Know Your Customer (KYC) Policy

Introduction

WaqfMovement.com, operated by the Global Waqf Movement (“the Platform”), is committed to complying with Know Your Customer (KYC) regulations to prevent fraud, money laundering, and terrorist financing activities on our online waqf fundraising peer-to-peer platform. This KYC Policy outlines our procedures for verifying the identity of our users and conducting due diligence to assess the risk of financial crime.

Purpose

The purpose of this KYC Policy is to:

  1. Establish procedures for verifying the identity of users on the Platform.
  2. Ensure compliance with KYC regulations and guidelines.
  3. Mitigate the risk of fraud, money laundering, and terrorist financing.

KYC Procedures

Customer Identification

  1. Basic Information: Users registering on the Platform are required to provide basic identification information, including name, address, date of birth, and contact details.
  2. Document Verification: Users must submit government-issued identification documents, such as passports, national identity cards, or driver’s licenses, to verify their identity.
  3. Additional Information: Depending on the risk profile of the user and the nature of their transactions, additional information may be requested, such as source of funds, occupation, and proof of address.

Verification Methods

  1. Identity Verification Tools: The Platform utilizes identity verification tools and databases to confirm the accuracy of the information provided by users.
  2. Document Authentication: Documents submitted by users are verified for authenticity using advanced document authentication technology.
  3. Biometric Verification: In some cases, users may be required to undergo biometric verification, such as facial recognition or fingerprint scanning, to enhance security and prevent identity theft.

Ongoing Monitoring

  1. Transaction Monitoring: The Platform conducts ongoing monitoring of user accounts and transactions to detect suspicious activity, such as large transactions, frequent transfers, or transactions involving high-risk jurisdictions.
  2. Periodic Reviews: User accounts are subject to periodic reviews to ensure that the information provided remains accurate and up-to-date.

Risk-Based Approach

The Platform adopts a risk-based approach to KYC, which involves:

  1. Risk Assessment: Assessing the risk profile of users based on factors such as transaction volume, geographic location, and other relevant information.
  2. Enhanced Due Diligence (EDD): Conducting enhanced due diligence on high-risk users, such as politically exposed persons (PEPs) or users from high-risk jurisdictions.

Compliance Oversight

  1. Compliance Team: The Platform has a dedicated compliance team responsible for overseeing KYC procedures, ensuring compliance with regulations, and investigating any suspicious activity.
  2. Regular Audits: Regular audits of KYC processes are conducted to evaluate effectiveness, identify areas for improvement, and address any compliance issues.

Data Security and Privacy

  1. Data Encryption: User data collected during the KYC process is encrypted and stored securely to protect against unauthorized access or disclosure.
  2. Confidentiality: User information obtained during KYC procedures is treated with strict confidentiality and is only shared with authorized personnel on a need-to-know basis.

Conclusion

The Global Waqf Movement is committed to maintaining robust KYC procedures to prevent financial crime and protect the integrity of our platform. By implementing comprehensive verification measures, conducting ongoing monitoring, and adhering to regulatory requirements, we strive to create a secure environment for our users to participate in online waqf fundraising activities.

If you have any questions or concerns about our KYC Policy, please contact us at the provided contact information.

Thank you for your cooperation in helping us maintain a safe and trusted platform for waqf fundraising.

Global Waqf Movement
Email: [compliance@waqfmovement.com]
Address: Global Waqf Movement
5900 Balcones Drive STE 100
Austin, Texas, 78731
United States