1. Introduction
BASIQAT CHARITY FOUNDATION is committed to preventing money laundering and terrorist financing in accordance with Nigerian laws and international best practices. This policy outlines the measures adopted to ensure compliance with anti-money laundering (AML) regulations and to protect the integrity of the organization.

2. Legal Framework
This AML Policy aligns with the Money Laundering (Prevention and Prohibition) Act, 2022, guidelines issued by the Special Control Unit Against Money Laundering (SCUML), the Central Bank of Nigeria (CBN) regulations, and other relevant national and international AML laws.

3. Know Your Customer (KYC) and Customer Due Diligence (CDD)
To prevent illicit activities, BASIQAT CHARITY FOUNDATION implements strict KYC and CDD measures, including:

  • Verifying the identity of donors, beneficiaries, and partners.
  • Collecting necessary documentation such as valid government-issued IDs, proof of address, and corporate registration documents.
  • Conducting enhanced due diligence (EDD) for high-risk individuals and organizations.

4. Risk Assessment
The organization conducts periodic risk assessments to identify, evaluate, and mitigate risks related to money laundering and terrorist financing. Donations from high-risk sources are subject to additional scrutiny.

5. Reporting of Suspicious Transactions
All staff members are required to report any suspicious activities to the Compliance Officer. The organization will file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) as necessary.

6. Record Keeping
BASIQAT CHARITY FOUNDATION maintains accurate and detailed records of financial transactions, donor information, and compliance reports for a minimum period as required by law.

7. Training and Awareness
Regular AML training sessions are provided to staff and volunteers to ensure awareness of money laundering risks and compliance obligations.

8. Internal Controls and Compliance Officer
A designated Compliance Officer oversees AML procedures, ensures regulatory compliance, and liaises with relevant authorities.

9. Policy Review and Updates
This AML Policy is reviewed periodically to align with legal and regulatory updates and ensure continued effectiveness in combating money laundering.

This policy serves as a guideline for all stakeholders of BASIQAT CHARITY FOUNDATION to uphold transparency, accountability, and regulatory compliance in all financial activities.