AML And KYC Policy
Ripples.Exchange, is a LLP company incorporated under the laws of India. Herein after referred to as “Company” or “ripples.exchange”, which term shall refer to and include its owners, directors, investors, employees or other related parties. Persons availing of the ripples.exchange Services, directly or indirectly, are referred to herein, as “Users”.
This is an agreement between ripples.exchange and User, which is binding and requires mandatory compliance by User. Integrity, honesty and ethical business practices are some of the core values for ripples.exchange. ripples.exchange strongly condemns any and all activities related to money laundering and such other illegal actions. In order to prevent misuse of the ripples.exchange 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 ripples.exchange 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 Ripples.Exchange and the User with respect to the AML Policy.
a) “Applicable Law” means the law in force for the time being within the territory of India;
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) ripples.exchange 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:
a) deposits and credits, withdrawals into or from any accounts in whatsoever name they are referred to in any currency maintained by way of:
1. cheques including third party cheques, 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 demat account, security account in any currency maintained by ripples.exchange;
iv. money transfer or remittances in favor of own Users or non-Users from India or abroad and to third party beneficiaries in India 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) ripples.exchange 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, ripples.exchange shall maintain records of transactions, as per its prevailing processes.
DISCLOSURE OF RECORDS
a) ripples.exchange 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 or from outside the said territory.
a) In such cases, subject to applicable laws with respect to data protection, ripples.exchange 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.
c) In particular, ripples.exchange 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 ripples.exchange’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 ripples.exchange 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. ripples.exchange is required to identify the said User based on the said documentation whenever an account is opened by a User.
b) ripples.exchange 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 ripples.exchange the following:(i) Certificate of incorporation; (ii) Memorandum and Articles of Association; (iii) a resolution from the Board of Directors for trading in ripples; and other documents as may be requested.
e) Where the User is a partnership firm, it shall submit to ripples.exchange one certified copy of the following documents: (i) registration certificate; (ii) partnership deed; and (iii) authorization letter for trading in ripples; and other documents as may be requested.
f) Where the User is a juridical person, ripples.exchange 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) ripples.exchange 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 ripples.exchange, that a particular User or account is maintained under a fictitious name, ripples.exchange 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 ripples.exchange doubts the adequacy or veracity of previously obtained customer identification data, ripples.exchange 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
a) 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
a) ripples.exchange 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 ripples.exchange for a period of
i. Ten years for ordinary transactions and
ii. Twelve years in case of suspicious transaction
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 ripples.exchange. Email messages sent over the Internet are not always secure and ripples.exchange is not responsible or liable for non-receipt of such communication by User. Once the email is dispatched by ripples.exchange, it shall be deemed to have been served on the User. ripples.exchange 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. ripples.exchange 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 ripples.exchange shall be at ticket.ripples.exchange.com. ripples.exchange shall ensure that any change or modification to the same is uploaded on the ripples.exchange 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 ripples.exchange.
GOVERNING LAW & JURISDICTION
a) This Agreement shall be governed by and construed in accordance with the laws of India.
b) The parties agree to irrevocably submit to the exclusive jurisdiction of the courts in Ahmedabad for the resolution of any disputes arising from this Agreement or in connection therewith or pursuant thereto.
a) This Agreement shall bind and inure to the benefit of the parties, and their respective successors and permitted assigns.
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.
a) 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.
a) 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.
a) This Agreement, and the other agreements contemplated hereby, constitute the entire agreement.
a) This Agreement is subject to confirmation by the Government of India of the legality of dealing in Cryptocurrencies including ripples and in the event that the Government of India was to hold such dealing to be invalid or illegal in India, this Agreement shall stand automatically terminated without further notice to User.
b) ripples.exchange has given full disclosure of the current Government and regulatory status with respect to Cryptocurrencies including ripples in India and the risk involved in dealing with or investing in the same. The User is deemed to have understood, agreed to and accepted the risk and costs of such investment.
PRINCIPAL OFFICER / COMPLIANCE OFFICER
a) ripples.exchange 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.
a) These terms may be periodically reviewed and revised. The revised draft will be uploaded on the ripples.exchange 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 ripples.exchange 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 ripples.exchange.
a) All other provisions of the ripples.exchange 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.