As a business it is vital that your funds are secure and that you are aware of the risks to your money laundering and financial scamming pose to your business
The estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars. However, due to the clandestine nature of money-laundering, it is difficult to estimate the total amount of money that goes through the laundering.
Failing to manage the risk of money laundering can lead to negative publicity, damage to your business’s reputation, loss of goodwill, legal and regulatory sanctions. All leading to an adverse effect on your bottom line.
So, when it comes to choosing a digital bank, it’s important that their policies and procedures protect you from these risks.
At PayPugs our policies and procedures are set-up to protect you from business risks.
When you open an account with PayPugs, you know that your money is extremely safe because, unlike a regular bank, we never use your funds to issue credit.
We have insurance for deposits as our license is tied to a surety bond, which allows us, in extreme cases, to refund up to 50k USD per account.
Anti-money laundering monitoring
We are always compliant with all regulatory requirements and all transactions made are legally binding.
We monitor all client transactions whether individuals or businesses, for Anti-Money Laundering and Know Your Customer purposes. And we have verification processes which we undertake once the volume of client transactions reaches a certain limit. Once the volume of transactions reaches this limit, we will ensure that all the documentation we hold for the client is still up to date and where necessary we will request a new version.
In 2010 82% or organisations were victims of payment fraud.
Financial scammers usually request the type of information listed below. It is vital that you don’t disclose this kind of information to any third parties on the phone or on social networks.
Because we value our clients’ time and safety, during a call, we will never ask you to provide personal information, such as:
- Card number
- Card PIN code
- Card CVV number
- Card expiry date
- Login password to the PayPugs system
- Email password
- Mobile app login code
- Confirmation code received by SMS.
We will also never ask you to: transfer money to a certain account over the phone without having a prior agreement or tell you to enter any code into the PayPugs interface.
We are much more than just an internet bank.
To find out more about opening and account with us please, arrange a call with one of our Business Development Officers.