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Home- > Money Laundering Prevention
Abstract Technology - FSA Regulation

Money Laundering Prevention

 

Key points to prevent money Laundering:

  • What am I asked to do?

    You may find that you are asked to confirm your identity and other personal details. Some payment service providers have established special verification systems involving your bank account or payment card to prove your identity. To safeguard the integrity of the payment system we integrated for us, your merchant account may also be subject to periodic transaction limits depending on your user status.

  • When?

    You could be asked to confirm your identity whether you are applying to be a new customer or have been a customer for some time. While the payment service providers identity verification systems are designed to minimise any inconvenience for you, the verification process may take several days to complete.

  • Why?

    Crime and terrorism need cash. Criminals turn the "dirty" cash made from drug trafficking, smuggling, and robbery into clean money by using false identities or taking the names of innocent people - like you. Making sure that people are who they say they are is essential in the fight against crime and terrorism. This does not mean in any way that suspicion is falling on you. Any information about your identity is held confidentially and will help stop your identity being used fraudulently.

  • Who is involved?

    HM Government and all organisations involved in financial services. All are united in their determination to stop the spread of financial crime as part of the international effort to crack down on financial crime - protecting us all against crime and terrorism.

Your co-operation is vital to the successful fight against crime and terrorism.

What the UK/EU law requires:

  • We may be required to verify your identity and address.
  • We are required to keep full records of all transactions together with identification provided.
  • We are required to monitor any unusual or suspicious transactions of any size.
  • We have a legal obligation to report to the Serious Organised Crime Agency (SOCA) any suspicious transaction.

You may contact Abstract Technology with any questions, clarification request and discussion on services provided and these helps on preventing Money Laundering.

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