Anti-Money Laundering in eCommerce

How the right payments partner can protect your business

In the ever-expanding world of eCommerce, choosing the right payments partner is a decision that can make or break your business. While many factors come into play, one aspect that deserves your utmost attention is their commitment to anti-money laundering (AML) measures. AML is essential when selecting a payments partner as it can safeguard not only your business but also your reputation.

What is Money laundering in the digital economy?

In the context of e-commerce, money laundering refers to the unlawful practice of disguising the source of illegally obtained funds by integrating them into legitimate online transactions. Criminals exploit the vast and fast-paced nature of online retail to hide their ill-gotten gains. E-commerce money laundering can involve fraudulent transactions, the use of stolen financial information, or manipulation of online payment processes to legitimize criminal proceeds.

Protecting Your Business and Financial Transactions

Money laundering is a threat to businesses of all sizes. Criminals use complex tactics to legitimize their funds, and without robust AML processes, payment service providers can unwittingly become involved in illegal activities. As a merchant, this could put your business at risk, with potential far-reaching consequences.

By partnering with a payment service provider that prioritizes AML measures, you can shield your business from these risks. Such providers employ robust systems to detect and prevent money laundering attempts, ensuring that your transactions are conducted on a solid, ethical foundation.

Maintaining Legal Compliance

The regulatory landscape surrounding payments is intricate and ever-evolving. Each country has its own set of AML regulations designed to combat money laundering and the financing of terrorism. Failure to comply with these regulations can result in hefty fines, legal actions, and a tarnished reputation.

It is also important to note, that each country has its own financial market authority, and whenever the exchange of money for goods and services is involved, companies and providers will be under observation.

An AML-focused payment service provider ensures that your business stays in compliance with these laws. They have the expertise to navigate the complex regulatory landscape, conducting customer due diligence and reporting suspicious activities as required, thus keeping your business on the right side of the law.

Safeguard Your Reputation

As a merchant, your reputation is one of your most valuable assets. Customers trust you to handle their payments securely and ethically. Any association with money laundering activities can erode this trust, leading to a loss of customers and business partners.

Strong Know You Customer (KYC) processes both during the onboarding phase and throughout the customer relationship are essential. Neglecting them can attract illicit actors and harm the provider’s reputation and regulatory standing. Payment Institutions play a pivotal role in transferring funds between various entities, it is essential to ensure that none of these entities are sanctioned, nor have sanctioned ultimate beneficial owners. To achieve this, scalable customer-monitoring, transaction-monitoring, and screening programs need to be implemented.

Choose a payments partner with strong KYC measures as this signals a clear commitment to helping you maintain a clean and trustworthy image.

Mitigate Financial Risks

Money laundering isn’t just a legal and reputational risk; it’s a financial one too. Payment service providers face the risk of unwittingly facilitating criminal activities, which can lead to financial losses, fines, and legal battles.

By partnering with a payment service provider that implements AML measures, you can identify and mitigate these risks. They closely monitor transactions, conduct risk assessments, and report suspicious activities, proactively safeguarding your financial interests. According to Juniper Research, it is estimated that between 2023 and 2027, online payment fraud will cause global merchant losses that will surpass $343 billion in total.

A Safer Global Economy

Money laundering is a global issue that transcends borders. Criminal organizations operate internationally, making it essential for payment service providers to collaborate with law enforcement agencies and financial institutions worldwide.

Effective AML measures enable payment service providers to detect and report suspicious activities, contributing valuable intelligence to global efforts to combat money laundering and financial crime. Your partnership with such a provider indirectly supports these global initiatives, promoting a safer and more secure global economy.

Anti-money laundering measures are not just regulatory hoops for payment service providers to jump through; they are a fundamental pillar of financial integrity. The importance of these measures cannot be overstated. By protecting your business, ensuring legal compliance, safeguarding your reputation, mitigating financial risks, and contributing to a safer global economy. Partnering with an AML-focused payments provider is a strategic move that benefits not only your bottom line but also the trust and

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Personal Data Policy Table of Contents for the Career Portal

1. General information

The DIMOCO Careers Portal is a platform that is designed to centralize and manage job applications made by applicants for positons within DIMOCO, and is operated by DIMOCO Payments GmbH, a company incorporated under 199901 y of the company register of the Regional Court of Wiener Neustadt, Austria, having its registered offices at Campus 21, Europaring F15/302, A-2345 Brunn am Gebirge, Austria. As such, DIMOCO Payments GmbH is to be seen as being the controller of the data.

