Money Launderingrefers to the process of concealing the source of legally and illegally and grey area obtained monies. The methods by which money may be laundered are varied and can range in sophistication.
To maintain our integrity as a leading online and mobile payments platform, Cofred is legally bound by the laws of the Federal Republic of Nigeria and following the enactment of the Anti-Money Laundering Act, 2011, the Anti-Terrorism Act, 2013 and the subsequent passage of the Anti-Money Laundering Regulations, 2011 to give necessary attention to the fight against money laundering and terrorist financing.
Our Approach To Detect
You may find that you are asked to confirm your identity and other personal details. Cofred has established special verification systems involving your bank account or payment card to prove your identity. To safeguard the integrity of our payment system, your Cofred 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 minimise any inconvenience for you, the verification process may take several days to complete.
Our Reasons To Detect
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.
Helping Governments and Authorities
The Nigeria Government and all organizations involved in financial services are all 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 terrorism.
The laws of the Federal Republic of Nigeria requires: