Hubtel ensures that a proper Customer Due Diligence (CDD) framework is used to know the customers who use our payment services. This makes it possible for Hubtel to deal with legitimate customers and flag out criminally-minded customers from doing business with us.
Scope and Objective:
The objective of KYC policy is to prevent the Company from being used, intentionally or unintentionally, by criminal elements for money laundering activities or terrorist financing activities.
Thus, the KYC policy has been framed by Hubtel for the following purposes:
To prevent criminal elements from using Company for money laundering or criminal activities;
To enable Company to know and understand its customers and their financial (Mobile Money/Card) transactions dealings better which, in turn, would help the Company to manage risks prudently;
To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws/laid down procedures.
To comply with applicable payment laws and regulatory guidelines in Ghana.
Hubtel has adopted the requirements below to help us know the kind of customer(s) we are dealing with at any point in time to ensure that we transacting business we legitimate individuals and businesses.
Organization/business with something legit to sell.
Items must be sellable through Hubtel.
Organization/business must be the direct provider of the product or service (No agents)
Individuals are required to provide valid and acceptable national identification cards to prove their true identity.
Additional documents are required and inspected by Hubtel before onboarding businesses with specialized activities like betting and lottery. For instance, when onboarding a betting company, we will require additional documents such as a valid (unexpired) licence from the Gaming Commission and the National Lottery Authority.
Politically Exposed Persons
Hubtel’s Anti Money Laundering Policy describes how people and Organizations that fall under this category are dealt with.
Customer transactions are regularly monitored by the Revenue Assurance Team to fish out unusual transactions. Customers are contacted for clarification and if there is the suspicion of illegal transactions, the necessary legal steps are taken to report such issues to the regulatory bodies for legal redress.
This is done to protect our customers and businesses that use the Hubtel from criminally minded people.