1. Introduction

 

Xclusiv Retail Marketplace Innovation ("the Platform") is committed to maintaining a safe and secure environment for its users and preventing misuse of its services for illegal activities, including money laundering and terrorist financing. These Know Your Customer (KYC) and Customer Due Diligence (CDD) Procedures outline our commitment to verifying the identity of our users and assessing their risk level in accordance with applicable laws and regulations.

 

2. Purpose

 

2.1. The purpose of KYC and CDD procedures is to:

 

• Verify the identity of users to prevent identity theft and fraud.

• Assess the risk associated with each user to prevent money laundering, terrorist financing, and other illicit activities.

• Ensure compliance with applicable laws and regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

 

3. Customer Identification Program (CIP)

 

3.1. Xclusiv Marketplace implements a Customer Identification Program (CIP) to verify the identity of users during the registration process.

 

3.2. The CIP includes collecting and verifying information such as:

 

   - Full legal name

   - Date of birth

   - Residential address

   - Government-issued identification document (e.g., passport, driver's license)

 

3.3. Users may be required to provide additional information or documentation to verify their identity based on risk factors such as transaction volume, geographic location, or suspicious activity.

 

4. Risk Assessment

 

4.1. Xclusiv Marketplace conducts a risk assessment for each user to determine their risk level based on factors such as:

 

• Transaction volume

• Geographic location

• Nature of the user's business or activities

• History of compliance with AML and CTF regulations

 

4.2. Users identified as high-risk based on the risk assessment may be subject to Enhanced Due Diligence (EDD) measures, including additional verification steps and ongoing monitoring.

 

5. Ongoing Monitoring

 

5.1. Xclusiv Marketplace implements ongoing monitoring of user activity to detect and prevent suspicious behavior, such as:

 

• Unusual patterns of transactions

• Large or frequent transactions

• Transactions involving high-risk jurisdictions or individuals

 

5.2. Any suspicious activity detected is promptly investigated, and appropriate action is taken, including reporting to the relevant authorities as required by law.

 

6. Record Keeping

 

6.1. Xclusiv Marketplace maintains accurate and up-to-date records of all user interactions and transaction data in accordance with applicable laws and regulations. These records are securely stored and made available to regulatory authorities upon request.

 

7. Training and Awareness

 

7.1. Xclusiv Marketplace provides regular training to employees involved in the KYC and CDD process on AML and CTF laws, regulations, and best practices. Training includes identifying suspicious activity, customer due diligence procedures, and reporting requirements.

 

8. Review and Updates

 

8.1. These KYC and CDD Procedures are subject to periodic review and updates to ensure continued compliance with evolving legal and regulatory requirements. Any changes to the Procedures will be communicated to employees in a timely manner.

 

9. Contact Information

 

9.1. For questions or concerns about these KYC and CDD Procedures, please contact the Compliance Officer at 6 Dan Adala Office Suites, UDB Road, Kano, Nigeria. support@xclusiv.info. www.xclusiv.info.

 

By using the Platform, users acknowledge their acceptance of and commitment to comply with these KYC and CDD Procedures. Failure to adhere to these Procedures may result in account suspension or termination and may be reported to the relevant authorities.