Anti-Money Laundering & Know Your Customer Policies

KYC compliance by Instabill

Anti-Money Laundering & Know Your Customer Policies

Money laundering is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money.  Money laundering is most commonly associated with tax avoidance.  However, other individuals may attempt to launder money in order to conceal their identity or finance their operations.

‘Suspicious activity’ is a very difficult concept to define because it can vary from one transaction to another based upon all the circumstances surrounding the transaction or group of transactions.  For example, transactions by one customer may be normal based on our knowledge of that customer and their pattern of activity, while similar transactions by another customer may be suspicious.  Many factors are involved in determining whether transactions are suspicious including the amount, the ship to address and frequency of orders.

Instabill Anti-Money Laundering (AML) Policy

  • KYC (Know Your Customer)
  • Monitoring (Transactions are verified for validity; suspicious/atypical are flagged)
  • Settlement proceeds are only wired to business bank account, no personal account

Instabill Know Your Customer (KYC) Policy

  • Application Form
  • Valid Passport/Photo ID of Beneficial Owner(s) & Signatory
  • Personal Utility Bill (No older than 3 months) of Beneficial Owner(s)
  • Personal & Company Bank Statements (No older than 3 months)
  • Incorporation/Registration Certificate
  • Articles of Association or Memorandum of Association
  • Register of Shareholder(s) & Director(s)
  • For businesses with monthly processing volume in excess of USD 100k, all KYC documents must be notarized.

Suggested AML/KYC Compliance Reading:

Providing e-commerce merchant accounts to high risk businesses is an ever-changing model. At Instabill, we wholly believe in educating and informing our network of merchants and partners on industry news and changes through our blog page. The following blogs provide valuable information on AML & KYC compliance:

Telltale Signs of Transaction Laundering

Transaction Laundering Doesn’t Always Involve Drug Sales

Our Experience With Suspected Transaction Laundering

Facebook Marketplace Taught a Lesson in Transaction Laundering

A Case of Merchant Account Fraud We Could Barely Believe

Why We Need Certain Merchant Account Documents (Part 1: Domestic)

Where Offshore Merchant Account Documents Differ From Domestic (Part 2: Offshore)

One Way Applying for a Merchant Account Has Changed

Need a Merchant Account? Heed These 7 Signs of Caution