Agreement on the Countering of Illegal Trade, Financial Schemes, and Money Laundering
The WebMoney Transfer System Operator, which is represented by WM Transfer Ltd
(Hereinafter – the Operator), is not a financial institution and does not handle financial operations but carries out the processing of the WebMoney Transfer System’s hardware and software complex. In conjunction with the WebMoney Transfer System members and having acceded in accordance with the hereby Agreement (hereinafter – the System Members) the Operator acknowledges the legal standards, including international standards, which are aimed at countering illegal trade, financial schemes, money laundering and the legalization of illegal funds, and accepts the provisions of the hereby Agreement (hereinafter – the Agreement) as follows:
Illegal trade – the trade and distribution of goods and services which are identified as illegal, harmful, immoral, infringing copyright, promoting hatred and/or discrimination based on the person’s race, ethnicity, gender, or social status.
Pyramid scheme - a fraudulent structure, whose founders redistributes and uses for their own interests funds received from its members, who have been seduced by the promise of lucrative interest rates.
Money laundering - methods and procedures developed to launder funds, which have been acquired through illegal activities, by investing them in other assets in order to conceal their true source, real owners, and other details which could serve as evidence of violation of the legislation.
2. The Operator and the System Members shall have the following responsibilities:
- to avoid any explicit or implicit support of illegal trade and any other illegal operations involving the use of the WebMoney Transfer System;
- to avoid any explicit or implicit support of financial schemes, do not transfer and do not accept for the accrual of interest WebMoney Transfer System title units if they do not bear the required signs and data, do not use the WebMoney Transfer System for the arrangement and roll out of pyramid schemes or for any other actions which is prohibited by the legislation and legal standards;
- to avoid activities involving the use of the WebMoney Transfer System for any actions which directly or indirectly intervene with procedures aimed at countering money laundering and the legalization of illegal funds;
- to grant adequate assistance to the law enforcement agencies in their search and apprehension of financial terrorists engaged in illegal activities which are related to money laundering.
3. The Operator must take any steps necessary to prevent the illegal trade, any financial schemes and money laundering which uses the WebMoney Transfer System. These said actions shall embrace the following inclusively:
- providing the authorized bodies, in accordance with legislation, with any requested information which is related to the processing of transactions in the WebMoney Transfer System;
- the suspension of processing the transactions of any System Member at the request of the authorized bodies, in accordance with legislation, as well as at its own initiative in cases when the Operator has enough information about the illegal or shady activities of a particular System Member;
- further improvement to both the WebMoney Transfer System and its auxiliary services in order to prevent the direct or indirect use of the WebMoney Transfer System in activities prohibited by the legislation governing the countering of illegal trade, financial schemes and money laundering.
4. The Operator and the System Members, having accepted the responsibilities in accordance with the hereby Agreement, acknowledge that compliance with the provisions contained herein is required in order to prevent any assistance or participation in illegal activities related to illegal trade, financial schemes, and money laundering.
5. The Members of the Agreement are united in their understanding that compliance with the legislation on the countering of financial terrorism and laundering of illegal funds is a necessary measure, and that they are legally bound by the responsibilities accepted herein. At the same time, each System Members shall bear responsibility for their actions carried out on the WebMoney Transfer system. *System Members and Operators are prohibited from imposing their responsibility on other System Members.
6. You are accepting the hereby Agreement by undergoing the registration procedure in the WebMoney Transfer System, and by this virtue, you are accepting the responsibilities and standards of the hereby Agreement as a Member of the WebMoney Transfer System.