Antifraud

1. How does Paysend ensure compliance with regulatory requirements?

• Paysend is committed to ensuring strict adherence to both local and international regulatory requirements.
• Our dedicated compliance and regulatory team continuously monitors legal and regulatory changes across the jurisdictions where we operate.
• We proactively update our processes and policies to align with these changes, ensuring that our clients remain compliant and legally protected at all times.

2. What measures does Paysend have in place to manage financial and operational risks?

• To help our clients minimize financial and operational risks when entering new markets, Paysend employs a robust risk management framework. This framework includes:
  • Sanctions Screening
    Screening all transactions against international sanctions lists to prevent illegal transactions and ensure compliance with international laws.
  • PEP (Politically Exposed Persons) Screening
    Identifying politically exposed persons and conducting enhanced due diligence to mitigate money laundering and corruption risks.
  • AML (Anti-Money Laundering) Monitoring
    Implementing rigorous AML procedures to detect and prevent money laundering activities through transaction monitoring and suspicious activity identification.
  • Antifraud Checks
    Utilizing advanced antifraud algorithms to detect and prevent fraudulent activities, ensuring secure and legitimate transactions.

3. What is Sanctions Screening, and why is it important?

• Sanctions screening checks transactions and customer data against international sanctions lists maintained by organizations such as the United Nations, European Union, and United States.
• This process is essential to prevent sanctioned individuals or entities from conducting transactions through our platform, ensuring compliance with international laws and reducing financial penalties and reputational risks.

4. What is PEP Screening, and how does it affect my transactions?

• PEP screening identifies individuals who are politically exposed persons or have high-risk profiles due to their positions in government or international organizations.
• If a transaction involves a PEP, additional checks and due diligence are performed to assess the risks of money laundering or corruption, ensuring the highest levels of compliance and security.

5. How does Paysend monitor for money laundering activities?

• Paysend uses advanced AML monitoring tools to detect and prevent suspicious activities.
• This includes transaction monitoring, customer identification, and reporting of suspicious activities to relevant authorities to ensure compliance with global financial regulations.

6. What are antifraud checks, and how do they protect my transactions?

• Antifraud checks consist of automated and manual checks designed to identify and prevent fraudulent activities.
• These checks include monitoring transaction patterns, analyzing behavioral data, and using advanced algorithms to detect anomalies that may indicate fraud, helping protect clients from financial losses.

7. How does Paysend adapt to changes in legislation and regulatory requirements?

• Paysend's compliance and regulatory team continuously monitors legislative changes and updates services accordingly.
• This proactive approach ensures that Paysend and its clients remain compliant with the latest laws and regulations, providing a secure and reliable platform for all business processes.

8. What should I do if I suspect fraudulent activity on my account?

• If you suspect fraudulent activity, immediately contact our customer support team.
• We will investigate promptly and guide you through securing your account and preventing further unauthorized transactions.

9. How can I be sure my transactions are secure on the Paysend platform?

• Paysend employs industry-leading security measures, including encryption, multi-factor authentication, and continuous monitoring.
• Our compliance and antifraud monitoring processes further enhance security by detecting and preventing unauthorized or suspicious activities.

10. Who can I contact for more information about compliance and antifraud monitoring?

• For more information about our compliance and antifraud monitoring measures, please contact your account manager or reach out to our customer support team.
• They can provide detailed explanations and address any specific questions you may have.