Risk Management processes and controls
Compliance refers to the adherence to laws, regulations, and standards set by governing bodies and industry associations. In today's business world, compliance is more important than ever, with companies facing increasing scrutiny and potential legal action for non-compliance.
Compliance is not just a legal obligation, but also a critical component of risk management and reputation management. Failure to comply with regulations can result in hefty fines and legal penalties, as well as damage to a company's image and brand.
It is imperative to emphasize that Kotani Pay adheres to stringent compliance standards, including SOC 2, PCI, and DSS. We have implemented robust policies to ensure the protection of client data and have established clear guidelines for the appropriate handling, processing, and storage of such data.
As part of complying with the regulatory framework, we are currently in the process of applying for an FSP License with the FSCA.
Impact on Businesses
Compliance affects businesses of all sizes and industries, from startups to multinational corporations. Non-compliance can lead to financial losses, legal disputes, and damage to a company's reputation.
On the other hand, a culture of compliance can lead to improved risk management, increased customer trust, and a positive brand image. Companies that prioritize compliance are also better positioned to adapt to changing regulations and industry standards.
Know your customers (KYC)
We conduct KYC on all our clients and partners with a risk-based approach
Sanction lists screening
Sanctions lists encompass the names of individuals, entities, or countries subjected to sanctions. We conduct screenings to cross-reference against various lists, including but not limited to the United Nations Security Council Sanctions List, the Office of Foreign Assets Control (OFAC) list, Her Majesty's Treasury (HMT) list, and the Drug Enforcement Administration (DEA) list, among others
Suspicious activity report
Upon discovery of any suspicious activity
Monitor on-going Transactions
We conduct Know Your Transaction (KYT) to keep up with the current and historical transactions
Businesses that trust Kotani Pay
We serve some of the top businesses in the world
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