Our commitment
Localpayment does not allow its services to be used for money laundering, terrorist financing, sanctions evasion, fraud or other financial crime. Our AML/CFT program is designed to prevent, detect and report these risks in every country where we operate. See our licenses page for our status in each of our 18 countries.
Standards we follow
- The FATF Recommendations, the international AML/CFT standard set by the Financial Action Task Force.
- The standards of GAFILAT, the Financial Action Task Force of Latin America.
- The AML/CFT laws and regulations of each country where we have a licensed, registered or supervised presence, and the requirements of the supervisors and financial intelligence units there.
Program elements
Governance
A designated compliance function owns the program, reports to senior management and has the independence and resources to carry out its work.
Risk-based approach
We assess the risk of each partner, country, product and channel, and apply proportionate controls. AML programs are tailored by industry.
Customer due diligence and KYB
Before providing services, we verify each business: its legal existence, beneficial owners, management, business model and, where required, its licenses. Higher-risk relationships receive enhanced due diligence (EDD). We review relationships periodically and whenever their risk changes.
Sanctions screening
We screen partners, beneficial owners and relevant transaction parties against applicable international and local sanctions lists, and we do not provide services to sanctioned persons.
Transaction monitoring
We monitor transactions for unusual activity. Payouts pass through a compliance review before funds are sent.
Reporting
Where required, we report suspicious activity to the competent financial intelligence unit and cooperate with lawful requests from authorities.
Record keeping
We keep due diligence and transaction records for the periods required by local law.
Training and independent review
Our teams receive regular AML/CFT training, and the program is subject to independent review.
When we may decline or pause
We may decline a relationship, request more information, hold a transaction or end a relationship when the law requires it, when we cannot complete our due diligence, or when activity is inconsistent with the declared business.
Full policies
The complete AML Policy and Brazil AML Policy are published in our documentation, together with our other compliance policies:
Contact
Compliance questions: support@localpayment.com. To report a concern confidentially, use our ethics channel.