Effective date: 13 September 2026 (draft)
This is the public summary of the Magic Pay anti-money-laundering and customer identification policy. It explains what we check, why, and what we expect from you.
1. Purpose
1.1 Magic Pay complies with the requirements on combating money laundering, terrorist financing and proliferation financing (AML/CFT/CPF), as well as the rules of the card scheme and our licensed issuing partner.
1.2 To meet these requirements we must know who uses our cards and understand the nature of their transactions.
2. Identity verification is mandatory
2.1 A card is issued only after successful identity verification. Verification is mandatory for every user, without exception, and there are no verification levels. It is completed once.
2.2 Verification is carried out by our provider, Sumsub.
2.3 A decision is usually made within about five minutes. In some cases it may take longer, for example when additional checks or documents are required.
2.4 For verification you need:
- a valid identity document: passport, national ID card or driver’s license;
- a selfie confirming that the document belongs to you;
- proof of your residential address;
- to be at least 18 years old.
2.5 We may request additional documents and information, including on the source of funds, where the nature of your transactions or the rules of the issuing partner require it.
2.6 If verification is refused, you will be told the reason and, where possible, given the opportunity to resubmit.
3. Who we do not serve
3.1 We do not open accounts or issue cards to:
- persons residing in, located in or registered in jurisdictions listed in Restricted Countries and Territories;
- persons included on sanctions lists;
- persons who refuse to complete verification or who provide false information.
4. Transaction monitoring
4.1 We and our partners monitor transactions for unusual activity, including activity inconsistent with the user’s profile, structuring of amounts, and transactions involving addresses associated with sanctions, darknet marketplaces, mixers or hacks.
4.2 Based on the results of monitoring we may:
- request explanations and documents;
- suspend transactions or the card until we receive a response;
- restrict or terminate service;
- in cases provided for by law, report to the competent authorities without notifying the user.
5. What is prohibited
5.1 It is prohibited to:
- use the card on behalf of or for the benefit of third parties without disclosing this;
- give third parties access to your account;
- use the card for transactions prohibited by law or by the Fee Schedule (blocked merchant categories);
- top up the card with funds of criminal origin.
6. Data retention
6.1 Verification data is retained for the period required by applicable law — usually not less than 5 years after the end of the relationship — in accordance with the Privacy Policy.
7. KYC/AML for individual exchange transactions
7.1 Agency services for individual exchange transactions involving fiat currencies and virtual assets are subject to the same principles as the card product, taking into account the nature and size of the specific transaction.
7.2 Within the scope of applicable requirements and our internal procedures, we may verify:
- the client’s identity;
- jurisdiction and residency;
- the source and origin of funds;
- ownership of the bank account from which the funds are received;
- ownership of the account or crypto wallet to which the virtual asset is transferred;
- the purpose and economic rationale of the transaction;
- the history and origin of the virtual assets;
- on-chain activity, using blockchain and transaction screening tools.
7.3 Funds are accepted, and virtual assets are transferred, only after the client and the specific transaction have passed the checks provided for in the agreement and our internal procedures. Based on the outcome of these checks, we may request additional documents, suspend the transaction or decline to carry it out.
8. Contact and responsible officer
8.1 Questions about this Policy are submitted to legal@magic.website or through support in the app.
8.2 Officer responsible for AML/CFT compliance: Dimitros Palovski. Contact: legal@magic.website.