Anti-Money Laundering (AML) Policy
Khelosatr.org.in is committed to safeguarding its platform from money laundering, terrorist financing, and other criminal operations. To keep our services safe, reliable,e and legal, we strictly adhere to the highest degree of compliance. Our policy on Anti Money Laundering (AML) describes the overall strategy of the organization in terms of the responsibility to safeguard its business from the menace of money laundering and the degree to which money laundering activities are sanctioned by the organization.
Money Laundering Activities Definitions
Money laundering is the process of making, hiding, and transferring money gained through illegal means that seem legitimate to unofficial sources, individuals, or organizations. The process is generally divided into three stages.
Placement
The stage where illegal funds get infiltrated into the mainstream economy, usually by placing them in banks or putting money in various investments.
Layering
Making known the origin of tainted funds impossible through the movement of funds around.
Integration
The last stage is where the funds are taken out of the system and reinvested into the financial system.
The of the AML for Khelosatr.org.in
Khelosatr.org.in has provided a strong internal structure with its policies and procedures aimed at the prevention of money laundering.
Setting up of Clear Guidelines and Procedures
Our organization has put in place specific policies that detail measures taken to advance the AML and comply with both national and international requirements.
Staff Training
Continuous and recurrent training regarding the applicable AML regulations and procedures is provided to our staff to assist them in recognizing and responding to potential threats.
Efficient Reporting Systems
We have established and developed secure and efficient mechanisms for reporting suspicious activities to appropriate authorities and keeping appropriate records of such reports.
Three-Step Verification Process
Users of Khelosatr.org.in, however, can only access the website after being verified using an appropriate verification process which is aimed at ensuring the identity of the users and minimizing the risks of the users engaging in money laundering activities. The process involves three primary steps
KYC- Know Your Customer
Those users wishing to register must furnish valid identification documents (e.g. government-issued documents such as Aadhar, Passport) in order to register. These documents are validated and verified against appropriate records in the official registry.
Proof of Address
It is mandatory that clients provide addresses with supporting documents such as utility bills, bank statements, or any other government-issued letters on official letterheads. These documents should also be recent not more than 3 months.
Basic Documents for Step One
At this stage, it is necessary to provide a clear scanned copy of the user’s government-issued ID Card as well as a recently issued utility bill or government letter for address verification.
Risk Management
Khelosatr.org.in has a very robust risk management process to identify and reduce the risk of money laundering. This includes
Risk Classification
With regard to their transactions and behaviors, all customers are categorized according to the level of risk involved.
Transaction Monitoring
Transactions, including the making of large deposits or withdrawals, or the transferring of large amounts of money within a short time, are all monitored for unusual activities.
Enhanced Due Diligence
Such customers or transactions are considered high risk and therefore, enhanced due diligence is carried out to ensure compliance and search for prosecution evidence of money laundering.
Continuous Ongoing Monitoring
Our platform monitors changes in transaction patterns to restrict freely any case of money laundering or other fraud. We monitor for the following
Importantly Large or Irregular Transactions
Any unusually large or irregular transactions are noted for scrutiny.
Pattern Differences
Those activities that seem out of place with a customer’s normal course of transactions such as sudden large deposits or withdrawals are said to be out of the norm and deserve detailed analysis.
Rapid Fund Movement
Transactions with very rapid movement or hot money transfers, specifically between accounts, create probabilities for layering and hence need monitoring.
Suspicious Transactions Reporting
When suspicious activity is present, Khelosatr.org.in has a well-defined procedure for these actions
Suspicious Activity Flagging
Users engaging in such suspicious transactions are flagged for further investigation.
Regulatory Reporting
Where appropriate, we will, however, report suspicious transactions to the applicable law enforcement and regulatory agencies, consistent with provisions of the law.
Law Enforcement Agencies
Khelostar aims to fully assist law enforcement agencies in the course of criminal investigations regarding suspicious money laundering transactions.
Security Measures
The organization Khelostar has respect for the customers and so it safeguards their data. All the personal or financial information is comprehensively stored as well as processed through various technology encryptions. Further, our platform implements the best and sound practices on the highest level of security, such as
Data Encryption
All personal or financial information that is deemed sensitive is adequately protected through encryption and thus consensus is limited.
Secure Servers and Audits
Our practice also employs the employment of secure servers and regular auditing aimed at safeguarding any forms of data.
Control of Access to Sensitive Data
There are measures in place that control access to sensitive information where only relevant users have the authority to access this information. Restricting unnecessary access reduces data breaches, which are a major threat.
Contact Us
Our users are welcome to get in touch with us for any concerns about our AML policy, or any suspicious or unlawful activities and their related concerns. You can contact us at:
Email: support@khelosatr.org.in
khelosatr.org.in provides a safe and secure environment for all its users and preserves the sanctity of the platform. All customers of our site by the nature of using Khelosatr.org.in agree to the provisions of our AML policy. We will make improvements to this policy so as to ensure that we adapt fully to the legal dynamism.