Compliance with Swiss AML as a financial intermediary
Because Payment21® provides currency exchange and money transfer services, it is also deemed to be a financial intermediary and as such is obliged to remain diligent at all times with regard to identification, investigations and documentation.
We do business in compliance with Swiss AML provisions. This means that we are obliged to:
- To verify the identity of the people with whom we enter into business relations
- To check the plausibility of each transaction
- To clarify the background of the transaction, ensuring we have supporting documentation by photocopying the documents submitted to us and any other documents that may be required
We use a variety of validation tools and authentication technologies such as our Verification Loop and Mitigation Monitor to prevent fraud, money laundering or any other system abuse. In order to verify your identity, we require from you to provide us with the following:
- A valid ID card
- Or, a valid driving license
- Or a valid passport
In certain cases and irrespective of the transaction sum, we may also require information and documents relating to:
- Your work/professional activities
- The financial beneficiary of the funds to be transferred
- Or of the person or company that has requested the transaction, if this is different.
- The origin of the funds
- The purpose of the transaction
- The exact permanent address of the transaction beneficiary
We will make every effort to process your transaction as quickly as possible and count on your support when carrying out all formalities. Transactions that appear unreliable or implausible, or for which sufficient documentation cannot be provided, will be rejected. Transactions will also be rejected if we suspect that the beneficiary of a transaction may use the money for fraudulent purposes.