KYC/AML Policy

AML Policy

KYC (Know Your Customer) is the mandatory norm and is practiced for submitting the important details about your customer. This helps in verifying their identity and ensures businesses that they are working with genuine people.

Basically, while the process of KYC the information asked from the customers include complete name, verified address, email-id, nationality and other necessary details.

WebPays as a Global Merchant Service Provider, dedicated to compliance will all regulatory laws and rules regarding KYC and Anti-Money Laundering ("AML").

We apply the policy practically to prevent people who are engaged in money laundering, financial scams, fraud and other prohibited financial activities. The significance of KYC is done for following reasons,

  • To verify the identity of the customer
  • To monitor the online activities of the customer
  • To keep check on money laundering activities or fraud

WebPays ensures to make this KYC process convenient and transparent. We do not bother our clients by asking other irrelevant documents, we just require the essential papers for onboarding. Our system is user friendly and so clients can easily send and upload the KYC documents for verification.

Significance of KYC

KYC is the process for verifying and confirming the identity of the client through autonomous and independent reports, information or data. To validate the identity of the client.

  • Individual clients - business will acquire the client's identity details and related information, address and current photo. Comparative information will likewise must be accommodated by joint holders and mandate.
  • Non-Individual clients - businesses will get distinguishing proof information to check the legitimate status of the entity, working location, the approved signatories and beneficial proprietor’s holders.

KYC is the major business authentication module; this is why it is important for every merchant to display appropriate and proper information. Along with that, it also let WebPays safeguard Anti-Money Laundering and other global monetary prescribed procedures as per the law.

Moreover, we at WebPays ensure that all the personal and other details of our clients are secure with us. We strictly follow the guidelines of GDPR rules and one can visit our privacy policy to know more about data security.

Anti-Money Laundering Policy

WebPays holds a worldwide reputation as a PSP, and is thoroughly concerned to conduct the verification of our clients to make sure they are not involved in any Anti-Money Laundering activities and other prohibited acts. Our testimony includes the following documentation,

  • Government endorsed picture ID
  • Substantial verification proof for residential or business address
  • Corporate documentation
  • Business enlistment information and data
  • Some other applicable documentation

Additionally, we hold the position to perform the overhauled due diligence on all clients given world-wide approved risk based policies of action and as requested by Sections 3 (6) and (7) of the Anti Money Laundering Act 2011.

WebPays in like manner have all rights to dismiss a transaction or deny operation on a client or account whenever the question arises that it may be related with illegal tax avoidance or money laundering, illegal act or some other predicate offense to tax evasion. WebPays won't go into any business strategy with anyone or social event related with or directly connected with money laundering, or where finance has been sourced.

In the event that WebPays gets, during its solicitation for documentation, deluding documentation, contact details, business delineation or other inappropriate information, WebPays will suspend the culpable account.

WebPays as a genuine organization is legally bounded to report such activities and business to the concerned authorities, for instance, the Economic and Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU), and as such the subject, business and its owners may be the subject of a criminal investigation.

In like manner, if WebPays monitor, with respect to any account, the occasion of explicit triggers or red flags (Indicators) which are expressive of engendering of blackmail, fake or tax avoidance works out, WebPays will put a lien on such a account and the benefits in that contained. WebPays is truly bound under Section 6 of the Anti-Money Laundering Act 2011, to report the equivalent to the Economic and Financial Crimes Commission (EFCC) and the Financial Intelligence Unit (FIU).

*Indicators are recognizable events that feature the opportunity of unequivocal activities occurring*

WebPays have the rights for,

  • Hold speculated fake or illegal tax avoidance assets in assumed accounts
  • Ask for full-scale criminological examinations in respect of said accounts
  • After affirmation of the status of the accounts, deduct the costs of WebPays's confirmation and unplanned expenses from the retained assets in the account.