Payixay is committed to preventing money laundering, terrorist financing and fraud. This policy summarises the controls we apply to every merchant, in line with the Proceeds of Crime and Anti Money Laundering Act of Kenya, the Prevention of Terrorism Act, the recommendations of the Financial Action Task Force and card scheme rules.
1. Governance
A designated Compliance Officer is responsible for this policy, staff training and reporting. The policy is reviewed at least once a year.
2. Risk based approach
Every merchant receives a risk rating at onboarding based on its business type, markets, ownership, volumes and settlement method. Higher risk merchants receive enhanced due diligence and more frequent reviews.
3. Know your customer
Before an account is activated we collect and verify:
- Certificate of incorporation and company registry extract
- Identity documents and proof of address for directors and for owners of 10 percent or more
- Regulatory licences where the business requires them
- Business bank account details
- A description of the business, expected volumes and source of funds
- The merchant website and its published policies
4. Screening
Merchants, directors and beneficial owners are screened against international sanctions lists, politically exposed person lists and adverse media at onboarding and on an ongoing basis.
5. Transaction monitoring
We monitor transaction volumes, values, refund and chargeback ratios and settlement activity against each merchant’s profile. Digital asset wallets used for USDT settlement are screened before payout.
6. Reporting
Suspicious activity is escalated to the Compliance Officer and reported to the Financial Reporting Centre where required by law. We do not inform the subject of a report.
7. Record keeping
Due diligence and transaction records are kept for at least seven years after the business relationship ends.
8. Document security
We never ask for identity documents through this website. Documents are collected only through a secure link sent by our onboarding team.
9. Right to refuse
We may decline an application or end a relationship where due diligence cannot be completed or where the risk falls outside our appetite.
Contact Us
Questions about this policy can be sent to info@payixay.com or by phone and WhatsApp on +254 723 066 366, Monday to Friday, 9:00 to 18:00 EAT.