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Know Your Customer (KYC) and Know Your Business (KYB)

To ensure the security and integrity of the Sarafa platform and comply with regulatory requirements, we implement Know Your Customer (KYC) and Know Your Business (KYB) procedures. These processes help us verify the identity of our users and their businesses, fostering a safe and trusted environment for all.

Depending on your business type and transaction volume, you may be required to complete different levels of KYC/KYB verification. Each level unlocks higher transaction limits and access to additional features.

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Business Account Verification Requirements

To verify your business account, you will typically need to provide the following information and documentation. Please note that specific requirements may vary based on your jurisdiction and business structure.

Level 1: Basic Verification

  • Business Name
  • Registered Business Address
  • Contact Person Name
  • Contact Person Email Address
  • Contact Person Phone Number

Level 2: Enhanced Verification

In addition to the requirements for Level 1, you may need to provide:

  • Business Registration Documents: Certificate of Incorporation or equivalent official document.
  • Tax Identification Number (TIN) or equivalent.
  • Proof of Address: Utility bill, bank statement (dated within the last three months) showing the registered business address.
  • Identification Documents of Key Individuals (e.g., Directors, Beneficial Owners):
    • Government-issued photo ID (Passport, National ID, Driver’s License).
    • Proof of Address (as above).
  • Organizational Structure Chart (if applicable).
  • Source of Funds Declaration.

Level 3: Advanced Verification (for high-volume transactions)

This level may require additional documentation and due diligence, which will be communicated to you directly if necessary.

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Transaction Limits Based on KYC Level

Transaction limits are applied based on your business’s KYC/KYB verification level. These limits are in place to mitigate risk and ensure compliance. The following are examples of potential transaction limits; please refer to your account settings for the specific limits applicable to your verified level:

  • Level 1: Basic Verification: May have lower daily and monthly transaction limits. For example, up to $1000 per month.
  • Level 2: Enhanced Verification: Typically allows for higher daily and monthly transaction limits. For example, up to $10000 per month.
  • Level 3: Advanced Verification: Usually offers the highest transaction limits, tailored to the specific needs of the business.

Important Notes:

  • The Sarafa team will guide you through the KYC/KYB verification process within your account dashboard.
  • You will be notified of the required documents and steps to complete each verification level.
  • Providing accurate and up-to-date information is crucial for a smooth verification process.
  • Failure to complete the required KYC/KYB verification may result in limitations on your account functionality and transaction limits.

We appreciate your cooperation in completing the KYC/KYB process, which is essential for maintaining a secure and compliant platform for all Sarafa users.