In terms of law, money laundering means legalizing the proceeds of crime, i.e. actions that conceal the source of funds in order to make their nature lawful.
Anti-money laundering (AML) incorporates a complex of measures aimed at prevention of use of the financial system of the country or any specific financial institution for money laundering or terrorist financing. Such measures and instruments are worked out and implemented by international and national institutions, banking and business community.
PAY-ePAY collects identification data of every Client, as well as IP addresses, online activity, communications and,in general, all transactions carried out by the Client.
PAY-ePAY tracks, including auto-monitoring and auto-controlling, suspicious activities of the clients and transactions executed under unusual conditions. This includes, but not limited to, transactions that do not make economic sense, unexplained large transactions, transactions involving unidentified parties, investments related transactions of unclear nature. PAY-ePAY reserves the right to ask supporting documentation for the suspicious transactions.
Enhanced Due Diligence is exercised on high turnover customers and/or potential suspicious customers/transactions.
Purpose of the transaction is established where applicable.
PAY-ePAY improves its AML procedures continuously to monitor unlawful financial schemes.
PAY-ePAY reserves the right to refuse to process a transaction at any stage, when we believe that the transaction is associated with money laundering or other criminal activity.
PAY-ePAY complies with the legal requirements for anti-money laundering. In cases set forth in the relevant legal enactments According to legal requirements.