Anti-Money Laundering Compliance
IACAR is duly registered with the Special Control Unit Against Money Laundering (SCUML) and is committed to the highest standards of financial integrity and transparency.
Our Compliance Process
The measures we have followed, and continue to follow, to prevent money laundering and terrorist financing.
Know Your Member / Institution (KYC)
We verify the identity of every member, accredited institution, partner and paying client using valid identification, credentials and registration documents before onboarding.
Risk-Based Due Diligence
Applicants and partners are risk-rated by profile, geography and payment method. Higher-risk relationships receive enhanced due diligence and senior approval.
Transaction Monitoring
Payments are reconciled against invoices, memberships, courses and accreditation fees. Unusual, unexplained or structured payments are flagged for review.
Record Keeping
Identification records, payment evidence and correspondence are kept securely and retained for the period required by Nigerian law.
Reporting of Suspicious Activity
Suspicious transactions are escalated to our compliance officer and reported to the relevant authorities as required under the Money Laundering (Prevention and Prohibition) Act, 2022.
Training & Awareness
Officers, staff and secretariat personnel are regularly trained to recognise and respond to money laundering and terrorist financing risks.
Governance & Policy Review
The Governing Council oversees our AML policy, which is reviewed periodically to remain aligned with changes in law and regulation.
Our Payment Safeguards
- Payments are only accepted into the official, verified IACAR and DLI Educational Consult accounts
- No cash payments are accepted at any IACAR office
- Third-party payments require written explanation and supporting identification
- Sanctions and watch-list screening for institutions and partners where applicable