For the purposes of this Policy:

  • any reference to “You” or “Your” shall mean the job applicant.
  • any reference to “DIMOCO” , “We” , “Us” or “Our” shall mean the entities of the DIMOCO group of companies, in particular, but not limited to:
  • DIMOCO Payments GmbH
  • DINAPE Solutions GmbH

2. What Data Will Be Processed?

During the application process, We will store and process the relevant information (including personal data) provided by You in Your application to DIMOCO, including particularly, but not necessarily limited to, Your gender, academic title, first name, surname, date of birth, address, citizenship, phone number, e-mail address and possession of a valid work permit in Austria as well as other data included in documents You chose to upload to the DIMOCO Careers Portal, such as CVs or recommendation letters, etc. We do not at any stage of the application process request that You provide Us with any sensitive personal data (e.g. information on racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership, genetic or biometric data, as well as data concerning a natural person’s sex life or sexual orientation). Should You, however, proactively disclose any sensitive personal data to Us in Your application (e.g. in Your curriculum vitae), please be advised that We will consider this as You giving Us Your express consent to store and process such data in accordance with this Policy and applicable laws.

3. What is the Purpose of the Data Processing?

We process the data made available by You for the sole purpose of carrying out the application process, and in particular to assess Your application and contact You in connection with Your job application, and if applicable, future job openings at DIMOCO (the “Purpose”).

4. How the Data Will Be Processed?

The data You provide Us will be kept confidential and will be processed with due care, appropriately and in a way adequate and relevant to the Purpose expressly stated in this Policy. The data will be processed in compliance with applicable laws, in particular the General Data Protection Regulation (GDPR) of the EU as well as with the relevant provisions of the Austrian national law. The confidentiality and security of Your data is secured by appropriate technological and organizational means.

 

Each time You access the website of the DIMOCO group of companies (and by extension the DIMOCO Careers Portal), a so-called log file that records Your activity on the DIMOCO website will be created. This log file can collect information on the name of the webpage(s) You accessed, the date and time of Your request, the type and version of Your browser, Your operating system, the URL-address that directed You to the DIMOCO website and Your IP address. We use these files in order to protect the DIMOCO website against unlawful and criminal attacks. Furthermore, may We use these files to gather statistical data in order to optimize functionality of the DIMOCO website. The information gathered by the log-files is not at any point used in a way that could allow an identification of specific users.

 

The website of the DIMOCO group of companies (and by extension the DIMOCO Careers Portal) also uses small text files (cookies) that enable the storage of device-specific information on the system on Your PC, laptop, tablet, mobile phone, etc. Cookies do not cause any damage to Your device and do not contain or store any personal data (e.g. name, e-mail, phone number, etc.). Some cookies are saved on Your device and stay there until manually deleted. The cookies are used in order to recognize Your browser next time You visit the DIMOCO website as well as to optimize its functionality.

 

Please note that You can change the preference of Your browser at any time, such that You are informed in case that cookies are being used and have the possibility to allow the use thereof on a case-to-case basis. Please be advised that the deactivation of cookies could limit the functionality of the DIMOCO website.

5. Who Has Access to Your Data

No personal data You provide Us will be made available or transmitted to any third party without Your express permission. Access to the data provided by You will only be granted to authorized personnel of DIMOCO, particularly the HR department of DIMOCO Payments GmbH and the relevant DIMOCO managers responsible for the particular job vacancy You have applied and/or are being considered for.

6. The legal basis of processing and Your Permission and Rights

The processing of Your data for the Purpose is based on Your voluntary permission given expressly in the application process (Article 6 para 1 lit a GDPR). We are not permitted to and shall not process any of Your personal data without Your consent.

 

Even though the provision of certain information in the application process is stated as being “mandatory”, please note that You are by no means under any legal obligation to disclose such information to Us. Please be advised, however, that the non-provision of the information stated as being “mandatory” could have the result that We will not be able to consider or process Your application.

 

We are required to keep Your personal data for a period of 6 (six) months following the end of the application process. All of Your personal data will be erased automatically thereafter, unless You gave Us the right to store and process Your personal data for a period of up to 1 (one) year so that You can be considered for future job opportunities at DIMOCO. In this latter case, all Your personal data will be automatically erased after the lapse of the 1 (one) year period.

 

You should know that You have the following rights with respect to the information (including personal data) that You provide Us:

 

  • You have the right to limit or withdraw the consent You gave Us to process Your data and/or request the deletion thereof. If You should choose to limit the consent You originally gave Us, then We will act in accordance with Your instructions. If, however, You should choose to withdraw Your consent entirely, We will cease to process Your data immediately and will delete Your data accordingly. Please be advised that the limitation/withdrawal of Your consent or the request for the deletion thereof may automatically suspend any application process that has already started.

 

  • You have the right to request Us to inform You about the personal data We have stored about You.

 

  • You have the right to request Us to amend any incorrect data that We have stored about You.

 

  • You have the right to data portability, which means that upon request, We will transfer Your data to a third party that You nominate.

 

  • You have the right to lodge a complaint to the Austrian Data Protection Authority (Datenschutzbehörde) in the event that You are of the opinion that a breach of data security has occurred.

 

You can exercise the aforementioned rights at any time.

 

If You have any questions about Our data security or Your application, please do not hesitate to contact Us:

 

DIMOCO Payments GmbH

DIMOCO Human Resources Department

Campus 21, Europaring F15/302

2345 Brunn am Gebirge, Austria

E-mail: careers@dimoco.eu

Telephone: +43 1 33 66 888 – 0