AML KYC Policy

Hashcash Consultants LLC, referred to as “Company”, which term shall refer to and include its owners, directors, investors, employees or other related parties.

While the Company has other products and services under separate terms and conditions not intersecting the ones here, this agreement includes the terms of use of the mobile application referred herein as "PayBito".

Persons availing of the PayBito Services, directly or indirectly, are referred to herein, as “Users”.

This is an agreement between PayBito and User, which is binding and requires mandatory compliance by User. Integrity, honesty and ethical business practices are some of the core values for PayBito. PayBito strongly condemns any and all activities related to money laundering and such other illegal actions. In order to prevent misuse of the PayBito Services, Users are required to strictly comply with the terms contained herein, which forms part and parcel of the User Terms of Service. Terms not defined herein shall carry the same interpretation, as in the User Agreement and in the absence thereof to general usage and parlance.

Users are required to read, review, understand and then agree to the terms hereunder for using or availing of the PayBito Services, before clicking the “I Accept” option.

This Anti-Money Laundering Policy (herein after referred to as the “AML Policy”) supersedes and replaces any and all prior oral or written understandings or agreements between PayBito and the User with respect to the AML Policy.

DEFINITIONS

All terms defined in the Terms of Service and the Privacy Policy will carry the same meaning, force and effect in this AML Policy.

(A) “Applicable Law” means the law in force for the time being within the territory of United States of America;

(B) “Suspicious Transaction” means a transaction, whether or not made in cash which, to a person acting in good faith:

  • i. give rise to a reasonable ground of suspicion that it may involve proceeds of an offense specified in the Schedule to the Act, regardless of the value involved; or
  • ii. appears to be made in circumstances of unusual or unjustified complexity; or
  • iii. appears to have no economic rationale or bona fide purpose; or
  • iv. gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism;

Explanation— Transaction involving financing of the activities relating to terrorism includes transaction involving funds suspected to be linked or related to, or to be used for terrorism, terrorist acts or by a terrorist, terrorist organization or those who finance or are attempting to finance terrorism

MAINTENANCE OF RECORDS

(A) PayBito shall maintain a record of the following:

  • i. Details pertaining to User Transactions, including but not limited to:
    • a. the nature of the transactions;
    • b. the amount of the transaction and the currency in which it was denominated;
    • c. the date on which the transaction was conducted; and
    • d. the parties to the transaction.
  • ii. All suspicious transactions by way of deposits and credits, withdrawals into or from any accounts in whatsoever name they are referred to in any currency maintained by way of:
    • 1. checks including third party checks, pay orders, demand drafts, or any other instrument of payment of money including electronic receipts or credits and electronic payments or debits, or
    • 2. any other mode in whatsoever name it is referred to;
  • iii. credits or debits into or from any non-monetary accounts such as security account in any currency maintained by PayBito;
  • iv. money transfer or remittances in favor of own Users or non-Users from United States or abroad and to third party beneficiaries in US or abroad including transactions on its own account in any currency by any of the following:
    • a. demand drafts, or
    • b. telegraphic or wire transfers or electronic remittances or transfers, or
    • c. internet transfers, or
    • d. Automated Clearing House remittances, or
    • e. any other mode of money transfer by whatsoever name it is called;
  • v. letters of credit, standby letters of credit, guarantees, comfort letters, solvency certificates and any other instrument for settlement and/or credit support; (Client to Confirm if this should be retained.)
  • vi. collection services in any currency by way of the collection of bills, cheques, instruments or any other mode of collection in whatsoever name it is referred to. (Client to Confirm if this should be retained.)

PROCEDURE AND MANNER OF MAINTAINING INFORMATION

(A) PayBito will maintain hard and soft copies of the above-mentioned records of Transactions in accordance with the procedure and manner, as may be specified under applicable laws or regulations, from time to time.

(B) In addition to the above, PayBito shall maintain records of transactions, as per its prevailing processes.

DISCLOSURE OF RECORDS

(A) PayBito may be required and / or directed to cooperate and aid the government and / or law enforcement authorities, police, investigating agencies, or Courts within the territory of United States or from outside the said territory.

(B) In such cases, subject to applicable laws with respect to data protection, PayBito shall be entitled to disclose any information about the User that is in its possession or control, including to government or law enforcement officials, police, investigating agencies and Courts within the territory of United States.

(C) In particular, PayBito shall be entitled to initiate processes and disclosures, including but not limited to the following circumstances:

  • i. information pertaining to or in pursuance of claims and legal process (such as summons / warrants);
  • ii. to protect PayBito’s property, rights, and safety and the property, rights, and safety of a third party or the public in general;
  • iii. to identify and stop any activity that PayBito considers illegal, unethical, or legally actionable.

VERIFICATION PROCESS FOR USERS

(A) Every User is compulsorily required to submit at the time of opening an account, documents and details as set out in this policy. PayBito is required to identify the said User based on the said documentation whenever an account is opened by a User.

(B) PayBito shall determine the identity of the User and shall take all reasonable steps to verify Users identity.

