TapGo Anti-Money Laundering Policy
To keep transactions on TapGo safe and to prevent money laundering, terrorist financing and other illicit fund activity, we follow this Anti-Money Laundering (AML) policy. It is based on Malaysia's Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, Singapore's anti-money laundering and counter-terrorism financing rules, and other applicable laws. This page is a plain-language summary.
What the policy is for
- Verify user identities and make sure registration information is genuine.
- Confirm that deposited funds come from legitimate sources.
- Detect and block suspicious movements of money.
- Protect TapGo and its users from money laundering, fraud and illegal funds.
The policy applies to all registered users, partners and anyone using our services.
What counts as money laundering
Money laundering includes moving or converting property from criminal activity to hide where it came from; hiding the true nature, source, movement or ownership of such property; receiving, holding or using funds knowing they come from crime; and taking part in, helping or encouraging any of these. It counts even if the underlying crime took place in another country.
Know Your Customer (KYC)
Before a deposit or withdrawal, users must complete identity verification:
- A valid government-issued ID. Such as a passport or national ID, clear and legible, with all four corners visible.
- Proof of address. A utility bill, bank statement or government letter dated within the last 3 months.
- Same-name accounts. Deposit and withdrawal accounts must belong to the same verified user.
High-risk users are reviewed from time to time to keep their information up to date.
Monitoring and suspicious activity
We use three lines of defence: payment providers with AML capabilities, an automated risk-control system that watches for unusual transactions, and manual review by our Anti-Money Laundering Compliance Officer, with funds frozen where needed. Signs we look for include money moved in and out without real spending, funds returned to their source within a short time, no box purchases, several accounts linked to the same withdrawal account, repeated use of different bank cards, frequent deposits and withdrawals in a short period, and only a small share of deposits being spent.
If we detect suspicious activity, we may freeze funds and ask for proof of where they came from. Legitimate funds are released. If the source is unclear or the user will not cooperate, we may freeze the account and report it to the authorities.
Records and training
Identity verification and transaction records are kept for at least 7 years and may be inspected by the authorities. Our staff receive regular AML training, and the Compliance Officer reviews how the measures are working every quarter. Any attempt to use TapGo for illegal financial activity can lead to account suspension, seizure of funds and referral to law enforcement.
Frequently asked questions
Why do I need to verify my identity?
To confirm who you are and keep the platform safe, before any deposit or withdrawal.
Can I withdraw to someone else's account?
No. Deposit and withdrawal accounts must belong to the same verified user.
How long do you keep my records?
Identity verification and transaction records are kept for at least 7 years.
What happens if my transaction is flagged?
We may review it, ask for proof of where the funds came from, and freeze funds while we do. Legitimate funds are released.