KYC Onboarding Policy

Purpose

The Know Your Customer (KYC) Onboarding Policy aims to ensure compliance with regulatory requirements, safeguard the interests of Softmint, and establish a secure and trustworthy relationship with merchants and distributors. This policy outlines the documentation and procedures required for KYC verification.

Scope

This policy applies to all merchants, distributors, and employees involved in Softmint’s financial services, including AEPS, BBPS, Recharge, and Insurance Services.

Required Documents

• Identity Proof: Aadhaar Card (Mandatory), PAN Card (Mandatory)
• Business Verification: Merchant’s Photograph, Photograph of the Merchant’s Shop/Office
• Employee and Distributor Verification: Employee Verification Photographs, Distributor Verification Photographs
• Banking Details: Bank Passbook (First Page Copy), Cancelled Cheque

Privacy and Data Security

• All collected documents are used exclusively for KYC purposes and in compliance with applicable laws and regulations.
• No document will be shared with any third party outside regulatory or legal requirements without prior permission from the merchant.
• Softmint ensures strict data protection measures to maintain the confidentiality and integrity of the information.

Process

1. Document Collection: Collect the required documents from merchants and distributors. Ensure that the documents are valid and clearly visible.
2. Consent: Obtain explicit consent from merchants and distributors for using their documents for KYC purposes.
3. Verification: Cross-check the submitted documents for accuracy. Conduct physical verification of the merchant’s shop/office.
4. Approval: Approve the KYC application upon successful verification. Notify the merchant or distributor about the approval status.

Compliance and Monitoring

Regular audits will be conducted to ensure compliance with the KYC policy. Any discrepancies or fraudulent activities must be reported immediately.

Policy Review

This policy will be reviewed periodically and updated in alignment with changes in regulatory guidelines and business requirements.