Identity & Verification / AML Policy
This policy explains DaoPay's Identity & Verification / Onboarding PreCheck and anti-money-laundering obligations, their legal basis, and the role of the applicant. Each section below expands with the relevant detail.
Purpose and Legal Basis
As a Licensed Austrian Payment Service Provider, DaoPay is legally required under the Austrian Anti-Money-Laundering Act (FM-GwG) to verify the identity of merchants and business partners before and during the business relationship.
Scope of Checks
For legal-entity customers, our checks include the company registration extract, beneficial-ownership data from the Austrian register (WiEReG), proof of registered address, and identification of directors and beneficial owners.
Applicant's Role and GDPR Interplay
Applicants are expected to supply accurate corporate records, and legal representatives and beneficial owners cooperate with ownership verification. Your data protection rights continue to apply, as set out in our Privacy notice, subject to statutory retention obligations under anti-money-laundering law.
Trust Account and Fund Safeguarding
Client payout funds are held on separate trust and safeguarding accounts, kept distinct from DaoPay's own operational funds, in line with statutory payment-institution safeguarding requirements.
Consequences of Non-Verification
Verification must be completed before a business relationship begins. Failed or incomplete identity checks lead to the onboarding process being discontinued. Suspicious activity is reported to the Austrian Financial Intelligence Unit without delay, as required by law.
Policy Review and Contact
This policy is reviewed periodically to reflect regulatory and operational changes. Questions can be directed to support@daopay.com.