Compliance
PayStrikes operates in full compliance with financial regulations and industry standards to ensure the highest level of service and protection for our users.
Regulatory Compliance
We comply with all applicable financial regulations including CBN guidelines, anti-money laundering (AML) laws, and know your customer (KYC) requirements.
International Standards
Our operations adhere to international financial standards including FATF recommendations, Basel III guidelines, and global best practices for financial services.
Consumer Protection
We prioritize consumer protection through transparent pricing, fair practices, and comprehensive dispute resolution mechanisms.
Regular Audits
Independent third-party audits ensure our compliance with all regulatory requirements and industry standards on an ongoing basis.
Regulatory Framework
PayStrikes operates under the regulatory oversight of the Central Bank of Nigeria (CBN) and complies with the following key regulations:
- CBN Guidelines on Electronic Payment Services
- Money Laundering (Prohibition) Act
- Terrorism (Prevention) Act
- Nigeria Data Protection Regulation (NDPR)
- Consumer Protection Framework for Financial Services
- Cybersecurity Framework for Financial Institutions
Anti-Money Laundering (AML)
Our comprehensive AML program includes:
- Customer Due Diligence (CDD) procedures
- Enhanced Due Diligence (EDD) for high-risk customers
- Ongoing transaction monitoring and suspicious activity reporting
- Regular AML training for all staff members
- Maintenance of comprehensive AML records
- Cooperation with law enforcement and regulatory authorities
Know Your Customer (KYC)
Our KYC procedures ensure we verify the identity of all customers:
Individual Customers
- • Valid government-issued ID
- • Proof of address
- • Biometric verification
- • Phone number verification
- • Email address verification
Business Customers
- • Certificate of incorporation
- • Tax identification number
- • Beneficial ownership information
- • Business registration documents
- • Authorized signatory verification
Data Protection & Privacy
We are committed to protecting your personal data in compliance with:
- Nigeria Data Protection Regulation (NDPR)
- General Data Protection Regulation (GDPR) for international users
- Industry best practices for data security and privacy
- Regular privacy impact assessments
- Data minimization and purpose limitation principles
Financial Crime Prevention
Our multi-layered approach to preventing financial crimes includes:
- Real-time transaction monitoring systems
- Advanced fraud detection algorithms
- Sanctions screening and watchlist monitoring
- Suspicious activity reporting to relevant authorities
- Regular risk assessments and updates to prevention measures
- Staff training on financial crime indicators
Reporting & Transparency
We maintain transparency through regular reporting:
- Annual compliance reports to regulatory authorities
- Regular financial statements and disclosures
- Transparency reports on government requests
- Public disclosure of compliance policies and procedures
- Regular updates on regulatory changes and their impact
Contact Our Compliance Team
For compliance-related inquiries or to report compliance concerns:
Email: compliance@paystrikes.com
Phone: +234 800 PAYSTRIKES
Address: Compliance Department, PayStrikes, Lagos, Nigeria
Whistleblower Hotline: Available 24/7 for confidential reporting