Terms & Conditions

Last Updated March 14 2023

Introduction

Midas, as a responsible fintech organization offering virtual card services across Africa, is fully committed to the fight against financial crimes including but not limited to money laundering, fraud, and identity theft. In this light, we have established comprehensive Know Your Customer (KYC), Anti-Money Laundering (AML), and Fraud Prevention Policies.

KYC (Know Your Customer) Policies

Policy Statement

Our KYC policy forms the foundation of our commitment to maintaining a secure and trustworthy financial environment. It is designed to ensure that we know our customers well, understand their financial dealings, and can serve them better while mitigating risks.

Procedure

  1. As a fundamental part of our commitment to security, all customers are required to complete a comprehensive KYC process before they can fully utilize our services. This process includes providing a valid government-issued ID, such as a passport or driver's license, proof of address, and any other documents deemed necessary by our compliance team.
  2. This KYC process enables us to verify the identity of our customers, ensuring that they are who they claim to be, thereby reducing the risk of identity theft, fraud, and other illicit activities.
  3. Our KYC requirements may be updated periodically in line with regulatory changes or increased security measures. As such, we may require customers to submit additional information or documents as part of this process.
  4. The information collected through our KYC process is strictly confidential and is used solely to ensure our platform's security and compliance with laws and regulations.

AML (Anti-Money Laundering) Policies

Policy Statement

Midas is committed to full compliance with all applicable anti-money laundering laws and regulations. We have zero tolerance for money laundering activities and we have implemented comprehensive systems and procedures to prevent, detect, and report such activities.

Procedure

  1. We have implemented robust systems and procedures to monitor, detect, and report suspicious activities that could indicate money laundering. These include but are not limited to unusually large deposits or withdrawals, rapid movement of funds, or transactions with no apparent legal purpose.
  2. Any suspicious transactions will be investigated thoroughly by our Compliance and Risk Management Team. If the investigation reveals any evidence of money laundering, the case will be reported to the relevant authorities as required by law.
  3. Our AML policies are constantly reviewed and updated to keep in line with the latest regulatory requirements and industry best practices. This ensures we remain vigilant and effective in our efforts to prevent any misuse of our platform for money laundering purposes.

Fraud Prevention Policies