Bank Secrecy Act and Anti-Money Laundering Policy
1. Sign Up
2. Email Confirmation
An email containing a confirmation code is sent to the user's email address. The code must be entered on the following page.
The user must create a password. The password must be at least 6 characters long.
The user must select which country they are from. If the user is from the US, a state must be selected.
5. Two-Factor Authentication
The user may enter a phone number that he or she wishes to use for two-factor authentication. This is usually a mobile number, and the user may have the option to select SMS or voice. Once the phone number is submitted, a confirmation is sent to the user via text message. Once the number is verified, the user may select their preferred authentication method - either by phone call or google authenticator.
1. Photo ID
In order to make a successful borrow transaction, the customer must upload a legible photo of his or her government-issued ID. The customer must also upload a photo of his or her face, along with the ID as well as a piece of paper with 'Betarian' and the current date written on it.
2. IP Address
The location of the customer is identified by IP address. The location of the IP address is compared with the address on the ID and the submitted billing address during checkout of a transaction. If residential IP address appears to have a risk score of above 90, the user will not be approved.
The name on the Betarian account must match the name on the Paypal account or the name related to the billing information of the credit or debit card used. If there is a discrepancy between the customer submitted information on the account and the payment details, the system flags the transaction for manual approval. We then seek out further information from the customer by reaching them via email to receive a written authorization before manually approving the transaction. When the customer is unable to be reached an email is sent to the customer to notify him or her of a temporary block on the account until the customer is able to verify the transaction.
An account must be opened in the name that matches the name on the government-issued ID that is required for the verification process.
The login name must be a working email address, and is verified by sending a code to make sure it is valid and the customer has access to the email address.
When approving a new account, we cross verify the identity of the customer using all of the information submitted to ensure there are not any duplicate accounts or fraudulent accounts being recreated. This includes, but is not limited to, the name on the account, mobile number, government-issued ID information, uploaded photos of the customer, hand writing, IP address, payment billing information, and Paypal email information.
When the customer is unable to provide accurate and necessary details about a transaction or account, the account will be disabled for reasons of suspicion and/or fraudulent activity.
When a customer requests closure of his or her account, it is done as soon as it is brought to Betarian’s attention, no questions asked.
When a customer reports any fraudulent activity or unauthorized transactions on his or her account, the account is immediately disabled and evidence sent off to respective instituions.
When a customer creates a chargeback on a transaction that was completed successfully, Betarian is immediately notified and the account becomes disabled and evidence is collected to confirm/deny validity of the claim.
If we have reason to suspect suspicious activities on our site, Betarian will investigate the account and file a SAR when appropriate. Any transactions over a certain USD value will be reported and filed with FinCEN. We retain all records of any reports that have been filed.
All records are retained and are available upon official request by an applicable regulator or law enforcement agency.
If there are any questions regarding this, you may contact us at email@example.com.