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Conformité aux lois

Waricel is taking regulatory compliance seriously. New anti-money laundering regulations that may directly impact Waricel as a prepaid cards provider have recently been released. These new regulations, known as the prepaid access “Final Rule,” were issued by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and require the collection and verification of customer information when certain prepaid cards are sold or reloaded.

Risk Based Compliance

Waricel provides a closed-loop prepaid access with a daily limit of $500, which is well below the $2000 limit set by FinCEN for exclusion from the prepaid access regulation. Also each customer can only purchase one mobile topup card at a time for a maximum value of $300, therefore minimizing the risk and allowing Waricel to monitor each individual order. Since Waricel is an e-commerce business, its information system already in place is monitoring all transactions in real-time to monitor all transactions and trigger verification for any suspicious transactions. Based on its business model, and as a provider of closed-loop prepaid access with daily limit of $500. Waricel is excluded from the prepaid access FinCEN regulation and is not required to register as a Money Service Business (MSB).

Anti-money Laundering (AML) compliance program

Waricel is developing, implementing and maintaining an anti-money laundering (AML) compliance program. This program includes processes, procedures and training required to ensure compliance and eliminate any risks of money laundering. Waricel monitors and reports any suspicious activity or transactions relevant to a possible violation of law or regulations. 

Know Your Customer (KYC)

Waricel collects and retains for 5 years identifying information about a person who obtains prepaid access under the Prepaid Program. Waricel maintains customer's privacy as stated in our privacy policy

Transactional Records 

Waricel retains access to transactional records related to prepaid access, including the type of transaction, the amount and location of transaction, the date and time of transaction and any other unique identifiers related to transactions. Waricel maintains customer's privacy as stated in our privacy policy.

Waricel Regulatory Compliance Office

For all regulatory compliance questions, please contact us at compliance@waricel.com