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The Reserve Bank of India (RBI) has set comprehensive guidelines regarding Know Your Customer (KYC) for financial institutions and platforms. These guidelines are designed to ensure that financial services are not misused for fraudulent activities, such as money laundering, terrorist financing, or identity theft. As a fintech platform, JAMSFINTECH strictly adheres to these KYC norms to maintain transparency, security, and integrity in all our transactions.
The main objective of KYC is to verify the identity of individuals using the JAMSFINTECH platform to prevent financial crimes. By following the RBI KYC guidelines, we aim to build a safe financial environment by verifying customer identities before they engage in transactions or services.
To comply with RBI regulations, JAMSFINTECH requires all users to undergo KYC verification. The KYC process helps ensure that all users are who they say they are, and it allows us to prevent fraudulent or illicit activities. The KYC process includes the following steps:
Identity Verification: Users must provide valid identification documents such as a passport, voter ID, Aadhar card, or driver’s license to prove their identity.
Address Verification: Users need to submit proof of their address, such as utility bills, bank statements, or government-issued documents. This helps confirm the user's residential address.
Photograph: A recent photograph of the user will be collected for further identification verification.
Additional Information: Depending on the type of account or service being used, additional documentation may be required, including proof of income or business-related documents for corporate accounts
The KYC process on JAMSFINTECH is straightforward and consists of the following stages:
Registration: The user registers on the JAMSFINTECH platform by providing basic information such as name, email, phone number, and account type (individual or business).
Document Submission: The user uploads scanned copies or images of identity and address proofs as per the requirements listed above.
Verification: Once the documents are submitted, our system verifies their authenticity through automated and manual checks. This may take 1-3 business days.
Approval or Rejection: After verification, the user will either be approved for full account functionality or asked to provide additional documentation in case of discrepancies.
There are two main types of KYC processes for customers:
Basic KYC: This applies to users who are only accessing basic features of the platform (e.g., transaction limits below a certain threshold). Basic KYC requires submission of government-issued identification and address proof.
Full KYC: This applies to users who wish to access higher transaction limits and more complex services on the platform. Full KYC requires additional verification steps, including in-person verification (IPV) or video KYC and submission of detailed financial documents.
To maintain compliance with RBI regulations, we continuously monitor user accounts for any suspicious or unusual activity. This includes checking for:
Risky Behavior: Accounts exhibiting behaviors commonly associated with fraud, money laundering, or other illegal activities will be flagged for additional scrutiny.
We prioritize the protection of your personal data during the KYC process. All information submitted for KYC purposes is encrypted and securely stored in compliance with the Data Privacy Laws of India. JAMSFINTECH employs industry-standard security measures, including data encryption, multi-factor authentication, and secure access controls, to ensure your data is safe from unauthorized access.
Failure to complete the KYC process will result in limited access to the services on JAMSFINTECH. Specifically, the following actions may be taken:
KYC is a critical step in ensuring a secure and transparent environment on the JAMSFINTECH platform. By adhering to these guidelines, we aim to foster trust, compliance with regulatory standards, and provide our users with a secure environment to perform financial transactions.
For any queries regarding these Terms and Conditions, please contact:
Email: support@JAMSFINTECH.COM
Phone: +91-1234567890
Address: NOIDA