Anti-money laundering and counter-terrorist financing
Version of 3 November 2026
Ifrik refuses to be used to launder money or to finance terrorism or the proliferation of weapons of mass destruction. This policy describes the rules we apply to every client and every transaction.
Applicable framework
In the West African Economic and Monetary Union, Ifrik applies the uniform law on anti-money laundering and counter-terrorist and proliferation financing, as well as the instructions of the BCEAO and the UMOA Financial Markets Authority. In other countries, Ifrik applies national legislation (notably in Nigeria, Ghana, Kenya, South Africa and Morocco) and the recommendations of the Financial Action Task Force (FATF). Where several rules apply, the strictest prevails.
Risk-based approach
Each client receives a due diligence rating (standard, medium or enhanced) computed at onboarding and reviewed continuously. It considers the countries of residence, nationality and ID issuance (FATF lists), politically exposed person status, source of funds, expected amounts compared with declared income, and alerts raised on the account.
Due diligence at onboarding
- Identification and verification on a valid official ID, front and back, with national identifier where one exists.
- Filmed selfie with liveness check and face comparison with the ID photo.
- Proof of address less than three months old.
- Employment, income, wealth, source of funds, expected amounts and purpose of the account.
- Declarations on politically exposed persons and tax residence.
- Duplicate detection (same ID or same face on another account) and sanctions screening.
No real order, deposit or withdrawal is possible before the file is fully verified.
Enhanced due diligence
It applies in particular to politically exposed persons, their relatives, clients linked to a country under FATF monitoring and large amounts. It includes proof of source of funds or wealth, approval by the compliance officer, enhanced transaction monitoring and an annual file review.
Ongoing monitoring
Transactions are monitored automatically. Alerts flag unusual amounts, structured deposits, rapid in-and-out movements without investment, discrepancies with the declared profile and multiple new withdrawal accounts. Each alert is reviewed by the compliance team, which may request documents, restrict the account or end the relationship. Files are updated every year for enhanced, every two years for medium and every five years for standard due diligence, and at any time if circumstances change.
Suspicious transaction reports
Where a transaction or behaviour raises suspicion of money laundering or terrorist financing, Ifrik files a report with the competent financial intelligence unit (the national CENTIF in the WAEMU, the NFIU in Nigeria, the FIC in Ghana and South Africa, the FRC in Kenya). The law prohibits informing the client concerned.
Record keeping
Identity documents and transaction records are kept for ten years after the end of the relationship, or longer where a country's law requires, encrypted and with logged access.
Organisation
A compliance officer reporting to management is responsible for this policy. Staff are trained every year. The framework is subject to internal controls and regular audits. Ifrik cooperates with supervisory authorities and answers their requests within legal deadlines.
Contact
Compliance officer: contact@kouessi.com