AML means we must have procedures in place to detect and prevent the risk of illegal activities or money transfer through our platform.
AML compliance means we carry out certain due diligence and a risk assessment before a merchant is approved to sell on the platform, and on an ongoing basis. This may include:
- Reviewing the merchant website for appropriate products, descriptions and terms & conditions
- Scanning of TheMarket platform by a third party supplier for any forbidden or high risk products or descriptions being uploaded
- Researching merchants and their directors through web and news searches for reputation risk to TheMarket and other merchants
- Reviewing the companies register to verify company details including directors details
- Storing documentation on the merchant as evidence of risk assessment
- Reviewing transactions through TheMarket for unusual trends or items which may indicate a risk to TheMarket and it's participating merchants
- Requiring proof of change or appropriate level of authorisation from a delegated authority at the merchant to process changes to bank accounts or company detail