Anti-Money Laundering (AML) Policy
At Credswipe, we are committed to maintaining the highest standards of compliance and integrity. This Anti-Money Laundering (AML) Policy outlines the measures we adopt to prevent, detect, and report any suspicious financial activities that may be associated with money laundering, terrorist financing, or other illicit practices.
1. Legal and Regulatory Framework
Credswipe operates under the laws of India and complies with the Prevention of Money Laundering Act (PMLA), 2002, directives from the Financial Intelligence Unit (FIU-IND), and global best practices established by the Financial Action Task Force (FATF).
2. Customer Due Diligence (CDD)
All users must complete Know Your Customer (KYC) verification before initiating any INR to USDT transactions. Our CDD process involves verifying identity documents such as PAN, Aadhaar, and other government-approved proofs to ensure the legitimacy of every client.
3. Risk-Based Approach
We classify all users and transactions under low, medium, or high-risk categories based on the nature, volume, and frequency of transactions. Enhanced Due Diligence (EDD) is applied for high-value or unusual activity patterns.
4. Transaction Monitoring
Credswipe continuously monitors all transactions for suspicious or unusual patterns. Any transaction that raises compliance concerns is immediately flagged for internal review and, if necessary, reported to the FIU-IND as per PMLA requirements.
5. Record Retention
All transaction records, KYC data, and communication logs are securely stored for a minimum of 5 years, ensuring full traceability in the event of any regulatory inquiry.
6. Employee Training and Awareness
All Credswipe employees undergo AML training sessions to identify and report potential money-laundering activities. Continuous refresher programs ensure staff remain updated on new regulations and red-flag indicators.
7. Reporting Suspicious Transactions
We maintain a strict internal policy to report any suspicious or high-risk transactions directly to the Financial Intelligence Unit of India (FIU-IND) without prior notice to the client involved.
8. No Tolerance for Illegal Activity
Credswipe has a zero-tolerance policy towards any form of financial misconduct. Users found engaging in illegal, fraudulent, or high-risk crypto transactions will have their accounts suspended immediately.
9. Ongoing Review
This AML policy is reviewed regularly to ensure compliance with evolving legal requirements and industry standards.