MassPay’s Commitment to Global Compliances
MassPay and its partners are committed to following all regulatory compliance requirements in accordance with all applicable jurisdictions. MassPay works directly with licensed money transmitters, payment processors, as well as state and federally chartered financial institutions to provide software and technology services. In addition to policies and procedures of the above regulated entities, MassPay possesses its own compliance program to ensure adherence to Bank Secrecy Act/Anti-Money Laundering regulations.
MassPay has written and developed its compliance program to follow: all prescribed guidelines from respective regulators, compliance rules put in place from its operational business partners, and to protecting its business clients, their distributors, and consumers globally. MassPay technology and processes meet and exceed industry standards, adapted to ensure our services are resistant to processing illegal transactions, illicit behavior, money laundering, fraud, and scams.
The company’s compliance program includes but is not limited to: Know Your Customer (KYC), AML, and OFAC policies. Furthermore, terrorist financing, government agency watch lists and up-to-date sanctions and violations screening are conducted on each transaction. If any transactions or business relating to any of the above is suspected, it will be reported to the U.S. Department of Treasury and the Financial Crimes Enforcement Network at 1-800-767-2825 or (703) 905-3591 or by emailing an inquiry to FRC@fincen.gov.
As a technology provider to primarily highly-regulated entities, MassPay has created a technical infrastructure and protocols to maximize cybersecurity for all parties interacting with our software. The regulatory compliance and technical security of banks, credit unions, payment processors, money service businesses, marketing companies, gig economy employers, and others is of the utmost importance to MassPay.
We are proud to positively contribute to the business operations of our partners while preventing the facilitation of non-compliant, or illegal transactions for the industries we serve, our vendors, customers, and ourselves.