1) The purpose of this AML & KYC policy is to emphasize the focus on the safe trading environment of ArthBit and to make it transparent that any illegal usage of the platform will be seriously investigated.
2) Concealment of illegally transferred money (Money laundering) is punishable by offense. ArthBit will not tolerate any activity of such sorts from its global community users.
3) If ArthBit suspects any cryptocurrency trader/user of the ArthBit community of illegal usage of the platform or indulgence in any unlawful activity off the platform, ArthBit holds the right to immediately freeze the account and the funds stored without any prior intimation until the issue is resolved. Also, ArthBit holds the right to report such activities to the concerned higher authorities.
4) In compliance with the regulations, ArthBit reserves the right to obtain the following information from its global crypto traders to ensure the maintenance of a safe trading environment.
• To receive images for identification, a copy of address proof in the form of any one of the national documents (or) government-issued identity proof will be asked of the traders to upload.
• Maintenance of trader-tracking system to keep track of the daily trading activity of traders.
• Provisions to raise issues (or) submit reports in regard to any suspicious activity.
5) If a user of the ArthBit community suffers account blockage or inability to deposit and/or withdraw funds from the ArthBit wallet, it is understood that the corresponding user has been blacklisted by ArthBit on account of illegal activities or for not complying with the norms of ArthBit platform.
6) As part of our AML/KYC policy, every existing user and new users are asked to submit any of the following identity proofs to maintain a secure trading platform and also to disclose the details to banks and other national security organizations in the event of any issue.
6.1. National ID (India - UIDAI Aadhaar Card)
6.2. Driving License
6.3. Voter’s ID.
6.4. PAN Card.
7) The documents are requested to be submitted of the highest quality in the KYC verification portal.
8) Photocopies of documents with cropped edges will not be accepted by ArthBit. Legibility has to be ensured before sending out any document.
9) Uploading of fake documents is strictly prohibited by ArthBit. If found, the corresponding user will be banned for life from ArthBit.
10) KYC verification may take up to 3-5 business days for the team to review and verify. If denied, the corresponding reason for denial has to be sorted out by the user for verification in the next attempt.
11) ArthBit reserves the right to require more information at any time to verify the user's identification and any further information that may be required to satisfy the Money Laundering Regulations.