards, our customers are required to provide certain personal details to use certain services available within the platform.

The nature, and extent, of what is required is guided by what the customer tries to do with the platform. In certain circumstances, Prestige Services may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting large volumes etc. Maintaining appropriate KYC records for the minimum prescribed periods; Prestige Services shall ensure timely and accurate rendition of all AML/CFT returns as specified in the SEC AML/CFT Rules and Regulations as well as other relevant Regulations/Act/Guidelines/Circulars that may be issued from time to time by various government agencies. We shall exercise due diligence in identifying and reporting suspicious transactions. Suspicious transactions shall include:

Prestige Services shall diligently identify and report any suspicious transaction. Suspicious transactions shall include:

Transactions which are integrated to avoid reporting and record keeping requirements.

Altered or false identification or inconsistent information or any transaction involving criminal activity in Prestige Services view.

Transaction that belongs to a person or organization considered as terrorist.

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