Kang Fintech Solutions (KFS)
Agent Policy
Effective Date: February 2025
1. Introduction
Kang Fintech Solutions (KFS) is committed to providing secure, reliable, and innovative financial services through a network of authorized agents. This Agent Policy outlines the terms, conditions, and responsibilities governing the relationship between KFS and its agents. It ensures compliance with international standards, regulatory requirements, and best practices in agent banking and financial services.
2. Objectives
The primary objectives of this Agent Policy are to:
- Establish clear guidelines for agents representing KFS.
- Ensure compliance with anti-money laundering (AML), counter-terrorism financing (CTF), and data protection regulations.
- Protect agents, customers, and KFS from fraud, financial crimes, and reputational risks.
- Promote transparency, fairness, and trust in agent operations.
3. Scope
This policy applies to all individuals, businesses, or entities authorized to act as agents of KFS. Agents are responsible for providing financial services on behalf of KFS, including but not limited to:
- Cash deposits and withdrawals.
- Account opening and customer onboarding.
- Bill payments and fund transfers.
- Mobile money services.
4. Agent Onboarding
KFS implements a robust agent onboarding process to verify the identity and legitimacy of all agents. The onboarding process includes:
4.1 Application Submission
Agents must submit a completed application form, providing accurate and up-to-date information about their business or operations.
4.2 Documentation Requirements
Agents are required to provide the following documents:
- For Individual Agents:
- Government-issued ID (e.g., passport, national ID, or driver’s license).
- Proof of address (e.g., utility bill or bank statement).
- Tax Identification Number (TIN).
- For Business Agents:
- Certificate of incorporation or business registration.
- Proof of business address.
- Tax Identification Number (TIN).
- Ownership structure and details of beneficial owners (individuals owning 25% or more of the business).
- Identification documents for authorized representatives.
4.3 Risk Assessment
KFS conducts a risk assessment to categorize agents into low, medium, or high-risk levels based on factors such as location, transaction volume, and business type.
4.4 Training and Certification
- Agents must complete KFS’s training program on AML, CTF, and customer service.
- Agents must pass a certification exam to demonstrate their understanding of KFS policies and procedures.
4.5 Approval Process
- Low-risk agents: Approved after basic verification.
- Medium-risk agents: Subject to additional documentation and review.
- High-risk agents: Subject to enhanced due diligence (EDD) and senior management approval.
5. Agent Responsibilities
Agents are required to adhere to the following responsibilities:
5.1 Compliance with Laws and Regulations
- Comply with all applicable laws, including AML, CTF, and data protection regulations.
- Ensure all transactions are legal and legitimate.
5.2 Accurate Information
- Provide accurate and up-to-date information during onboarding and throughout the relationship with KFS.
- Notify KFS of any changes to business details (e.g., ownership, address, or contact information).
5.3 Fraud Prevention
- Implement measures to prevent fraud, such as customer verification and transaction monitoring.
- Report any suspected fraudulent activities to KFS immediately.
5.4 Customer Data Protection
- Protect customer data in compliance with data protection laws (e.g., GDPR, CCPA).
- Use secure systems to store and transmit customer information.
5.5 Transparent Operations
- Disclose all fees, charges, and terms of service to customers clearly and transparently.
- Display KFS branding and signage at all agent locations.
6. Agent Operations
Agents are authorized to perform the following operations on behalf of KFS:
6.1 Cash Deposits and Withdrawals
- Process cash deposits and withdrawals for KFS customers.
- Ensure accurate recording of transactions and reconciliation of cash balances.
6.2 Account Opening and Customer Onboarding
- Assist customers in opening KFS accounts and completing KYC requirements.
- Verify customer identity and submit documentation to KFS for approval.
6.3 Bill Payments and Fund Transfers
- Process bill payments and fund transfers for customers.
- Provide receipts and confirmations for all transactions.
6.4 Mobile Money Services
- Facilitate mobile money transactions, including deposits, withdrawals, and transfers.
- Ensure compliance with mobile money regulations and guidelines.
7. Fees and Commissions
Agents are entitled to the following fees and commissions:
- Transaction Fees: A percentage of each transaction processed through the agent.
- Monthly Commissions: Recurring commissions based on transaction volume and performance.
- Other Incentives: Bonuses for meeting or exceeding performance targets.
All fees and commissions are disclosed to agents during onboarding and in the agent agreement.
8. Prohibited Activities
Agents are prohibited from engaging in the following activities:
- Illegal or fraudulent transactions.
- Money laundering or terrorist financing.
- Misrepresenting KFS services or customer transactions.
- Charging unauthorized fees or commissions.
KFS reserves the right to terminate agent agreements and report prohibited activities to relevant authorities.
9. Monitoring and Reporting
KFS implements ongoing monitoring systems to ensure compliance with this policy. This includes:
9.1 Transaction Monitoring
- Automated systems to detect unusual or high-risk transactions.
- Manual review of flagged transactions by the compliance team.
9.2 Suspicious Activity Reporting (SAR)
- Reporting suspicious activities to the relevant financial intelligence unit (FIU) or regulatory authority.
9.3 Periodic Reviews
- Regular reviews of agent accounts and transaction patterns.
- Updates to agent information as required.
10. Termination of Agent Agreements
KFS may terminate an agent agreement for the following reasons:
- Non-compliance with this Agent Policy or applicable laws.
- Engagement in prohibited activities.
- Failure to meet performance targets or maintain service standards.
- Providing false or misleading information during onboarding.
Agents will be notified of agreement termination and provided with a reason for the decision.
11. Dispute Resolution
Agents may raise disputes or complaints with KFS through the following channels:
KFS will investigate and resolve disputes in a fair and timely manner.
12. Policy Review and Updates
This Agent Policy is reviewed annually or as needed to ensure compliance with changing regulatory requirements and industry standards. Updates to the policy are communicated to all agents.
13. Contact Information
For questions or concerns regarding this Agent Policy, please contact:
Address:
Kang Fintech Solutions
Bamenda, North West Region, Cameroon
By adhering to this Agent Policy, KFS and its agents can build a secure, transparent, and mutually beneficial partnership.
Kang Fintech Solutions (KFS)
Empowering Financial Innovation in Cameroon.