KYC (Know-Your-Customer) is the practice of collecting data about your customer to help with identifying and verifying their identity.
This data usually includes the customer's full name, email address, phone number, and contact address.
Businesses need KYC as it helps to understand and know your customers better. Below are some of the advantages and importance of KYC:
To establish the identity of the customer.
To understand the nature of the customer's activities
To assess money laundering risks associated with that customer for purposes of monitoring the customer's activities
At E1Pay, only merchants require to provide adequate KYC information for onboarding. Our system makes it easy for merchants to comply with this requirement while uploading the documents to the Backoffice.
KYC REQUIREMENTS FOR MERCHANTS
As part of the business verification, each merchant required to provide adequate information. These documents include means of identity, utility bill, and business incorporation certificate.
ANTI-MONEY LAUNDERING POLICY
As a worldwide financial institution, E1Pay is fully committed to conducting due diligence on our clients and ensuring that all applicable laws and regulations necessary to forestall and prevent money laundering. These include confirming the identity of our merchants through:
Government-issued photo ID
Proof of residential or business address
Business registration information
Any other applicable documentation
Furthermore, we reserve the right to conduct enhanced due diligence on all clients given worldwide approved risk-based policies and as mandated by Sections 3 (6) and (7) of the Anti-Money Laundering Act 2011. E1Pay also reserves the right to refuse a transaction or deny operation on a client or account at any time should suspicion arise that it may be connected to money laundering, criminal activity or any other predicate offence to money laundering. E1Pay will not enter into any business arrangement with anyone or group suspected of or directly involved in money laundering or where funds have been sources or ends of illegal activity.
If E1Pay receives, during its request for documentation, deceptive documentation, contact details, business description or other false information, E1Pay will terminate the offending account. E1Pay is legally bound to report such misdemeanours to the relevant authorities such as the Economic & Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU). As such, the subject, business, and owners may be the subject of a criminal investigation.
Also, suppose E1Pay observes, regarding any account, the occurrence of specific triggers or red flags (Indicators) that indicate perpetuation of fraud, fraudulent or money laundering activities. In that case, E1Pay will place a lien on such an account and the funds therein contained. E1Pay is legally bound under Section 6 of the Anti-Money Laundering Act 2011 to report same to the Economic & Financial Crimes Commission (EFCC) and the Financial Intelligence Unit (FIU).
*Indicators are observable events that point to the possibility of specific activities occurring*
E1Pay reserves the right to:
Withhold suspected fraudulent or money laundering funds in suspected accounts
Order for full-scale forensic investigations in respect of said accounts
Upon confirmation of the status of the account, deduct the costs of E1Pay’s investigations and incidental expenses from the withheld funds in the account.
E1PAY COUNTER-TERRORISM FINANCING STATEMENT (CTF)
As part of the information that is collected during our verification and AML procedures, E1Pay conducts verification through world-wide databases. At the forefront, they will include compliance with EFCC (Economic & Financial Crimes Commission) requirements, as contained in the Economic and Financial Crimes Commission Act 2004, global sanctions reports and government watch lists and screening processes. At any time, due to a requirement to satisfy any of the above verification methods, a client, business entity or any of the business entity owners or affiliates may be asked a specific document or piece of information to confirm their identity or provide additional information regarding any transaction, operations or even business dealings with certain individuals, institutions and dealings in geographical locations.
Should a situation arise where the nature of the business, geographical specific regulations or account activity fall in the scope of non-compliance in any applicable law or regulation, E1Pay will inform the client, business unit or any of the business owners or affiliates of the event and occurrence. For such instances, pre-verification and enhanced due diligence will be required prior to regaining active account status. In cases, where compliance is not achieved pursuing remediation measures, E1Pay will see fit to terminate the account and will report the event and surroundings to the applicable law enforcement and regulatory authorities.