AssetPay, an AssetRails company, is committed to preventing its services from being used for money laundering (ML), terrorist financing (TF), fraud, or sanctions evasion. This policy summarises the controls we apply across our card and cryptocurrency payment services. It applies to all employees, contractors, and merchants, and is supported by detailed internal procedures.
Our programme is designed around applicable anti-money-laundering and counter-terrorist-financing legislation in the jurisdictions where we operate, the recommendations of the Financial Action Task Force (FATF), card scheme rules, and the requirements of our banking and acquiring partners. Where rules differ between jurisdictions, we apply the stricter standard.
Every merchant completes Know-Your-Business verification before activation. As a minimum we:
Accounts are not activated until verification is complete. We re-verify on a risk-based cycle and whenever ownership or business model changes.
Each merchant receives a risk rating based on vertical, geography, ownership structure, volumes, and payment mix. Enhanced due diligence (EDD) applies to higher-risk relationships — including regulated verticals such as gambling, forex/CFD, and tobacco, complex ownership structures, and exposure to higher-risk jurisdictions. EDD may include licence verification, source-of-funds and source-of-wealth checks, site visits, senior management approval, and tighter monitoring thresholds. We do not onboard merchants from comprehensively sanctioned jurisdictions or those on our prohibited list (see our Terms of Service).
We screen merchants, connected persons, and — where applicable — transactions against relevant sanctions regimes (including UN, EU, UK OFSI, and US OFAC lists) at onboarding and on an ongoing basis as lists are updated. Confirmed matches are blocked, funds are frozen where required, and reports are made to the competent authorities.
Employees must escalate suspicions to the MLRO immediately. Where grounds exist, the MLRO files a suspicious activity report with the relevant financial intelligence unit. It is a criminal offence to "tip off" a customer that a report has been or may be made; we never disclose the existence of an investigation or report.
KYB files, screening results, transaction records, monitoring alerts, and investigation notes are retained for at least five years after the end of the business relationship (or longer where required by law), and are available to regulators and partners on lawful request.
All staff receive AML/CTF training at onboarding and at least annually, with role-specific training for compliance, support, and engineering teams that handle payment flows or sanctions controls.
The programme is subject to periodic independent review. Findings are tracked to remediation and reported to senior management.
Merchants must cooperate with information requests, keep their KYB information current, use the services only for the disclosed business, and must not split, disguise, or process transactions on behalf of third parties. Failure to cooperate is grounds for suspension or termination under our Terms of Service.
Questions about this policy, or to reach our compliance team: compliance@assetpay.io.