We're currently performing maintenance tasks that had to be completed immediately. The website will be unavailable from 11h30 until approximately 14h00.
We apologize for the inconvenience.
14h00 Update: AlertPay.com is once again available.
Thank you for your patience.
Wednesday, February 25, 2009
Tuesday, February 17, 2009
Good News! – Bank Transfers Available for US Bank Account Holders
Bank transfers are back online for AlertPay members in the United States. Business will resume as normal with transactions being completed in 3 to 5 business days. Deposits are still free and withdrawals incur a fee of $0.50 USD.
WHAT DOES THIS MEAN?
WHAT DOES THIS MEAN?
- Members with US bank accounts will be able to deposit and withdraw by bank transfer.
- US bank transfer accounts that have been disabled in order to change them to bank wire accounts will be automatically re-enabled as a bank transfer account.
- If you’ve added your US bank account after January 13th, 2009, micro-deposits will be sent and your bank accounts can be confirmed.
- We will no longer offer bank wires in USD to US bank accounts. Bank transfers are easier to do and are more cost effective.
- In the near future we will change the check withdrawal fee back to $3.00 USD. It was temporarily reduced to $0.50 USD during the time that bank transfers were unavailable for US bank account holders.
- During the next quarter we hope to be able to offer instant ACH/EFT bank transfers for AlertPay members in good standing with a positive account history.
Monday, February 16, 2009
AlertPay’s Anti-Money Laundering and Anti-Terrorist Financing Policies
AlertPay is a Canadian Registered Corporation and a United States Registered Corporation which complies with the regulations of the Office of the Superintendent of Financial Institutions Canada (OSFI), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and Financial Crimes Enforcement Network (FinCEN). We fully integrate the principle of Know Your Customer (KYC) to ensure a safe and secure system for all our members, yet we respect your privacy fully, and stand by our Privacy Policy to ensure your identity is secured with us.
AlertPay is defined as a Money Services Business by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLFTA). Consequently, AlertPay has established policies in regards to KYC account verification, as well as specific policies for verifying Business and Personal account holders that meet or exceed existing legal and regulatory requirements.
AlertPay continuously trains and educates employees to takes measures to evaluate and report attempts to launder money or finance terrorism. AlertPay regularly updates its policies and processes, systems and technology, and training programs to assure that we are well equipped to combat money laundering and other financial crimes, and assist governments in the war on terrorism. We are fully committed to remaining vigilant to prevent those who aim to abuse our system.
WHAT IS FINTRAC?
The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, is Canada's financial intelligence unit, a specialized agency created to collect, analyze, and disclose financial information and intelligence on suspected money laundering and terrorist activities financing . Created in July 2000, the Centre is an integral part of our country's engagement in the global fight against money laundering and the financing of terrorist activities (FINTRAC, 2007).
WHAT IS MONEY LAUNDERING?
Money laundering is the process used to disguise the source of money or assets derived from criminal activity. Profit-motivated crimes span a variety of illegal activities from drug trafficking and smuggling to fraud, extortion, and corruption. The scope of criminal proceeds is significant; it is estimated at some $500 billion to $1 trillion (U.S.) worldwide each year (FINTRAC, 2007).
WHAT IS TERRORIST FINANCING?
Terrorist activity financing may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping, and extortion. Terrorists use techniques like those of money launderers to evade authorities' attention and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds. However, financial transactions associated with terrorist financing tend to be in smaller amounts than is the case with money laundering, and when terrorists raise funds from legitimate sources, the detection and tracking of these funds becomes more difficult. (FINTRAC, 2007)
AlertPay is defined as a Money Services Business by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLFTA). Consequently, AlertPay has established policies in regards to KYC account verification, as well as specific policies for verifying Business and Personal account holders that meet or exceed existing legal and regulatory requirements.
AlertPay continuously trains and educates employees to takes measures to evaluate and report attempts to launder money or finance terrorism. AlertPay regularly updates its policies and processes, systems and technology, and training programs to assure that we are well equipped to combat money laundering and other financial crimes, and assist governments in the war on terrorism. We are fully committed to remaining vigilant to prevent those who aim to abuse our system.
WHAT IS FINTRAC?
The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, is Canada's financial intelligence unit, a specialized agency created to collect, analyze, and disclose financial information and intelligence on suspected money laundering and terrorist activities financing . Created in July 2000, the Centre is an integral part of our country's engagement in the global fight against money laundering and the financing of terrorist activities (FINTRAC, 2007).
WHAT IS MONEY LAUNDERING?
Money laundering is the process used to disguise the source of money or assets derived from criminal activity. Profit-motivated crimes span a variety of illegal activities from drug trafficking and smuggling to fraud, extortion, and corruption. The scope of criminal proceeds is significant; it is estimated at some $500 billion to $1 trillion (U.S.) worldwide each year (FINTRAC, 2007).
WHAT IS TERRORIST FINANCING?
