Compliance on Mamo Personal

Learn how we manage risk and compliance on Mamo Personal

Updated over a week ago

Please note that Mamo Personal app will be shutting down on the 31st of August, 2023. You can read more here.

Verifying my identity

You need to verify your identity in order to use the Mamo Personal app. This requirement is in line with regulations commonly known as 'Know Your Customer’ (KYC) or 'Customer Due Diligence' (CDD).

It is the process of a business confirming the identity of its customers. It is a method to protect against fraud, money laundering, and terrorist financing.

Re-verifying my identity

Where your documents have expired, we are required to reverify them. This is a part of ongoing ‘Customer Due Diligence’ (CDD).

After expiry, you’re granted a 30-day grace period to allow for document renewal. Please ensure you update the requested documents by the end of this grace period to prevent limitations on your account.

We understand this process can feel frustrating, which is why we make it as easy as possible to re-validate your identification by requesting renewed copies of expired documents via your Mamo Business dashboard. All you need to do is upload the new documents according to our guidance on what documents are acceptable.

You may receive an occasional email or reminder about this from any of Mamo. If you receive a suspicious link or phone call, don’t provide any information about your account, and report your concerns to Mamo using the chat feature on your dashboard.

Requesting source of funds and source of wealth

As a regulated financial services company, Mamo must follow specific rules and regulations. This ensures our customers and the wider industry are protected from financial crime. This can include the requirement to complete checks around a customer’s source of funds and source of wealth.

These checks prove that your hard-earned money comes from a legitimate source and identifies how and for what purpose your account is being funded.

While we can’t say for sure how long such a check might take, we will do our best to complete these as soon as possible.

Our automated systems flag customers for a review as a part of the standard process, and we make sure this experience is as hassle-free as possible, so we’ll only request additional documents if we don’t already have the information we need available.

Please note that Mamo Personal app will be shutting down on the 31st of August, 2023. You can read more here.

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