vrtx

Compliance

At Vrtx , compliance is not an afterthought; it is an integral component of our platform architecture. From the very start of the user journey, we prioritize:

Identity Verification

  • Biometric authentication via Nafath to ensure user identities are accurately verified.
  • Mobile number ownership verification via Yaqeen to establish a secure baseline of user profiles.
  • Retrieval of official data from government databases for enhanced accuracy and trust.

Local and International Screening

  • Conducting SAMA watchlist screenings through the sponsoring bank, ensuring users meet local compliance needs.
  • Implementing global sanctions and watchlist screening to prevent any legal repercussions.
  • Maintaining a complete audit trail for every transaction, ensuring full visibility and accountability.

Risk Engine

  • Classifying users by risk levels to tailor responses based on their profiles.
  • Employing flexible policies that adapt according to the specific business model.
  • Supporting manual reviews when necessary to address complex cases effectively.

Audit and Traceability

Each action taken within the platform is thoroughly recorded, ensuring robust audit capabilities through:

  • Comprehensive tracking of all operations.
  • Encryption of sensitive data to maintain user privacy.
  • Implementation of role-based access controls to protect data integrity.
  • Adherence to Anti-Money Laundering (AML) regulations.

High Level Flow

  1. Identity Entry: Enter mobile number and National ID/Residency permit.
  2. Instant Verification: OTP validation and mobile ownership confirmation via Yaqeen.
  3. Secure Authentication: Biometric verification through Nafath.
  4. Compliance Screening: Concurrent local and international watchlist checks.
  5. Risk Assessment: Automated risk scoring based on retrieved data to determine account limits.
  6. Wallet Creation: Immediate creation of the digital wallet.

Account Tiers

Our system supports flexible management of account levels, which allows for:

Lite KYC This tier is intended for expedited activation and immediate access. Users can complete the onboarding process with minimal verification, allowing for essential functionalities along with a monthly transaction cap of 5,000 SAR. This option is particularly suitable for routine use cases necessitating efficiency, simplicity, and a seamless entry experience.

Full KYC

This tier enhances access to the platform's comprehensive features, permitting higher financial limits of up to 20,000 SAR per month while also providing access to advanced services. It guarantees adherence to regulatory requirements and offers a more secure and thorough experience for users seeking greater flexibility, functionality, and transaction capacity.

User Experience

The onboarding process significantly enhances user satisfaction by eliminating the need for manual document uploads, lengthy wait times, and extensive data entry. With Vrtx, users benefit from:

  • Instant verification via Nafath.
  • Auto filled data for faster completion (OTP)
  • Rapid account opening, enabling users to start using services within minutes