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Anti Money Laundering (AML) Policy for PesaPay Payment Gateway

Last Updated: 19/11/2023

1. Introduction

PesaPay Payment Gateway ("PesaPay," "we," "us," or "our") is committed to adhering to the highest standards of integrity and ethical business conduct. This Anti Money Laundering (AML) Policy is designed to comply with the laws and regulations governing anti-money laundering and counter-terrorist financing activities in Kenya and internationally.

2. Legal Framework

2.1 Kenyan Laws: PesaPay operates in accordance with the laws and regulations of the Republic of Kenya, including but not limited to the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) and any other relevant legislation.

2.2 International Laws: PesaPay also complies with international standards and regulations, including the guidelines provided by the Financial Action Task Force (FATF) and other relevant international bodies.

3. Know Your Customer (KYC) Procedures

3.1 Customer Identification: PesaPay performs thorough customer due diligence to identify and verify the identity of all users. This includes collecting and verifying information such as name, address, date of birth, and official identification documents.

3.2 Enhanced Due Diligence: Enhanced due diligence is conducted for high-risk customers, transactions, or jurisdictions. This may include additional documentation, background checks, and ongoing monitoring.

4. Monitoring and Reporting

4.1 Transaction Monitoring: PesaPay employs advanced monitoring systems to detect and analyze unusual or suspicious transactions, including those that may be indicative of money laundering or terrorist financing.

4.2 Reporting: If any suspicious activity is identified, PesaPay will promptly report such activity to the relevant authorities as required by law. We cooperate fully with law enforcement agencies and regulatory bodies.

5. Staff Training and Awareness

5.1 Training Programs: PesaPay provides regular training programs to ensure that employees are aware of their responsibilities under AML laws and regulations.

5.2 Compliance Officers: PesaPay designates Compliance Officers responsible for overseeing and implementing AML policies and procedures.

6. Record Keeping

6.1 Documentation: PesaPay maintains accurate and up-to-date records of customer identification information, transactions, and other relevant data as required by law.

6.2 Retention Period: Records are retained for the period prescribed by law and regulatory guidelines.

7. Risk Assessment and Mitigation

7.1 Risk Assessment: PesaPay conducts regular risk assessments to identify and evaluate the money laundering and terrorist financing risks associated with its business activities.

7.2 Risk Mitigation: Appropriate measures are implemented to mitigate identified risks, and the AML policy is updated accordingly.

8. Cooperation with Authorities

PesaPay is committed to cooperating fully with relevant authorities, including providing information and assistance in investigations related to money laundering or terrorist financing.

9. Communication and Training for Customers

PesaPay communicates its AML policies to customers and provides relevant information on compliance requirements. Additionally, PesaPay reserves the right to refuse service to customers who do not comply with AML regulations.

10. Review and Updates

This AML Policy is subject to periodic review to ensure its effectiveness and compliance with evolving laws and regulations.

Contact Information:

If you have any questions or concerns about our Anti Money Laundering Policy, please contact us at info@pesapay.co.ke