Terrorist activity financing may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping, and extortion. Terrorists use techniques like those of money launderers to evade authorities' attention and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds. However, financial transactions associated with terrorist financing tend to be in smaller amounts than is the case with money laundering, and when terrorists raise funds from legitimate sources, the detection and tracking of these funds becomes more difficult. (FINTRAC, 2007)
Friday, February 13, 2009
Letter From The President
Dear AlertPay members,
I would like to take a moment to thank you, our valued members, for your continued loyalty and patience during this period of rapid growth, and to address the various changes taking place here at AlertPay.
Over the course of the last year, AlertPay has grown by leaps and bounds, and is becoming more competitive with the major players in the third party payment processing field. This has led to some growing pains as well as further scrutiny from competitors.
I would further like you to understand that the issues we have been experiencing over the last few weeks will ultimately result in a more comprehensive payment processing service.
COMPLIANCE
AlertPay is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada, also known as FINTRAC Canada’s financial intelligence unit specializing in anti-money laundering and anti-terrorist funding. As such, we are governed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
To ensure compliance with the PCMLTFA, we have introduced changes to our account verification and banking procedures. As of February 3, 2009, Business account members will have to become account verified to send and request money, and to deposit and withdraw. All Business account holders can receive up to $20,000 USD while unverified. In addition to submitting proof of address and photo ID, Business account holders will have to submit a tax/registration document, a corporation number, or proof of non-profit status depending on the business type. Furthermore, we are introducing limits to the amount of money Personal account holders can send while unverified.
NEW RELATIONSHIPS
As our professional relationships with our banking partners grow, we hope to offer enhanced banking features in the future, such as instant bank transfers for loyal North American members with positive transaction histories, quicker processing times overall, and localized banking for more countries. Furthermore, our ACH/EFT banking features for our North American members will be fully operational in the near future.
Regarding credit card services, we are actively working on solidifying various professional relationships to offer you the best payment processing solution in the market. We are also working towards launching our debit cards. However, due to economic recession, the subsequent tightening of the credit systems, and various other factors, our debit cards will be launched at a later date.
AlertPay is your way to pay! And we want to keep it that way. With our new procedures and relationships, we hope to provide you with the best online payment processing service we can offer. We greatly appreciate your patience and understanding, and hope to continue growing with you by our side.
Firoz Patel
President & CEO
I would like to take a moment to thank you, our valued members, for your continued loyalty and patience during this period of rapid growth, and to address the various changes taking place here at AlertPay.
Over the course of the last year, AlertPay has grown by leaps and bounds, and is becoming more competitive with the major players in the third party payment processing field. This has led to some growing pains as well as further scrutiny from competitors.
I would further like you to understand that the issues we have been experiencing over the last few weeks will ultimately result in a more comprehensive payment processing service.
COMPLIANCE
AlertPay is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada, also known as FINTRAC Canada’s financial intelligence unit specializing in anti-money laundering and anti-terrorist funding. As such, we are governed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
To ensure compliance with the PCMLTFA, we have introduced changes to our account verification and banking procedures. As of February 3, 2009, Business account members will have to become account verified to send and request money, and to deposit and withdraw. All Business account holders can receive up to $20,000 USD while unverified. In addition to submitting proof of address and photo ID, Business account holders will have to submit a tax/registration document, a corporation number, or proof of non-profit status depending on the business type. Furthermore, we are introducing limits to the amount of money Personal account holders can send while unverified.
NEW RELATIONSHIPS
As our professional relationships with our banking partners grow, we hope to offer enhanced banking features in the future, such as instant bank transfers for loyal North American members with positive transaction histories, quicker processing times overall, and localized banking for more countries. Furthermore, our ACH/EFT banking features for our North American members will be fully operational in the near future.
Regarding credit card services, we are actively working on solidifying various professional relationships to offer you the best payment processing solution in the market. We are also working towards launching our debit cards. However, due to economic recession, the subsequent tightening of the credit systems, and various other factors, our debit cards will be launched at a later date.
AlertPay is your way to pay! And we want to keep it that way. With our new procedures and relationships, we hope to provide you with the best online payment processing service we can offer. We greatly appreciate your patience and understanding, and hope to continue growing with you by our side.
Firoz Patel
President & CEO
Thursday, February 12, 2009
ACH/EFT Outage Explained
We are currently in the final steps to re-activate ACH Bank Transfers for US clients. For more information regarding why we have this outage, please see below. As of today, RBC has still not communicated any reason regarding this issue to us.
Once again, we sincerely apologize for this ACH/EFT service outage, as we know this service provides you ease and accessibility to deposit or withdraw from AlertPay. We would like to thank our members who have been patient with us as we transition through this problem as for have been trying to provide you excellent service since 2004.
Previous Updates Below...
Once again, we sincerely apologize for this ACH/EFT service outage, as we know this service provides you ease and accessibility to deposit or withdraw from AlertPay. We would like to thank our members who have been patient with us as we transition through this problem as for have been trying to provide you excellent service since 2004.
Previous Updates Below...
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