Last updated: August 20, 2026
MYB Cash is committed to maintaining the highest standards of compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) laws. This policy outlines our practices and procedures.
Purpose and scope
MYB Cash is committed to preventing money laundering, terrorist financing, and other illicit financial activities. This Anti-Money Laundering (AML) Policy applies to all MYB Cash services, including wallet operations, transfers, cryptocurrency transactions, and any other financial products offered through the platform. This policy is designed to comply with the Anti-Money Laundering Act, 2020 (Act 1044) of Ghana and all applicable international standards set by the Financial Action Task Force (FATF).
Know Your Customer (KYC)
All users of MYB Cash must complete identity verification before accessing full service functionality. KYC procedures require the collection and verification of government-issued identification, proof of address, and in some cases, additional financial documentation. MYB Cash reserves the right to require enhanced due diligence for high-risk customers, large transactions, or complex transaction patterns.
Customer due diligence
MYB Cash applies a risk-based approach to customer due diligence. Standard due diligence is applied to all customers, while enhanced due diligence (EDD) is applied to higher-risk categories including politically exposed persons (PEPs), customers from high-risk jurisdictions, and those involved in unusual or complex transactions. Simplified due diligence may be applied only where permitted by law and after a documented risk assessment.
Transaction monitoring
MYB Cash employs automated and manual transaction monitoring systems to detect suspicious activity. All transactions are screened against sanctions lists, politically exposed persons databases, and adverse media watchlists. Unusual patterns such as structuring, rapid in-and-out movements, transactions inconsistent with customer profiles, or dealings with sanctioned entities are flagged for review.
Suspicious activity reporting
MYB Cash is obligated to report suspicious transactions to the Financial Intelligence Centre (FIC) of Ghana as required by law. Employees are trained to identify and escalate potentially suspicious activity. MYB Cash does not inform customers that a suspicious activity report has been or will be filed (tipping-off prohibition). All reports are documented and retained in accordance with statutory record-keeping requirements.
Record keeping
MYB Cash maintains records of all customer identification data, transaction records, and due diligence documentation for a minimum of five years after the business relationship ends or the occasional transaction is completed, whichever is later. These records are stored securely and are accessible to regulatory authorities upon request.
Sanctions compliance
MYB Cash complies with all applicable sanctions regimes, including those issued by the United Nations, the European Union, the United States Office of Foreign Assets Control (OFAC), and the Government of Ghana. MYB Cash screens all customers and transactions against applicable sanctions lists and freezes assets of designated persons or entities without delay.
Cryptocurrency-specific AML
MYB Cash applies additional AML controls to cryptocurrency services including enhanced transaction monitoring, wallet address screening, blockchain analytics integration, and restricted fiat on-ramps and off-ramps to and from high-risk jurisdictions. Crypto deposits and withdrawals are subject to additional verification and may be delayed pending compliance review.
Staff training and awareness
All MYB Cash employees receive regular AML and counter-terrorist financing (CTF) training appropriate to their roles. Training covers identification of suspicious activity, KYC procedures, sanctions screening, reporting obligations, and updates to applicable laws and regulations. Training records are maintained and reviewed periodically.
Independent auditing
MYB Cash conducts periodic independent audits of its AML compliance program to assess effectiveness, identify gaps, and implement corrective actions. Audit findings are reviewed by senior management and the compliance officer, and remediation plans are tracked to completion.
Policy review and updates
This AML Policy is reviewed at least annually or more frequently as required by changes in law, regulation, or risk assessment. Updates are approved by the compliance officer and communicated to relevant staff. Material changes are reflected in the platform's terms and may require re-consent from affected customers.
Reporting violations
If you suspect or become aware of any suspicious activity related to MYB Cash, please report it immediately to legal@mybcash.com or contact the Financial Intelligence Centre of Ghana directly. MYB Cash protects whistleblowers and does not tolerate retaliation for good-faith reports of suspected illicit activity.