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Leading crypto processing company, ForumPay, recently joined forces with American Transaction Processors Coalition (ATPC) to ensure crypto payment compliance across the USA.
The American Transaction Processors Coalition (ATPC), founded in 2014, works to protect, promote and preserve the United States’ payments processing industry through proactive federal and state government and public relations. That work entails supporting the payments industry’s efforts to advance critical public policy and operational success.
ForumPay crypto payment processing technology enables payments with any cryptocurrency from any digital wallet to meet the needs of merchants and consumers alike. By joining ATCP, ForumPay is yet one further towards bringing optimal crypto payments to the masses.
ForumPay Safety Measures
ForumPay has partnered with Jumio, Sum & Substance, and Chainalysis to ensure all steps along the way are safe, secure, and verified.
- Jumio
All ForumPay transactions are loaded into Jumio’s monitoring system. An extensive ruleset is utilized to identify any money laundering patterns or suspicious financial activity.
- Sum & Substance
ForumPay’s due diligence and KYC are all managed and validated through Sum and Substance to ensure authenticity, accuracy, and legitimacy.
- Chainalysis
Every transaction ForumPay processes are run through Chainalysis KYT. Chainalysis detects many patterns of risky activity, from darknet markets and scams to sanctioned addresses and anomalous transactions.
KYC and Due Diligence
ForumPay takes transactions seriously. An in-depth Know Your Customer (KYC) process to complete a required customer due diligence questionnaire. For a business to be verified, it must provide the following documentation:
- Signed ownership or shareholder chart identifying the ultimate beneficial owners (UBOs) having at least 25% ownership of your entity or business
- Certificate of incorporation copy for each entity provided in the previous document
- Customer due diligence questionnaire provided by ForumPay
- Proof of ownership no more than 90 days after issuing (if you’re unfamiliar, we are happy to give a UBO document to fill out)
- Proof of address for each shareholder or owner (this can be a utility bill, bank statement, or other government-issued residential statements no more than three months old)
- Proof of identity for each shareholder or owner in full color and unedited
- PEP declaration provided by ForumPay for all shareholders or owners
Global Compliance
ForumPay is a global cryptocurrency payment platform operating worldwide apart from ultra high-risk jurisdictions or those on the OFAC sanctions list. This means that ForumPay follows all payment processing and crypto-affiliated laws or restrictions, ensuring all transactions are legal and safe. In addition, ForumPay complies with every country’s international laws, local laws, and safety regulations.
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