In accordance with the requirements of the Electronic Code of Federal Regulations, the Bank Secrecy Act, the USA PATRIOT Act, and all relevant state regulations, SikaCash employs a full-time staff to monitor all agencies and all transactions to ensure compliance with all applicable laws and regulations relating to the prevention of money laundering. Simply put, these laws define the circumstances under which financial institutions such as Sikacash are required to take reasonable steps to verify both the identity of its customers and the source of their funds. Some agencies, such as the Office of Foreign Asset Control, set limitations as to persons, organizations and even countries with whom a financial institution such as Sikacash can do business. It is important to note that these requirements do not necessarily depend on the size of the transaction. Through the use of sophisticated software filters and individual analysis, we are required to monitor all transactions for evidence of individuals engaged in a pattern of transactions that give rise to a reasonable suspicion that they are “structuring” their transactions to avoid providing information or documentation to verify their identity and/or source of funds. Thus, customers may be required to provide valid government identification and other information and documentation regarding the transaction and their source of funds, regardless of the size of the transaction. The information provided by customers for fulfillment of our compliance obligations is considered non-public personal information. As such, SikaCash is prohibited by law from releasing this information except in so far as it is necessary to complete the customer’s transaction or in response to a request by a state or federal government agency.
US law requires all financial institutions to assist in the fight against money laundering activities and the funding of terrorism by obtaining, verifying, and recording identifying information about all customers. We may therefore require you to supply us with personal identifying information and we may also legally consult other sources to obtain information about you.
By accepting these Terms and Conditions you authorize us to make any inquiries we consider necessary to validate the information that you provide to us. We may do this directly, for example by asking you for additional information, requiring you to take steps to confirm ownership of your Payment Instruments or email address; or by verifying your information against third party databases; or through other sources.
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