ARTHBIT PRIVATE LIMITED, (COMPANY) incorporated under the laws of India “Bharat” in MCA with Company CIN No.- U62099DL2023PTC412878 having its registered office address at:(178/4, Patparganj Village, Delhi-110091) which owns and operates the ‘ArthBit’ ("ArthBit Platform"), hereinafter referred to as ‘ArthBit’ or “Company,” which term shall refer to and include its owners, its subsidiaries and affiliated companies, directors, investors, employees, officers, representatives, affiliates, or other related parties.
The terms "We", "Our", "Company" and "Us" refer to the Company, and the terms "User", "You" and "Your" refer to a User of ArthBit Platforms.
This is an agreement between ArthBit and the User, which is binding on the User. All Users are required to always comply with the terms of this agreement, and any instance of non-compliance will result in the termination of such user’s accounts on ArthBit platform, and in appropriate reporting of the circumstances of such non-compliance and such termination to the relevant statutory authorities.
Money laundering is criminalized primarily by means of the Prevention of Money Laundering Act, 2002 and rules framed under.The provisions of this Act are effective from July 1, 2005 .
The Government of India “Bharat” had notified on July 1, 2005, the rules under Prevention of Money Laundering Act, 2002 (PMLA)relating to “Maintenance of records of the nature and value of transactions, the procedure and manner of maintaining and time for furnishing information and verification and maintenance of records of the identity of the clients.”
The regulations contain detailed provisions on the measures and procedures to be maintained and applied by subject persons, including customer due diligence measures, record keeping procedures and reporting procedures, etc.
”Applicablelaw” means all laws in force for the time being within the territory of India “Bharat” including Prevention of money laundering Act 2002 and other rules regulations made under the aforementioned Act from time to time.
“Money Laundering” (ML) is the process by which criminals attempt to disguise the true origin of the proceeds of their criminal activities by using of the financial system so that after a series of transactions, the money, its ownership and the income earned from it appear to be legitimate. According to the Financial Action Task Force, (FATF), ML is the processing of criminal proceeds in order to disguise their illegal origin. This process is often achieved by converting the original illegally obtained proceeds from their original form, usually cash, into other forms such as deposits or securities and by transferring them from one financial institution to another using the account of apparently different persons or businesses.
Section 3 of PMLA, describes the offence of ML. Section 3 reads as under:
“Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money-laundering.”
“Suspicious Transaction” as per – Rule 2(1)(g) of the PMLA Rules Suspicious transaction is a transaction whether or not made in cash which to a person acting in good faith-
(a) gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime;or
(b) appears to be made in circumstances of unusual or unjustified complexity; or
(c) appears to have no economic rationale or Bonafede purpose; or
(d) give rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism;
ArthBit may change and update this AML Policy from time to time. Such changes may be made without prior notice, but any changes will only apply to activities and information on a going forward, not retroactive basis unless specifically mentioned. Users are encouraged to review this AML Policy whenever they access the Online Platforms.
The User must ensure that any personal information and/or Identification Documents submitted by the user belong to the user and are legitimate.
The User must file a fresh proof of address within 6 (six) months of making any changes to the address mentioned as per the ‘proof of address’ submitted by you.
In order to mitigate its risks relating to money laundering and other illegal activities, ArthBit intends to put in place this policy which has the following elements:
ArthBit may either at the time of opening the User Account, or while undertaking any transactions, or during Periodic Updates, or for any other reason, ensure your compliance with the following:
ArthBit may, in its sole discretion, refuse to open any new accounts, terminate existing User Accounts after giving due notice, or refuse to process any transactions on the Online Platforms if it is unable to ensure compliance with any of the aforementioned conditions, either due to non-cooperation by the User or due to the details provided by the User being found enlisted on any Restricted or fraudulent Lists or unreliable or unverifiable to ArthBit’s satisfaction.
ArthBit may categorize its Users including you into low, medium or high-risk categories, after undertaking an appropriate risk assessment of each User based on the following factors (including without limitation):
You acknowledge that in order to maintain the integrity of the Risk Management Procedure, ArthBit will keep your risk categorization and any data related thereto confidential. Users will not be entitled to seek disclosure of your risk categorization. However, ArthBit may disclose the User’s risk categorization data to the competent enforcement authority if it finds that a particular User has executed or is likely to execute any Suspicious Transaction.
ArthBit, during activation of User Accounts or while undertaking any transactions or for any other reason, may require for the purposes of verification of any User’s identity, following details:
Users must ensure that all copies of aforementioned Identification documents are duly certified.For the purposes of verification of any User’s identity, ArthBit may rely on appropriate and licensed third-party service providers to authenticate the Identification Documents and other incidental details provided by the User.
If ArthBit finds any User information obtained in accordance with the procedure described under this Clause to be inadequate, insufficient, or enlisted on the Restricted or fraudulent Lists, ArthBit may in its discretion either refuse or terminate (as the case may be) the registration of such User Account or require verification of such User’s Identification Documents again.
All transactions executed and/or attempted to be executed on the Online Platforms are regularly monitored by ArthBit, both manually and through use of software-based algorithms, in order to promptly identify and highlight certain kinds of transaction including without limitation, the following kinds of transactions:
ArthBit may, from time to time, undertake necessary investigation in order to identify and examine transactions inconsistent with any User’s risk profile (determined in accordance with (Risk Management Procedure) above), sophistication, and expected usage pattern.
The extent of monitoring shall depend on various factors including upon each User’s risk profile.
ArthBit reserves the right to terminate the User Account, restrict and/or prevent access to Online Platforms, or report to the appropriate enforcement authorities the activities of any User in respect of transactions identified under this Clause (Transaction Monitoring Terms).
ArthBit Platform will maintain and preserve the following information and/or data:
ArthBit may be required and / or directed to cooperate and aid the government and / or law enforcement authorities, police, investigating agencies, or Tribunals and Courts within the territory of India “Bharat.” In such cases, subject to applicable laws with respect to data protection, ArthBit 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, Tribunals and Courts within the territory of India “Bharat.”
ArthBit shall be entitled to initiate processes and disclosures, including but not limited to the following circumstances:
This AML Policy shall be governed by Indian “Bhartiya” laws, in particular, the Information Technology Act, 2000 and rules framed there under and any amendment, modification, statutory enactment thereto from time to time.
If you have any questions relating to these refund policies, your rights and obligations arising from these refund policies and/or your use of the Website and the Service, your Account, or any other matter, please create support ticket into website via Zendesk service or contact us at [email protected]