Last Update : 21 June 2021
As a provider of virtual currency payment processing Services, iPint is fully committed to conduct proper due diligence on its clients to forestall and prevent money laundering.
Know Your Customer (KYC), refers to a set of procedures and processes that a company employs to confirm the identity of its user or customer. KYC fundamentally involves the collection and verification of a customer's means of identification - including government-issued identity cards, phone numbers, a physical address, an email address and a utility bill, to name a few.
Anti-Money Laundering (AML) measures are a set of procedures, laws and regulations created to end income generation practices through illegal activities. Some of them include tax evasion, market manipulation, public fund misappropriation, trade of illicit goods and other activities of this kind.
AML regulations require financial institutions to continuously conduct due-diligence procedures to detect and prevent malicious activities.
Combating the Financing of Terrorism (CFT) refers to the set of procedures aimed at investigating, dissecting, discouraging and blocking sources of funding intended for activities that realize religious, ideological or political goals through violence, or its threat thereof, against civilians. These procedures provide law enforcement agencies with an alternative, and potentially effective way to track and block terrorist activities.
iPint is committed to continuously conduct due-diligence procedures to detect and prevent malicious activities.
iPint collects following information from the Merchants to enable smooth KYC
For certain industries, iPint may ask for additional verification documents. For entities providing gaming, gambling/betting, custodian, FX brokerage, investment and/or prepaid-value/e-currency products or services, two more documents need to be supplied to us additionally as a supplement to the above. Firstly, KYC documentation (document describing the Merchants internal KYC procedures); and secondly, AML documentation (document describing the Merchants internal AML procedures).
We will not begin to process Merchant's payments or deposits until we have reviewed the documentation provided in accordance with applicable law. If a single transaction is USD 10000 or more, additional information/KYC of Merchant's client may be required by iPint.
Furthermore, we reserve the right to conduct enhanced due diligence on Merchants, given worldwide approved risk-based policies. Please note that iPint reserves the right to refuse a transaction or deny operation on a client or account at any time should suspicion arise that it may be connected to money laundering, criminal activity or any other predicate offense to money laundering. iPint will not enter into any business arrangement with anyone or group suspected of or directly involved in money laundering, or where funds have been sources or ends of an illegal activity.
In the event that iPint receives, during its request for documentation, deceptive documentation, contact details, business description or other false information, it will terminate the offending account. iPint is legally bound to report such misdemeanors to the relevant authorities, and as such the subject, business and its owners may be the subject to a criminal investigation.
Providing false, doctored, or deceptive documents is considered as fraud and will be treated as such. Tax Evasion and Fraud is a predicate offense to money laundering, and therefore, all assets derived from fraudulent transactions or suspicious activity may be seized and forfeited.
As part of the information that is collected during our KYC and AML process, iPint may conduct verification through worldwide databases. At the forefront, they will include global sanctions reports and government watch lists and rigorous screening processes. At any time, due to a requirement to satisfy any of the above verification methods, a client, business entity or any of the business entity owners or affiliates may be asked a specific document or piece of information to confirm their identity or provide additional information regarding any transaction, operations or even business dealings with certain individuals, institutions and dealings in geographical locations.
Should a situation arise where the nature of the business, geography specific regulations or account activity fall in the scope of non-compliance in any applicable law or regulation, iPint will inform the Merchant, business unit or any of the business owners or affiliates of the event and occurrence.
For such instances, pre-verification and enhanced due diligence will be required prior to regaining active account status. In cases, where compliance is not achieved pursuing remediation measures, iPint will see fit to terminate the account and may report the event and surroundings to the applicable law enforcement and regulatory authorities.