Sender Verification

User Verification

The User identification and verification policies and procedures of the program are designed to:

• Ensure adherence with the user identification and KYC policy of FI partners and various State, Federal and International regulators governing the provision of the services.

• Ensure adherence with all compliance requirements of FI partners and State/Federal/International regulators.

• Promote safe and secured business practices and minimize the risk of the services from being misutilized for any fraud, money laundering and other illegal activities.

• Help monitor and report suspicious activities.

User Verification and Transaction Limits

Our verification processes are designed in line with the compliance policies of our FI partners including the requirements of the Banking Secrecy Act (BSA) and all other State, Federal and International Money Transfer Regulations. This requires collection of certain information from users during the registration based on the amount and volume of transactions. Accordingly, we have devised a Tier based verification program which governs the transaction limits and KYC requirements for each tier. Your Specification Sheet, provided by Machnet, will include details of the Transaction limits and KYC requirements applicable for your users.

Your specification sheet will outline the different Tiers, their corresponding transaction limits and KYC information. When a user provides all information required for Tier 1 and all the information is verified, the user will have a VERIFIED KYC status.