AML/KYC Policy


BELPAY.IO designed Anti-Money Laundering and Know Your Customer policy is to prevent and mitigate possible risks of BELPAY.IO being involved in any kind of illegal activity.

Both national and international regulations require BELPAY.IO to implement a policy or procedure to prevent money laundering, drug, human trafficking, terrorist financing, proliferation of weapons of mass destruction, corruption and to take action in case of any forms of suspicious activity from its users

AML/KYC Policy covers the following matters:

1.    Verification procedures.

2.    Compliance Officer.

3.    Monitoring Transactions.

4.    Risk Assessment.

1.1. Identity verification

BELPAY.IO ‘s verification procedure requires the users to provided reliable ,independent source documents, information, data such as national id, international passport, bank statement, utility bills. For this AML/KYC Policies purposes, BELPAY.IO reserves the right to collect such information from the users.

Once BELPAY.IO received the information from the users, will take steps to confirm its authenticity .All regulatory and legal methods will be used for double checking the identification information, if any user found suspicious, BELPAY.IO reserves the right to investigate further it.

BELPAY.IO has the right to examine user’s identification information in an ongoing basis, especially when their information has been changed or their activity seems to be risky. BELPAY.IO reserves the right to request its users to provide up to date documents, even though they have verified the AML/KYC procedures.

Once the User’s identity has been verified, BELPAY.IO is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.

1.2. Card verification

The Users who are intended to use payment cards in connection with the BELPAY.IO’s Services have to pass card verification in accordance with instructions available on the BELPAY.IO’s Site.

2. Compliance Officer

The Compliance Officer is entitled to interact with law enforcement, which is involved in prevention of money laundering, terrorist financing and other illegal activity.

The Compliance Officer is the person, who is duly authorized by BELPAY.IO, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects BELPAY.IO’s anti-money laundering and counter-terrorist financing, including but not limited to:

a. Collecting Users’ identification information.

b. Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations.

c. Monitoring transactions and investigating any significant deviations from normal activity.

d. Implementing a records management system for appropriate storage and retrieval of documents, files, forms and logs.

e. Updating risk assessment regularly.

f. Providing law enforcement with information as required under the applicable laws and regulations.

3. Monitoring Transactions

The Users are known not only by verifying their identity like who they are but, also, by analyzing their transactional patterns like what they do. Therefore, BELPAY.IO relies on data analysis as a risk-assessment and suspicion detection tool. We performs a variety of compliance-related tasks, including capturing data, record-keeping, filtering, investigation management, and reporting.

System functionalities include:

1) Daily check of Users against recognized “black lists” (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed, sending internal communications and filling out statutory reports, if applicable;

2) Case and document management.

With regard to the AML/KYC PolicyBELPAY.IO will monitor all transactions and it reserves the right to:

  • ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
  • request the User to provide any additional information and documents in case of suspicious transactions;
  • Suspend or terminate User’s Account when BELPAY.IO has reasonably suspicion that such User engaged in illegal activity.

The above list is not exhaustive and the Compliance Officer will monitor Users’ transactions on a day-to-day basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.

4. Risk Assessment

BELPAY.IO, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting this approach, BELPAY.IO is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.