Compliance Procedures

As a digital finance company located in the European Union, SOCAMA Group complies with all legal requirements for payment provides and payment systems. These requirements are detailed here.

 

Know-Your-Customer (KYC)

Know your customer (KYC) is the process by which we verify the identity of our clients. KYC is important to ensure that our digital payment systems and cards are not used by criminal elements for money laundering, bribery, fraud or terrorist financing. We identify all customers using documentation and verification procedures. Please view our Documentation page for more information.

 

Anti-Money Laundering (AML)

As a European Union company, SOCAMA is legally obligated to comply with all anti-money laundering (AML) requirements. In the EU, we comply with AMLD IV of July 2015. As such, we require our customers to document their source of funds which are used to pre-fund our debit cards.  Please view our Documentation page for more information.

 

EU Payment Directive

The European Union (EU) Directive on Payment Services (PSD) provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. Our card issuer and payment network comply with all EU Payment Directive obligations and are fully licensed according to national and EU law.

 

Documentation

We request documentation on our customers to comply with KYC and AML requirements. This documentation level varies by card type. Please check our Documentation page for additional explanations. All documentation is stored securely on site in our head office, and is not disseminated or transferred to any third parties.