(C) Where the User is an individual, the User shall submit one copy of an officially valid document containing details of his/her permanent address or addresses, current address or addresses, and one copy of his/her recent photograph and such other documents including in respect of the nature of business and financial status of the client as may be required.

(D) Where the User is a company, it shall submit to PayBito the following: (i) Certificate of incorporation; (ii) Memorandum and Articles of Association; (iii) a resolution from the Board of Directors for trading in bitcoins; and other documents as may be requested.

(E) Where the User is a partnership firm, it shall submit to PayBito one certified copy of the following documents: (i) registration certificate; (ii) partnership deed; and (iii) authorization letter for trading in bitcoins; and other documents as may be requested.

(F) Where the User is a juridical person, PayBito shall verify that any person purporting to act on behalf of such User is so authorized and shall verify the identity of that person.

(G) PayBito shall exercise ongoing due diligence with respect to the business relationship with every User and closely examine the transactions in order to ensure that they are consistent with their knowledge of the User, his business and risk profile and where necessary, the source of funds.

(H) In the event that it is brought to the attention of PayBito, that a particular User or account is maintained under a fictitious name, PayBito has the full right and authority to terminate and close such an account with immediate effect and without prior notice to the User.

(I) If PayBito doubts the adequacy or veracity of previously obtained customer identification data, PayBito shall review the due diligence measures including verifying again the identity of the User and obtaining information on the purpose and intended nature of the business relationship, as the case may be.

OBLIGATION ON THE PART OF THE USER

The User hereby agrees and undertakes to not indulge, assist, abet and encourage in any manner whatsoever, in any activity involving money laundering or financing of any illegal or unlawful activities.

RETENTION OF RECORDS

PayBito shall maintain such records of the identity of Users in hard and soft copies in a manner, as may be specified under applicable laws or regulations, from time to time, and in the absence thereof, from the date of cessation of the transactions between the User and PayBito for a period of

  • i. Ten years for ordinary transactions and
  • ii. Twelve years in case of suspicious transaction

NOTICES

(A) Any notice or other communication provided for in this Agreement shall be sent only through electronic mail. User hereby agrees to receive electronic or any other form of communication and notifications from PayBito. Email messages sent over the Internet are not always secure and PayBito is not responsible or liable for non-receipt of such communication by User. Once the email is dispatched by PayBito, it shall be deemed to have been served on the User. PayBito shall be deemed to have received communications from the User only upon actual receipt into the Inbox of the account of the person to whom such communication is addressed and acknowledged. PayBito shall not be liable or responsible for non-receipt of communications or for any damages incurred by the result of sending email messages over the Internet.

(B) All communications to PayBito shall be done by contact form at paybito.com. PayBito shall ensure that any change or modification to the same is uploaded on the PayBito Website.

(C) All communications to User shall be at the electronic mail address provided by User, as part of the KYC norms. User shall ensure that any change in the electronic mail address or communication option is duly intimated to PayBito.

SUCCESSORS

This Agreement shall bind and inure to the benefit of the parties, and their respective successors and permitted assigns.

SEVERABILITY

(A)The invalidity or unenforceability of any provision of this Agreement shall not in any way affect, impair or render unenforceable this Agreement or any other provision contained herein, which shall remain in full force and effect.

(B)This Agreement shall be considered divisible as to such provision, which is deemed to be invalid or unenforceable and the remainder of this Agreement shall be enforceable and binding on the Parties.

WAIVER

No provision of this Agreement may be waived or changed except by a writing signed by the party against whom such waiver is sought to be enforced. The failure or omission by either party at any time to enforce or require strict or timely compliance to any provision of this Agreement shall not affect or impair that provision or any other provision in any way or the rights of such party hereof, to avail itself of the remedies it may have in respect of any subsequent breach of that or any other provision.

RECITALS

The Recitals, Schedules and Annexures in this Agreement shall form part of this Agreement and the contents thereof shall be read into this Agreement. Headings are for the purpose of easy reference and shall not affect the meaning or interpretation of this Agreement.

ENTIRETY

This Agreement, and the other agreements contemplated hereby, constitute the entire agreement.

PRINCIPAL OFFICER / COMPLIANCE OFFICER

PayBito shall appoint a Principal Officer / Compliance Officer, along with setting up a Compliance Team, who shall be responsible for ensuring compliance, monitoring transactions, and sharing and reporting information as required under the law/regulations.

MODIFICATIONS

(A) These terms may be periodically reviewed and revised. The revised draft will be uploaded on the PayBito Website and will reflect the modified date of the terms. The User is required to periodically visit the website and review terms and any changes thereto.

(B) Continued use of the PayBito Services constitutes the agreement of User to the terms contained herein and any amendments thereto.

(C) This agreement or the responsibilities or benefits arising therefrom cannot be assigned by User save and except with the prior written consent of PayBito.

MISCELLANEOUS

All other provisions of the PayBito Terms of Service shall be read into this policy and shall form part hereof, including Governing Laws and Jurisdiction, notices, severability, assignment and such or other provisions.

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