AML & KYC
Policy.

1. Introduction

Glaid operates a peer-to-peer (P2P) currency exchange marketplace that connects users who wish to exchange currencies directly with each other. Glaid is not a money transmitter, is not an International Money Transfer Operator (IMTO), and does not perform foreign exchange trading. We are committed to preventing the misuse of our platform for money laundering or terrorist financing.

2. Nature of the Platform

• Glaid provides a matching marketplace where users set their own exchange rates.
• NGN escrow is processed via licensed third-party payment processors (Fincra).
• All CAD transfers are conducted directly between users via recognized Canadian payment rails.
• Funds are released only upon mutual confirmation or dispute resolution.

3. Know Your Customer (KYC) Procedures

4. Duplicate & Fraud Detection

To prevent misuse, Glaid implements:

• Document hash matching: Prevents multiple accounts with the same document.
• Biometric hash matching: Detects the same person using different identity documents.
• Fuzzy name comparison: Detects name variations and OCR truncation (≥80% similarity).

5. Risk Assessment

Each user is assigned a risk score based on signals detected during verification. High-risk users (51+ points) are subject to enhanced monitoring or immediate account suspension.

6. Transaction Monitoring & Limits

Glaid monitors all trading activity with the following controls:

• Daily volume limit: Maximum of ₦5,000,000 per user.
• Daily trade count: Maximum of 10 trades per user.
• Audit trail: Every trade event is logged for full traceability.

7. Suspicious Activity Reporting

Where we identify suspicious activity related to financial crime, we will freeze accounts, hold escrowed funds, and file reports with relevant authorities. We follow a strict "no tipping off" policy.

8. Record Keeping

Glaid maintains comprehensive records (KYC documents, trade history, dispute data) for a minimum of 5 years after account closure in accordance with regulatory requirements.

9. Sanctions Screening

We screen all users against global sanctions lists, including those from the United Nations, United States (OFAC), European Union, and Canada. We do not permit individuals or entities on these lists to use our platform. Screening occurs during onboarding and periodically thereafter.

10. Prohibited Jurisdictions

Glaid does not offer services to residents of jurisdictions identified as high-risk or non-cooperative by the Financial Action Task Force (FATF). We reserve the right to restrict or block access from specific geographic locations to ensure compliance with international law.