KYC & AML Policy
Know Your Customer & Anti-Money Laundering Compliance
Last updated: December 2024
Identity Verification
Required for all merchants
Document Review
24-48 hour processing
Secure & Compliant
Bank-level security
1. Introduction
PaySSD is committed to maintaining the highest standards of compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This policy outlines our procedures for verifying customer identities and preventing financial crimes.
As a payment service provider operating in South Sudan and East Africa, we comply with local and international regulations including the Financial Action Task Force (FATF) recommendations.
2. Why KYC/AML Matters
Our KYC/AML procedures help:
- Prevent identity theft and fraud
- Combat money laundering and terrorist financing
- Protect legitimate businesses and customers
- Ensure regulatory compliance
- Maintain the integrity of the financial system
3. Customer Identification Requirements
Individual Merchants
Individual merchants must provide:
- Government-issued ID: National ID card, passport, or driver's license
- Proof of Address: Utility bill, bank statement, or government letter (dated within 3 months)
- Selfie/Photo: Clear photo holding your ID document
- Contact Information: Valid phone number and email address
Business Merchants
Business merchants must provide all individual requirements plus:
- Business Registration Certificate: Official registration document
- Tax Identification Number (TIN): Valid tax certificate
- Business License: If applicable to your industry
- Proof of Business Address: Utility bill or lease agreement
- Beneficial Ownership: Information about owners with 25%+ stake
- Director/Signatory ID: ID documents for authorized signatories
4. Verification Process
Document Submission
Upload required documents through our secure portal during registration.
Automated Verification
Our system performs initial checks on document authenticity and data extraction.
Manual Review
Our compliance team reviews submissions within 24-48 hours.
Approval or Request for Additional Information
You'll receive notification of approval or requests for clarification.
5. Anti-Money Laundering Measures
PaySSD implements comprehensive AML measures including:
- Transaction Monitoring: Real-time monitoring for suspicious patterns
- Sanctions Screening: Screening against international sanctions lists
- PEP Screening: Politically Exposed Persons identification
- Risk Assessment: Ongoing risk evaluation of merchant activities
- Suspicious Activity Reporting: Reporting to relevant authorities as required
6. Transaction Limits
Based on verification level, merchants have different transaction limits:
| Verification Level | Daily Limit | Monthly Limit |
|---|---|---|
| Basic (Pending) | $100 | $500 |
| Verified Individual | $5,000 | $50,000 |
| Verified Business | $50,000 | $500,000 |
| Enterprise | Custom | Custom |
7. Prohibited Activities
PaySSD strictly prohibits the use of our services for:
- Money laundering or terrorist financing
- Fraud or deceptive practices
- Illegal gambling or unlicensed gaming
- Sale of illegal goods or services
- Sanctions evasion
- Pyramid or Ponzi schemes
- Unlicensed financial services
8. Data Protection
All KYC documents and personal information are:
- Encrypted using bank-level AES-256 encryption
- Stored securely in compliance with data protection regulations
- Accessed only by authorized compliance personnel
- Retained for the legally required period (typically 5-7 years after account closure)
- Never shared with third parties except as required by law
9. Contact Compliance Team
For questions about our KYC/AML policies or to report suspicious activity: