AML and KYC policy

This page explains the identity verification (KYC) and anti-money laundering (AML) measures that apply to every AfriSynapse account. They exist to protect you as much as to satisfy obligations: verification is what prevents stolen identities, fraudulent deposits and account takeovers from reaching the platform. The page also serves as our PLD (prevention of money laundering) statement within the applicable South African framework, including the Financial Intelligence Centre Act (FIC Act).

Fifteen things to know about verification on this platform

1. Introduction and purpose

Know Your Customer (KYC) procedures establish who you are; Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures make sure the platform is not used to disguise the origin of funds. Together they define the checks run at onboarding, the monitoring that continues afterwards, and the responsibilities you carry as an account holder. The goals are preventing fraud, protecting accounts from impersonation, complying with applicable South African requirements, and reducing financial crime risk across the platform.

2. What KYC is

KYC is the process of identifying a client and confirming that their details are genuine and current. In practice this means collecting your legal name, date of birth, address and contact details, then checking them against documents and data sources, and re-checking them when something material changes. Identification is not a one-time event: details are kept up to date over the life of the account, because outdated information is one of the main ways both fraud and false declines happen.

3. What AML means here

AML covers the risk assessment and monitoring that surround the identity checks: understanding where deposited funds reasonably come from, watching transactions for patterns that make no sense for a particular account, and acting on suspicious activity through the channels the FIC Act framework provides. Risk is assessed per account based on factors such as product type, transaction volumes and geography, and accounts in higher-risk categories receive closer attention, not blanket refusals.

4. Why identity verification is required

Verification prevents criminals from opening accounts in your name, stops accounts from being used to move illicit funds, keeps the platform compliant with applicable requirements, and reduces financial risk for every honest user by keeping bad actors out. Without it, a fraudster with your leaked password could present themselves as you; with it, identity is anchored to documents and checks that an impostor cannot easily pass. The few minutes it takes at onboarding protects your money for the life of the account.

5. Documents you will be asked for

Identity is confirmed with a government-issued photo document: a South African green ID book, a smart ID card, or a valid passport. Address is confirmed with a recent utility bill, bank statement or similar official document, in your name and dated within the last three months. Where a session warrants it, a selfie or short liveness check is used to confirm that the person presenting the document is its holder. We do not request documents beyond this set, and any request for anything else should be treated as fraudulent and reported.

6. The verification process, step by step

First you register with your basic details. Second, you upload your identity and address documents, and complete a liveness check where applicable. Third, automated checks compare the documents against data sources for consistency, legibility and validity. Fourth, cases that the automated pass cannot conclude, such as name changes or unclear scans, go to manual review by a trained reviewer. Fifth, you receive the outcome: approved, or a request for corrected or additional documents. Most straightforward checks complete within one business day of receiving clear documents.

7. Enhanced due diligence

Some accounts receive enhanced due diligence (EDD): accounts with complex ownership structures, higher expected volumes, or risk factors identified during standard checks. EDD can mean additional documentation about the source of funds, the origin of wealth, or the nature of expected activity, and possibly a short call with a compliance reviewer. EDD is applied based on risk, not nationality or any personal characteristic, and it runs before higher-value activity is enabled rather than after.

8. How long verification takes

Standard checks usually complete within one business day of receiving clear documents; automated portions often finish within minutes. Timelines lengthen when documents are unclear, when details differ between documents (a surname change, an old address), when a case is selected for enhanced review, or during high-volume periods such as month-end. If your check is taking longer than two business days, contact [email protected] and we will tell you specifically what stage it is at and what, if anything, is needed from you.

9. Why a check can be declined or paused

Common reasons include expired documents, unreadable scans or photos with glare, names that do not match across documents without a supporting explanation, suspicion of document alteration, missing pages or cropped edges, and failure to respond to requests for information within the stated window. A pause is often just a request for a better photo; a decline is reviewed by a second person and communicated with reasons where we are permitted to give them. You may reapply with corrected documents where the underlying issue was documentary.

10. Transaction monitoring

Activity on verified accounts continues to be monitored against the expected profile established at onboarding. Patterns that stand out, such as deposits followed immediately by withdrawals to unrelated destinations, abrupt changes in volume, or activity inconsistent with the stated source of funds, are reviewed by our compliance function. Where monitoring raises suspicion, certain account functions can be limited while the review concludes, and reports are made through the channels the applicable South African framework provides. Most reviews conclude with no action.

11. Your responsibilities as an account holder

You are responsible for providing accurate, current and genuine information, for updating details that change (address, surname, contact numbers), for using only your own funds and your own payment methods, and for not allowing anyone else to operate your account. Providing false information can lead to suspension or closure of the account and, where the law requires, reporting to the authorities. If you notice an error in your recorded details, tell us and we will correct it rather than leave a discrepancy for monitoring to flag later.

12. Storage and protection of verification data

Identity documents and verification records are stored encrypted, with access restricted to the teams and systems that require it for onboarding, support and compliance, and every access is logged. Retention periods follow the requirements of the applicable South African framework, keeping records for the period the FIC Act framework prescribes after the relationship ends. The full detail of how all personal data is handled, and the rights you can exercise over it, is in the Privacy Policy.

13. Who verification data can be shared with

Verification information is processed by AfriSynapse and, where necessary: by verification providers that check documents and liveness, by IT providers that host and secure the systems, by affiliated companies involved in providing the service, and by regulators and authorities where the applicable framework requires it. Every recipient category is bound by contractual confidentiality and purpose limits, and data is never sold or used for unrelated marketing. The current list of categories appears in the Privacy Policy and is updated as providers change.

14. Compliance with applicable requirements

AfriSynapse conducts its onboarding, monitoring and reporting within the applicable South African regulatory framework, including requirements associated with the Financial Sector Conduct Authority (FSCA) and the obligations of the FIC Act, and complies with applicable requirements for client onboarding, identity verification and suspicious activity handling. Where services involve counterparties in other jurisdictions, their applicable requirements are honoured as they apply to those relationships. This page describes our practice; it does not assert any registration status, which is addressed on the Licensing and Regulation page.

15. Contact for KYC and AML questions

Questions about verification, documents, the status of a check, or any part of this policy go to [email protected], with "KYC" in the subject line for the fastest routing. Our support desk operates Monday to Friday, 8:00–17:00 SAST and typically replies usually within one working hour. If you believe a decision made under this policy treated you unfairly, the complaints procedure explains how to have it reviewed, including escalation beyond the company.

For the technical side of account protection, read Security. For what verification means for withdrawals specifically, see the Withdrawal Policy. For the risks that verification cannot offset, read the Risk Disclosure.