Anti-Money Laundering and Counter-Terrorist Financing Statement
As a provider of a payment marketplace, PetPay is fully committed to conducting due diligence on our clients and ensuring that all applicable laws and regulations necessary to forestall and prevent money laundering. These include confirming the identity of our sellers and buyers by means of:
- Government-issued photo ID
- Proof of residential or business address
- Corporate documentation
- Business registration information
- Tax Identification Document
- Employer Identification Number
- Any other applicable documentation
Furthermore, we reserve the right to conduct enhanced due diligence on all clients given worldwide approved risk-based policies. Please note that PetPay 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 offence to money laundering. PetPay 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 PetPay receives, during its request for documentation, deceptive documentation, contact details, business description or other false information, PetPay will terminate the offending account. PetPay 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 offence to money laundering, and therefore, all assets derived from fraudulent transactions or suspicious activity may be seized and forfeited.
PetPay Counter-Terrorism Financing Statement (CTF)
As part of the information that is collected during our verification and AML procedures, PetPay conducts verification through worldwide databases. At the forefront, they will include compliance with OFAC (Office of Foreign Asset Control) requirements, 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, geographical specific regulations or account activity fall in the scope of non-compliance in any applicable law or regulation, PetPay will inform the client, 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, PetPay will see fit to terminate the account and may report the event and surroundings to the applicable law enforcement and regulatory authorities.