Anti-Money Laundering (AML) Policy for Wiltecon Technologies Enterprise Ltd:

Wiltecon Technologies Enterprise Ltd

Anti-Money Laundering (AML) Policy

Introduction:

Wiltecon Technologies Enterprise Ltd (the "Company") is committed to preventing and detecting money laundering and terrorist financing activities. This AML Policy outlines the Company's procedures for compliance with Nigerian laws and regulations.

Scope:

This policy applies to all employees, directors, agents, and customers of the Company.

Definitions:

- Money Laundering: The process of concealing or disguising the origin of illicit funds.

- Terrorist Financing: The provision or collection of funds to support terrorist activities.

- Customer: Any individual or entity conducting transactions with the Company.

- Politically Exposed Person (PEP): Individuals holding prominent public positions.

AML Objectives:

1. Prevent money laundering and terrorist financing.

2. Comply with Nigerian AML regulations.

3. Protect the Company's reputation.

Customer Identification Program (CIP):

1. Verify customer identity through:

- National ID Card

- International Passport

- Driver's License

- Bank Verification Number (BVN)

2. Confirm customer address through:

- Utility bills

- Bank statements

- Government-issued ID

Customer Due Diligence (CDD):

1. Conduct risk assessment on customers.

2. Monitor customer transactions.

3. Update customer information periodically.

Transaction Monitoring:

1. Track and report suspicious transactions.

2. Monitor large or unusual transactions.

Reporting:

1. File Suspicious Transaction Reports (STRs) with Nigerian Financial Intelligence Unit (NFIU).

2. Maintain records of transactions and customer information.

Internal Controls:

1. Designate an AML Officer.

2. Train employees on AML procedures.

3. Conduct regular audits.

Compliance:

1. Adhere to Nigerian laws and regulations.

2. Comply with Central Bank of Nigeria (CBN) and NFIU guidelines.

Confidentiality:

Employee confidentiality is required for all AML-related information.

Amendments:

This policy may be updated to reflect changes in regulations or Company procedures.

Acknowledgement:

All employees, directors, agents, and customers acknowledge understanding and compliance with this AML Policy.

Approval:

This policy was approved by [Insert Name], [Insert Title], on [Insert Date].

Review and Update:

This policy will be reviewed and updated annually or as needed.

Please note that this is a sample policy and should be reviewed and customized to fit your company's specific needs and regulatory requirements. Consult with local regulatory experts and legal counsel to ensure compliance.

Legal disclosure:

We will disclose any information we collect, use or receive if required or permitted by law, such as to comply with a subpoena or similar legal process, and when we believe in good faith that disclosure is necessary to protect our rights, protect your safety or the safety of others, investigate fraud, or respond to a government request.

Contact information:

If you would like to contact us to understand more about this Policy or wish to contact us concerning any matter relating to individual rights and your Personal Information, you may send an email to info@wilteconenterprises.com.