Customer Acceptance Policy

  1. Introductory terms:
    • The service provided by MontyPay (hereinafter referred to as MP) as a payment gateway means the infrastructure that authorizes payments for merchants.
    • MontyPay’s policy for acceptance of merchants takes into consideration all factors related to the merchants, their activities, their related accounts, and any other relevant indicators. The policy includes adequate description of merchants in accordance with their associated risk.
    • The Customer Acceptance Policy (CAP) is an important document that determines the basis on which MP enters in relationships with merchants.
    • MP will only accept merchants whose identity is established by conducting due diligence appropriate to their risk profile. Collecting sufficient relevant information about the merchants before the account relationship is established.
  1. Objectives of the Policy:
    1. The objectives of this Policy are as follows:
      • To establish explicit criteria for the acceptance of merchants.
      • To establish procedures to verify the identity of individuals or corporations for the service provided.
      • To ensure that MP is in a proper position (i.e., by having taken measures and collected documentation) to understand the merchant and its financial activities, so MP can manage its risks prudently; and
      • To reduce legal, reputational or AML risks faced by MP.
    2. This Policy is to be read in conjunction with any related operational guidelines and policies which may be issued from time to time.
  2. Customer Definition:
    • For purposes of this Policy, a customer (a registered company) is defined as a seller of services and/or products over the internet or through a mobile application that accept card payments in a not present environment.
    • Accepting New Merchants:
      • MP shall, when establishing with new customer, ensure that the customer is not listed on any local or international lists including but not limited to:
        • OFAC
        • UN
        • European Sanction List
    • Know Your Customer (KYC) Requirements
      • MP shall ascertain that the KYC form is properly filled and signed for all customers to enhance the AML processes and assesses in managing risk prudently by better understanding its customers’ profile and their related financial status.
      • The Compliance Department shall verify the customer information provided in the KYC form by obtaining information and documentation including, but not limited to the following:
        • Identification of the customer (company name, legal form, date and place of incorporation, etc
        • Permanent residential address and other addresses
        • Financial information – (source of funds, expected yearly inflows, expected yearly profits, expected yearly sales, etc…)
        • Nature and type of the business
  3. Prohibited Activities and Services
    • Merchants should not conduct or use the Monty Pay services
      • In activities that violate any law, statute, or regulation. 
      • In any activity involving in narcotic, steroids, certain controlled substances, or other products that present a risk to consumer safety, drug paraphernalia, cigarettes and other items that encourage, promote, facilitate, or instruct others to engage in illegal activities.
      • With anonymous or fictitious name or any numbered account
      • With a “Shell Company”- a company that is incorporated but has no significant assets or operations. These companies are often used by fraudulent operators as fronts in many money laundering schemes
      • For transactions involving ammunition, firearms, weapons or certain knives and/or conduct services in/with other entities that may pose potential reputational risk to MP
      • For transactions involving in stolen goods including digital and virtual goods, items that violate any copyright, trademark and right of publicity.
      • For transactions that support pyramid or Ponzi schemes, matrix programs or other get rich quick schemes.
      • For transactions that are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking, or transaction to finance or refinance debts funded by a credit card.
      • For transactions that are associated with the sale of traveler’s checks money orders.
      • For transactions that involve currency exchanges or check cashing businesses.
      • For transactions that involve offering or receiving payments for the purpose of bribery or corruption.
      • With Persons/entities about whom information is available through reliable sources indicating involvement in criminal conduct (e.g., those allegedly having links to drug trafficking, terrorism, corruption, or organized crime)
      • With persons/entities with businesses where we have doubts about the legitimacy of their activities or the source of funds.
    • Services are prohibited with the following businesses:
      • Adult content websites
      • Cyberlockers, torrents, file sharing bases, UseNet providers
      • Malware/spyware providers
      • Modification chips, black boxes (devices used to alter or disable artificial restrictions of computers or entertainment devices)
      • Penny auctions.
      • P2P fiat money lending platforms.
      • Sale of Government-issued documents.
      • Sweepstakes.
      • Closed user groups.
      • Inactive websites.
      • Unlicensed merchants.
  4. Activities Requiring Approval by senior management:
    • Dealing in jewels and precious metals and stones. 
    • Selling stocks, bonds, securities, options, futures or an investment interest in any entity or property. 
    • Collecting donations as a charity or non-profit organization. 
    • Selling alcoholic beverages, non-cigarette tobacco or prescription drugs. 
    • Activities involving gambling, games or any other activity with an entry fee and prize.  
    • Politically exposed Persons (PEP’s) and public figures.
    • Selling Nutrition, Vitamins, Supplements, Herbs, Natural health products based on subscriptions
  5. Updating Merchant Information:
    • The merchant should update their information periodically. When establishing an additional business relationship, due diligence is mandatory if more than a year has passed since the last review of the business activity and supporting documents (ultimate beneficial ownership structure and other).
  6. Age:
    • Services of MP target people aged 18 and above. Only people from ages of 18 and above are permitted to use the services.
    • We do not knowingly engage people younger than the age of 18.


These terms apply in full force and effect to your use of the services and by using any of the services, you expressly accept all terms and conditions contained herein in full and without limitation or qualification.

You must not use any of the services, if you have any objection to any of these terms.