Policy Statement on Anti-Money Laundering and Countering Financing of Terrorism (AML & CFT) by Flitpay Pvt. Ltd. [a designated entity under the Prevention of Money-Laundering Act, 2002]


Flitpay Pvt. Ltd. as the distributor of Flitpay, a virtual digital asset trading platform in India, diligently adheres to the statutory obligations set forth in the Prevention of Money Laundering Act (PMLA) 2002, Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and relevant directives issued by the Financial Intelligence Unit - India (FIU-IND) concerning anti-money laundering (AML) and countering the financing of terrorism (CFT).

The AML & CFT policy of Flitpay.Pvt.Ltd. is delineated as follows:

1. Legal Compliance:

We rigorously conform to the prevailing anti-money laundering and countering the financing of terrorism laws and regulations applicable within India to ensure statutory compliance in all operational facets.

2. Policy Framework:

A comprehensive framework of written policies and procedures is meticulously maintained and uniformly applied across all business units. This framework is subject to periodic review and revision to align with evolving regulatory standards and industry best practices.

3. Know Your Customer (KYC):

A robust KYC protocol is enacted to ascertain the identities of clients and, where applicable, their beneficial owners, accompanied by thorough client due diligence to elicit pertinent information regarding their identities and financial standings.

4. Client Selection:

We abstain from engaging in business dealings with clients of dubious repute and guarantee transparency in account opening procedures, eschewing the establishment of accounts for entities or individuals operating under anonymity.

5. Transaction Oversight:

Our systems are equipped to vigilantly monitor transactions and scrutinize alerts generated based on Red Flag Indicators delineated by FIU-IND to expedite the identification and investigation of potentially suspicious activities.

6. Enhanced Due Diligence:

High-risk clients and counterparties are subject to enhanced due diligence measures to mitigate associated risks effectively.

7. Intermediary Due Diligence:

Stringent due diligence procedures are imposed on intermediaries, such as brokers registering on our exchange platform, to mitigate risks attendant to their operations.

8. Record Retention:

All documents pertaining to clients are retained for the duration stipulated in relevant guidelines to ensure compliance with record-keeping obligations.

9. Reporting Mechanism:

We have established efficient mechanisms for reporting to prevent money laundering, terrorist financing, and proliferation financing in accordance with applicable domestic laws.

10. Cooperation with Authorities:

In strict accordance with applicable laws, we extend full cooperation to law enforcement and regulatory agencies, furnishing requisite assistance and information as warranted.

11. Staff Training and Screening:

A meticulous screening process is adhered to during staff recruitment, complemented by comprehensive training on AML & CFT policies, laws, and regulations encompassing client onboarding, KYC protocols, sanctions screening, customer identification, record-keeping, and transaction processing and review.

12. Compliance Oversight:

The compliance status of our AML & CFT policies is subject to regular monitoring through a combination of internal and external audits, as well as regulatory reviews, to ensure alignment with pertinent anti-money laundering legislation and regulations.

For further inquiries or assistance pertaining to AML & CFT matters, stakeholders may contact at [email protected]. Through these stringent measures, we uphold the integrity of our operations and contribute to the collective endeavor of combating financial crimes effectively within the purview of the law.

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