Anti-Money Laundering Policy
We take financial crime seriously. Our AML program ensures ErrandWallet is never used to facilitate illegal activity.
Last updated: May 1, 2026
1. Our Commitment
ErrandWallet is committed to full compliance with applicable anti-money laundering (AML) and counter-terrorist financing (CTF) laws and regulations. We maintain a robust AML program designed to prevent financial crime and protect the integrity of the financial system.
2. Know Your Customer (KYC)
- •All users must complete identity verification before accessing full transaction features.
- •We collect government-issued ID, facial biometric verification, and proof of address where required.
- •Enhanced due diligence is applied to high-risk users, PEPs (Politically Exposed Persons), and large transactions.
- •KYC data is reviewed and updated periodically based on transaction activity.
3. Transaction Monitoring
We employ automated and manual systems to monitor all transactions for suspicious activity. This includes pattern analysis, velocity checks, geographic risk scoring, and behavioral analytics. Transactions that trigger risk thresholds are reviewed by our compliance team.
4. Suspicious Activity Reporting
We are required by law to report suspicious transactions to relevant financial intelligence units. We cooperate fully with law enforcement and regulatory investigations. We do not notify users when a suspicious activity report has been filed.
5. Sanctions Screening
- •All users are screened against OFAC, UN, EU, and local sanctions lists at onboarding and ongoing.
- •Transactions involving sanctioned individuals, entities, or jurisdictions are blocked.
- •We maintain records of all screening activities for regulatory inspection.
6. Record Keeping
We maintain KYC records, transaction records, and compliance documentation for a minimum of 5 years as required by applicable financial regulations. All records are stored securely and accessible to authorized regulatory authorities.
7. Staff Training
All ErrandWallet employees involved in compliance, customer support, and product development receive regular AML/CTF training. Our compliance officer is responsible for maintaining and updating our AML program.
8. Contact
To report a compliance concern or suspected financial crime, contact our compliance team at compliance@errandwallet.app.