AML & Fraud Policy
FarmX is committed to preventing money laundering, terrorist financing and fraud on the Platform, and to complying with applicable anti-money-laundering and counter-terrorist-financing law — in Nigeria, this includes the Money Laundering (Prevention and Prohibition) Act and related regulations and guidance — and with recognised international standards. This policy explains the controls we apply and what we expect from you.
1. Definitions
- Money laundering — processing the proceeds of crime to disguise their origin.
- Terrorist financing — providing or collecting funds to be used for terrorism.
- Fraud — dishonestly obtaining a benefit or causing a loss by deception, including account takeover, identity fraud, payment fraud and referral fraud.
- PEP — a politically exposed person, that is someone entrusted with a prominent public function, and their close associates and family.
- Beneficial owner — the natural person who ultimately owns or controls an account or the funds in it.
2. Customer due diligence
- We verify the identity of every User, and we may re-verify identity or request further information at any time.
- We may require evidence of your source of funds or source of wealth, particularly for larger or unusual activity.
- We apply enhanced due diligence to higher-risk situations, including PEPs, unusual patterns, and high transaction volumes.
- We carry out ongoing monitoring of accounts and transactions throughout the relationship.
- One verified account per person. The account, and the funds in it, must belong to you.
3. Sanctions
We screen Users and, where relevant, counterparties against applicable sanctions lists. We will not establish or continue a relationship with a person or entity that is subject to sanctions, or that is located in, or acting on behalf of, a sanctioned jurisdiction, where doing so would be unlawful.
4. Prohibited activity
You must not use FarmX to:
- launder the proceeds of any crime, or finance terrorism or any other unlawful activity;
- commit or facilitate fraud or a scam, including operating or promoting a pyramid or Ponzi scheme;
- open or operate multiple accounts, or use false, stolen or synthetic identities;
- buy, sell, rent or share accounts, referral positions or referral links;
- fund your account with, or withdraw to, payment instruments or bank accounts that are not your own;
- engage in collusive, circular or "wash" activity — including self-referrals, fake or inactive downlines, and coordinated deposits and investments — designed to trigger commissions or rewards rather than to invest;
- structure deposits or withdrawals to stay below thresholds or avoid checks;
- misrepresent FarmX, its Returns or its Referral Programme to recruit or induce others.
5. Transaction monitoring
We monitor activity using automated tools and manual review. Where activity is unusual or inconsistent with what we know about you, we may pause a transaction, request information, or freeze an account while we review it.
6. Reporting
Where we are required to, we file suspicious transaction reports with the competent authority — in Nigeria, the Nigerian Financial Intelligence Unit — and cooperate with investigations. In some cases the law prohibits us from telling you that a report has been made or that an investigation is under way.
7. Freezing, withholding and forfeiture
We may freeze a Wallet balance, withhold or decline a withdrawal, reverse Returns or commissions, suspend or close an account, and — where lawfully required or ordered — disclose information to, or hand over funds to, an authority. We may do this without prior notice where notice is not permitted or would prejudice an investigation.
8. Referral and affiliate fraud
Referral rewards exist to encourage genuine investment. Self-referrals, fabricated downlines, incentivised bogus sign-ups or deposits, chargeback abuse, and any scheme whose main purpose is to generate commissions rather than to invest, will result in clawback of affected commissions, account closure, and — where appropriate — reporting to the authorities.
9. Your obligations
- give truthful, complete information and keep it current;
- use only your own money and your own payment instruments and bank accounts;
- respond promptly and honestly to our requests for information;
- tell us immediately if you suspect fraud on your account or on the Platform.
10. Records and training
We keep customer due diligence and transaction records for at least the minimum period required by law, generally five years after the end of the relationship or the date of a transaction, whichever is later. Relevant staff receive anti-money-laundering and fraud-awareness training.
11. Our liability
To the fullest extent permitted by law, FarmX is not liable for any loss you suffer as a result of us freezing, holding, delaying, reversing or declining a transaction or account, or making a report, where we act in good faith on a reasonable suspicion of a breach of this policy or on legal advice or a legal requirement.
12. Reporting concerns and whistleblowing
If you become aware of money laundering, fraud, or a breach of this policy — by another User, or by anyone connected with FarmX — report it through the Contact page, marked for Compliance. We do not tolerate retaliation against anyone who reports a concern in good faith, and reports can be made confidentially.
13. Changes
We may update this policy. The current version, with its last-updated date, is always on the Platform.