Last Update: November 1, 2018
As a global financial institution, Baltic Bill is fully committed to complying with all applicable laws and regulations regarding Anti-Money Laundering (“AML”). Baltic Bill’s policy is to prevent criminals from using Baltic Bill’s services.
Baltic Bill has robust policies and procedures in place to prevent, mitigate, detect and report any suspicions in money laundering, fraud, and other financial crimes, including terrorist financing.
To comply with OFAC (Office of Foreign Asset Control) requirements, and global sanctions, we screen all our client accounts against government watch lists.
Under the proceeds of Crime Act 2002 (POCA 2002), we are required to report any knowledge or suspicion of Money Laundering/ Terrorist Financing our local financial Investigations Unit (FIU) which in this case is the National Crime Agency.
How does this impact me?
As per the Money Laundering Regulations 2017 (MLR17), it is a requirement for firms to conduct KYC using a risk-based approach. We have procedures in place to satisfy these requirements. This means that we will request information to help us identify you and your business before we can provide our services to you. We may ask you to provide additional documentation to help us gain a better understanding of your business.
As part of our ongoing monitoring commitment, we may ask you for documentation should any details change on you or your business. Baltic Bill will conduct account reviews on our existing clients.
You are independently responsible for complying with all applicable laws and all of your actions related to your use of Baltic Bill’s services, regardless of the purpose of the use. In addition, you must adhere to the terms of this Acceptable Use Policy.
Baltic Bill UAB are an Authorised Electronic Money Institution and are regulated by the Central Bank of Lithuania.
You may not use the Baltic Bill service for activities that:
- violate any law, statute, ordinance or regulation.
- relate to transactions involving (a) narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety, (b) drug paraphernalia, (c) cigarettes, (d) items that encourage, promote, facilitate or instruct others to engage in illegal activity, (e) stolen goods including digital and virtual goods, (f) the promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime, (g) items that are considered obscene, (h) items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction, (i) certain sexually oriented materials or services, (j) ammunition, firearms, or certain firearm parts or accessories, or (k) certain weapons or knives regulated under applicable law.
- relate to transactions that (a) show the personal information of third parties in violation of applicable law, (b) support pyramid or ponzi schemes, matrix programs, other “get rich quick” schemes or certain multi-level marketing programs, (c) are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card, (d) are for the sale of certain items before the seller has control or possession of the item, (e) are by payment processors to collect payments on behalf of merchants, (f) are associated with the sale of traveler’s checks or money orders, (h) involve currency exchanges or check cashing businesses, (i) involve certain credit repair, debt settlement services, credit transactions or insurance activities, or (k) involve offering or receiving payments for the purpose of bribery or corruption.
- involve the sales of products or services identified by government agencies to have a high likelihood of being fraudulent.