As a licensed Payment Institution, Collect & Pay is subject to applicable Lithuanian, EU and international anti-money laundering (AML) laws and regulations and has established adequate controls and procedures in order to comply with the AML requirements. Preventing money laundering is not only in Collect & Pay’s best interest – when a customer provides his or her information, they are supporting our work against crime as well as our ability to provide quality services to society as a whole.
Transactional due diligence requires that we know of whose orders transactions are made and with whose funds. If your payment requires compliance review, we will ask you to justify why the payment is being made, and to demonstrate the economic basis of the payment. You should be prepared to provide us with an invoice, purchase order, delivery note, contract and/or any other documentary evidence that shows the transaction that is being made has a verifiable economic basis.
If your incoming payment has been put for compliance review, you will receive an email titled “Notification of transfer in compliance queue”. In order to provide us with a supporting document for such transfer.