Anti-Money Laundering and KYC Policy
Anti-Money Laundering Policy (AML)
The money laundering is the criminal process of converting the amounts of illegally obtained money (by terrorism, corruption, drug dealing, etc.) with hiding its true source into legal investments. It happens because illegal nature of such funds will not be discovered due to them becoming of material values.
The government of every country fights against money laundering and terroristic financial operations because it is necessary to prevent the entry of criminal funds into the economy. Financial and commercial institutions are the most easily accessible for illegal processes of terroristic and criminal organizations. Especially digital currency services are vulnerable. Thus, Paybis company takes an active part in the prevention of such criminal activity in the whole world.
For these goals we do the following actions:
1. We conduct the process of verification of the client’s identity and personal information and monitor all transactions made by customers.
2. Our team traces all suspicious operations of users and also those made under irregular circumstances.
3. If our company suspects the illegal activity or money laundering, it has the full right to request additional verification or cancel such transaction at any step.
4. According to the international law, Paybis is not obligated to give customer any notifications about suspicion in the user’s criminal actions.
5. Such company’s actions are based on the AML FATF references.
To prevent the suspicious operations and verify the client’s identity, the team of our company has the right to update its electronic system on the regular basis according to new regulations (if those appear). We also arrange various trainings for our staff for improving the methods of struggle against money laundering.
Multiple Accounts Policy
It is prohibited to have more than one account on our website.
If it is detected that a customer has more than one account, all of the accounts will be temporarily disabled. The customer will be requested to choose which one of his accounts will be active, while the others will stay blocked permanently.
If it is detected that a customer creates multiple accounts in order to overcome the limits set by Paybis for a certain payment method, Paybis reserves the right to request additional verification from the customer. In case the customer is unable to provide the requested information, Paybis will refund the payment to the original sender, while keeping the incoming and outgoing transaction fees if those apply.
List of the Required and Supported Documents:
Some of the following documents might be required during the verification process at Paybis.comIdentity Verification:
- Government issued International Passport
- Government issued Identity Card
- Government issued Driving License
- Selfie with an Identity Document
- Utility bill or Bank Statement, not older than 6 month
- Paper versions or electronic versions are allowed
- No modifications are allowed to the documents
- Photo of Credit Card (in specific cases, only when making a payment with your Debit/Credit Cards)
- Selfie with Credit Card (in specific cases, only when making a payment with your Debit/Credit Cards)
- Photo with printed or handwritten declaration (in specific cases, for high amounts)
Please note: All required documents should be provided in good quality, all texts should be readable, there should not be any modifications or edits of the document photos, otherwise we would have to reject them and request new copies without modification or in better quality.