It is when someone engages in acts designed to conceal or disguise the true origins of criminally derived process. Money laundering can facilitate crimes such as fraud, tax evasion, drug trafficking and terrorism.
To make illegally obtained funds appear legitimate. Any involvement in a transaction that seeks to conceal or disguise the nature, location, source, ownership or controls of such proceeds may constitute money laundering.
Money laundering regulations and related risk requirements require Multi Service Technology Solutions, Inc. trading as TreviPay (“TreviPay”) to implement customer due diligence and other onboarding requirements when establishing a client or customer relationship.
As TreviPay is a designated reporting entity and is subject to applicable AML and CFT laws including the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 and related regulations, all new clients and customers must be prepared to provide the required information and documentation noted in the onboarding application. These requirements are designed to achieve compliance with regulatory expectations and manage TreviPay’s credit and fraud risk requirements.
TreviPay will validate application information provided against the current Companies Register including proper registration of business trade names.
TreviPay will validate data such as company name, tax IDs, business registration and authorised signer identification.
Fraud risk controls also help protect the client and customer by identifying fraudulent companies or company impersonation. Elements reviewed include websites, IP addresses, emails and digital footprints.
TreviPay must validate certain identifying information for 25%+ direct or indirect individual owners and a control person, e.g., senior manager.
Subject to local regulations and TreviPay requirements, an ID or ID details may be required.
TreviPay will collect a current bank statement or utility bill to validate your payment bank account matches the applicant's business name.
TreviPay is a registered financial services provider (“FSP”) in the provision of ‘Designated Services’ and is a reporting entity under the AML/CFT Act 2009. TreviPay is also registered with an approved Financial Ombudsman service, Financial Services Complaints LTD (“FSCL”). FSP Registration Number is 1001188. FSCL Member Number is 8711.
TreviPayʼs FSP registration subjects it to ongoing supervision by the Department of Internal Affairs including strict client and customer account registration and onboarding compliance requirements in order to operate in New Zealand.
All information collected is subjected to strict recordkeeping, data retention, and privacy standards.
