Safeguarding Against Money Laundering & Fraud
Money Laundering and Fraud are unlawful and damaging to our community. BiMaNiA has a number of controls in place to prevent, detect, and address potential fraud and money laundering on our platform .
What is money laundering?
Money laundering is a phrase used to describe the unlawful process of taking money from a criminal activity or source, and using a legitimate source (like buying goods or services, or banking transactions) to make it appear as though that money has come from a legitimate source. The money is considered "dirty", and the process "launders" it to make it look "clean".
Money laundering is not permitted or tolerated on BiMaNiA. We have implemented various tools, policies, and procedures designed to detect and prevent any attempt to use BiMaNiA for this purpose.
What is fraud?
Fraud is a phrase used to describe the unlawful process of obtaining money or some other thing of value by tricking or deceiving someone.
Fraud is not permitted or tolerated on BiMaNiA. We have a number of tools, policies, and procedures designed to detect and prevent any attempt to use BiMaNiA for this purpose.
How does BiMaNiA address the risk of Money Laundering and Fraud on the platform?
As part of our commitment to keeping our community safe, we have a dedicated team which specializes in detecting and preventing attempts to use the BiMaNiA platform for money laundering and fraud. This team uses human judgment as well as our own in-house technology and third-party tools to identify and investigate suspicious behaviors or transactions.
BiMaNiA' employees continuously look for "red flags" which may indicate money laundering or fraud. These can include:
- Multiple payment card attempts with multiple names;
- Fast purchases;
- Payment attempts from flagged IP addresses;
- Transaction attempts from IPs which are the same for the Fan and the Creator;
- Purchases from accounts with similar patterns (e.g., newly created accounts or accounts with bad email domains); and/or,
- Suggestive direct messages (such as send 50%/40% back via third-party payment methods).
Does money laundering or fraud happen often on BiMaNiA?
No. Due to our identity verification process, restrictions on transactions including minimum and maximum pricing, daily limits, and other prevention and detection methods used by BiMaNiA, the incidence of money laundering or fraud on the platform is very rare.
If we determine that someone has violated our policies and procedures, or the law, we can identify that individual and remove and exclude the person from the platform. We can also report illegal behavior to law enforcement, as appropriate.
Does BiMaNiA train their team to recognize fraud and money laundering?
Yes. We make sure the team that is responsible for protecting our platform is trained continually on industry best practices.
What does BiMaNiA do when it suspects fraud or money laundering may be occurring on its platform?
When suspicious activity is detected or reported, we investigate the issue and take all appropriate steps. The relevant account or transaction may be suspended and/or particular content may be removed until our investigation is completed. We also work with law enforcement as needed or required.
How does BiMaNiA work with and/or comply with the sanctions regimes?
BiMaNiA complies with all relevant national and international sanctions regimes. We use third party suppliers to check relevant databases such as Office of Foreign Assets Controls' (OFAC) “Specifically Designated Nationals and Blocked Persons” and the UK Office of Financial Sanctions Implementation (OFSI).
We comply with all legal obligations if we determine a potential user, or someone with or for whom the user is transacting, is on a sanctioned list or is from, or engaging in transactions with a person or entity located in, a sanctioned country or region.
Does BiMaNiA work with law enforcement to prevent fraud or money laundering?
Yes. When we suspect any illegal activity on our platform, including money laundering or fraud, we report it to law enforcement. We also promptly respond to all government and law enforcement requests about potentially illicit accounts or transactions.
