Anti-Money Laundering (AML) Policy - SoonaPay
1. Introduction
At SoonaPay, we are committed to the highest standards of integrity and transparency in all our financial operations. Anti-Money Laundering (AML) is essential to ensuring compliance with applicable international laws and regulations. This policy aims to protect our customers and our financial system from any illicit use or suspicious activity. We are also committed to complying with Counter-Terrorist Financing (CFT) regulations in accordance with local and international laws.
2. Definition of Money Laundering and Terrorist Financing
2.1 Money Laundering
Money laundering is the process of concealing the illicit origin of funds obtained through illegal activities, such as financial crimes or tax evasion, by transferring them to seemingly legitimate sources. This process occurs in three main stages:
• Placement: The introduction of illicit funds into the financial system.
• Layering: The conduct of multiple financial transfers to conceal the original source.
• Integration: The reintroduction of funds into the economy through legitimate investments.
2.2 Terrorist Financing
Terrorist financing is the provision or collection of funds to support terrorist activities, whether those funds are legally or illegally acquired. These transactions may include the transfer of small, hard-to-trace funds.
3. Our Commitment to Combating Money Laundering and Terrorist Financing
SoonaPay is committed to following the following procedures to ensure full compliance with anti-money laundering and counter-terrorist financing regulations:
• Compliance with UK, EU, and UN laws, as well as relevant international regulations.
• Implementing Know Your Customer (KYC) policies to verify and authenticate customer identities.
• Monitoring transactions to detect any suspicious activity.
• Reporting any suspicious transactions to the relevant authorities.
• Continuously training employees on anti-money laundering and counter-terrorist financing procedures.
4. Compliance Policies and Procedures
4.1 Know Your Customer (KYC)
All customers are verified before using our services by:
• Requesting official identification documents such as a passport, national ID, or driver's license.
• Verifying the source of funds to ensure their legitimacy, where necessary.
• Checking the international sanctions list and any approved ban lists.
• Verifying the residential address using utility bills or bank statements.
4.2 Monitoring Suspicious Transactions
We monitor all transactions conducted through our platform using advanced analytical systems to detect any unusual behavior, including:
• Repeated transactions of large amounts without a clear justification.
• Transactions between parties that are not financially or commercially related.
• Unusual use of multiple payment methods.
• Transferring funds to high-risk areas or countries subject to financial sanctions.
4.3 Reporting Suspicious Activity
If we discover any illegal activity, we are committed to reporting it in accordance with applicable laws by submitting reports to the relevant authorities, such as:
• The Financial Intelligence Unit (FIU) in the United Kingdom.
• Any other relevant local or international regulatory authorities.
• Failing to notify the customer of the report (failure to disclose - Tipping Off) in accordance with the law.
4.4 Record Retention
We are committed to maintaining records related to all customers and transactions for a period of no less than 5 years after the termination of the business relationship, including:
• Identity verification documents.
• Financial transaction data.
• Any reports submitted regarding suspicious activity.
5. How do we protect our users?
• Implementing robust identity and document verification systems.
• Imposing limits on the amount of money transfers to reduce risk.
• Conducting periodic reviews of customer accounts and suspicious transactions.
• Adopting advanced encryption technologies to protect customer data.
• Cooperating with banks and financial institutions to verify the sources of funds.
6. Customer Responsibilities
• Providing accurate and complete information upon registration.
• Not using SoonaPay services for any illegal purposes.
• Immediately reporting any suspicious activity on the account.
7. Reporting Suspicious Activity
If you suspect any illegal activity, you can contact our compliance team via email at compliance@soonapay.com or via the contact form available on our website. All reports are treated with the strictest confidentiality.
8. Sanctions and Disciplinary Actions
SoonaPay reserves the right to take the following actions against any customer or employee found to be involved in money laundering or terrorist financing activities:
• Immediately suspend or close the account.
• Report to the relevant authorities.
• Take legal action if necessary.
9. Frequently Asked Questions
1. Do I need to provide any documents upon registration?
Yes, you must provide official identification documents to complete your account verification.
2. What can lead to my account being suspended?
Any suspicious activity, non-compliance with anti-money laundering policies, or providing incorrect information may result in account suspension.
3. How does SoonaPay protect my data?
We use the latest encryption and security technologies to protect all your personal and financial information.

SoonaPay is committed to transparency and full compliance with all legal regulations to ensure we provide a reliable and secure service to our customers. If you require more information about our anti-money laundering policies, please feel free to contact us.