AML and KYC policy

Know Your Customer (KYC) and Anti-Money-Laundering (AML) procedures exist to prevent this platform from being used to hide the origin of criminal funds, to counter the financing of terrorism (CTF), and to protect genuine clients from having their identities misused by someone else. The checks are required before certain functions unlock, and they are not optional extras you can decline.

KYC is client identification: confirming that you are who you say you are, that the details you gave are accurate, and that they belong to a real, living person. It happens at onboarding and is refreshed periodically, because identities, addresses, and circumstances change over the life of an account.

AML is the wider programme around KYC: assessing the money-laundering risk each client and transaction presents, monitoring activity for patterns that do not fit the client profile, investigating what does not add up, and reporting suspicious and unusual transactions to the authorities where the law requires it. It runs continuously, not only at signup.

Verification prevents fraud and identity theft by making sure only you can open and operate an account in your name. It protects your funds, because withdrawals go only to destinations that match the verified identity. And it fulfils the legal obligations that apply to financial services in South Africa. Skipping it would be cheaper for everyone, and it would make the platform unsafe for exactly the people it exists to serve.

For identity: your South African green ID book, your smart ID card, or a valid passport. For proof of address: a utility bill, bank statement, or municipal account in your name, dated within the last three months. Where a step requires confirming you are physically present, a short selfie check is used. We do not collect documents beyond this list, and any request for anything else should be reported.

Step one: register with your basic details. Step two: upload or send the required documents. Step three: automated checks run against them immediately. Step four: where the automated result is inconclusive, a compliance officer reviews manually. Step five: you receive written confirmation of the outcome, and any unlocked functions, such as withdrawals, become available.

Some situations call for enhanced due diligence (EDD): larger deposits, complex source-of-funds pictures, clients with public functions, or activity that raises questions under our risk assessment. EDD can mean additional documents, questions about the origin of funds, or closer monitoring for a period. It is a proportionate response to risk, not an accusation, and most EDD cases conclude without incident.

Straightforward cases with clear documents usually complete within one business day, often sooner. Manual review, blurry documents, name mismatches between documents, and EDD cases take longer. The honest answer is that verification takes as long as the documents take to be unambiguous, so photograph documents in daylight, whole, with all four corners visible, and in your correct legal name.

Verification is declined or paused for: expired or invalid documents, unreadable images, details that do not match across documents, reasonable suspicion of alteration, failure to provide requested information within the stated window, and confirmed identity fraud. A decline is explained in writing where the law allows, and a fresh attempt with correct documents is usually possible.

Deposits, withdrawals, and trading activity are monitored against your client profile. Transactions that are unusually large, rapid, structured to avoid thresholds, or otherwise inconsistent with what we know about you are reviewed, and certain functions can be limited while a review runs. Where the law requires a report, we file it; we do not disclose the fact of such reports, as the law also requires.

You are obliged to provide accurate, current, and genuine information and documents, and to update your details when they change. Providing false information or documents created to mislead is fraud; beyond closing the account, it can expose you to criminal liability, and funds connected to it can be frozen and reported. The accurate path is always the cheaper one.

Verification data is stored encrypted, with identity documents held separately from general account data and access restricted to the compliance functions that need it. Retention periods follow the legal requirements for client records. The full detail of handling, and of your rights over your own data, is in the Privacy Policy.

KYC and AML data is shared only where it is necessary or lawful: with verification providers that run document checks, IT providers operating under contract, affiliated companies involved in operating the service, regulators and authorities with the legal power to require it, and intermediaries executing or holding client assets. There is no sale of your data, and no transfer outside these categories.

The programme is aligned with the Financial Intelligence Centre Act (FIC Act), including customer due diligence, record keeping, and the reporting duties it imposes, and it is kept current as South African requirements and guidance evolve. Where execution sits with FSCA-authorised intermediaries, their own verification requirements apply in addition to ours, which is why some checks may repeat on their side.

Questions about verification status, documents, or any part of this policy go to Client Support and Compliance at [email protected], Monday to Friday, 8:30 to 17:30 SAST (excluding public holidays). Written questions get written answers, which matters when the subject is compliance.