1. Our commitment
FahariPay is committed to preventing money laundering, terrorist financing, proliferation financing, fraud and sanctions evasion. We run a risk-based compliance programme, overseen by senior management and a designated Money Laundering Reporting Officer (MLRO).
2. Laws and standards
Our programme is designed to meet the requirements of Kenyan law, including the Proceeds of Crime and Anti-Money Laundering Act and its regulations, the Prevention of Terrorism Act, the Data Protection Act, 2019, and applicable payment and virtual-asset regulation, as well as the standards of the Financial Action Task Force (FATF) and our Partners' requirements. [Counsel to confirm the full list of applicable laws and licences.]
3. Know your business (KYB)
Before opening an account we verify the business, its directors and its ultimate beneficial owners, understand the nature of the business and expected activity, and assess risk. Higher-risk customers receive enhanced due diligence. We review customers periodically and when their activity changes.
4. Sanctions screening
We screen customers, owners and transactions against relevant sanctions and watch lists, including United Nations lists and others applicable to us and our Partners. We do not provide services to sanctioned persons or for prohibited jurisdictions.
5. Transaction monitoring and reporting
We monitor transactions for unusual or suspicious activity. Where required, we report suspicious transactions to the Financial Reporting Centre (FRC) and cooperate with competent authorities. We may not be able to tell a customer when a report has been made.
6. Virtual assets
Where we facilitate stablecoin settlement or OTC trades, we apply the same due diligence, screen wallet addresses, and follow applicable virtual-asset rules, including the FATF "travel rule" where it applies.
7. Prohibited and restricted businesses
We do not serve businesses involved in: illegal goods or services; unlicensed gambling; weapons or ammunition trading without licences; shell banks; unregistered money services; adult content that breaches local law; pyramid or Ponzi schemes; or any activity that breaches sanctions. Some activities, such as licensed gaming, money services, and virtual-asset services, are restricted and require enhanced review and appropriate licences.
8. Record keeping and training
We keep customer and transaction records for at least the period required by law, and our staff complete regular financial-crime training.
9. Contact
For compliance questions or to report a concern: compliance@usefaharipay.com.