The Know Your Customer (KYC) Policy ensures that Waka2cure and Heroes Multipurpose Cooperative Society (WAHCOMS) operates in a safe, prevent fraud, transparent, and comply with legal and regulatory requirements thereby fostering trust and reliability among its members

The objectives of the KYC policy are to:

• Establish the identity of members and their financial background.
• Prevent fraudulent activities, money laundering, and financing of illegal activities.
• Ensure compliance with relevant regulations and cooperative guidelines.
• Protect the society from being misused for financial crimes.

This policy applies to:

• All members of the multipurpose cooperative society.
• Individuals applying for membership, loans, or any financial services offered by the cooperative.
• Beneficiaries and joint holders of accounts, as well as any other stakeholders interacting with the cooperative.

All members are required to submit the following documents to fulfill the KYC requirements:

• Personal Identification

Proof of Identity: A government-issued photo ID such as a National ID, Passport, Driver's License, or Voter's Card.

Proof of Address: A recent utility bill, rent agreement, or any official correspondence showing the member's current address.

• Additional Documents

Depending on the type of account or service being requested, the following additional documentation may be required:

Income Proof: For loan applications, the member must provide income-related documents such as salary slips, bank statements, or business financials.

Photographs: Two recent passport-sized photographs for identification records.

The cooperative will conduct a thorough verification of all submitted documents:

• Initial Verification: Upon membership application, the documents will be verified for authenticity. This process may include cross-checking with government databases or other official records.
• In-Person Verification: Where required, members may be asked to visit the cooperative office for in-person verification.
• Periodic Updates: Existing members will be required to update their KYC details periodically or whenever there are significant changes, such as a change of address.

Members will be categorized based on the risk they pose to the society:

• Low-Risk Members: Members who provide complete and authentic documentation and have no suspicious financial behavior will be categorized as low risk.
• High-Risk Members: Members who exhibit unusual or suspicious financial behavior, have incomplete documentation, or are from high-risk locations may be categorized as high risk. These members may be subject to enhanced due diligence and regular monitoring.

The cooperative will maintain comprehensive records of KYC documents and verification procedures:

• Digital and Physical Records: All member information, including identity and transaction details, will be securely stored in both digital and physical formats.
• Retention Period: KYC records will be retained for a minimum period as required by law, even after a member's relationship with the cooperative has ended.

The society will implement monitoring mechanisms to ensure compliance with the KYC policy:

• Regular Audits: Internal audits will be conducted periodically to ensure adherence to the KYC policy and identify any gaps.
• Reporting of Suspicious Activity: Any suspicious activity detected during the verification process or afterward will be reported to the appropriate regulatory authorities.

Failure to comply with the KYC policy may result in:

• Suspension of Membership: Members who fail to submit the required documents may have their accounts frozen or memberships suspended.
• Denial of Services: Members who do not comply with the KYC norms may be denied access to financial services, such as loans or dividends.

The KYC policy will be reviewed regularly and updated to meet any changes in regulatory guidelines or operational needs. Members will be notified of any significant changes to the policy.