Anti-Money Laundering (AML) Policy

PayUFO is committed to preventing money laundering, terrorist financing, and complying with international sanctions. This Anti-Money Laundering (AML) Policy outlines our procedures for ensuring compliance with AML/KYC (Know Your Customer) legislation and international sanctions acts. By using PayUFO's services, you agree to adhere to this AML Policy and all applicable laws and regulations.

1. General Provisions

PayUFO conducts risk assessment and due diligence measures based on international and national risk assessments. We pay special attention to circumstances related to money laundering or terrorist financing. Depending on the risk level and business relationship, we apply normal, simplified, or enhanced KYC/AML measures, including ongoing monitoring of clients.

2. Application of Due Diligence Measures

Our KYC/AML measures include identifying and verifying clients, assessing business purposes, obtaining beneficial ownership information, and conducting ongoing monitoring of client activities. We may also request appropriate identity documents and information from third parties, including government authorities, to verify client information and ensure compliance.

3. Identification of a Person

We identify clients, representatives, beneficial owners, politically exposed persons (PEPs), source of wealth, and source of funds. Clients may be required to provide personal ID cards, passports, or other approved identification documents. Legal persons are identified based on relevant documentation from the commercial register or competent authorities.

4. Risk Assessment and Action Steps

PayUFO categorizes clients into normal, medium, or high-risk categories and applies AML/KYC procedures accordingly. We may notify regulatory or law enforcement agencies of suspicious transactions without client approval. Additionally, we refer to lists published by local authorities and international organizations to determine potential risks associated with clients or jurisdictions.

5. Client's Covenants

By using PayUFO's services, clients agree to comply with this AML Policy, all applicable laws, regulations, and requirements governing their activities. Clients are responsible for their actions and will face consequences for non-compliance with AML laws and regulations.

This Anti-Money Laundering (AML) Policy is an integral part of PayUFO's Terms of Service and is subject to updates. It was last updated on 1st August 2023.