KYC / CDD / EDD Policy

1. PURPOSE

This policy defines the Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) procedures implemented by SEBPAY AFRICA. It aims to:

• prevent money laundering (AML)
• combat the financing of terrorism (CFT)
• reduce fraud risk
• ensure regulatory compliance

2. REGULATORY FRAMEWORK

SEBPAY AFRICA aligns with:

• FATF (GAFI) recommendations
• local regulations (WAEMU / BCEAO where applicable)
• international AML/CFT standards

3. GENERAL PRINCIPLES

SEBPAY applies a risk-based approach:

• customer risk assessment
• classification by risk level
• proportionate measures

4. CUSTOMER CATEGORIES

• Individuals
• Businesses (merchants)
• Partners

5. KYC – CUSTOMER IDENTIFICATION

5.1 Individuals

Required documents:

• valid proof of identity
• selfie or biometric verification
• verified phone number
• email address

5.2 Legal entities (KYB)

Required documents:

• trade register
• articles of association
• identification of directors
• identification of ultimate beneficial owners (UBO)

6. VERIFICATION

SEBPAY performs:

• document verification
• biometric verification
• database verification
• consistency checks

7. CDD – STANDARD DUE DILIGENCE

Applied to all customers: identification

8. RISK ASSESSMENT

Each customer is classified as:

• low risk
• medium risk
• high risk

Criteria: country, activity, transaction volume, behavior

9. EDD – ENHANCED DUE DILIGENCE

Applied in cases of high risk:

• collection of additional documents
• in-depth verification
• source of funds justification
• increased monitoring

Typical cases: high volumes, high-risk countries, sensitive activity, complex structure

10. POLITICALLY EXPOSED PERSONS (PEP)

Specific measures:

• identification of PEPs
• mandatory internal approval
• enhanced monitoring

11. SANCTIONS LISTS

SEBPAY screens against:

• UN lists
• OFAC lists
• EU lists
• local lists

12. ONGOING MONITORING

• transaction monitoring
• anomaly detection
• regular KYC updates

13. REPORTING OF SUSPICIOUS ACTIVITY

SEBPAY may:

• block a transaction
• freeze funds
• report to the competent authorities

14. REFUSAL AND CLOSURE

SEBPAY may refuse or close an account for:

• absence of KYC
• suspicion of fraud
• inconsistent information

15. DATA RETENTION

KYC data is retained for up to 10 years.

16. LIABILITY

SEBPAY acts as a technical intermediary and applies these procedures in collaboration with its financial partners.

17. INTERNAL CONTROL

• regular audits
• staff training
• continuous improvement

18. UPDATES

This policy may be amended at any time in line with regulatory developments.

19. COMPLIANCE CONTACT

Email: compliance@sebpay.africa