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[Last Update: November, 2019]

As a global financial institution, Payebo is committed to full compliance with all applicable laws and regulations regarding Anti- Money Laundering (“AML”). Payebo’s policy is to prevent people engaged in money laundering, fraud, and other financial crimes, including terrorist financing, from using Payebo’s services.

Payebo has robust policies and procedures to detect, prevent and report suspicious activity. To comply with OFAC (Office of Foreign Asset Control) requirements, and global sanctions, we screen our customer accounts against government watch lists. In addition, we may request that you provide us with documentation to help prove your identity or for business verification purposes. We report suspicious transactions to the financial intelligence unit in the respective country.


What am I asked to do?
As part of our AML procedures, we collect information from you to satisfy our Know Your Customer requirements. This means that we may request information from you due to a specific identification requirement or as a result of our watch list screening process. You may find that you are asked to confirm your identity and other personal details. Payebo has established special verification systems involving your bank account or payment card to prove your identity. To safeguard the integrity of our payment system, your Payebo account may also be subject to periodic transaction limits depending on your user status.


When?
You could be asked to confirm your identity whether you are applying to be a new customer or have been a customer for some time. While our identity verification systems are designed to minimise any inconvenience for you, the verification process may take several days to complete.


Why?
Crime and terrorism need cash. Criminals turn the "dirty" cash made from drug trafficking, smuggling, and robbery into clean money by using false identities or taking the names of innocent people - like you. Making sure that people are who they say they are is essential in the fight against crime and terrorism. This does not mean in any way that suspicion is falling on you. Any information about your identity is held confidentially and will help stop your identity being used falsely.


Who is involved?
HM Government and all organisations involved in financial services. All are united in their determination to stop the spread of financial crime as part of the international effort to crack down on financial crime - protecting us all against crime and terrorism.


Your co-operation is vital to the successful fight against crime and terrorism.