This Anti-Money Laundering Policy (“AML Policy”)
is testimony to the Company’s commitments against money laundering, financing
of terrorism, and related illegal activities. It describes the Company's policies
and procedures instituted to ensure that the Services offered by the Company
are not being used by the Users to facilitate commission of any criminal
offences, including but not limited to those under the Prevention of Money
Laundering Act, 2002 and the Unlawful Activities Prevention Act, 1967. Although
under the said laws, the Company does not qualify as an entity obligated to
follow the procedures prescribed herein, the Company believes in
total transparency and adherence to the law and discourages any of the
illegal activities while using its services. Hence Giottus
has prepared this AML Policy to ensure the transparency of trading and to
ensure the prevention of money laundering and other illegal activities.
This AML Policy applies uniformly to any User
desirous of availing the Services or otherwise using or benefitting from the
use of the Website (available at www.giottus.com) and related
mobile and software applications, whether existing now or in future
(collectively the "Online Platforms”) and may be read as a part of the
User Terms and Conditions. It is imperative that you read this AML Policy
before using the Online Platforms or submitting any personal information. By
using the Online Platforms, you are expressly consenting to be bound by the
User Terms and Conditions and consequently this AML Policy. Giottus Technologies Pvt. Ltd., is a private limited company incorporated under the laws
of India and having its registered office at, Second Floor, L363, 16th
cross street, Thiruvalluvar nagar,
Thiruvanimiyur, Chennai, Tamil Nadu, India. The
terms “We”, “Our”, “Company” and “Us” refer to the Company which term shall
refer to and include its owners, directors, investors, employees or other related
parties, and the terms “User”, “You” and “Your” refer to a User of our Online
This is an agreement between GIOTTUS and User,
which is binding and requires mandatory compliance by User. To prevent misuse
of the Giottus services, Users are required to
strictly comply with the terms contained herein, which forms part and parcel of
the User Terms of Service. Terms not defined herein shall carry the same
interpretation, as in the User Agreement and in the absence thereof to general
usage and parlance. As 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.
Users are required to read, review, understand and
then agree to the terms hereunder for using or availing of the Giottus Services, before clicking the “I Accept”
This Anti-Money Laundering Policy (herein after
referred to as the “AML Policy”) supersedes and replaces any and
all prior oral or written understandings or agreements between GIOTTUS and
the User with respect to the AML Policy.
All terms defined in the Terms of Service and the
1.1. In this AML Policy:
“Applicable Law” means the law in force
for the time being within the territory of India;
“Beneficial Owner” means:
(i) In case of companies, the natural person who
has ownership of over 25% (twenty-five per cent) of the shares, is entitled to
over 25% (twenty five percent) of the profits, or has
the power, directly or indirectly, to appoint or elect more than half of the
board of directors of such company, as the case maybe;
(ii) In case of partnership firms/Limited Liability
Partnerships, the natural person who has ownership of over 15% (fifteen per
cent) of the capital or is entitled to over 15% (fifteen per cent) of the
profits of such firm, as the case maybe;
Document(s)” refers to:
(i) Permanent Account Number (PAN) card;
(iii) Passport, Driving License, Voters’ ID,
Government issued identity cards, Bank Statement; or
(iv) Such other document as may be notified by the
Company from time to time;
“Periodic Updation” refers to
undertaking the User’s identity verification afresh by following the procedure
prescribed under Clause 8.1 (Customer Verification Procedure) of this AML
Policy, at such intervals as the Company deems fit or as directed by
appropriate enforcement authorities.
“Sanction Lists” refer to lists of natural
and juridical persons included under any list circulated by the Reserve Bank of
India and the United Nations Security Council, including without limitation,
the ISIL and Al-Qaida Sanctions List and the 1988 Sanctions List.
“Suspicious Transactions” refers to the
following activities, whether attempted or executed:
(i) Terrorist financing: transactions
which to a person acting in good faith appear to be any funds collected to be
used, in full or in part, by any terrorist or related organization, or in
order to carry out any of the activities relating to terrorism, or terrorist
(ii) Unusually Complex: transactions
which to a person acting in good faith appear to have been structured in a
manner of unusual or unjustified complexity; or
(iii) Malafide Purpose: transactions
which to a person acting in good faith appear to have not been transacted
for bonafide purpose or have a sound
economic rationale; or
(iv) Money Laundering: transactions
which to a person acting in good faith appear to involve proceeds of any
offence listed in the Schedule to the Prevention of Money Laundering Act, 2002;
(v) Give rise to a reasonable ground of suspicion
that it may involve proceeds of an offense specified in the Schedule to the
Act, regardless of the value involved;
POLICY IS PART OF OUR TERMS
This AML Policy is a part of and incorporated
within, and is to be read along with the User Terms and Conditions (the
3. POLICY CHANGES
The Company may change and update this AML Policy
from time to time. Such changes may be made without prior notice, but any
changes will only apply to activities and information on a going forward, not
retroactive basis. You are encouraged to review this AML Policy whenever you
access the Online Platforms.
