Know Your Customer (KYC) Policy
Effective Date: October 5, 2023
Introduction
The purpose of this policy is to outline the Know Your Customer (KYC) procedures that Cowries Money Financial Services Ltd (hereafter referred to as "Cowries Money") will implement to ensure compliance with relevant laws and regulations. Cowries Money is dedicated to upholding the highest standards of ethical conduct and is committed to taking all necessary measures to prevent fraudulent activity and safeguard the interests of our valued customers.
Customer Identification
Cowries Money will establish and maintain a comprehensive Customer Identification Program (CIP) aimed at accurately identifying and verifying the identity of our customers. This process will encompass the collection and verification of essential customer information, including but not limited to names, addresses, dates of birth, and government-issued identification documents.
Authentication Modes
Cowries Money is dedicated to ensuring the authenticity of customer transactions through the utilisation of multiple authentication modes, which include:
Email Verification: Upon customer registration with Cowries Money, a verification email will be sent to the registered email address. Customers are required to confirm their email address by clicking on the provided verification link.
Identity Verification: Cowries Money will utilise identity verification services to authenticate the identities of our customers. This process involves cross-referencing customer-provided information with public records and other reliable sources.
Phone Verification: To confirm the accuracy of the provided phone number, Cowries Money will send a verification code to the customer's registered phone number. Customers must enter this code to complete the verification process.
Two-Factor Authentication (2FA): Cowries Money will implement two-factor authentication (2FA) as an additional layer of security for customer transactions. 2FA involves sending a verification code to the customer's registered phone number or email address, which the customer must enter to complete the transaction.
Customer Due Diligence (CDD)
Cowries Money is committed to conducting ongoing monitoring of customer transactions to promptly detect any suspicious activity. This monitoring entails the scrutiny of transactions for unusual patterns or amounts, as well as any transactions involving high-risk countries or individuals.
Employee Training
Cowries Money places significant emphasis on the training and development of its employees with respect to KYC regulations and procedures. Regular training sessions will encompass various aspects of KYC, including customer identification, authentication, customer due diligence, and transaction monitoring. Additionally, employees will be required to annually certify their understanding of Cowries Money's KYC policies and procedures.
Reporting and Record-Keeping
Cowries Money will maintain comprehensive records pertaining to customer identification, authentication, and transaction monitoring in accordance with local laws and regulations. Cowries Money is also committed to reporting any suspicious activity to the relevant authorities as mandated by applicable law.
Conclusion
Cowries Money is unwavering in its commitment to maintaining the highest standards of KYC compliance. We will consistently review and update our policies and procedures to ensure that we meet our legal and ethical obligations. Through the implementation of these measures, we are confident in our ability to prevent fraudulent activity and safeguard the interests of our esteemed customers.
Last Updated: June 16, 2024.
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