Customer Management

In any business, a large volume of customers and clients is always a good thing. However, an industry that operates within the scope of moving and transferring money from one place to another needs to be diligent in protecting themselves against fraudulent activities, most especially from money-laundering. An effective Customer Management should be employed if a company wants to safeguard itself from these illegal practices.

Overview

As bux.com is a business involved in payment processing, the company has established a thorough system of collecting pertinent client information known as the KYC (Know Your Customer) data.

Description

Know Your Customer is a clear and defined method wherein bux.com collects and keeps important information about its clients and card holders. It is the due diligence that financial institutions and other regulated companies such as money transmitters, must perform to identify their clients and ascertain relevant information to ensure that all card holders and members that bux.com deals with is not on any list of known fraudsters, terrorists or money launderers.

KYC Compliance Requirements

All financial institutions are required to develop a customer identification program appropriate to its business. bux.com complied with the KYC requirements by:

1. Determining the identity of its customers
2. Determining its customer's sources of funds for transactions involving the bank
3. Monitor customer transactions and identify those that are consistent with normal and expected transactions; and
4. Determining if a transaction is required to be reported under applicable suspicious activity reporting regulations and, if so, report it

Website

Initially, should an individual wish to apply for a bux.com Card, they will need to pre-register through our secure card holder portal. Each prospective client is requested to provide pertinent information, such as their address, mobile phone numbers etc. information obtained from each potential client undergoes a screening.

Telephone

This method is recommended to a customer that has limited or no access to the Internet. By calling the customer service, they will be required to provide the same information as required. Customers are assisted by a highly trained staff to guide them through the process.

Personal

A registration form will be provided to the customers that transact over-the-counter. This is the most secure method of KYC collection since the bux.com employee can transact business with a customer face-to-face.

Identification Requirements

To complete the registration process of the card holder, they are required to submit valid identification in compliance with Anti-Money Laundering and Counter-Terrorism Financing Rules and the (USA PATRIOT ACT) ACT OF 2001. The documents accepted are as follows:

Social Security or Country Specific Equivalent ID plus a copy of any 1 of the following:

• Driver's License
• Passport
• Government Issued Photo ID

Or, if the card holder has submitted a copy of there Passport/Visa, the card holder is required to submit a copy of any 1 the following:

• Driver's License
• Government Issued Photo ID
• Permanent Residency Card
• Utility bill with current address
• Company ID

Key Features

• Automated 2D/3D Bar-code Recognition
• Data Submission via FACSIMILE of KYC documents
• Full 128-bit Secure Socket Layer (SSL) encryption for protection of data
• Secure HTTPS/SSL for KYC management
• KYC documents encryption using industry standard data encryption