AML & KYC Compliance Policy

1. Introduction

At Moneysasa, we are committed to maintaining a secure and legally compliant financial ecosystem for all users. As part of this commitment, we have implemented robust Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.

AML refers to the set of procedures, laws, and regulations designed to prevent criminals from disguising illegally obtained funds as legitimate income. KYC is the process of verifying the identity of our users to ensure that they are legitimate and to minimize risks of fraud, money laundering, and terrorist financing.

This policy explains how Moneysasa implements AML and KYC practices, what is expected from users, and the steps we take to ensure compliance with both local and international regulations.

2. Purpose of AML & KYC Policies

The primary objectives of these policies are:

1. Prevent Money Laundering: Ensure that Moneysasa is not used to legitimize funds derived from illegal activities such as fraud, theft, or corruption.

2. Detect and Report Suspicious Activity: Identify unusual transactions or patterns that could indicate criminal behavior.

3. Verify User Identity: Confirm that all users are who they claim to be, protecting both Moneysasa and its community from fraud.

4. Ensure Regulatory Compliance: Comply with local laws, banking regulations, and international standards for financial institutions.

5. Protect Users: Safeguard honest users against unauthorized transactions, account takeovers, and fraudulent activities.

Example:

• A user attempting to deposit a large sum of money from multiple unverified accounts may trigger an AML review. Moneysasa would investigate and may require additional verification to ensure the source of funds is legitimate.

3. User Verification Process (KYC)

All users of Moneysasa must complete a KYC verification process before gaining full access to platform services, including withdrawals, virtual card issuance, or large transactions.

Step 1: Basic Verification

• Users provide:

  • Full legal name

  • Date of birth

  • Contact information (email and phone number)

• The platform sends verification codes via email or SMS to confirm authenticity.

Step 2: Identity Verification

• Users submit government-issued identification, such as:

  • Passport

  • National ID card

  • Driver’s license

• Moneysasa checks the authenticity of the document and matches it against user-provided data.

Step 3: Address Verification

• Users provide proof of address, such as:

  • Utility bill (not older than 3 months)

  • Bank statement

  • Rental agreement

• This ensures the account is linked to a real, verifiable location.

Step 4: Enhanced Verification (if required)

• High-value transactions, international payments, or suspicious activity may trigger enhanced due diligence.

• Users may be asked for:

  • Source of funds

  • Employment or business verification documents

  • Additional identification or references

4. Monitoring Transactions (AML)

Moneysasa continuously monitors all transactions for suspicious activity. This includes:

• Large or Unusual Transactions: Transactions exceeding normal user activity thresholds.

• Rapid Movement of Funds: Frequent transfers between accounts that could indicate layering or structuring.

• High-Risk Jurisdictions: Transactions involving countries with known AML vulnerabilities or sanctions.

• Unusual Patterns: Sudden changes in transaction behavior that deviate from typical activity.

Example:

• A user who normally transacts $50–$100 daily suddenly deposits $10,000 in one transaction may be flagged for review.

If suspicious activity is detected, Moneysasa may:

• Temporarily freeze the account

• Request additional verification

• Report the activity to relevant authorities

5. Reporting Obligations

Moneysasa complies with all regulatory reporting requirements, which may include:

• Suspicious Transaction Reports (STRs): Filed with authorities when activity is potentially illegal.

• Currency Transaction Reports (CTRs): Required for large cash or bank transfers, depending on jurisdiction.

• Sanctions Screening: Transactions are screened against lists of individuals, organizations, and countries subject to international sanctions.

Users are prohibited from attempting to circumvent these processes or submit false information. Violations may result in account suspension, funds forfeiture, or legal action.

6. User Responsibilities

To maintain AML/KYC compliance, users must:

• Provide accurate and up-to-date information during account registration and verification.

• Notify Moneysasa of any changes in identity, address, or contact information.

• Refrain from using the platform for illegal purposes, including laundering illicit funds.

• Respond promptly to verification requests or inquiries from Moneysasa’s compliance team.

Failure to comply may result in temporary or permanent account restrictions, delayed withdrawals, or closure of the account.

7. Virtual Cards and AML Compliance

Moneysasa virtual cards are a convenient method for online payments and bill settlement. They are fully integrated with our AML/KYC system to ensure:

• Identity Verification: Only verified users can generate and use virtual cards.

• Transaction Limits: Card transactions are monitored and capped based on account type and risk assessment.

• Fraud Prevention: Transactions are tracked for suspicious patterns and unauthorized activity.

Example:

• If a virtual card is used to make multiple high-value purchases in a short period that is inconsistent with the user’s normal activity, the system may trigger a temporary hold and request verification.

8. Risk Management

Moneysasa employs a risk-based approach to AML/KYC compliance. This includes:

• User Risk Assessment: Assigning risk levels based on transaction behavior, account history, and geography.

• Continuous Monitoring: Automated systems flag unusual transactions in real time.

• Periodic Review: High-risk accounts are reviewed regularly to ensure compliance.

Example:

• Users sending funds to countries with higher money laundering risk may undergo enhanced verification.

9. Privacy and Data Protection

All AML/KYC information collected from users is handled with strict confidentiality. Moneysasa uses secure encryption protocols to protect personal data. Information is shared only when:

• Required by law or regulation

• Necessary to investigate suspicious activity

• Needed to fulfill reporting obligations to financial authorities

10. Consequences of Non-Compliance

Non-compliance with AML/KYC policies may lead to:

• Account Restrictions: Temporary holds on withdrawals or virtual card usage

• Account Closure: Permanent closure for severe or repeated violations

• Legal Action: Cooperation with law enforcement for fraudulent or criminal activity

Moneysasa reserves the right to retain funds temporarily during investigations to comply with regulations.

11. Education and Awareness

Moneysasa also focuses on educating users about AML and KYC requirements. This includes:

• Explaining the importance of identity verification

• Providing guidance on safe transactions

• Highlighting risks of fraudulent or suspicious behavior

Example:

• Users are encouraged to verify recipient accounts before sending funds to avoid fraud.

12. Regulatory Compliance

Moneysasa adheres to:

• Local anti-money laundering laws in Kenya and other operational jurisdictions

• International standards, such as FATF Recommendations

• Best practices for digital financial platforms

Compliance ensures Moneysasa remains a trusted and legally compliant service for global transactions.

13. Contact Information for AML/KYC Issues

For inquiries, reporting suspicious activity, or assistance with verification:

Email: compliance@moneysasa.com
Phone: +254 101 532 571Monday–Friday, 8 AM – 6 PM GMT+3)
Support Portal: Moneysasa Support