Effective date: 17/08/2025
Site: escrowpak.com (“EscrowPak”, “we”, “our”)
EscrowPak is committed to preventing money laundering, terrorist financing, fraud, and illegal activity. This Know Your Customer (KYC) & Anti-Money Laundering (AML) Policy explains how we verify user identity, monitor transactions, and comply with global regulations.
1. Purpose
- To protect EscrowPak users and comply with international AML laws.
- To detect and prevent fraud, financial crimes, and misuse of our platform.
- To maintain transparency and trust in our escrow payment services.
2. Scope
This Policy applies to all users (Clients, Freelancers, and any third parties) using EscrowPak’s services.
3. Identity Verification (KYC)
- Personal Users (Freelancers/Clients): We may request government-issued ID, proof of address (utility bill, bank statement), and a live selfie for verification.
- Business Users (Companies/Agencies): We may request incorporation documents, tax registration, business license, proof of address, and authorized representative ID.
- Ongoing Verification: We may re-check identities if suspicious activity or account changes occur.
4. Transaction Monitoring
- EscrowPak monitors transactions to detect unusual or suspicious activity.
- High-value or irregular transactions may be flagged for manual review.
- Transactions may be delayed, suspended, or reported to authorities if risk is detected.
5. Restricted Activities
Users may not use EscrowPak for:
- Money laundering, terrorism financing, or illegal trade.
- Transactions involving sanctions lists (e.g., OFAC, UN, EU).
- Payments for prohibited goods/services (drugs, weapons, hacking, stolen data, etc.).
- Concealing the true origin or destination of funds.
6. Sanctions & Jurisdictions
EscrowPak complies with global sanctions laws.
We may block or restrict accounts from countries or regions under international sanctions, or where regulations prohibit our services.
7. Record Keeping
- EscrowPak securely stores KYC documents and transaction records for a minimum of 5 years (or as required by law).
- Data is protected under our Privacy Policy and used only for compliance.
8. Reporting
- EscrowPak may file Suspicious Activity Reports (SARs) with relevant financial authorities if we detect potential AML violations.
- We are legally prohibited from notifying users when such reports are made.
9. User Responsibilities
- Provide accurate and up-to-date information during verification.
- Do not attempt to bypass KYC or provide fake/forged documents.
- Cooperate with any additional verification requests.
- Report any suspicious activity you notice on the platform.
10. Non-Compliance
Failure to comply with this Policy may result in:
- Account suspension or termination.
- Freezing or forfeiture of funds in Escrow.
- Reporting to financial authorities.
- Permanent ban from EscrowPak.
11. Policy Updates
EscrowPak may update this KYC/AML Policy at any time. Changes will be posted on our website with a new “Effective Date.”
12. Contact
For compliance-related questions, contact us:
📧 compliance@escrowpak.com
📍 EscrowPak.com