Last Updated: May 8, 2025
Regulatory Compliance Framework
At Sparan, we are committed to maintaining the highest standards of regulatory compliance in the financial industry. Our comprehensive compliance framework is designed to meet or exceed all applicable regulations and industry standards in the jurisdictions where we operate. This framework guides our operations, product development, and customer interactions, ensuring that we act with integrity, transparency, and accountability.
Know Your Customer (KYC)
Our robust KYC procedures help us verify the identity of our customers and assess their risk profiles. We collect and verify customer identification information through a multi-layered approach that may include document verification, biometric verification, and database checks. Our KYC procedures comply with the requirements of the 5th EU Anti-Money Laundering Directive (AMLD5), the Financial Action Task Force (FATF) recommendations, and local regulations in each jurisdiction where we operate.
Anti-Money Laundering (AML)
Our comprehensive AML program is designed to detect, prevent, and report money laundering and terrorist financing activities. This program includes customer due diligence, transaction monitoring, screening against sanctions and politically exposed persons (PEP) lists, suspicious activity reporting, and regular staff training. Our AML policies and procedures are reviewed and updated regularly to adapt to evolving regulatory requirements and emerging money laundering techniques.
Data Protection and Privacy
We are committed to protecting the privacy and security of our customers' personal data. Our data protection framework is compliant with the General Data Protection Regulation (GDPR) and other applicable data protection laws. This framework governs how we collect, process, store, and share personal data, ensuring that we respect our customers' privacy rights and secure their information against unauthorized access or disclosure.
Payment Services Regulations
As a provider of payment services, we comply with relevant payment regulations, including the Payment Services Directive 2 (PSD2) in the European Union. We implement strong customer authentication (SCA), secure communication standards, and transparent fee disclosures as required by these regulations. Our compliance with payment regulations ensures that our customers can make and receive payments securely and with confidence.
Information Security
We maintain a robust information security management system that complies with internationally recognized standards such as ISO 27001. This system includes policies, procedures, and technical controls designed to protect our systems and data from security threats. We conduct regular security assessments, penetration testing, and vulnerability scanning to identify and address potential security issues before they can be exploited.
Consumer Protection
We adhere to consumer protection regulations that govern our business practices, product design, and customer communications. These regulations ensure that our customers receive fair treatment, transparent information, and appropriate protections. We are committed to providing clear, accurate, and non-misleading information about our services, fees, and terms and conditions.
ISO 27001
Information Security Management System certification demonstrating our commitment to protecting sensitive information.
PCI DSS
Payment Card Industry Data Security Standard compliance ensuring secure handling of payment card information.
SOC 2 Type II
Validation of our controls relevant to security, availability, processing integrity, confidentiality, and privacy.
Compliance Governance
Our compliance governance structure ensures that compliance considerations are integrated into all aspects of our business:
Board and Senior Management Oversight
Our Board of Directors and senior management team actively oversee our compliance program, fostering a culture of compliance throughout the organization. They review compliance reports, approve compliance policies, and ensure that sufficient resources are allocated to compliance functions.
Compliance Department
Our dedicated Compliance Department is responsible for developing, implementing, and monitoring our compliance policies and procedures. This team works closely with business units to ensure that compliance considerations are integrated into our products, services, and operations. The Compliance Department reports directly to the Board of Directors, ensuring its independence and authority.
Risk-Based Approach
We apply a risk-based approach to compliance, focusing our resources and efforts on areas of highest risk. We conduct regular risk assessments to identify and evaluate compliance risks, and develop targeted controls to mitigate these risks effectively.
Training and Awareness
All employees receive regular compliance training tailored to their roles and responsibilities. This training covers relevant laws, regulations, and internal policies, as well as procedures for identifying and reporting compliance issues. We also conduct ongoing awareness campaigns to maintain a high level of compliance consciousness throughout the organization.
Monitoring and Testing
We continuously monitor our compliance performance through a combination of automated systems and manual reviews. We also conduct regular testing to verify the effectiveness of our compliance controls and identify areas for improvement.
Reporting and Escalation
We have established clear channels for reporting compliance concerns, including a confidential whistleblower mechanism. All employees are encouraged to report suspected compliance violations without fear of retaliation. We also have defined escalation procedures to ensure that significant compliance issues are promptly addressed at the appropriate level.
Regulatory Partnerships
We maintain open and cooperative relationships with relevant regulatory authorities in all jurisdictions where we operate. We engage proactively with regulators to understand their expectations and concerns, and to contribute to policy discussions that affect our industry. We respond promptly and transparently to regulatory inquiries and examinations.
Compliance Updates
The regulatory landscape for financial services and blockchain technology is continuously evolving. We stay informed about regulatory developments through various channels, including regulatory publications, industry associations, legal advisors, and direct communications with regulators. We regularly update our compliance framework to address new requirements and industry best practices.
Contact Our Compliance Team
If you have any questions or concerns about our compliance practices, please contact our Compliance Department at compliance@sparan.com. We take all compliance inquiries seriously and will respond promptly.
Our Commitment
Regulatory compliance is not just a legal obligation for us—it's a core value. We believe that strong compliance practices build trust with our customers, partners, and regulators, creating a foundation for sustainable growth. By maintaining high compliance standards, we contribute to the integrity and stability of the financial ecosystem while delivering innovative payment solutions to our customers.