Anti-Money Laundering and Counter-Terrorist Financing Statement

Payop strictly complies with any applicable anti-money laundering and counter-terrorist financing laws and regulations and takes any respective obligations very seriously.

Payop strictly complies with:

• Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17) (“PCMLTFA”);
• Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (SOR/2002-184) (“PCMLTFR”).

Payop is supervised by Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) and must follow certain requirements which include:

• Risk assessment of its customers (Merchants);
• Due diligence and verification of its customers (Merchants) which may include but are not limited to collecting documentation and information about our Merchants, their beneficial owners, directors, shareholders, Merchant’s business model etc;
• Screening against sanction lists which may include but not limited to Canada sanctions, UN sanctions, OFAC sanctions, EU sanction list, HM Treasury Sanction’s List, FATF “grey list” and “black list”.
• Record keeping in respect to the transactions and customers (Merchants);
• Monitoring suspicious and unusual transactions and activity;
• Reporting any suspicious transactions and activity to FINTRAC as prescribed by the law.

Payop has zero tolerance towards money laundering, terrorist financing, any predicate crimes and other illicit and fraudulent activity and has robust policies, procedures and controls in place to detect, report and fight financial crime.