PAYMASTER SERVICES
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We offer Paymaster Services for qualified individuals or companies who need secure operations for the payment/disbursement of their consulting fees and commissions.
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Our Paymaster Accounts are in the top three banks in the United States.
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We comply with OFAC and other U.S. Federal regulations.
Paymaster Services are commonly used for transactions involving goods, products or commodities, which typically involve large sums of money. Therefore, our services are used to facilitate the payments and disbursement of funds. Additionally, the use of DDN INTERNATIONAL Paymaster Services can also be one of the most effective means for intermediaries to insure they receive the fees, compensation or commissions which have been contractually agreed upon between the parties. The use of Paymaster Services is crucial to enforce payment of commissions, and it is the safest way to protect compensation in lieu of having a fee agreement between the parties alone.
The Paymaster is not party to the transaction, and usually does not know the exact time that it will close. Part of our responsibilities as a Paymaster, is to check periodically our Paymaster Accounts to ensure that the payment has been transferred in, then to disburse the funds as per the directions given. The Paymaster is not allowed to disclose the identities of the parties to the transaction.
IMPORTANT NOTICE
To assist the U.S. government in the fight against financial criminal activity, Federal regulation requires certain financial institutions, and Paymasters to secure, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be used to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes. This, in turn, protects all parties and entities involved in assuring the transaction not fraudulent or illegitimate. As such, the following are the documents or proof required for all parties, individuals, and/or companies to submit in order to our firm to effectively and efficiently provide the Paymaster Services:
1) A copy of valid driver’s license and/or passport; 2) Complete IRS form W-9 for U.S. citizens or companies involved; 3) Completed IRS form W-8BEN for foreign individuals or companies involved; 4) Copy of all transactional documents, including payment agreements; and 5) Other forms related to a thorough “Know Your Client” (KYC) due diligence process.