Is Yellow Card Regulated?

This article explains Yellow Card's regulatory status across the markets it operates in, and how the company approaches anti-money laundering (AML) compliance and international sanctions requirements.

Regulatory Status

Yellow Card is regulated in each jurisdiction in which it operates. The company works with local regulators in every market to meet the legal requirements that best serve both the business and its customers, and it ensures that it meets each country's financial services and consumer protection laws.

Anti-Money Laundering (AML) Compliance

As Africa's fastest-growing on/off ramp, Yellow Card is committed to compliance with all applicable laws and regulations regarding Anti-Money Laundering. Yellow Card's policy and practice are to prevent people engaged in money laundering, fraud, and other financial crimes, including terrorist financing, from using its services. The company's rigorous KYC process at each tier is evidence of this commitment.

International Sanctions

Yellow Card is also committed to implementing the U.N. Security Council Resolutions (UNSCRs) for financial institutions. Among other measures, the UNSCRs may impose targeted financial sanctions against specific individuals and entities identified by the U.N. Security Council, or relevant U.N. Committees, as contributing to a particular threat to, or breach of, international peace and security. For instance, there are UNSCRs issued to address risks of proliferation of weapons of mass destruction emanating from Iran and the Democratic People's Republic of Korea. Yellow Card affects such targeted financial sanctions under the UNSCRs, which require countries to ensure their financial institutions take specific measures.

Tax Compliance and Future Expansion

Since Yellow Card is focused on Africa and does not currently have any U.S. customers, it currently files the appropriate tax requirements as required in the U.S. Yellow Card is also in the process of obtaining more regulatory approvals to enable expansion to more countries and to meet even higher global standards.