Our approach to compliance
XaarLem designs its corridor around a demanding compliance framework, at the intersection of Senegalese and American jurisdictions.
Identity verification (KYC)
Every client is verified against KYC (Know Your Customer) standards before any account is opened. We collect and verify an official ID document, proof of address, and the information needed for risk profile assessment.
Anti-money laundering (AML)
Our transaction monitoring systems are built to flag unusual operations in real time. Our framework is modelled on FATF recommendations and on the US (Bank Secrecy Act) and Senegalese (CENTIF) frameworks for anti-money laundering and counter-terrorism financing.
Data protection
Personal data is encrypted at rest and in transit. We limit collection to what is strictly necessary and never resell your information. Our practices are designed around the requirements of the European GDPR and Senegalese personal data protection law.
Partner banks
XaarLem is not a bank and does not hold customer funds. We operate as a representative office, with the aim of working alongside partner banks in Senegal. Deposits will be held by those institutions, not by XaarLem.