Payment21® equally honors the USA PATRIOT Act and the privacy of US clients
After the September 11, 2001 terrorist attacks, anti-money laundering guidelines came into prominence globally. The USA PATRIOT Act and the Bank Secrecy Act function as Anti-Money Laundering Acts in the Unites States.
The regulations in these laws describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. Financial institutions and many non-financial institutions are required to identify and report transactions of a suspicious nature to the Financial Intelligence Unit. Payment21® verifies each customer's identity and monitors transactions for suspicious activity. This serves the merchant's security and compliance needs as well. For this reason, we may ask our US clients for additional information or documents in accordance with Section 314(b) of the USA PATRIOT Act. However, Payment21® will protect the privacy of its US clients in compliance with the Swiss Data Protection Act (SDPA).