AML & CFT Policy
DryftLabs Limited ("DryftLabs", "we", "our", or "us") is committed to preventing the use of its platform for money laundering, terrorist financing, fraud, or other financial crimes.
This Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Policy outlines the procedures implemented by DryftLabs to detect, prevent, and report suspicious activities in accordance with applicable laws and regulations, including Nigerian financial crime prevention frameworks.
DryftLabs maintains internal controls designed to ensure compliance with regulatory expectations and international best practices.
Scope of the Policy
This policy applies to:
- All users of the DryftLabs platform
- All transactions conducted through DryftLabs services
- All employees, contractors, and partners involved in platform operations
Nature of Services
DryftLabs provides a cryptocurrency off-ramp service that allows users to convert supported digital assets into fiat currency (Nigerian Naira).
DryftLabs:
- Does not operate a cryptocurrency exchange
- Does not offer crypto-to-crypto trading
- Does not hold user private keys or wallet seed phrases
Users send supported crypto assets from their external wallets to a generated deposit address, after which the equivalent fiat value is paid out to the user's bank account.
Know Your Customer (KYC)
To reduce financial crime risks, DryftLabs may require users to complete identity verification procedures before accessing certain services.
KYC verification may include:
- Full name
- National Identification Number (NIN) or government-issued ID
- Phone number
- Email address
- Date of birth
- Selfie or biometric verification
- Bank account verification
DryftLabs may use third-party identity verification providers to assist with these checks. Users who fail to complete required verification may be restricted from accessing certain services.
Transaction Monitoring
DryftLabs monitors transactions and account activities to identify suspicious or potentially illegal activity.
Monitoring measures may include:
- Blockchain transaction analysis
- Pattern monitoring for unusual activity
- Monitoring rapid transaction patterns
- Monitoring high-risk wallet interactions
- Detection of unusual deposit or payout behaviour
Transactions may be delayed, reviewed, or rejected if suspicious activity is detected.
Sanctions Compliance
DryftLabs maintains compliance with applicable sanctions frameworks and may screen users and transactions against relevant sanction lists.
DryftLabs reserves the right to restrict or block accounts associated with sanctioned individuals, entities, or jurisdictions.
Suspicious Activity Reporting
If suspicious activity is detected, DryftLabs may:
- Temporarily restrict or suspend an account
- Request additional verification information
- Investigate the transaction or activity
- Report the activity to relevant authorities where required by law
DryftLabs may cooperate with law enforcement agencies and financial regulators in the investigation of financial crimes.
Record Keeping
DryftLabs maintains records of:
- User identity verification
- Transaction history
- Account activity logs
- Compliance and investigation records
Records are retained for the duration required by applicable regulations and compliance obligations.
Risk-Based Approach
DryftLabs applies a risk-based approach to AML/CFT compliance, meaning:
- Higher-risk users or transactions may be subject to enhanced monitoring
- Certain high-risk activities may be restricted or prohibited
Policy Updates
DryftLabs may update this AML/CFT Policy periodically to reflect regulatory developments or operational changes.
Continued use of the platform after updates indicates acceptance of the revised policy.