Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) Regulations for the 24PayBanks Platform

 

1. General provisions and objectives of compliance

24PayBanks operates in strict compliance with international security and financial crime prevention standards. Documentation is developed in accordance with the laws of the countries where the service operates and with FATF (Financial Action Task Force) recommendations.

 

The main objectives of the Policy:

- Eliminating the possibility of using the site for illegal activities.

- Full compliance with regulatory requirements.

- Maintaining the impeccable reputation of the 24PayBanks brand.

- Increased level of trust from customers and regulators.

This document is part of the User Agreement. By using the service, the client confirms their full agreement with the terms of the Policy. 24PayBanks reserves the right to update this document unilaterally by publishing the changes on the official website.

 

2. Data security and privacy

The 24PayBanks platform"s priority is protecting users" personal information.

Aspect of protection	Description of measures
Encryption	Data is protected in accordance with modern industry standards.
Storage	The servers are located in jurisdictions that comply with the GDPR and MiCA regulations.
Access	Only authorized employees are allowed to work with data.
Shelf life	Transactional and personal data are stored for at least 5 years after the end of cooperation.

 

3. Know Your Customer (KYC) and Sanctions Policy

To verify an account, the user must provide scans or photos of documents (transliteration into Latin is required).

Identity verification (optional):

1. International or domestic passport.
2. ID card (identity card).
3. Driver"s license.

Proof of residential address (document issued up to 3 months ago):

- Lease agreement or bank statement.

- Utility bills.

- Income declaration (tax).

- Other official documents indicating the registration address.

 

Additional requirement:

A selfie of a user holding a piece of paper with the current date, personal signature, and the name "24PayBanks" written on it.

 

Sanction restrictions

The service prohibits servicing residents of countries and territories under UN, EU, OFAC, or FATF sanctions, as well as individuals under 18 years of age.

Prohibited jurisdictions: Afghanistan, Iran, North Korea, Syria, Yemen, Libya, Somalia, Cuba, Crimea, Transnistria, Venezuela, Myanmar (Burma), as well as other regions included in the sanctions lists at the time of the operation.

 

Verification of the Source of Funds (SoF) Notification

In accordance with our internal compliance policy and AML requirements, the platform reserves the right to initiate verification of the source of your assets. This is a standard procedure for ensuring the security of financial transactions.

To complete the verification, the following materials may be requested:

• Screenshots of the wallet interface or transaction history;
• Official bank statements or reports from crypto exchanges;
• Documents confirming income or financial status.

 

Verification terms

- Standard check: 1–24 hours.

- Extended Date Discovery (EDD): 24-72 hours.

- Note: If suspicions arise, the service may request a repeat KYC check.

 

4. Risk management and operations monitoring (KYT)

The service uses data from specialized AML providers for blockchain transaction analysis (blockchain analytics providers), including market-leading solutions such as Crystal, BitOK, and GetBlock.

Risk factors:

- Linking addresses to fraudulent schemes, darknet markets, or sanctions lists.

- Use of anonymization tools (mixers, including Tornado Cash).

- Suspicious behavior patterns (smurfing, operations from disadvantaged regions).

Risk Score

 

Risk level	Range of values	System actions
Low	≤ 62%	The operation is approved as safe.
Medium	63% – 75%	Further verification is required.
High	≥ 75%	Automatic blocking, manual check by AML officer.

 

Important: Threshold values may vary depending on the software. A detailed Risk-Score model is described here: https://www.bestchange.ru/wiki/detailed_aml_recommendations.pdf#page=72.

Transactions marked "High Risk" are blocked automatically. Users can check the status in advance using the tool: https://www.bestchange.com/report.

Client categorization

1. Low Risk: Standard Check (CDD).
2. Medium risk: Enhanced monitoring, re-verification every 2 years.
3. High Risk: Enhanced Due Diligence (EDD). Includes analysis of the origin of funds, transaction history, and annual KYC updates. Applies to politically exposed persons (PEPs) and residents of countries on the FATF High-Risk list.

If you refuse verification:

- Freezing of funds for a period of 7-10 business days.

- Upon expiration of the period, the funds are to be returned or the materials are to be transferred to the competent authorities (law enforcement agencies, financial intelligence).

 

5. Actions in case of suspicious activity and refunds

When signs of illegal activity are detected, the 24PayBanks administration follows the following algorithm:

1. Immediate suspension of the operation.
2. Account blocked pending investigation.
3. Preparation of internal report (SAR/STR).
4. Notification to regulators if necessary (EU FIU, FinCEN, Rosfinmonitoring).

Refund Policy:

- For bona fide users whose funds are not involved in money laundering, the commission is limited to network fees.

- In AML cases, the return commission is up to 5%, but not more than $100.

- Refunds are not possible if the funds are deemed criminal and are subject to confiscation at the request of regulators.

 

6. Internal control and work with partners

Requirements for counterparties:

- A ban on cooperation with platforms from jurisdictions with weak AML regulations.

- Mandatory due diligence procedure for partners.

- Partners have licenses and comply with international standards.

 

Audit and training:

- AML Officer: [email protected].

- Annual professional development of personnel in the field of AML/CTF.

- Internal audits are conducted quarterly (it is possible to involve external experts).

 

7. Payment standards

All payments are made in accordance with the standards of international regulators (FATF, OFAC) through:

1. Licensed platforms.
2. Unique one-time crypto addresses.
3. Low-risk addresses (confirmed by AML analyzers).

 

Questions for the AML officer: [email protected]