Tuesday, July 23Crowdfunding India

Anti-Money Laundering (AML) Policy

We comply with the Anti-Money Laundering (AML) guidelines established by the Reserve Bank of India, vide it’s circular RPCD.RRB.RCB.AML.BC.No.02/07.51.018/2014-15 on 1 July, 2014 and updated from time to time. The guidelines include, but is not limited to, the following salient conditions:-
  1. Every Campaign Organizer has to verify their identity per the Know Your Customer (KYC) in the guidelines. This includes verification of registered mobile number via a One Time Password (OTP), and may also include identification documents viz. Permanent Account Number, Aadhar Card, Passport, Driving License, Voter Id, Bank Statements & Cancelled cheques recognised by the Reserve Bank of India. The list of such registered documents will be uploaded on crowdkash.com site, at its sole discretion, from time to time. The verification will be essential to withdraw funds from CrowdKash, and may be asked by CrowdKash, at its sole discretion, during the course of a campaign. Failure to comply, may result in cancellation of a fundraising campaign, and funds may be returned to contributors in such a scenario​. Only the Campaign Owner shall be permitted to collect Campaign funds. Campaign Owners and Recipients are responsible for collecting and remitting any taxes on Contributions, and any taxes due in connection with Campaign Owners and/or Recipients. Campaign Owners may not use a false email address to self-fund, or contribute to, their own Campaigns; this is a violation of our Terms of Use. CrowdKash may attempt to verify the identity and other information provided to us by Campaign Owners, and we may delay, withhold, reverse or refund any Contributions or other amounts without notice or liability in the event we are unable to verify any such information to our satisfaction. Campaign Owner eligibility is subject to CrowdKash’s review of the fulfillment status of prior crowdfunding obligations. Taxing authorities may classify funds raised on the Services as taxable income to the Campaign Owner and any Recipient who will receive funds directly from the applicable Campaign. CrowdKash will ask for the personal account number / tax identification number (PAN) of Campaign Owners and any beneficiaries and/or Recipients so that we may report taxable income to the relevant taxing authorities.
  2. For contributors on crowdkash.com, only standard channels of payment – verified credit or debit cards, netbanking, bank transfers, cheque, prepaid instruments such as wallets or Unified Payment Interface will be allowed.
  3. Recipients (campaign organisers, whether individuals or organizations) will comply with foreign exchange rules as explained by the Foreign Exchange Management Act of the RBI. Any failure to do so may result in cancellation of fundraiser, and refund of donations, to the cancelled fundraiser, to respective contributors.

Action by CrowdKash

Upon receiving knowledge of suspicious transactions or any breach of applicable law or this policy, CrowdKash may take one or more of the following steps:

  1. Probe into the incident;
  2. Report the incident directly to the appropriate government authority;
  3. Suspend or delete a campaign;
  4. Suspend or delete the user account(s);
  5. Other steps/actions that CrowdKash may deem appropriate.

Consequences of AML Policy Violations

Users agree that irreparable damage would occur to CrowdKash if any of the provisions of this AML Policy are not complied with. Accordingly, users agree that CrowdKash is entitled to claim damages from users for violating this AML Policy in addition to any other remedy to which they are entitled at law or in equity.

No Liability

To the extent permitted under applicable law, CrowdKash shall have no liability in respect of any illegal transactions that take place on its platform. CrowdKash shall also not be liable for any consequences (monetary or otherwise) suffered by the stakeholders of a campaign or other users if it takes action (in its sole discretion) pursuant to this policy and applicable law.

Compliance & Co-operation

This policy must be complied with by the user in addition to the local laws applicable to the users in their home jurisdictions. Users agree that upon being requested by CrowdKash or its legal counsel or any government authorities they shall fully cooperate with them in any formal or informal inquiry, investigation or other proceedings. In this regard, users agree that they will promptly provide all information or documents they may possess relevant to the inquiry, investigation or legal action or proceeding without any demur and at their own costs.

AML policies will be updated time to time at the sole discretion of CrowdKash.

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