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Dwolla has recently issued clarifications and additions to its standing Terms of Service. These improvements better communicate the processes and expectations of working with Dwolla and our financial partners. In cooperation with our partners and financial service providers, we are currently reviewing Dwolla Merchant Accounts to determine whether activities associated with these Merchant Accounts conform to general parameters of conduct established by our partner and financial service provider, Veridian, as well as our revised Terms of Service.
As provided in Dwolla’s Terms of Service, Dwolla, in accordance with Veridian’s general parameters of conduct, may suspend or otherwise limit access to Merchant Accounts for reasons including, but not limited to, a Dwolla Merchants’s use of the Dwolla System without written consent in association with any online credit or virtual currency system or a determination by Dwolla that there may be a high level of risk associated the User or the transactions in which it is engaged.
In order to assist us in making a determination regarding your Account, Dwolla and Veridian request that you promptly provide the following information within 15 days of today.
1. Please provide a brief description of your business, product, or service.
2. Has your business, product, or service ever been restricted from any payment processing system? If so, please state the reason.
3. Please describe the internal safeguards that your company takes to confirm customer identities, safeguard customer information, and prevent fraud.
4. Please state whether, and to what extent, the following are applicable to your business, and the policies and procedures you follow to conform with applicable requirements. If you believe these requirements do not apply to you, please state the precise reason or exclusion. The Bank Secrecy Act and the Anti-Money Laundering Act
Regulations and requirements of the Office of Foreign Asset Control
Regulations and requirements of the Financial Crimes Enforcement Network
5. Can your product be converted to traditional currency or currency equivalent? If so, please explain.
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