Know Your Customer (KYC) Policy for Faveremit
Introduction
Faveremit is committed to maintaining the highest standards of integrity and transparency in its operations. As a financial services provider offering virtual card generation, trading of gift cards, utility payment, electricity, internet services, and betting platform funding, we recognize the critical importance of preventing money laundering, terrorist financing, and other illicit activities. This Anti-Money Laundering (AML) Policy outlines our commitment to compliance with all relevant laws and regulations in Nigeria, including the Money Laundering (Prohibition) Act, 2011 (as amended), and any subsequent updates to applicable legislation.
1.Purpose of the KYC Policy
The purpose of this KYC Policy is to:
- Verify the identity of our customers to ensure compliance with regulatory requirements.
- Mitigate risks associated with money laundering, fraud, and other financial crimes.
- Comply with applicable laws, regulations, and industry best practices.
- Foster trust and transparency in our customer relationships.
2. Scope of the KYC Policy
This policy applies to all customers using Faveremit’s services:
- Virtual card generation.
- Buying and selling of gift cards.
- Funding of betting platforms.
- Foreign exchange transactions (USD to Naira and vice versa).
3. KYC Requirements
To access Faveremit’s services, customers must complete the KYC process by providing the following:
3.1 Personal Identification:
- Full Name
- Date of Birth
- Address (Proof of address may be required, such as utility bills or bank statements issued within the last three months.)
- Valid government-issued photo identification (e.g., passport, national ID, or driver’s license).
3.2 Contact Information:
- Phone Number
- Email Address
3.3 Additional Verification:
- Depending on the service being accessed or the transaction volume, Faveremit may require additional documentation, such as:
- Bank account verification.
- Proof of income or source of funds.
- Facial recognition or live selfie for biometric verification.
4. Verification Process
Faveremit’s KYC process includes the following steps:
4.1 Registration:
- Customers create an account on the Faveremit platform by providing basic information.
4.2 Submission of NIN or BVN:
- Users upload required documents via the Faveremit platform. All submitted documents must be clear and legible.
4.3 Verification and Approval:
- Our compliance team reviews the submitted documents. Approval notifications will be sent to the user’s registered email address.
4.4 Ongoing Monitoring:
- Transactions are continuously monitored to detect and prevent suspicious activities. Customers may be asked to provide updated documents periodically.
5. Privacy and Data Protection
Faveremit takes user privacy seriously. All personal information and documents provided during the KYC process are:
- Stored securely and encrypted.
- Used solely for identity verification and compliance purposes.
- Not shared with third parties, except as required by law or regulatory authorities.
6. Customer Responsibilities
To ensure compliance with this policy, customers are required to:
- Provide accurate and truthful information during registration and verification.
- Update personal details promptly if there are any changes.
- Respond to requests for additional information or documents in a timely manner.
7. Non-Compliance and Account Restrictions
Failure to complete the KYC process or provide requested documentation may result in:
- Account suspension or restriction.
- Inability to access certain services on the platform.
- Termination of the account in cases of non-compliance or suspected fraudulent activity.
8. Anti-Money Laundering (AML) Compliance
Faveremit adheres to strict anti-money laundering (AML) policies and conducts:
- Enhanced due diligence (EDD) for high-risk accounts or transactions.
- Screening against global watchlists and sanctions lists.
- Reporting of suspicious activities to relevant authorities, as required by law.
9. Updates to the KYC Policy
Faveremit reserves the right to amend this KYC policy to reflect changes in regulations, technology, or business practices. Customers will be notified of any updates via email and the Faveremit website.
10. Contact Us
For questions or concerns regarding this KYC policy or the verification process, please contact our support team at:
- Email: support@faveremit.com
- Website: www.faveremit.com
Conclusion
By using Faveremit’s services, you agree to comply with this KYC policy. Together, we can create a secure and trustworthy platform for financial transactions.
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