Fabeleka KYC/Customer Due Diligence (CDD)
Fabeleka E-commerce KYC/Customer Due Diligence (CDD) Procedures
At Fabeleka E-commerce, we are committed to creating a safe and trustworthy environment for all our users. To ensure the integrity of our platform and comply with legal requirements, we implement robust Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures. These procedures help us verify the identity of our customers, prevent fraud, and mitigate the risks associated with money laundering and other illicit activities.
- Purpose and Objectives
The primary objective of our KYC/CDD procedures is to ensure that we conduct business only with legitimate customers. By verifying the identity of our users, we reduce the risk of financial crimes such as money laundering, identity theft, and terrorist financing. Our procedures are designed to protect both our customers and the integrity of our platform.
2. Customer Identification
Upon account registration, we require customers to provide personal information such as their full name, date of birth, address, and contact details. Depending on the nature of the transaction, we may also ask for additional identification documents to verify their identity. Acceptable documents may include:
Government-issued ID (e.g., passport, national ID card, or driver’s license)
Utility bills or bank statements as proof of address
Selfie or live photo (for enhanced verification)
This step ensures that we can confirm the identity of our users and prevent fraudulent activity.
3. Risk Assessment and Categorization
As part of our KYC/CDD procedures, we assess the risk level of each customer based on factors such as their location, transaction history, and the nature of their business. Customers are categorized into different risk levels—low, medium, or high. Higher-risk customers or transactions may require more detailed due diligence and enhanced verification checks.
4. Ongoing Monitoring and Updates
Fabeleka continuously monitors customer transactions to detect any suspicious or unusual activity. If a customer’s activity appears to be inconsistent with their profile or raises any red flags, we may conduct additional checks. Furthermore, we regularly update the information on file to ensure that all customer details remain current and accurate.
5. Enhanced Due Diligence (EDD)
For high-risk customers or situations that involve large or complex transactions, Fabeleka applies Enhanced Due Diligence (EDD). This includes additional scrutiny, such as more in-depth background checks, verifying the source of funds, and obtaining further documentation to confirm the legitimacy of the customer’s activities.
6. Suspicious Activity Reporting
If we identify any suspicious activities during the KYC/CDD process or in ongoing monitoring, we are obligated to report these activities to the relevant authorities. We take any signs of money laundering or fraud seriously and follow the appropriate procedures to ensure compliance with legal requirements.
7. Compliance with Local and International Regulations
Fabeleka is committed to complying with all applicable KYC and CDD regulations, including those outlined by the Financial Action Task Force (FATF) and local authorities. Our procedures are regularly updated to reflect changes in the regulatory landscape, ensuring that we meet the highest standards of compliance.
8. Customer Rights and Privacy
We respect the privacy of our customers and ensure that all personal information provided during the KYC/CDD process is securely stored and handled in accordance with our privacy policy. Customers have the right to access their personal data and request updates or corrections to their information as needed.
9. Consequences of Non-Compliance
Failure to comply with our KYC/CDD procedures may result in the suspension or termination of a customer’s account. We take these measures to protect our platform and ensure that it is not used for illegal or fraudulent activities.
10. Continuous Improvement
Fabeleka is dedicated to improving its KYC/CDD processes to ensure they remain effective and in line with best practices. We invest in technology and staff training to stay ahead of emerging risks and maintain a secure environment for all our users.
For more information about our KYC/Customer Due Diligence procedures, please refer to our customer support team or review our full policy.