4. YOUR OBLIGATIONS
4.1. You acknowledge that it is your duty to ensure
compliance with the terms and conditions described in this AML Policy and
accord your consent to not using the Services and the Online Platforms in any
manner which results in committing/attempting to commit any criminal offences.
course and without notice.
4.2. You must ensure that any personal information
and/or Identification Documents submitted by you belong to you.
4.3. You must file a fresh proof of
address within six months of making any changes to the address
mentioned as per the ‘proof of address’ submitted by
4.4. In case you are acting on behalf of a
juridical person, you must identify the Beneficial Owner and
also assist in verification of the identity of such Beneficial Owner and
any individual who purports to act on behalf of such juridical person.
4.5. The User hereby agrees and undertakes to not
indulge, assist, abet and encourage in any manner whatsoever, in any activity
involving money laundering or financing of any illegal or unlawful activities.
5. PURPOSE OF THIS POLICY
5.1. In order to mitigate its risks relating
to money laundering and other illegal activities, the Company intends to put in
place this policy which has the following elements:
(i) Customer Acceptance Terms; and
(ii) Risk Management Procedure; and
(iii) Customer Verification Procedure; and
(iv) Transaction Monitoring Terms.
6. CUSTOMER ACCEPTANCE TERMS
6.1. The Company may either at the time of opening the
User Account, or while undertaking any transactions, or during
Periodic Updation, or for any other reason, ensure your compliance with
(i) Require that you undergo a verification process
during the activation process of your User Account by submitting your
Identification Documents and such other details, as mandated under Clause 8
(Customer Verification Procedure) of this AML Policy;
(ii) Require you to furnish such other details as
may be deemed necessary by the Company to verify your identity, if the Company
has reason to believe that you are a person or entity enlisted in the Sanctions
(iii) Require you to submit such additional
information and/or data as may be directed by a competent enforcement
(iv) Require you to certify that your Linked Bank
Account is held only with a scheduled commercial bank compliant with all Know
Your Customer (KYC) procedures mandated under the applicable laws.
6.2. The Company may, in its sole discretion,
refuse to open any new accounts, terminate existing User Accounts after giving
due notice, or refuse to process any transactions on the Online Platforms if it
is unable to ensure compliance with any of the aforementioned conditions,
either due to non-cooperation by the User or due to the details provided by the
User being found enlisted on any Sanctions Lists or unreliable or unverifiable
to the Company’s satisfaction.
6.3 Any customers whose registration
information does not match the documents provided or appears to be fictitious
may not be registered, and if registered, their registration shall be
6.4 No customers
shall be allowed to register in fictitious names or if the customer appears to
be an anti-social element or is found to have a record of fraud, cheating or
6.5 Giottus shall not accept any customers who are below
18 years of age or who do not have the mental capacity to enter into legally
binding contracts. However it shall not be the responsibility
of Giottus to determine the legal capacity
of the customers and a warranty regarding their legal capacity shall be
considered as satisfactory fulfillment of this condition.
7. RISK MANAGEMENT PROCEDURE
7.1. The Company may categorize its Users including
you into low, medium or high risk categories, after undertaking an
appropriate risk assessment of each User based on the following factors
(including without limitation):
i) Sufficiency and
adequacy of identification information submitted under Clause 8 (Customer
Verification Procedure); or
ii) Its social
and/or financial status; or
iii) Nature of
User’s business/vocational activities; or
circulated by various governmental and inter-governmental organizations.
7.2. You acknowledge that in order
to maintain the integrity of the Risk Management Procedure, the Company
will keep your risk categorization and any data related thereto confidential.
You will not be entitled to seek disclosure of your risk categorization.
