As attorneys Paymaster, we act as a neutral third party, in any transaction between two individuals, entities or businesses. As a paymaster, we receive funds from a buyer into an escrow account, maintain the account, then disburse those funds to the seller, per the instructions spelled out in a Sales and Purchase Agreement (SPA) or Services Agreement. 

As an Attorney paymaster we must follow strict and specific rules to participate in these transactions, so you will need to be ready to comply with requests related to your business activities.

The most important thing that we will need to do in advance of any transaction is learn more about you, your business and your transactions. In the industry, it’s referred to as “Know Your Customer (KYC)” and “Customer Due Diligence” (CDD).

Both these activities are required to comply with Anti-Money Laundering/Countering the Financing of Terrorism (AML-CFT) laws and regulations and will be part of the process no matter what industry you work in or what type of transaction you are planning.

Placing the funds in escrow with a neutral and trustworthy third party reduces the risk to both buyers and sellers in these transactions. It assures the seller that sufficient funds are available for payment, and it allows the buyer to receive title to the goods in question.