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WWFT (Money Laundering and Terrorist Financing (Prevention) Act)
To prevent money laundering and terrorist financing, we (MMOprovider) are forced to perform extra checks on incoming payments from customers when certain matters may conflict with the WWFT (Money Laundering and Terrorist Financing policy provisions) These checks mean that you as a customer can be screened to determine that the payment is fully authorized and that the money is not coming from or destined from or for the criminal circuit. These checks may occur when you choose Cryptocurrency as the checkout option.
What does this mean for you as a customer?
In most cases, you will not notice this. If your payment has been made via our PayPal or Skrill Gateway, there will generally be no additional checks, but if we receive large sums without clearly identifying who you (the customer) are, we can ask further questions here to ensure that to be sure that these amounts have been made with the right intentions. When you choose to make the payment via Crypto currencies (Coinbase Gateway), we will in some cases apply an extra check before we can provide our service to you.
When do these checks occur?
If you pay with Cryptocurrencies and you are not transparent about your Name, surname, Country, and the lack of certain contact details, we are in some cases forced to conduct additional investigations. The extent to which we carry out checks depends on the size of your payment amount and the frequency.
As a rule, this means that when the following situations arise, we may review when :
- If your Crypto payment is greater than USD 300 per order.
- If you place orders for more than 1000 USD in Crypto every month.
Incidentally, it does not mean we no longer provide our service if you exceed these values. We can only refuse you based on our rules if there is a suspicion that money is being laundered.
Which countries are under increased surveillance?
If you come from one of the countries at risk by the Dutch government, MMOprovider will be forced to look at this carefully, to stay in line with the anti-money laundering policy of the Dutch government. This concerns the following countries:
- Burkina Faso
- Cayman Islands
- the Philippines
- Trinidad and Tobago
- Vanuatu (
- South Sudan
- North Korea
What does MMOprovider's customer survey look like?
If your payment is flagged for investigation, we are compelled to investigate who you are and how you do business. We must know how you acquired your assets and why you need our service. If we cannot determine how you obtained your assets or if you do not wish to provide clarity, we will have to stop working for you. Once you pass our investigation you will no longer remain flagged and use our services as usual.
Notification obligation to government authorities
In principle, there will be no consequences for the transactions that You carry out on MMOprovider.com. However, suppose a financial watchdog suspects that a particular cryptocurrency payment may be fraudulent or in violation of anti-money laundering or anti-terror law. In that case, this payment will be investigated and we will be required to provide your private information if you have been flagged as fraudulent on behalf of this body.