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What is Sellix Anti-Money Laundering?
What is Sellix Anti-Money Laundering?

A detailed help article outlining our screening and monitoring system for cryptocurrency transactions on Sellix

Daniele avatar
Written by Daniele
Updated over a week ago

Sellix Anti-Money Laundering

With upcoming regulations tied to cryptocurrency payments across the European Union and the United Kingdom, we best believed it fit to launch updates to support compliance for digital businesses.

We launched an integrated anti-money laundering system to detect, block, and take action on payments to comply with jurisdictional directives and block fraudulent actors.

Here's a quick overview of our anti-money laundering system:

  • Cryptocurrency transactions are flagged on a wallet basis with a score of 0-100.

  • If a wallet scores between a fraudulent range of 90-100, payments are blocked pending action by the business. Businesses will then be given the power to approve or deny the charge.

  • Transactions are classified based on origin (i.e. source, type, value, historical data, and more). Information is then clustered into a single dashboard for intelligent access by your team.

Payments are regularly monitored for sanctioned individuals/addresses, asset seizures, and criminal organizations.
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Businesses and individuals can set up monitoring to receive information from flagged transactions and prevent action by law enforcement here: https://dashboard.sellix.io/settings/shop/crypto.

Frequently Asked Questions

What happens if a customer sends me funds from a sanctioned address?

If your customer sends a payment from a sanctioned address to fraudulently take down your business (i.e. sends $1 to block all future payments) - don't worry. Our system screens transactions with a percent-based structure that doesn't take into account individual value-based payments.

What happens if a suspicious payment is flagged?

For payments that have been flagged with an "AWAITING_SHOP_ACTION" notice, businesses will then have to a) approve the payment and complete the delivery or b) decline the payment, refund the payment, and block delivery of the product.

If you approve the payment, the transaction will continue to flow as normal. If you decline the payment, the customer will be notified with the option of reversing the funds being placed on the business.

Will Sellix Anti-Money Laundering be enforced by 2024?

Due to regulatory changes across the European Union and the United Kingdom, businesses based in these countries may be required to screen cryptocurrency transactions to be in compliance with Mica regulations that are set to be in effect by June 2024.

Transaction screening will be disabled by default, as businesses will be required to opt-in to begin screening and billing for transactions.

For businesses based outside of the European Union and the United Kingdom, you will not be required to screen transactions. For businesses based in the European Union and the United Kingdom, Sellix will not require your business to be in compliance.

Is Sellix Anti-Money Laundering supported for fiat payments?

When you sign up to accept debit/credit card payments on platforms like Stripe or PayPal, you undergo a standard verification process. These third-party platforms take on the risk of protecting your payments from sanctioned individuals and countries.

Who is Sellix Anti-Money Laundering geared towards?

We believe it's best for businesses that have the interest to protect their transactions from bad actors and businesses that primarily deal with or otherwise sell physical products.

What are the fees for Sellix Anti-Money Laundering?

Sellix charges a flat $0.50 per screened transaction and wallet. Data tied to each transaction and wallet can always be accessed via the Sellix dashboard in the future whenever required.

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