Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Policy
Kang Fintech Solutions ("Kang FS" or "Kang")
Kang FS is committed to upholding the highest standards of compliance with both international and national regulations aimed at preventing money laundering (ML) and the financing of terrorism (CFT). This policy outlines the principles and procedures adopted by Kang FS to ensure adherence to the Financial Action Task Force (FATF) Recommendations, the laws and regulations of Cameroon, and other relevant international standards.
Kang FS operates primarily in Cameroon and is therefore subject to the following legal and regulatory frameworks:
FATF Recommendations: Kang FS adheres to the 40+9 Recommendations set forth by the FATF to combat ML and CFT risks.
Cameroonian Legislation: Compliance with Cameroonian laws, including the Penal Code and the Law No. 2016/012 of 21 July 2016 on the fight against money laundering and the financing of terrorism.
GABAC Guidelines: As a member of the Action Group against Money Laundering in Central Africa (GABAC), Kang FS aligns its policies with GABAC's standards and recommendations.
International Treaties: Adherence to international conventions such as the 2005 Warsaw Convention on Laundering, Search, Seizure, and Confiscation of the Proceeds from Crime and on the Financing of Terrorism.
Compliance Officer: Kang FS has appointed a Compliance Officer responsible for overseeing the implementation and enforcement of this policy.
Board Oversight: The Board of Directors provides strategic direction and ensures that adequate resources are allocated to AML/CFT compliance efforts.
Internal Audit: Regular audits are conducted to assess the effectiveness of AML/CFT controls and to identify areas for improvement.
Know Your Customer (KYC): Kang FS implements robust KYC procedures to verify the identity of clients and assess the risks associated with each customer.
Enhanced Due Diligence (EDD): For high-risk customers, including politically exposed persons (PEPs), enhanced due diligence measures are applied.
Ongoing Monitoring: Continuous monitoring of customer transactions is conducted to detect suspicious activities and ensure compliance with regulatory requirements.
Suspicious Activity Reporting: Kang FS promptly reports any suspicious transactions to the relevant authorities in accordance with Cameroonian law and international best practices.
Record Retention: All customer records and transaction details are retained for a minimum period as stipulated by applicable laws and regulations.
Employee Training: Regular training sessions are provided to all employees to ensure they are aware of AML/CFT obligations and can identify and report suspicious activities.
Awareness Programs: Ongoing awareness programs are conducted to reinforce the importance of AML/CFT compliance within the organisation.
Risk-Based Approach: Kang FS adopts a risk-based approach to AML/CFT compliance, assessing the risks associated with customers, products, services, and geographical locations.
Mitigation Strategies: Appropriate measures are implemented to mitigate identified risks, including the application of enhanced due diligence for high-risk clients.
Information Sharing: Kang FS cooperates with national and international authorities, including the Financial Intelligence Unit (FIU) of Cameroon and GABAC, to share information and combat ML and CFT risks.
Compliance with Sanctions: Kang FS ensures compliance with international sanctions and embargoes, screening clients and transactions against relevant lists.
This policy is reviewed annually and updated as necessary to reflect changes in legislation, regulations, and international standards. Any amendments are approved by the Board of Directors and communicated to all employees.