AML/KYC Policy

IPAYTOTAL Anti-Money Laundering and Know Your Customer Policy (hereinafter – the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of IPAYTOTAL being involved in any kind of illegal activity.

Both international and local regulations require IPAYTOTAL to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to take action in case of any form of suspicious activity from its Users.

AML/KYC Policy covers the following matters:

  • Verification procedures.
  • Compliance Officer.
  • Monitoring Transactions.
  • Risk Assessment.
  • Verification procedures

One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, IPAYTOTAL establishes its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.

 

1.1. Identity verification

IPAYTOTAL’s identity verification procedure requires the User to provide IPAYTOTAL with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill). For such purposes IPAYTOTAL reserves the right to collect User’s identification information for the AML/KYC Policy purposes.

IPAYTOTAL will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and IPAYTOTAL reserves the right to investigate certain Users who have been determined to be risky or suspicious.

IPAYTOTAL reserves the right to verify User’s identity in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, IPAYTOTAL reserves the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.

User’s identification information will be collected, stored, shared and protected strictly in accordance with the IPAYTOTAL’s Privacy Policy and related regulations.

Once the User’s identity has been verified, IPAYTOTAL is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.

1.2. Card verification

The Users who are intended to use payment cards in connection with the IPAYTOTAL’s Services have to pass card verification in accordance with instructions available on the IPAYTOTAL’s Site.

Compliance Officer

The Compliance Officer is the person, duly authorized by IPAYTOTAL, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects of IPAYTOTAL’s anti-money laundering and counter-terrorist financing, including but not limited to:

Collecting Users’ identification information. b. Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations. c. Monitoring transactions and investigating any significant deviations from normal activity. d. Implementing a records management system for appropriate storage and retrieval of documents, files, forms and logs. e. Updating risk assessment regularly. f. Providing law enforcement with information as required under the applicable laws and regulations.

The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.

Monitoring Transactions

The Users are known not only by verifying their identity (who they are) but, more importantly, by analysing their transactional patterns (what they do). Therefore, IPAYTOTAL relies on data analysis as a risk-assessment and suspicion detection tool. IPAYTOTAL performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:

1) Daily check of Users against recognized “black lists” (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed, sending internal communications and filling out statutory reports, if applicable;

2) Case and document management.

With regard to the AML/KYC Policy, IPAYTOTAL will monitor all transactions and it reserves the right to:

ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
request the User to provide any additional information and documents in case of suspicious transactions;
suspend or terminate User’s Account when IPAYTOTAL has reasonably suspicion that such User engaged in illegal activity.

The above list is not exhaustive and the Compliance Officer will monitor Users’ transactions on a day-to-day basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.

Risk Assessment

IPAYTOTAL, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, IPAYTOTAL is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.

Enhanced Due Diligence Procedures for High-Risk Customers

Enhanced Due diligence is a KYC process that provides a greater level of scrutiny of potential business partnerships and highlights risk that cannot be detected by Customer Due Diligence. Risk management procedures often differentiate based on a customer’s risk profile. It starts by taking steps to ensure you know who you are dealing with, understanding their activities and assessing their risk of money laundering. Determining if a potential account requires enhanced due diligence (EDD) includes:

  • Location of the business
  • Occupation or nature of business
  • Purpose of the business transactions
  • Expected pattern of activity in terms of transaction types, dollar volume, and frequency
  • Expected origination of payments and method of payment
  • Articles of incorporation, partnership agreements and business certificates
  • Understanding of the customer’s customers
  • Identification of beneficial owners of an account or customer
  • Details of other personal and business relationships the customer maintains
  • Approximate salary or annual sales
  • AML policies and procedures in place
  • Third-party documentation
  • Local market reputation through review of media sources

 

Some EDD practical steps include:

  • Obtaining additional identifying information from a wider variety or more robust sources and using the information to inform the individual customer risk assessment.
  • Carrying out additional searches (e.g., verifiable adverse media searches) to inform the individual customer risk assessment.
  • Commissioning an intelligence report on the customer or beneficial owner to understand better the risk that the customer or beneficial owner may be involved in criminal activity.
  • Verifying the source of funds or wealth involved in the business relationship to be satisfied that they do not constitute the proceeds from crime.
  • Seeking additional information from the customer about the purpose and intended nature of the business relationship.
iPayTotal Cryptocurrency Merchant Accounts

IPAYTOTAL is a bitcoin payment processor and is one of the biggest players in merchant services. Ipaytotal has earned this place in the industry as we provide best Internet merchant account services at extremely competitive rates. We help in establishing bitcoin merchant accounts or any merchant accounts through our connections with Acquiring Partners and it gives us the edge to offer Reliable Credit, Debit and Echeck Processing to almost every industry which is considered high risk.

Cryptocurrency payment processing is gaining huge popularity among merchants around the world. In this blog, we will discuss accepting cryptocurrency payments from beginning to end.

Who Accepts Bitcoin?
  • The list of companies who utilize Bitcoin payment processing develops constantly. It is quite a reality that the virtual currency is here to remain. There are a number of small ventures worldwide that accept bitcoin, however major companies are following. Virgin Galactic, Overstock.com, Tiger Direct, and the NBA’s Sacramento Kings to name several.

    At present, many big, as well as small companies, are accepting and offering BITCOIN payment

What are the reasons that now most of the customers prefer to use cryptocurrency ?

The decentralized nature of cryptocurrency means that it?s assessable to all, however, banks and building societies can be selective concerning whom they work with. Over two billion people who have access to the internet and they don?t have right to utilize the traditional transaction systems. These people find cryptocurrency more convenient over traditional transaction systems.

The blockchain is the reason behind why cryptocurrency has any value. Ease of use is the reason behind why cryptocurrency is sought after. All you require is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.

With cryptocurrency being a new kind of money, the business sectors have been known to boom massively. Which means a small venture can prove rather lucrative. The most common investment is known as ?holding? meaning clients purchase cryptocurrency and hold onto it, hoping it increases in value.

When cryptocurrency came into existence, then every approved transaction are safely stored in a public ledger. The identities of all the owners of a coin are encrypted so as to ensure the authenticity of record keeping. Because the currency is decentralized, you claim it. Only the owner of the currency has control over it, neither bank or even government has any control over it. Customers can make large or regular transactions as the currency uses code which is relatively uncrackable that make this currency more appealing to them.

OUR SUPREME ACQUIRING SOLUTIONS FOR CRYPTO-CURRENCY EXCHANGES

iPayTotal combines the core capabilities of an acquirer with those of a payment service provider and adds the regulatory possibilities of a renowned bank into our service portfolio at leading edge prices.iPayTotal is an innovation driver for the areas of crypto exchanges, ICOs, and wallets.

FEATURES
  • Acquiring Areas Europe, Australia, Singapore, China & Hong Kong
  • Acquiring in Europe for all MCCs
  • All relevant payment types from a single source
  • Local Acquiring and Alternative Payment Methods
Need support?

Connect to one of our live agent NOW!

In August 2019, we fly to UK to meet the CEO, we were greeted like a king and that alone has touched me on a professional level. I must also thank James Smith for all his support and advice they have been providing to us and these are simply working fantastic so far for our company. We get our settlements on schedule, no questions asked. Extract from Trustpilot ratings.

Avery Mendell
Business Development Manager, Arco Globus Intl
Scroll Up
This website uses cookies and asks your personal data to enhance your browsing experience.