Crypto payment processing is fairly new which is why some question “but is it safe?” With ForumPay, it is! In fact, we take the strictest measures when it comes to safe transactions and global compliance. How do we do that?
ForumPay Safety Measures
We have partnered with Jumio, Sum & Substance, and Chainalysis to ensure all steps along the way are safe.
All of our transactions are loaded into Jumio’s monitoring system where an extensive ruleset is utilized to identify any patterns of money laundering or suspicious financial activity.
Sum & Substance
Our due diligence and KYC are all managed and validated through Sum and Substance to ensure authenticity, accuracy, and legitimacy.
Every transaction that we process is run through Chainalysis KYT. This detects many patterns of risky activity, from darknet markets and scams to sanctioned addresses and anomalous transactions.
KYC and Due Diligence
We take safe transactions seriously at ForumPay. Therefore, we have an in-depth ‘Know Your Customer’ (aka KYC) process to complete a required customer due diligence questionnaire. In order 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 provide a UBO document to fill out)
- A 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 3 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
ForumPay is a global cryptocurrency payment platform and we operate across the world apart from ultra high-risk jurisdictions and/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. ForumPay complies with all the international laws and rules, as well as the local laws and rules, in every country in which we operate.