Merchant KYC Profiling

This section contains information and guidelines related to the process of verifying the identity of merchants and assessing the risk associated with them before they are onboarded.

Elements of KYC Profiling

The following are some of the components of KYC profiling;-

Introduction & Purpose: This is an introductory part of the KYC that explains the importance of KYC profiling in ensuring security and regulatory compliance. It also states the purpose of the KYC process for GovNet.

Compliance with Regulations: This section has information on how the KYC process complies with relevant laws and regulations, such as Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws that the GovNet gateway should also comply with.

Data Privacy: This contains information on how merchant/ customer data is protected and handled in accordance with data privacy laws while processing with GovNet gateway.

Customer Due Diligence (CDD): This describes information on the level of due diligence required for different Merchant types, such as government entities, or Private businesses that GovNet is meant to process traffic for.

Merchant Validation and Verification: This includes details on the types of documents required by the legal team, such as government-issued IDs, passports, driving permit, Certificate of registration from the registration bureau, memorandum of understanding for joint businesses, etc.

Therefore it is very important that the merchants the guidelines listed in the KYC documentation to ensure that they are compliant with relevant laws and regulations in any country of business operation.