Security, Integrity, Trust and Transparency is at the core of what Sadaqah is about.
Before any campaign gets approved on the Sadaqah – Ummah Crowdfunding platform, it goes through the following three screenings:
- KYC and AML checks
- Shariah Screening
- Sadaqah Rating
KYC and AML Verification
Every campaign will go through our robust KYC (Know Your Customer), KYB (Know Your Business) Sanction List and AML (Anti-Money Laundering) checks to ensure that only those deserving individuals or organizations can raise funds on the Sadaqah platform. Similarly, the donors should be given the assurance that the campaign is authentic. This is a mandatory compliance requirement for any campaign to be published on our platform.
AML/KYC requirements are continually growing the demands on compliance. We at Sadaqah follow strict compliance policies and adhere to the best compliance practice in the industry.
Sadaqah – Ummah Crowdfunding Compliance team perform a comprehensive identity verification checks which reduces risk from fraud, risk of breaking compliance rules and risk from dealing with dirty money.
As a part of our due diligence program, we use our AML screening program that includes data from diverse government sources, international regulators and law enforcement agencies. The watchlist scans for known or suspected entities and individuals who are associated with money laundering, terrorism, financial fraud, arms proliferation, drug trafficking or PEPs (Politically Exposed Persons).
We make sure that AML/KYC regulations are met when signing up new entities and individuals. After the initial onboarding process and the campaign goes the live, the compliance journey does not stop there for us. There is a necessity for monitoring on an ongoing basis and continued monitoring is critical after initial sign up.
Our monitoring refers to the analysis of continual, ongoing activities to ensure activities remain in compliance.
Our team perform manual and automated processes, of course automation won’t eliminate the need for human evaluation and judgment, especially in investigations, but by assigning the data and rule processing to computers, automation streamlines the process, reduces multiple risks.
This whole AML/KYC compliance process ensures due diligence, fraud prevention measures remain strong, and, at the same time, increase capacity, productivity and operational efficiencies.
Every campaign will be reviewed by our Shariah Advisory board and signed-off before it can go live on the platform. The Shariah screening will review the following:
- Shariah compliance of the project
- Shariah compliance of the intended use of funds
Sadaqah Impact Rating and SDG Mapping
Every campaign will be given a Sadaqah rating to indicate the potential impact. Our Shariah screening, verification checks and rating levels;
Our rating system incorporates the following levels:
- Level 1: Individual empowerment
- Level 2: Communal empowerment
- Level 3: Individual spiritual development
- Level 4: Communal spiritual development
- Level 5: Multi-impact Campaign
We also map the campaign to United Nations Sustainable Development Goals (SDG) to ensure we continue empower campaigns that uplift global initiatives.