Compliance

Our Commitment to Compliance

At Figo, we believe that strong compliance practices are the foundation of a trustworthy financial service. We've built our platform with compliance at its core, ensuring that every transaction and interaction meets the highest standards of regulatory requirements.

Regulatory Framework

Figo operates within a robust regulatory framework designed to protect our users and maintain the integrity of the financial system.

Corporate Structure

Figo Boost is a Delaware C-Corporation. We work with licensed banking partners and payment processors to deliver our services in compliance with applicable regulations.

Card Issuance

Figo cards are issued by our banking partners in partnership with Visa. All card programs are subject to the regulatory oversight of relevant financial authorities and comply with card network rules.

Operating Jurisdictions

We currently serve customers in Nigeria and Ghana, with plans to expand to additional markets. In each jurisdiction, we ensure compliance with local financial regulations, including:

• Central Bank of Nigeria (CBN) guidelines
• Bank of Ghana regulations
• Applicable international standards

Anti-Money Laundering (AML)

Our AML program is designed to detect and prevent money laundering, terrorist financing, and other financial crimes. Key components include:

Customer Due Diligence (CDD)

• Identity verification using government-issued documents
• Address verification
• Source of funds assessment for higher-risk transactions
• Ongoing monitoring of customer activity

Enhanced Due Diligence (EDD)

For higher-risk customers or transactions, we apply enhanced due diligence measures, including additional documentation requirements and more frequent monitoring.

Sanctions Screening

All customers are screened against international sanctions lists, including:

• OFAC (Office of Foreign Assets Control)
• UN Security Council sanctions
• EU sanctions lists
• Local sanctions lists in applicable jurisdictions

Suspicious Activity Reporting

We maintain procedures for identifying, investigating, and reporting suspicious activities to relevant authorities in accordance with applicable laws.

Know Your Customer (KYC)

Our KYC process ensures we understand who our customers are and can appropriately assess risk. The verification process includes:

Tier 1 - Basic Verification

• Full legal name
• Date of birth
• Phone number verification
• Email verification

Tier 2 - Standard Verification

• Government-issued photo ID
• Selfie verification (liveness check)
• Proof of address

Tier 3 - Enhanced Verification

• Additional identity documents
• Source of funds documentation
• Bank statement or employment verification

Data Security

Protecting your data is a top priority. Our security measures include:

• Encryption: All data is encrypted in transit (TLS 1.3) and at rest (AES-256)
• Access Controls: Role-based access with multi-factor authentication for all team members
• Infrastructure: Hosted on SOC 2 Type II compliant cloud infrastructure
• Monitoring: 24/7 security monitoring and incident response
• Testing: Regular penetration testing and security assessments
• PCI DSS: Card data handling compliant with Payment Card Industry standards

Our Partners

We work with trusted partners who share our commitment to compliance and security:

Reporting Concerns

If you suspect fraudulent activity, money laundering, or other compliance violations, please report them immediately:

• Email: compliance@spendfigo.com
• In-app: Use the "Report" feature in your account settings

All reports are treated confidentially and investigated promptly.

Questions?

For questions about our compliance practices, please contact our compliance team at compliance@spendfigo.com.