Money Laundering Prevention
What is money laundering prevention?
Money laundering – means actions performed with the aim to legalize money or other property acquired by criminal means or to conceal its origin. Such actions are usually performed by drug dealers, organized criminal groups, terrorists, tax plunderers, smugglers, corrupt officials and related persons.
Money laundering prevention is implementation of relevant measures in order to prevent such illegal activity.
The anti-money laundering and terrorist financing measures, applied by the institution:
- “Know Your Cutomer” procedure;
- Customer identification procedure;
- Continuous monitoring of customer business relationship;
- Detection and suspension of suspicious transactions.
Why do we collect data?
According to the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, the financial institution is required to monitor transactions and inform responsible authorities of any suspicious operations; thus, the financial institution has to request data each time there is a suspicion, that illegal activity is carried out or may be carried out. Payment service providers follow the principle „Know Your Customer“. The implementation of this principle helps to prevent money laundering and protect customers against fraud.
All data about customers and their activity are collected and used for this purpose only. Paysera protects all information, received from the customer during the business relationship.
Payment institutions are assessed by the supervisory authorities, – Financial Crime Investigation Service (FCIS) under the Ministry of the Interior and the Bank of Lithuania, in terms of their compliance with the existing anti-money laundering and terrorist financing regulations.
What actions does Paysera undertake?
In case there are questions regarding the purpose of payment or the origin of funds, transferred by the client, the client is asked to provide information (agreements, invoices, or other documents), justifying the payment.
All institutions providing payment services and supervisory authorities follow these principles unitedly and cooperate for the sake of the common purpose – to ensure the welfare of the society.
Will my data remain safe?
Paysera ensures that all submitted data is used within the limits defined by the law. The data confidentiality and protection is provided for by the requirements of the Law of the Republic of Lithuania, other legal acts and provisions of the Privacy policy. The customer shall also protect their personal data and not to reveal it to any third persons.
What happens if I refuse to provide data or provide incorrect data?
If the customer refuses to provide personal data or information about their activity, real beneficiaries, the origin of funds or provides incorrect or false data, Paysera must react to such suspicious actions and inform responsible authorities. Also, in accordance with the General Payment Services Agreement, Paysera may suspend operations, performed by the person or company, and even terminate the business relationships with the customer.