This Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy (“Policy”) outlines
the procedures and systems implemented by Payless Auto Shipping (“the Company,”
“we,” “us”) to prevent, detect, and report money laundering and terrorist financing
activities.
1. Statement of Commitment
Payless Auto Shipping is committed to the highest standards of compliance with all
applicable laws and regulations regarding Anti-Money Laundering. We maintain a zero
tolerance policy toward financial crime and take proactive measures to ensure our
platform is not used for illicit purposes.
2. Know Your Customer (KYC) Procedures
To comply with regulatory standards, we require specific documentation from our clients
before providing vehicle transportation services:
- For Individuals: A valid government-issued photo ID (Passport, Driver’s License, or National ID) and proof of residential address.
- For Businesses: Certificate of Incorporation, Business License, and proof of identity for the Ultimate Beneficial Owners (UBOs).
- Vehicle Documentation: A clear copy of the vehicle title and/or registration is required for every shipment to verify legal ownership.
3. Verification Process
We use a risk-based approach to verify customer identity. Verification is conducted:
- At the time of account creation or booking.
- When a transaction reaches a certain monetary threshold.
- When there is a suspicion of money laundering or identity theft.
4. Monitoring and Suspicious Activity
Our internal compliance team monitors all financial transactions for “red flags,” including
but not limited to:
- Payments made by third parties who are not the owner of the vehicle.
- Requests for refunds to be sent to a different account than the original payment source.
- Structuring payments (multiple small payments to avoid reporting thresholds).
- Transactions involving high-risk jurisdictions or sanctioned individuals.
Note on Reporting: In accordance with legal obligations, suspicious activity may be
reported to the relevant financial intelligence units (e.g., FinCEN) without prior notice
to the customer.
5. Sanctions Screening
We do not facilitate shipments for individuals or entities listed on international sanctions
lists, including the Office of Foreign Assets Control (OFAC), the UN Security Council, and
other regional lists. All customers are screened against these databases during the
onboarding process.
6. Record Keeping
Consistent with legal requirements, Payless Auto Shipping maintains records of all
customer identifications and transaction data for a minimum of five (5) years following the
completion of the service
7. Policy Updates
This policy is reviewed annually and updated to reflect changes in legal requirements or
business operations. Any updates will be posted on our website.
