1. General
To monitor the compliance with EU directives and local AML legislation, B2BINPAY ITALY S.R.L. (working under trade name B2BINPAY) has established a Compliance department responsible for Anti-money laundering and Know your customer (AML & KYC) procedures, obligatory for all employees and determining the policy of engagement with any company which uses B2BINPAY service.
This summary describes base points of Company’s internal AML policy.
2. Know your customer
B2BINPAY ITALY S.R.L. follows a strong process of KYC verification in order to collect and check all required information about the client and persons in corporate structure. Opening anonymous accounts is restricted. Upon the request of the Company additional documents and information should be provided by the client. Refuse to provide documents on Company’s compliance request may lead to suspending or termination of relationships with the Company. Filling of respective KYC questionnaires, passing liveness check and other applicable checks are also obligatory requirements of the Company.
3. Monitoring transactions
B2BINPAY ITALY S.R.L. verifies client bank’s reputation, geographic location and license. The client is allowed to declare only one bank account for transactions, and all deposits and withdrawals are allowed only from/to the declared account. The Company performs real-time checks of transactions. In case of the evidence or signs of suspicious transactions at the client’s account, cash or crypto replenishments from untrusted sources and / or any actions with attributes of fraud, the Company reserves the right to conduct an internal investigation, to block or close the Customer’s Account, cancel any payment and to suspend providing services.
4. AML/Sanctions screening
B2BINPAY ITALY S.R.L. is protected against involvement in money laundering and terrorist financing through the screening of all clients (including controllers and beneficial owners), including sanctions screening. The Company also has an overall obligation to hold adequate and up to date information on clients’ beneficial ownership and conducts regular re-checks on clients and their activity.
5. Geographic of providing services, risk based approach
We don't provide services to residents and companies from the USA, Democratic People's Republic of Korea (DPRK), Iran, and Myanmar. We use a risk based approach for assessing our potential and current clients, and as a result of assessment some other jurisdictions might be also prohibited. Risk based approach also considers other risk factors such as product, delivery channel, client experience, etc.
