REX2KYC
Customer Management
In any business, a large volume of customers and clients is always a good thing. However, an industry that operates within the scope of moving and transferring money from one place to another needs to be diligent in protecting themselves against fraudulent activities, most especially from money-laundering. An effective Customer Management should be employed if a company wants to safeguard itself from these illegal practices.
Overview
Since i-Pay is a business involved in payment processing, the Company has established a trenchant system of collecting pertinent client information known as the KYC (Know Your Customer) data – the REX2KYC.
Description
Know Your Customer (KYC) is a clear and defined method wherein i-Pay collects and keeps important information about its clients and cardholders. It is the due diligence that financial institutions and other regulated companies such as Money Transmitters, must perform to identify their clients and ascertain relevant information to ensure that all cardholders and members that i-Pay deals with is not in any list of known fraudsters, terrorists or money launderers.
KYC Compliance Requirements
All financial institutions are required to develop a customer identification program appropriate to its business. i-Pay complied with the KYC requirements by:
- Determining the identity of its customers.
- Determining its customers’ sources of funds for transactions involving the bank.
- Monitor customer transactions and identify those that are consistent with normal and expected transactions; and
- Determining if a transaction is required to be reported under applicable suspicious activity reporting regulations and, if so, report it.
KYC Collection Process:
Website
Initially, should an individual wish to apply for an i-Pay powered card, they will need to pre-register through various i-Pay issued Cardholder Portals. Each prospective client is requested to provide pertinent information, such as their address, mobile phone numbers etc. information obtained from each potential client undergoes a screening
Telephone
This method is recommended to a customer that has limited or no access to the Internet. By calling the customer service, they will be required to provide the same information as required. Customers are assisted by a highly trained staff to guide them through the process.
Personal
A registration form will be provided to the customers that transact over-the-counter. This is the most secure method of KYC collection since the i-Pay employee can transact business with customer face-to-face.
Identification Requirements
To complete the registration process of the cardholder, they are required to submit valid identifications in compliance with local AMLA (Anti Money Laundering Act) Regulations. Common documents required for KYC submission are the national issued photo ID such as passports, driver’s license, postal ID and others.
Key Features
- Automated 2D Barcode Recognition
- Data Submission via FACSMILE of KYC documents
- Full 128-bit Secure Socket Layer (SSL) encryption for protection of data
- Secure HTTPS/SSL for KYC management
- KYC documents encryption using industry standard data encryption.