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Why Compliance is Important

Compliance ensures that your business follows legal and regulatory guidelines, preventing issues such as fraud, money laundering, and unauthorized data access. Adhering to these standards helps protect both your organization and your customers.

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Compliance Requirements

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1. Complete Business KYC

Know Your Customer (KYC) is a fundamental requirement that helps verify the identities of businesses using Edge. Completing KYC involves:

  • Business Details: Provide the legal name, registration number, and contact details of your business.
  • Representative Information: Include personal details and identification for business representatives, such as directors and shareholders.
  • Upload Supporting Documents: This includes government-issued IDs and company registration documents.

Inaccurate or incomplete KYC details can delay your ability to use the Edge platform for production transactions.

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2. Adhere to AML/CFT Regulations

Edge requires businesses to comply with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations. This process includes:

  • AML/CFT Policy Declaration: Declare your organization’s commitment to AML and CFT practices.
  • Provide AML Documentation: Upload internal AML policy documents and procedures that your business follows.
  • AML Training Information: Describe the training programs provided to staff regarding AML and CFT practices.

Completing AML/CFT requirements ensures that your business is compliant with regional and international financial regulations.

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3. Complete Third-Party Due Diligence

For businesses that work with third-party vendors or partners, third-party due diligence is required to ensure that these entities also comply with Edge’s standards. This step involves:

  • Reviewing Third-Party Policies: Ensure that third-party partners adhere to data protection, security, and privacy standards.
  • Identify and Assess Risks: Evaluate risks related to third-party relationships, including data breaches or compliance violations.
  • Document and Attest: Complete the third-party due diligence attestation to confirm that all necessary checks have been conducted.

Any gaps in third-party due diligence can expose your business to risks, including non-compliance and data security breaches.

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4. Data Privacy and Security Compliance

To comply with data privacy regulations, your business must:

  • Comply with NDPR and Data Protection Laws: If you handle data from Nigerian residents, ensure compliance with Nigerian Data Protection Regulation (NDPR).
  • Implement Data Encryption: Use AES 256-bit encryption for all sensitive data exchanged with Edge.
  • Secure User Data: Store user data securely, follow best practices for access control, and ensure data is only accessible by authorized personnel.

Data privacy compliance helps protect customer information and minimizes the risk of data breaches, ensuring your business adheres to global privacy standards.

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5. Ongoing Compliance Monitoring

Compliance is not a one-time activity. Edge requires businesses to continuously monitor and update their compliance efforts by:

  • Regularly Updating KYC Information: Ensure that any changes to your business or representatives are updated in your KYC records.
  • Conducting Internal Audits: Perform regular internal audits to ensure ongoing adherence to AML and CFT policies.
  • Staying Updated on Regulatory Changes: Monitor updates in relevant regulations (e.g., changes to NDPR or AML requirements) and adjust your compliance processes accordingly.

Failure to maintain ongoing compliance can result in service disruptions or restrictions on your account.

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Key Compliance Documents

  • AML/CFT Policies: Outlines your organization’s policies for preventing money laundering and terrorism financing.
  • Privacy Policy: Details how your business collects, stores, and protects user data.
  • KYC Documents: Includes identification documents for business representatives, proof of address, and company registration documents.
  • Third-Party Attestation: A signed document confirming that all third-party due diligence processes have been completed.

Submitting accurate and up-to-date documentation will expedite your compliance verification process and allow you to start using Edge for live transactions.

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Final Tips for Compliance

  • Accuracy is Key: Double-check all information before submitting compliance documents to prevent delays.
  • Stay Proactive: Monitor regulatory updates and adjust your compliance practices as necessary.
  • Leverage Support: If you encounter difficulties during the compliance process, reach out to the Edge support team for guidance.

Completing all compliance requirements not only ensures a smooth onboarding process but also helps build trust with your customers by demonstrating your commitment to secure and lawful operations.