Anti-Money Laundering Policy | Waya Money
Anti-Money Laundering (AML) Policy.
Anti-Money Laundering (AML) Policy document of Grup Waya Limited (WAYA).
Waya is a financial technology (fintech) company whose sole focus is remittances, inter-country money transfers and payment processing especially from and to mobile money wallets through use of its proprietary technology and mutual partnership with other fintech and financial services group.

Waya is committed to high standards of anti-money laundering/counter terrorist financing (AML/CTF) and requires all Waya Clients (Merchants & Partners), management and employees to adhere to these standards in order to prevent the use of Waya's products and services for money laundering/terrorist financing purposes. Implemented AML/CTF compliance program comprises written policies, procedures, internal controls and systems including but not limited to:

  • Information we collect
  • The identification of potential AML/CTF risks relevant to each Waya's activities.
  • Global and local AML/CTF policies and procedures to ensure compliance with AML laws and regulations.
  • Customer identification and verification (including beneficial owners).
  • Rules regarding transactions of Politically Exposed Persons (PEPs).
  • Enhanced due diligence of increased risk clients.
  • Internal procedures for monitoring and reporting suspicious activities of the Waya's customers.
  • Customer screening against global list of terrorists and specially designated nationalities, relevant financial and other sanctions lists.
  • Maintenance of relevant records.
  • Regular staff training and awareness raising.
  • Management of regulatory inquiries and incidents.
  • Coordinating day-to-day compliance by responsible compliance staff.

Standards set out in the internal AML/CTF policy are based on applicable legal and regulatory requirements to prevent Waya and its clients from money laundering, terrorist financing or other fraudulent activities.

Waya conducts its business in compliance with the following general principles:

Know Your Client and Customer Identification procedures

KYC procedures include the following key elements: customer identification, customer acceptance policy, risk management and permanent monitoring of high risk clients' accounts. Prior to executing any type of business, Waya determines and documents the true identity of customers and obtains information about the purpose and real nature of the business.

Waya obtains and documents any additional information, appropriate to the assessment of the money laundering risk with a risk-sensitive approach.

KYC procedures are always complied with when customers open accounts and establish a new business relationship. Waya Group Limited’s AML/CTF and KYC procedures are conducted on a risk-based approach. Consequently, opening anonymous accounts to access or use Waya’s services are not allowed.

Waya Group Limited is also developing an automated controlling system in place whereby it can constantly monitor private individuals and legal entities against global watch lists.

Correspondent Relationship with Banks, Financial Service Companies and or Fintech Companies

Waya does not have correspondent relations with "shell with Banks/ Financial Service Companies/ Fintech Companies "

Waya always determines the reputation of correspondent institutions, including whether they have been subject to money laundering or terrorist financing investigations or other regulatory actions/sanctions.

Monitoring and Reporting of Suspicious Transactions and Activities.

In accordance with the requirements of the laws of the UK, Ghana and South Africa on Facilitating the Prevention of Illicit Income Legalization, Waya implements and maintains measures for handling suspicious transactions. Waya considers indications that a customer's money originated from unlawful activities or other money laundering activities and will report all identified instances of suspicious activities to the relevant authorities.

Waya avoids providing support or assistance to parties seeking to deceive law enforcement authorities through the provision of false, altered, incomplete or missing information.

Accordingly, all Waya staff are diligent in monitoring of any unusual or suspicious transactions/activities based on the relevant applicable criteria.

Record and Document Keeping

Records of all documents obtained for the purpose of identification and all transaction data, as well as other documents are kept electronically for at least 15 years.

If you have any questions or require additional information regarding Waya Group Limited's Anti- Money Laundering efforts, please contact:

Nana Joseph Andorful
compliance@wayamoney.com
Risk Assessment & Compliance Officer
WAYA