Know Your Customer (KYC) Policy
Effective Date: January 1, 2025
Last Updated: January 1, 2025
1. Introduction
ClexPay is committed to maintaining the highest standards of compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This policy outlines our verification requirements and procedures to ensure a secure trading environment for all users.
2. KYC Verification Levels
Required Documents:
- Valid government-issued photo ID (National ID, Driver's License, or International Passport)
- Phone number verification via SMS
- Email address verification
Additional Requirements:
- Proof of address (Utility bill, bank statement, or government correspondence dated within 3 months)
- Bank account verification
- Source of funds documentation
Additional Requirements:
- Enhanced due diligence questionnaire
- Employment verification or business registration documents
- Tax identification number (TIN)
- Video call verification with compliance team
3. Verification Process
Our verification process typically takes 24-48 hours and includes:
- Document Upload: Secure upload of required documents
- Automated Verification: AI-powered document validation
- Manual Review: Human verification by our compliance team
- Approval/Rejection: Email notification of verification status
4. Document Requirements
All submitted documents must be:
- Clear, legible, and unaltered
- Current and unexpired
- Genuine and verifiable
- Consistent across all submissions
5. Data Protection
We implement comprehensive security measures to protect your personal information:
- 256-bit SSL encryption for all data transmission
- Secure storage with access controls
- Regular security audits and assessments
- Compliance with Nigerian data protection laws
6. Ongoing Monitoring
KYC verification is not a one-time process. We conduct:
- Periodic review of customer information
- Re-verification for significant transaction pattern changes
- Enhanced due diligence for high-risk customers
- Regular updates to comply with regulatory changes
7. Contact Information
For questions about our KYC policy or verification process:
- Email: [email protected]
- Phone: +234 (0) 123 456 7890
- Address: Shop 11 AAA, Excel Ventures Plaza, Okpanam Road, Asaba, Delta State, Nigeria
This policy may be updated from time to time. Users will be notified of significant changes via email or platform notifications.