AML and KYC Policies

Anti-Money Laundering (AML) Policy

PayCo is committed in its compliance with all applicable laws and regulations with regards to Anti-Money Laundering. Presented herewith is PayCo’s AML Policy which was designed to prevent the use of PayCo’s services in relation to or as a conduit for money laundering, fraud, and other financial crimes including terrorist financing.

  1. PayCo assumes your understanding of this AML Policy and your cooperation of the rules and requirements indicated in it.

  2. PayCo implements procedures that is intended to detect, prevent,and report suspicious or anomalous activities.

  3. PayCo reserves the right to request for proper documentation to verify your identity and/or your business. Additional personal or business information or bank account details may also be requested from you.

  4. PayCo reserves the right to request specific identification as part of a screening process for PayCo accounts that are under government or international watchlists.

  5. PayCo reserves the right to request the abovementioned information during your application for a PayCo account in order to provide you with the services.

  6. PayCo reserves the right to review the abovementioned information submitted during your application to review your account. This review is conducted on a regular basis and in accordance with PayCo’s AML policy and all applicable laws and regulations.

Know Your Customer (KYC) Policy

PayCo complies with all laws and regulations with regards to Know Your Customer. Presented herewith is Payco’s KYC Policy which was devised to prevent fraud, terrorist funding, money laundering, identity theft, and other financial crimes.

  1. PayCo assumes your understanding of this KYC Policy and your cooperation of the rules and requirements indicated in it.

  2. PayCo enforces procedures that are intended to prevent and detect possible violations. These procedures involve verifying users, cross-checking with government and international watchlists, and monitoring transaction for suspicious activity.

  3. PayCo reserves the right to conduct reference and background checks. This procedure may be done through researching international sanction reports, checking government watchlists, or by seeking records from third parties regarding the user’s history. These will serve as confirmation that users are not part of any terrorist network or involved in any illegal activities.

  4. PayCo reserves the right to record transactions. Such information will only be used to identify, prevent, and detect suspicious activity. Based on PayCo’s judgement, accounts may be tagged as high risk depending on its location, source of funding, unusual transaction sizes, usage beyond intended purpose, and other possible indicators of exposure to illegal activity. Depending on the findings, certain accounts may be subject to increased scrutiny.

  5. PayCo employs staff who are trained in conducting the processes outlined above. Such processes include identifying potential violations and reporting such violations to the relevant authorities. Should users be found engaging in suspicious behaviour, PayCo reserves the right impose account suspension, freezing or seizing of assets, and prosecution of the user unless adequate proof of their legitimacy is provided.

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