Anti-Money Laundering & Anti-Terrorist Financing Statement

SavPay (9499-8390 Québec Inc.) is a registered ISO of Moneris Solutions Corporation, an authorized agent of Fiserv Canada Ltd. (Clover) and Nuvei Corporation, and an authorized Square reseller. We introduce merchants to these processing partners and help them apply, set up and manage their accounts.

Our processing partners maintain their own AML/ATF compliance programs under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), its regulations and card-network rules. As their sales partner, SavPay follows their onboarding, monitoring and escalation requirements and has its own internal controls to support them.

Before a merchant account is opened, we collect and verify — following the processor’s requirements — information such as:

• Business identity: legal name, operating name, registration (for example the Québec enterprise number), address, website and how the business sells.
• People: identity of owners, directors and signing officers, using valid government-issued photo ID or other methods accepted by the processor.
• Beneficial ownership: the individuals who ultimately own or control the business — typically anyone holding 25% or more — and the ownership and control structure.
• Nature of the business: products and services, expected volumes, average transaction size and how goods or services are delivered.
• Other checks the processor requires, such as determining whether an owner is a politically exposed person.

We ask merchants to tell us when their ownership, business activity or contact details change, so their file stays current.

Applicants and their owners are screened, through our partners’ processes, against Canadian sanctions and terrorist-listing regimes — including lists under the Special Economic Measures Act, the Justice for Victims of Corrupt Foreign Officials Act and the Criminal Code. A match or potential match is escalated to the processor and the application does not proceed until it is resolved.

• Each application is assessed according to the risk of its industry, products, geography, sales channels and ownership.
• Higher-risk businesses receive enhanced due diligence — for example additional documents, processing history or a closer look at how funds flow.
• Businesses that are prohibited by the processor, the card networks or the law are not submitted.
• We may decline to submit an application, or ask for more information, whenever something does not add up.

Processors monitor transactions on their systems. SavPay supports that monitoring through its relationship with each merchant — for example when a merchant’s activity no longer matches the business they described, volumes change sharply without explanation, or we receive information that raises concern.

• Unusual or potentially suspicious activity is escalated promptly to the processing partner’s risk or compliance team, with the information we hold.
• The processor assesses the situation and, where required under the PCMLTFA, reports to FINTRAC.
• We cooperate fully with our partners’ reviews and with lawful requests from authorities.
• We do not disclose to a merchant that a concern has been escalated where doing so could prejudice an investigation.

We keep merchant onboarding and verification records securely for the duration of the relationship and for at least five years after it ends, and make them available to our processing partners on request. These records are protected as described in our Privacy Policy.

• Everyone at SavPay who works with merchant applications is trained on AML/ATF awareness and on our partners’ requirements when they start, and refreshed periodically.
• A designated person at SavPay oversees these controls and is the contact point for our partners’ compliance teams.
• We review our procedures regularly and whenever partner requirements or the law change.

Identity and ownership checks can feel like paperwork, but they protect your business, your customers and the payment system. Having your documents ready — photo ID for each owner and signing officer, business registration and a void cheque or bank letter — is the fastest way through approval. If a request is unclear, ask us: we will explain why it is needed.

To ask about this statement, or to report a concern about a merchant or a transaction, write to support@savpay.ca with “AML” in the subject line, or call +1 (514) 863-6540. Concerns about a processor’s own systems are routed to the right Moneris, Fiserv, Nuvei or Square team.