Being neither a financial institution nor a money services business providing transfer of money, but being a company performing the processing of the WebMoney Transfer hardware and software system and the operating company of WebMoney Transfer, WM Transfer Ltd (hereinafter the “Operating Company”) together with WebMoney Transfer members, who have joined the system and accepted the agreements regulating the terms of use (hereinafter “Users”), is due to comply with certain requirements regarding the anti-money laundering and anti-financial fraud prevention imposed by international and federal laws. In order to comply with these laws and requirements the Operating Company and all WebMoney Transfer Users agree to accept the following:
1.Definitions:
Illegal trade is sale and distribution of illegal goods or services that are harmful, morally abusive, infringing copyright and intellectual property rights, hateful, or racially, ethnically, sexually, socially or otherwise objectionable.
Financial pyramid is a fraud-based structure whose builders promise investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public, and in fact use the funds received from investors in their own interests.
Money Laundering is the attempt to conceal or disguise the nature, location, source, ownership, or control of illegally obtained money.
2. The Operating Company and Users are obliged to:
- prevent direct or indirect aiding illegal trade and any other fraudulent operations through WebMoney Transfer;
- prevent direct or indirect aiding financial fraud; never transfer or accept WebMoney Transfer units at interest; never use WebMoney Transfer to build pyramid schemes; use WebMoney Transfer for legal purposes only;
- never use WebMoney Transfer to perform actions that do not comply, directly or indirectly, with anti-money laundering programs;
- help law enforcement agencies in their effort to track down and capture terrorists who illegally launder money.
3. The Operating Company is obliged to take necessary measures to prevent illegal trade, financial fraud and money laundering through WebMoney Transfer, including but not limited to:
reporting of requested information regarding the processing of transactions in WebMoney Transfer to competent law enforcement agencies for compliance with applicable laws;
termination of processing of WebMoney Transfer transactions initiated by a WMT User under the order of law enforcement agents as well as under the sole discretion of the Operating Company, if the Operating Company has enough information on illegal or suspicious transactions of this WMT User;
further development of both the WebMoney Transfer system itself and its additional services to prevent direct or indirect use of WebMoney Transfer for actions violating anti-money laundering and anti-financial fraud laws and requirements
4. By accepting the terms and conditions of this Agreement, the Operating Company and Users acknowledge that its conditions help prevent their businesses from being victimized by money launderers, financial swindlers and traders of illegal goods or services and help comply with the law.
5. Parties to this Agreement should demonstrate their understanding of the necessity for complying with anti-financial fraud and anti-money laundering laws and regulations. Moreover, each WebMoney Transfer user bears sole responsibility for activities he or she carries out using the WebMoney Transfer system. Neither the Operating Company nor other Users may be responsible for actions of a particular User.
6. You accept this Agreement by registering with WebMoney Transfer, and thereby you agree to comply with requirements and conditions of this Agreement as a User of WebMoney Transfer.
