Specific currencies require specific pieces of information or documents to be collected as per local regulations on all payments.
As of now this guidelines apply to payments in XOF, XAF, KES.
Outside of this, information may be required based on a risk-based approach by Verto compliance team. In all cases, you should assess risks yourself.
This information can be uploaded via API.
KES:
All payments more than 1m KES require mandatory supporting documentation that is not 1st party
For business relationships, this is a contract between the two entities
For one-off purchases, this is an invoice
XOF & XAF:
Mandatory Invoice per payment on per payment basis for all transactions (no minimum threshold)
Information on the sender (on the first payment from the counterparty):
Company Name
Company Establishment Date (DD/MM/YYYY) - Need to request
Company Address (Full Address including City and Country) - Need to request
Company's Country of Tax Residence (Country in which the company is registered) - dropdown of countries in CEMAC region
Company Incorporation Number, Country
Counterparty to the transaction should be the same as those the invoice is issued to, payments from BDCs or local PSPs on behalf are not supported.
In cases where an invoice is required, the following is mandatory across all currencies. If amounts do not match, a justification for this must be provided.
Clear Description of goods/services being purchased
Names & details of both parties (Buyer and Seller)
Amount & Currency
Date
Reference/invoice number