GENERAL PAYMENTS GATE LIMITED, a company incorporated in Canada is registered by FINTRAC under the registration number M22457458. As a registered with FINTRAC Company, we are required to comply with the applicable anti-money laundering and countering financing of terrorism legislations in Canada, in order to prevent any exposures to money laundering and terrorist financing and also ensuring compliance with the international standards.
Customer Due Diligence
In our efforts to counter money laundering and terrorist financing and be in compliance with the applicable Legislations, we apply the following due diligence measures:
In compliance with the applicable Legislation, we will ask for certain minimum identification information from each customer which opens an account with the Company.
This minimum information may include:
The Company will request from customers relevant documentation to verify the above information:
Upon establishing a relationship with a legal entity, the following information shall be collected:
The Company applies enhanced due diligence measures for clients considered to be high risk. Therefore, we might request from you additional information and/or documentation.
Restricted Business and jurisdictions
To minimize any risk of money laundering and terrorist financing our Company does not provide services to clients that their activities are associated with any high risk or banned activities. For example:
The above list is not exhaustive. The Company might not accept clients dealing with other high business activities which are not align with its risk appetite.
The Company performs through market leading databases sanction screening of all of its potential customers on the same matching rules, as for PEP screening.
The Company will perform screening, at minimum, against the following sanctions lists:
Politically exposed persons (including relatives & close associates) (market leading global PEP database aligned to regulatory guidance since 2002 and 3rd, 4th and 5th EU directives).
Unique Sanctions Ownership Research (entities owned or controlled by OFAC or EU sanctioned individuals) not available through other providers
Special Interest Persons – people indicted, charged or arrested for specific types of criminal conduct
All matches (true hits) will be escalated to a Compliance Officer for further action and processing.
Monitoring and Ongoing Customer Due Diligence
We will continuously monitoring your transactions and overall behavior while you are using our services. We also put the best efforts to ensure that your information is up to date, so we may request to occasionally update your personal data during the course of our business relationship. We also may take an appropriate action such as suspending your account or transaction for further investigation if we deem it necessary in order to protect you and the Company from any potential illegal activity.
In an effort to prevent money laundering and other illegal activity, we do not permit any cash transactions, regardless of their stated purpose or any fiat transaction, i.e. transferring any fiat amounts from one client to another client.
We have the right to cancel or deny a transaction at any point if there are suspicions regarding its legality.
The Company will store your personal data collected for the purpose of establishing business relationship with you for minimum period of 5 years from the date of terminating your business relationship with the Company.
By applying for an account with us you agree to promptly provide us with all the information that we reasonably request in order to comply with all applicable laws and regulations relating to anti-money laundering.