Industry, legal and operations
Sanctions screening
Checking customers and payments against sanctions lists before money moves. It is a legal obligation on the payments provider as much as on the firm, and it is not discretionary.
GFN’s figure
GFN payouts run through a payments provider and require the receiving account to belong to the verified GFN account holder. Restrictions can apply to certain jurisdictions for compliance reasons.
In detail
Sanctions screening,explained
Screening is why an otherwise ordinary payout can stop for review: a name match on a list has to be cleared before anything moves, whether or not it turns out to be the same person.
It is also why the identity attached to a payout matters so much. A payment to a third party cannot be screened meaningfully, because the person being paid is not the person who was checked.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
AML
The controls a firm operates to prevent its services being used to move criminal proceeds. In practice it means identity checks, monitoring for unusual patterns, and refusing payments that cannot be explained.
KYC
The process of confirming who owns an account, using identity documents and supporting information. It is required before money moves, and it is the most common cause of a delayed first payout.
Restricted jurisdiction
A country a firm will not serve, for legal, regulatory, sanctions or payment-provider reasons. Restrictions can change, and they apply to where a trader actually is rather than what an address says.
Payout method
How a firm actually sends the money: bank transfer, wire, or a payments provider that offers several rails. The method determines the paperwork, the fees and how long the transfer takes.
Payout denial
A refused payout request. The common causes are a breach recorded before the payout was approved, incomplete identity verification, a mismatch in the receiving account, or trading that broke a conduct rule.
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