Anti-Money Laundering Policy
1. Introduction
At Fanaye Technologies, we are dedicated to upholding the highest standards of integrity and ethics in all aspects of our business operations. As part of this commitment, we recognize the importance of preventing money laundering and complying with all relevant anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This policy outlines our approach to AML compliance, particularly in the context of integrating a payment gateway into our services.
2. Compliance Framework
– Management Oversight:
The management team of Fanaye Technologies is responsible for establishing, implementing, and maintaining an effective AML compliance framework. This includes allocating necessary resources, providing oversight, and ensuring that all employees understand and adhere to AML/CFT requirements.
– Employee Responsibility: Every employee at Fanaye Technologies plays a crucial role in maintaining AML compliance. Employees are expected to familiarize themselves with this policy, participate in relevant training programs, and promptly report any suspicious activities or concerns to the designated compliance officer.
3. Customer Due Diligence (CDD) – Identification and Verification:
We conduct thorough due diligence on all customers who utilize our payment gateway services. This includes verifying the identity of merchants and end-users to mitigate the risk of money laundering or terrorist financing.
– Risk-Based Approach: Our CDD procedures are risk-based, allowing us to tailor our due diligence measures according to the perceived level of risk associated with each customer or transaction.
4. Transaction Monitoring and Reporting – Monitoring Systems:
Fanaye Technologies implements robust transaction monitoring systems to detect and analyze suspicious activities. This includes monitoring transaction volumes, frequencies, and patterns to identify potential indicators of money laundering or terrorist financing.
– Reporting Obligations:
Our employees are trained to promptly report any suspicious activities or transactions to the designated compliance officer. Reports are then assessed, investigated, and, if necessary, escalated to the relevant authorities in accordance with applicable laws and regulations.
5. Enhanced Due Diligence (EDD) – High-Risk Transactions:
For transactions or customers deemed to pose a higher risk of money laundering or terrorist financing, we conduct enhanced due diligence. This may involve obtaining additional information, conducting background checks, and seeking approval from senior management before proceeding with the transaction.
6. Record Keeping – Documentation Requirements:
Fanaye Technologies maintains comprehensive records of all customer transactions, including customer identification information, transaction details, and any supporting documentation.
– Retention Period: These records are retained for the period prescribed by law and regulatory requirements to ensure transparency and facilitate regulatory compliance.
7. Training and Awareness – Ongoing Training Programs:
We provide regular training and awareness programs to ensure that all employees are well-informed about AML/CFT requirements, procedures, and best practices.
– Culture of Compliance: By fostering a culture of compliance, we empower our employees to recognize and address potential AML/CFT risks proactively.
8. Compliance Monitoring and Review