However, the Company may disclose the User’s risk categorization data to the
competent enforcement authority if it finds that a particular
User has executed or is likely to execute any Suspicious
8. CUSTOMER VERIFICATION PROCEDURE
8.1. The Company, during activation of User
Accounts or while undertaking any transactions or for any other reason, may
require for the purposes of verification of any User’s identity, following
i) In case of individuals - one copy of any photo Identification Document
containing their identity details; and one copy of any Identification
Document containing their address details; one recent
photograph; any other documents pertaining to business/financial status of such
individual as may be prescribed by the Company from time to time;
In case of companies – one copy each of
the Certificate of Incorporation; Memorandum and Articles of Association; Board
resolution authorizing to transact Cryptocurrencies
on the Online Platform; Identification Documents containing identification and
address details of the individual authorised to transact along with a copy of
such authorization document; Pan Number;
iii) In case of partnership firm/Limited Liability Partnership – one copy
each of the Registration/Incorporation Certificate; partnership deed;
Identification Documents containing identification and address details of the
individual authorised to transact along with a copy of such authorization
document; authorization letter for trading in cryptocurrencies; and
other documents as may be requested.
In case of trust and foundations
Certificate of registration, if registered.
Power of Attorney granted to transact business on its behalf.
Any officially valid document to identify the trustees, settlors,
beneficiaries and those holding Power of Attorney, founders/managers/ directors
and their addresses
Resolution of the managing body of the
In case of Proprietorship Concerns
Registration certificate (in the case of a registered concern)
Certificate/licence issued by the
Municipal authorities under Shop & Establishment Act,
Sales and income tax returns
Certificate/registration document issued by Sales Tax/Service
Tax/Professional Tax authorities
License issued by the Registering authority like Certificate
of Practice issued by Institute of Chartered Accountants of India, Institute of
Cost Accountants of India, Institute of Company Secretaries of India, Indian
Medical Council, Food and Drug Control Authorities, registration/licensing
document issued in the name of the proprietary concern by the Central
Government or State Government Authority/ Department, IEC (Importer Exporter
Code) issued to the proprietary concern by the office of DGFT, etc
8.2. Giottus shall
determine the identity of the User and shall take all reasonable steps to
verify Users identity.
8.3 For the purposes of verification of any User’s
identity, the Company may rely on appropriate and licensed thirdparty service providers to authenticate the
Identification Documents and other incidental details provided by the
8.4. If the Company finds any User information
obtained in accordance with the procedure described under this Clause to be
inadequate, insufficient, or enlisted on the Sanctions Lists, the Company may
in its discretion either refuse or terminate (as the case may be) the
registration of such User Account or require verification of such User’s
Identification Documents again.
8.5. Where the User is a juridical person, Giottus shall verify that any person purporting to act
on behalf of such User is so authorized and shall verify the identity of that
8.6. Giottus shall
exercise ongoing due diligence with respect to the
business relationship with every User and closely examine the
transactions in order to ensure that they are consistent with their
knowledge of the User, his business and risk profile and where necessary, the
source of funds.
8.7. In the event that it is brought to
the attention of Giottus, that a particular User
or account is maintained under a fictitious name, Giottus has
the full right and authority to terminate and close such an account with
immediate effect and without prior notice to the User.
8.8. If Giottus doubts
the adequacy or veracity of previously obtained customer identification
data, Giottus shall review the due diligence
measures including verifying again the identity of the User and obtaining
information on the purpose and intended nature of the
business relationship, as the case may be.
9. TRANSACTION MONITORING TERMS
9.1. All transactions executed and/or attempted to
be executed on the Online Platforms are regularly monitored by the Company,
both manually and through use of software based algorithms, in order
to promptly identify and highlight certain kinds of transaction including
without limitation, the following kinds of transactions:
High value transactions of amounts greater
than INR 50,000 (Rupees Fifty Thousand);
Cross-border transactions of amounts greater than INR 5 Lakhs (Rupees
9.2. The Company may, from time to time, undertake
necessary investigation in order to identify and examine transactions
inconsistent with any User’s risk profile (determined in accordance with Clause
7 (Risk Management Procedure) above), sophistication, and expected usage
9.3. The extent of monitoring shall depend on
various factors including upon each User’s risk profile.
9.4. The Company reserves the right to terminate
the User Account, restrict and/or prevent access to Online Platforms, or report
to the appropriate enforcement authorities the activities of any User in
respect of transactions identified under this Clause 9 (Transaction Monitoring
9.5 Prohibited Activities: Giottus has a very strict policy of not allowing its
services to be knowingly used for any “Prohibited Activities”. No customer
shall use the services of Giottus for any
Prohibited Activities. Giottus may conduct
manual checks to ensure that no Giottus’ customer is
indulging in Prohibited Activities; these checks may in future become automated.
