AML / CFT Policy

1. Purpose

Wasaa Remit is committed to preventing its services from being used for money laundering, terrorist financing, or any other financial crime. This policy sets out our controls, procedures, and obligations under Kenyan law and international standards.

2. Legal Framework

• Kenya's Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), 2009
• Prevention of Terrorism Act, 2012
• Central Bank of Kenya Prudential Guidelines
• Financial Action Task Force (FATF) Recommendations

3. Customer Due Diligence (CDD)

All customers must complete identity verification (KYC) before transacting. Enhanced due diligence applies to high-risk customers, Politically Exposed Persons (PEPs), and transactions above threshold limits.

4. Transaction Monitoring

We monitor all transactions in real time for unusual patterns, structuring, and high-risk corridors. Automated alerts trigger manual review for flagged transactions. We file Suspicious Transaction Reports (STRs) with the Financial Reporting Centre (FRC) as required.

5. Sanctions Screening

All customers and transactions are screened against OFAC, UN, EU, and local sanctions lists. Matches result in immediate transaction blocking and reporting.

6. Record Keeping

We retain all customer identification documents and transaction records for a minimum of 7 years in compliance with POCAMLA requirements.

7. Staff Training

All staff undergo AML/CFT training at onboarding and annually. Our compliance team holds relevant professional certifications.

8. Reporting

To report suspicious activity: compliance@wasaaremit.com

Our Compliance Officer can be reached at the same address.