Help Centre

Is my money safe?

Relevant funds must be safeguarded. These are sums received in exchange for electronic money that has been issued by our regulated entity. Electronic money issued by PayrNet is credited to a ledger account on the Railsr platform. A positive ledger account balance is...

Who is a PEP?

PEP stands for Politically Exposed Person. A PEP is an individual who holds a prominent public position or has held such a position in the recent past. These positions can include high-ranking government officials, politicians, senior executives in government-owned...

What is Counter Terrorism (CTF) Financing?

Counter Terrorism Financing (CTF) refers to the efforts and measures taken to prevent terrorist organizations and individuals from raising, moving, or using funds to support their activities. CTF aims to disrupt the financial networks that sustain terrorist...

How do I protect myself from fraud?

Protecting yourself from fraud is essential in today’s digital world. Here are some important steps you can take to safeguard yourself: -          Be cautious with personal information: Avoid sharing sensitive information...

Why is my KYB being requested again?

To comply with regulations, we may ask for your business details again to make sure if there are any updates with regards to your business activity. We do use public sources for this information; however, we cannot solely rely on this source for some of our required...

What is Money Laundering?

Money laundering is the process of making illegally obtained or “dirty” money appear legitimate or “clean.” It involves a series of complex transactions that obscure the origin and ownership of the funds, making it difficult for authorities to trace the illicit activities that generated the money.

The primary goal of money laundering is to integrate illicit funds into the legitimate financial system, allowing criminals to use the money without raising suspicion. Money laundering enables criminals to enjoy the proceeds of their illegal activities, such as drug trafficking, fraud, corruption, or organized crime, while avoiding detection by law enforcement agencies.

Anti Money Laundering refers to a set of laws, regulations, and measures implemented to combat money laundering, terrorist financing, and other illicit financial activities. AML efforts aim to detect, prevent, and deter individuals or entities from using the financial system to legitimize the proceeds of illegal activities.

The primary objectives of AML initiatives with Pay iO are:

          Customer Due Diligence (CDD): Pay iO is required to verify and identify the customers we serve by collecting relevant identification information. This helps ensure that we have a clear understanding of our customers’ identity, nature of business, and risk profile.

          Transaction Monitoring: Pay iO implements systems and processes to monitor customer transactions for suspicious activities. Unusual patterns, large cash transactions, or transactions inconsistent with a customer’s profile may trigger further investigation.

          Reporting Suspicious Activities: Pay iO is mandated to report suspicious transactions or activities to the appropriate authorities. These reports, often known as Suspicious Activity Reports (SARs), provide valuable information for law enforcement agencies to investigate potential money laundering or terrorist financing.

          Recordkeeping: Pay iO is required to maintain detailed records of customer transactions, identification documents, and other relevant information. This information can aid investigations and audits in the future.

          Risk Assessment: Pay iO conducts risk assessments to identify and evaluate the money laundering and terrorist financing risks we face. This allows us to tailor their AML measures to address the specific risks associated with our customers, products, services, and geographic locations.

          Compliance Programs: Pay iO establishes robust AML compliance programs that include policies, procedures, and controls to ensure compliance with AML regulations. These programs often involve employee training, independent audits, and ongoing monitoring and testing of AML measures.

 Governments and regulatory bodies play a crucial role in enforcing AML measures and may impose penalties or sanctions on institutions that fail to comply.

The purpose of AML measures is to safeguard the integrity of the financial system, deter criminals from using the financial system for illicit purposes, and contribute to the global fight against money laundering and terrorist financing.