RayannPay Africa (“the Company”) is dedicated to upholding the highest standards of integrity and compliance with all applicable laws and regulations. This Anti-Money Laundering (AML) Policy is designed to prevent and detect activities that could enable money laundering, terrorism financing, or other illicit financial actions.
Scope:
This AML Policy applies to all employees, contractors, agents, and partners of RayannPay Africa involved in the financial transactions and services offered by the Company.
Customer Due Diligence (CDD):
- Identification of Customers: RayannPay Africa will verify the identity of all customers before entering into any business relationship or transaction. This includes collecting details such as the customer’s legal name, address, date of birth, and any other relevant information.
- Enhanced Due Diligence (EDD): For higher-risk customers, additional due diligence steps will be taken, such as gathering detailed information about the customer’s source of funds and expected transaction patterns.
- Know Your Customer (KYC): RayannPay Africa will maintain a thorough KYC process to fully understand and verify the nature and purpose of each customer’s transactions. Regular monitoring of customer activities and transactions will help identify any unusual or suspicious behavior.
Transaction Monitoring:
The Company will implement effective systems and procedures to monitor and detect unusual or suspicious transactions. Transactions that deviate from normal patterns or exhibit traits linked to money laundering or terrorist financing will be subject to further scrutiny.
Reporting and Recordkeeping:
RayannPay Africa will comply with all legal obligations regarding the reporting of suspicious transactions to relevant authorities. The Company will also maintain up-to-date and accurate records of customer identification, due diligence activities, and transaction histories in line with legal requirements.
Training and Awareness:
All employees and relevant stakeholders will undergo regular AML training to stay current with regulations, internal policies, and emerging money laundering and terrorist financing techniques.
Risk Assessment:
RayannPay Africa will conduct periodic risk assessments to identify, assess, and mitigate the risks associated with money laundering and terrorism financing. The results of these assessments will help tailor the AML program to address specific threats.
Cooperation with Authorities:
The Company will fully cooperate with regulatory and law enforcement bodies, providing necessary information for investigations related to money laundering or terrorist financing.
Communication and Review:
This AML Policy will be communicated to all employees, partners, and stakeholders. It will be reviewed regularly to ensure continued effectiveness and compliance with evolving laws and regulatory requirements.
Non-Retaliation:
RayannPay Africa prohibits retaliation against any employee who, in good faith, reports concerns or suspicions related to money laundering or terrorist financing.
Enforcement:
Any violations of this AML Policy may result in disciplinary action, including termination of employment or partnership. When required by law, such violations may also be reported to the appropriate authorities.
This AML Policy is subject to periodic review and updates to maintain its effectiveness and ensure compliance with applicable laws and regulations.
