Regulation

Escrow

Escrow is a service of PAA CAPITAL that allows a buyer and seller to protect a transaction by placing the money in the hands of a neutral third party until a specified set of conditions are met. Sellers note in their contract/agreement if they’re willing to accept escrow. The funds for the underlying transaction remain in the buyers account, being blocked for the duration, until the seller has met all agreed terms and conditions. Upon approval and confirmation from both sides, the blockage shall be lifted and the transfer on behalf of the seller completed.

This way it saves time, money, International commissions on Letters of Credit, amendments, discrepancies on negotiating documents, worrying of the requirements of certain jurisdictions, compliance issue for goods and payments….and all is happening almost real-time between authenticated and verified members.

ID Verification – Selfie Photo

Every client needs to go through some verification and/or security checks when on-boarding at PAA CAPITAL. This is a regulatory requirement and our way to make sure PAA CAPITAL is safe and secure for all our clients.

During the application assessment, we’ll need to confirm your identity and verify your account is secure by asking to see a good quality photo of yourself where you are holding a valid photo ID –  a selfie photo.

Guidelines for taking your selfie photo:

  • Take the photo in a room with enough light
  • Please select the highest photo quality on the device taking the picture
  • Hold up the document, next your face
  • Make sure both your face and ID are clear on the photo

If your photo is not of high enough quality, we will request a better copy. Also, nothing on the ID document can be covered or censored.

In the majority of cases, verification takes 2 working days maximum.

Transfer Times

Please allow up to 4 working days for the payment to clear into the recipient account. To ensure we meet our Anti-Money Laundering obligations we may, from time to time, ask you for more information relating to your payment. This may be required before your money transfer reaches the recipient bank account.

Wire Transfer Regulations (WTR2)

Introduction

The new Wire Transfer Regulations (WTR2) came into effect on June 26, 2017. The regulations require that accurate payer and beneficiary information accompanies the transfer of funds in order to further combat financial crimes and money laundering.

From October 11, 2017, payer detail fields will be mandatory on the PAA CAPITAL platform to ensure WTR2 compliance.

What does this mean for PAA CAPITAL clients?

The following information on Payers will be mandatory regardless of the type/origin/destination of the payment.

Payer (Individual)

  • First Name
  • Last Name
  • Full Address
  • Date of Birth

Payer (Company)

  • Company Name
  • Full Address

Note: The above is the minimum set of information required for all payments. Some payment types/currencies may have additional requirements.

Sanctioned countries

We take our regulatory responsibilities very seriously. In line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to the following countries, although this may be subject to change.

If you have any questions about making payments to restricted countries, please contact your relationship manager, or our support team.

Crimea

Cuba

Iran

Libya

North Korea

Sudan

South Sudan

Syria

Non-permitted activity on SWIFT Payments

As part of our ongoing commitment to mitigate the risk of money laundering & terrorist financing., PAA CAPITAL has placed a number of restrictions on the type of industries, activities, and countries we are able to support and service.

Failure to comply with these restrictions can result in delayed payments or rejected payments with continuous breaches leading to account closure.

Non-Permitted Industries

  • Weapons / Military-Grade Security
  • Multi-Level Marketing
  • Pawnbrokers
  • Political Organizations
  • Drug paraphernalia
  • Carbon Credits
  • Ponzi / Pyramid Schemes
  • Firms involved in the servicing of illegal goods/services including but not limited to: Counterfeit Goods/trademark infringement, Human Trafficking, Child Labor, Prostitution.

Non-Permitted Client Types

  • Financial Institutions making payments on behalf of other financial institutions, also known as ‘nested relationships’ or ‘Layering.’
  • Shell Banks
  • Unregistered Charities

Non-Permitted Activities

  • Clients are not allowed to use our services to speculate changes in FX

Non-permitted activity on SEPA Payments

As part of our ongoing commitment to mitigate the risk of money laundering & terrorist financing., PAA CAPITAL has placed a number of restrictions on the type of industries, activities, and countries we are able to support and service on SEPA payments and IBAN accounts.

Failure to comply with these restrictions can result in delayed payments or rejected payments with continuous breaches leading to account closure.

Non-Permitted Industries

  • Weapons / Military-Grade Security
  • Multi-Level Marketing
  • Pawnbrokers
  • Political Organizations
  • Precious Metals
  • Adult Entertainment
  • Drug paraphernalia
  • Carbon Credits
  • Crypto Currencies
  • Gambling
  • Ponzi / Pyramid Schemes
  • Firms involved in the servicing of illegal goods/services including but not limited to: Counterfeit Goods/trademark infringement, Human Trafficking, Child Labor, Prostitution.

Non-Permitted Client Types

  • Financial Institutions making payments on behalf of other financial institutions, also known as ‘nested relationships’ or ‘Layering.’
  • Shell Banks
  • Unregistered Charities

Non-Permitted Activities

  • Clients are not allowed to use our services to speculate changes in FX
  • Transactions deriving from Crypto Currencies

Permitted Jurisdictions

Permitted Jurisdictions for IBAN Accounts at PAA CAPITAL GROUP 29 January 2019

PAA CAPITAL has restricted the countries that it will service on all IBAN accounts, at both the client level and at the payer level for layered/nested relationships. Refer to the table below for a list of permitted jurisdictions.

Neither our client or our client’s customers (ultimate payer) should be based outside of the below jurisdictions. Any payments with a payer outside of the permitted jurisdiction will be failed automatically by our transaction monitoring system at the point of processing.

Please note that this list will be reviewed and updated periodically.

Åland Islands

Czech Republic

Hong Kong

Latvia

Norway

South Korea

Austria

Denmark

Hungary

Liechtenstein

Poland

Spain

Australia

Estonia

Iceland

Lithuania

Portugal

Sweden

Belgium

Finland

India

Luxembourg

Réunion

Switzerland

Bulgaria

France

Ireland

Malta

Romania

Taiwan

Canada

Germany

Isle of Man

Martinique

Saint Martin (French part)

United Kingdom

Cayman Islands

Gibraltar

Israel

Mayotte

Singapore

United States

China

Greece

Italy

Monaco

Slovakia

Croatia

Guadeloupe

Japan

Netherlands

Slovenia

Cyprus

Guernsey

Jersey

New Zealand

South Africa