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As a responsible fintech platform, JAMSFINTECH is committed to preventing money laundering and ensuring that our services are not misused for illicit activities. This Anti-Money Laundering (AML) Policy outlines our approach to detecting, preventing, and reporting suspicious financial activities in line with the global standards and applicable regulations set forth by the Financial Action Task Force (FATF), Reserve Bank of India (RBI), and other regulatory authorities.
The purpose of this policy is to provide a clear framework for preventing the use of JAMSFINTECH's financial services for money laundering, terrorist financing, or other illegal activities. This policy ensures that our platform meets the legal and regulatory requirements concerning anti-money laundering, while also safeguarding the integrity and security of the financial system.
In compliance with AML laws and regulations, JAMSFINTECH undertakes the following obligations:
Know Your Customer (KYC): As part of our commitment to AML, JAMSFINTECH adheres to strict KYC guidelines to verify the identity and background of our customers before providing services.
Risk Assessment: We conduct periodic risk assessments to evaluate the potential risk of money laundering for our customers and their transactions.
Ongoing Monitoring: We actively monitor customer transactions to detect unusual or suspicious activities, ensuring that we can take timely action if necessary.
Record Keeping: JAMSFINTECH keeps detailed records of all transactions and customer details, in compliance with legal requirements. These records are stored securely and are available for review by authorized regulatory bodies.
Reporting Suspicious Activities: We promptly report suspicious transactions or activities to the relevant authorities, as required by law.
JAMSFINTECH employs a comprehensive Customer Due Diligence (CDD) process as part of our AML strategy. This includes verifying the identity of customers, understanding the nature and purpose of the customer relationship, and ensuring the legitimacy of transactions. Our CDD process involves:
Identity Verification: Collecting and verifying government-issued identification, proof of address, and other personal information.
Enhanced Due Diligence (EDD): In cases where there is higher risk (e.g., politically exposed persons), we conduct Enhanced Due Diligence to further assess potential risks.
Risk Profiling: Assessing each customer based on their risk profile, including factors such as geography, occupation, transaction behavior, and more.
Failed Transactions: If the transaction failed on our end, we will process the refund automatically and notify you of the reversal.
Our platform employs sophisticated transaction monitoring systems that allow us to identify unusual or suspicious activities in real-time. These systems are designed to flag potentially suspicious transactions, such as:
Any transactions that meet the threshold for suspicion will be subject to further investigation, and, if necessary, reported to the relevant authorities.
JAMSFINTECH has a dedicated process for reporting suspicious transactions to the relevant authorities. We are required by law to report such transactions to the Financial Intelligence Unit (FIU) and other designated agencies, following the guidelines established by the RBI and other regulatory bodies. Suspicious activities may include:
JAMSFINTECH maintains records of all customer transactions and identification details for a minimum period of five years, as required by law. These records will be readily available for inspection by authorized regulators and law enforcement agencies. Our record-keeping system ensures the integrity and availability of transaction data for future audits and investigations.
JAMSFINTECH ensures that all employees are trained in anti-money laundering procedures and are made aware of their role in identifying and reporting suspicious activities. Training includes:
Failure to comply with AML regulations can result in significant legal and financial consequences, both for the platform and its employees. Non-compliance may lead to penalties, fines, and even legal action against individuals involved in the violation of AML laws.
JAMSFINTECH is committed to ensuring strict adherence to AML regulations, and we take any violations seriously. In case of non-compliance, appropriate disciplinary actions will be taken, and the platform may suspend or terminate accounts involved in illegal activities.
The fight against money laundering and terrorist financing is an ongoing challenge. JAMSFINTECH is committed to maintaining the highest standards of integrity and compliance in all our financial operations. By adhering to the guidelines outlined in this policy, we aim to create a secure and transparent environment for our customers, and we continue to evolve our systems to meet the highest industry standards.
For any queries regarding these Terms and Conditions, please contact:
Email: support@JAMSFINTECH.COM
Phone: +91-1234567890