1. Introduction
This Know Your Customer (KYC) Policy outlines the procedures and measures implemented by Genesyswave Solutions LTD to verify the identity of its customers, assess the risks associated with their activities, and prevent illegal activities such as money laundering, terrorist financing, and fraud. This policy applies to all users of our e-wallet, including those utilizing our payment APIs and virtual cards (Visa or Mastercard).
2. Objectives
- Identity Verification: Ensure that all customers are who they claim to be.
- Risk Assessment: Identify and evaluate risks associated with customer activities.
- Regulatory Compliance: Comply with local and international anti-money laundering (AML) and counter-terrorism financing (CFT) laws and regulations.
- User Protection: Protect users from fraud and illegal activities.
3. Scope
This policy applies to all customers who:
- Open an account on our e-wallet.
- Use our payment APIs.
- Request or use virtual cards (Visa or Mastercard).
4. KYC Procedures
4.1. Information Collection
Before opening an account or using our services, customers must provide the following information:
- For Individuals:
- Full name.
- Date of birth.
- Residential address.
- Phone number.
- Email address.
- Official identification document (passport, national ID card, driver’s license).
- Selfie with the identification document (for facial verification).
- For Businesses:
- Company name.
- Registered business address.
- Company registration number.
- Incorporation documents (articles of association, certificate of incorporation).
- Identification documents of directors and ultimate beneficial owners (UBOs).
4.2. Document Verification
All documents provided by customers will be verified using identity verification technologies (OCR, facial recognition, etc.). Documents must be valid, legible, and match the information provided by the customer.
4.3. Verification Levels
- Level 1 (Basic): For accounts with low transaction limits. Basic identity verification is required.
- Level 2 (Standard): For accounts with higher transaction limits. Comprehensive document verification and address verification are required.
- Level 3 (Enhanced): For business accounts or high-risk transactions. Full verification of UBOs and source of funds is required.
5. Ongoing Monitoring
- Transaction Monitoring: All transactions will be monitored in real-time to detect suspicious activities.
- Information Updates: Customers must update their KYC information in case of changes (address, status, etc.).
- Periodic Review: High-risk accounts will undergo periodic reviews to ensure compliance.
6. Risk Management
- Risk Assessment: Each customer will be classified into a risk level (low, medium, high) based on their profile and activities.
- Enhanced Due Diligence (EDD): Additional verification and enhanced monitoring will be applied to high-risk customers.
7. Data Retention Policy
All information and documents collected under this KYC Policy will be retained for a minimum period of 5 years after account closure, in compliance with applicable regulations. Data will be stored securely and accessible only to authorized personnel.
8. Confidentiality and Security
All information collected under this KYC Policy will be treated with the utmost confidentiality. Technical and organizational security measures will be implemented to protect customer data against unauthorized access, loss, or theft.
9. Non-Compliance Sanctions
Any customer who refuses to provide the required information or provides false or incomplete information will have their account suspended or terminated. Suspicious activities will be reported to the relevant authorities in accordance with applicable laws.
10. Training and Awareness
All employees of Genesyswave Solutions LTD will receive regular training on KYC, AML, and CFT procedures. Ongoing awareness programs will be maintained to ensure a high level of compliance.
11. Policy Review
This policy will be reviewed annually or in the event of significant changes in regulations or business operations.
12. Contact Information
For any questions regarding this KYC Policy, please contact:
Genesyswave Solutions LTD is committed to maintaining the highest standards of compliance and user protection in accordance with applicable laws and regulations.