AML-KYC

We believe in following our Nations regulation regarding every business, although RBI has not set any regulations for Bitcoins as of now but we are self-regulating and we follow certain Indian Bitcoin Industry Standard Customer Identification Procedures for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authorities. We are committed to ensure that our website or services are not used to facilitate money laundering or the funding of terrorism or any other criminal activities. To fulfill this goal, we are in the process of designing our very own know-your-customer/KYC and anti-money laundering/AML Policy to safeguard our customers, as of now we are using policies of already established Bitcoin Business’s, which will be updated in a timely manner.

As a part of identification procedure, we need to obtain certain customer identification documents including a copy of PAN card and address proof from every customer. These processes make us know who are paying us money and whom we are sending money, without which our website and services can be used for money laundering and other illicit purposes.

PocketBits.in adopts the following Know Your Customer and Anti-Money Laundering Policy (hereinafter referred to as “KYC and AML Policy”) to ensure that PocketBits.in and any future platforms that we might support, are not used to facilitate money laundering or the funding of terrorism or any other criminal activities.

  • Purpose

This policy is applicable on all the present as well as prospective Members who uses or wishes to use PocketBits.in through proper registration. It lays down the procedure that we follow to collect information and maintaining a record of our Members. It is the duty of Member to comply with this KYC and AML Policy in order to ensure that it does not abuse the relationship with PocketBits.in for any illegal purposes, including money laundering or other financial crimes. Any action, including those that might not have been foreseen and included in this policy, that has the effect of the abuse as contemplated above shall be restricted under this policy.

Pocketbits.in reserves the right to decline business proposal, at its discretion, with present as well as prospective Members at all times. It is the discretion of Pocketbits to suspend or terminate any action in favor of the Member until a reasonable and satisfactory explanation with supporting documents is provided, on suspicion of the Member abusing the relationship as contemplated above.

  • Customer Identification

PocketBits.in collects the following basic information from its customers for its records:

  • Residential Address
  • Contact Number
  • Email Address
  • Picture of Permanent Account Number (PAN) Card
  • Picture of Proof of Address(Passport, Driver’s License etc)
  • Bank Details
  • Last Name
  • First Name
  • Measures for implementation of KYC and AML policy

PocketBits.in appoints a competent and qualified employee as an AML and KYC Policy Compliance Person who reviews and updates the KYC and AML Policy to ensure the compliance with all relevant and applicable legislation, regulations and recommendations and monitor compliance of KYC and AML Policy. PocketBits employees would be trained to identify and take action on suspicious transactions through PocketBits.in and make regular internal reports on such suspicious transactions. PocketBits.in would regularly inspect the transactions done through its Services and would report them to relevant supervisory and/or law enforcement authorities. PocketBits.in reserves the right to determine suspicious and unusual transactions that result into abuse of relationship with PocketBits.

  • Changes to KYC and AML Policy

PocketBits.in reserves the right to change, amend, alter or delete some or all parts of this KYC and AML Policy, include new procedure and exclude existing procedures in this KYC and AML Policy. It is the duty of the Member to keep updated and comply at all times with the KYC and AML Policy as and when updated on the Website.