KYC/AML Policy

KYC and AML Compliance at BillBlend

KYC (Know Your Customer) is a mandatory process used to collect essential customer details. This process helps verify the identity of customers, ensuring that businesses are working with legitimate individuals.

During the KYC process, customers are required to provide information such as their full name, verified address, email, nationality, and other necessary details. BillBlend, as a Global Merchant Service Provider, is committed to adhering to all regulatory laws and rules regarding KYC and Anti-Money Laundering (AML).

We apply this policy to prevent individuals involved in money laundering, financial scams, fraud, or other prohibited financial activities. The key reasons for KYC include:

Verifying the identity of the customer.
Monitoring the customer’s online activities.
Preventing money laundering or fraudulent activities.

BillBlend ensures that the KYC process is both convenient and transparent. We don’t burden clients with unnecessary documentation; only essential papers are required for onboarding. Our system is user-friendly, allowing clients to easily upload and send KYC documents for verification.

Significance of KYC

KYC is the process for verifying and confirming a client’s identity through independent and trustworthy sources of data. It ensures businesses can:

Validate the identity of individual clients by collecting identity details, address, and a current photo.
Collect comparable information for joint account holders and mandates.
For non-individual clients, gather data to verify the legal status of the entity, operational location, authorized signatories, and beneficial ownership details.

KYC serves as the cornerstone for business authentication, ensuring that merchants display accurate and legitimate information. It also helps BillBlend safeguard against money laundering and comply with global financial standards as required by law.

Furthermore, BillBlend ensures that all personal and other details of our clients are securely managed in line with GDPR rules. You can review our privacy policy for more information on data security.

Anti-Money Laundering (AML) Policy

BillBlend maintains a global reputation as a Payment Service Provider (PSP) and is fully dedicated to verifying that clients are not involved in money laundering or any other illicit activities. Our verification process includes collecting the following documentation:

Government-issued photo ID.
Valid proof of residential or business address.
Corporate documentation.
Business registration information.
Any other relevant documentation.

We also conduct enhanced due diligence on clients based on worldwide risk-based policies, as required by the Anti-Money Laundering Act 2011 (Sections 3(6) and (7)).

BillBlend reserves the right to reject any transaction or deny operations on an account if there are suspicions of illegal activities, such as money laundering or financial fraud. BillBlend will not engage in any business with individuals or groups associated with such activities.

If misleading documentation, contact details, business descriptions, or other inappropriate information are detected, BillBlend will suspend the account in question. We are legally obligated to report such incidents to the appropriate authorities, including the Economic and Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU), and the subject may be subject to criminal investigation.

Additionally, if BillBlend detects any red flags or indicators that suggest involvement in fraud, illegal activities, or tax evasion, we will place a hold on the account and its assets. In compliance with Section 6 of the Anti-Money Laundering Act 2011, we are required to report such findings to the EFCC and the Financial Intelligence Unit (FIU).

BillBlend’s Rights

BillBlend holds the following rights:

To retain suspected fraudulent or money-laundering assets in frozen accounts.
To request full forensic investigations into such accounts.
Upon confirmation of the account’s status, to deduct the costs of BillBlend’s verification and any incidental expenses from the retained assets.