Anti-Money Laundering (AML) &
Know Your Customer (KYC) Policy
Regulatory Compliance Statement
PayMaster operates in strict accordance with the anti-financial crime laws of the Federal Republic of Nigeria. Under the oversight of our compliance team led by Peter Effiong, we maintain a zero-tolerance stance against identity fraud, money laundering, and illegal transactions.
Paymaster (paymaster.com.ng) is committed to high standards of financial integrity, honesty, and user safety. In line with the Money Laundering (Prevention and Prohibition) Act of Nigeria, Central Bank of Nigeria (CBN) rules, and international anti-financial crime guidelines, we maintain a strict Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) system.
1 User Verification & Identity Checks (KYC)
To protect our users, payment partners, and legal network, we use a clear "Know Your Customer" (KYC) process. Depending on how much money you spend or the exact service you need, you may be asked to provide:
- A valid government photo ID (such as an International Passport, Driver's License, or NIN/National ID).
- Proof of source of funds or transaction details (such as store invoices, checkout screenshots, or business registration).
- Identity checks for third-party checkout requests under our "Pay-For-Me" program to prevent card fraud.
2 Transaction Monitoring & Account Holds
Paymaster uses automated tools and human review to spot unusual or risky payment patterns. Our compliance desk reserves the full right to pause transactions, place temporary holds, or stop service if:
- We spot signs of fraud, cybercrime, or unauthorized money flows.
- A user submits fake, altered, or unverified identification documents.
- Funds are suspected to come from illegal acts, including internet fraud, identity theft, extortion, or corruption.
3 Reporting to Law Enforcement & Regulators
We aim to give genuine customers a smooth cross-border payment experience, but we strictly reject financial crime. If illegal activity is suspected and proper proof is not provided, Paymaster will cooperate fully with official enforcement bodies, including the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force (NPF).
4 Privacy & Customer Data Protection
Your privacy matters to us. Honest user data and payment logs are kept completely confidential. We will never sell, rent, or share your details with unauthorized third parties, unless legally required by a Nigerian court of law or official government regulatory mandate.
Policy Compliance Desk
Supervised by Peter Effiong (Chief Compliance & Legal Officer)
Have questions about our verification process?
Our customer support team is available during business hours to assist you with KYC compliance and transaction inquiries.