1. Introduction
Westlip Credit Limited is committed to preventing money laundering, terrorist financing, and other financial crimes. We maintain a comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) program in accordance with applicable Kenyan law.
This Policy applies to all clients, employees, and agents of Westlip Credit Limited. Non-compliance with this Policy may result in refusal of services and reporting to relevant authorities.
2. Legal Framework
Our AML/KYC program is built on the following legislative framework:
- Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) 2009 and its amendments
- Prevention of Terrorism Act 2012
- Data Protection Act 2019
- Financial Reporting Centre (FRC) Guidelines and directives
- FATF Recommendations as adopted and applicable in Kenya
3. Know Your Customer (KYC) Procedures
Before providing any financial service, we collect and verify the following information from all applicants:
3.1 Individual Clients
- Full legal name as per national ID
- National ID number and a copy of the document
- Date of birth and physical address
- Active mobile phone number
- M-Pesa or bank account details
3.2 Business Clients
- Business registration certificate and company name
- KRA PIN certificate
- National ID of directors and authorized signatories
- Bank statements for recent months
- Business physical address
4. Customer Due Diligence
We apply a risk-based approach to Customer Due Diligence (CDD):
4.1 Standard Due Diligence
Applied to all clients as a baseline. Includes identity verification and basic background checks as described in Section 3 above.
4.2 Enhanced Due Diligence
Applied to higher-risk clients, including politically exposed persons (PEPs), high-value transactions, or where unusual activity patterns are identified. May include additional documentation and source-of-funds verification.
4.3 Ongoing Monitoring
We continuously monitor existing client relationships for unusual activity, including:
- Transactions inconsistent with the client's stated purpose or financial profile
- Requests that appear designed to structure transactions to avoid reporting thresholds
- Sudden changes in repayment behavior or account activity
5. Suspicious Activity Reporting
We are legally required to report suspicious transactions and activity to the Financial Reporting Centre (FRC) of Kenya. A transaction may be considered suspicious if it:
- Involves amounts or patterns inconsistent with the client's known profile
- Is accompanied by attempts to avoid identification or verification
- Appears connected to criminal activity or terrorist financing
- Involves jurisdictions or parties associated with high money laundering risk
6. Record Keeping
In accordance with POCAMLA 2009, we retain all KYC and transaction records for a minimum of seven (7) years from the date of the transaction or termination of the business relationship, whichever is later.
Records are stored securely and are available to regulatory authorities upon lawful request.
7. Staff Training and Compliance
All Westlip Credit Limited employees involved in client-facing roles and financial operations receive regular training on:
- Recognizing signs of money laundering and suspicious activity
- Correct KYC data collection procedures
- Internal reporting procedures for suspicious activity
- Applicable legal obligations and penalties for non-compliance
Our AML/KYC program is reviewed and updated regularly to reflect changes in legislation and best practices.
8. Contact and Reporting
For questions related to our AML/KYC Policy, or to report concerns about suspicious activity, please contact us:
- Email: credit@westlipgroup.com
- Phone: +254112356687
- Address: Riverside Drive, Merchant Square Building 98 Riverside Drive, Nairobi, Kenya
Concerns may also be reported directly to the Financial Reporting Centre of Kenya at www.frc.go.ke.