The Prohibited Activities for the purposes of this policy shall include:
(i) Fraud: any act or
omission, including a misrepresentation that knowingly or recklessly misleads,
or attempts to mislead, a party to obtain a financial or other benefit or to
avoid an obligation.
offering, giving, receiving, or soliciting, directly or indirectly, anything of
value to influence improperly the action of another party.
arrangement between two or more parties designed to achieve an improper
purpose, including influencing improperly the actions of another party.
financing: provision or collection of funds, by any means, directly or
indirectly, with the intention that they should be used or in the knowledge
that they are to be used, in full or in part, in order to carry out
any of the offences within the meaning of Articles 1 to 4 of Council Framework
Decision 2002/475/JHA of 13 June 2002 on combating terrorism.
(v) Criminal conduct:
conduct, which constitutes an offence in any part of the world or would
constitute an offence in any part of the world if it occurred there.
Money laundering is essentially the process of engaging in such financial
transactions that are designed to conceal the true origin of criminally derived
proceeds for the purpose of ensuring that such proceeds appear to
have been received through legitimate sources/origins. It has been defined
under the Prevention of Money Laundering Act, 2002 in the following words:
or indirectly attempts to indulge or knowingly assists or knowingly is a party
or is actually involved in any process or activity connected with the
proceeds of crime including its concealment, possession, acquisition or use and
projecting or claiming it as untainted property shall be guilty of offence of
9.6. Giottus Actions: In case it comes to the knowledge
of Giottus or Giottus
becomes suspicious that any customer is engaging in any Prohibited Activities Giottus reserves the right to terminate the account of the
customer and prevent such customer from undertaking any further actions on any
of Giottus’ services, existing or in future. Giottus shall further be fully entitled, if it so chooses,
to report such suspicious activities to the appropriate authorities.
10. MAINTENANCE OF RECORDS
10.1. The Company will maintain and preserve the
following information and/or data:
i) Records of all transactions executed on the
Online Platforms, for a period of at least 10 (Ten) years from the date of each
transaction, including but not limited to:
The nature of the transactions;
The amount of the transaction and the
currency in which it was denominated;
The date on which the transaction was
The parties to the transaction.
ii) Records of all transactions identified under
Clause 9 (Transaction Monitoring Terms) above for a period of at least 12
(Twelve) years, including but not limited to:
The information about the nature,
Value and parties to such
Their date of remittance.
iii) Identification records of Users (including but
not limited to the Identification Documents submitted pursuant to Clause 8
(Customer Verification Procedure) above), during the subsistence of and for a
period of at least 10 (Ten) years from the date of termination of such User
iv) Credits or debits into or from any
non-monetary accounts such as demat account,
security account in any currency maintained by Giottus;
v) Money transfer or remittances in favour of
own Users or non-Users from India or abroad and to third party beneficiaries in
India or abroad including transactions on its own account in any currency by
any of the following:
a) Demand drafts, or
b) Telegraphic or wire transfers or electronic
remittances or transfers, or
c) Internet transfers, or
d) Automated Clearing House remittances, or
e) Any other mode of money transfer by
whatsoever name it is called;
vi) Letters of credit, standby letters of
credit, guarantees, comfort letters, solvency certificates and any other
instrument for settlement and/or credit support; (Client to confirm if
this should be retained.)
vii) Collection services in any currency by
way of the collection of bills, cheques, instruments or any other mode of
collection in whatsoever name it is referred to. (Client to Confirm if
this should be retained.)
11. PROCEDURE AND MANNER OF MAINTAINING
11.1. Giottus will
maintain hard and soft copies of the above-mentioned records of Transactions in
accordance with the procedure and manner, as may be specified under applicable
laws or regulations, from time to time.
11.2. In addition to the above, Giottus shall maintain records of transactions, as per
its prevailing processes.
DISCLOSURE, AND NOTICES
12.1. Giottus may be
required and / or directed to cooperate and aid the government and / or law
enforcement authorities, police, investigating agencies, or Tribunals and
Courts within the territory of India or from outside the said territory,
by sharing, from time to time, information regarding transactions
identified under Clause 9 (Transaction Monitoring Terms), identification
information of such Users, or any other information mandated under the
12.2. In order to improve the integrity
and transparency of transactions on the Online Platforms, you are encouraged to
report any information you are privy to or become privy to in the future
regarding any Suspicious Transactions or transactions you have find or have
reason to believe are dubious in nature, to our Compliance Officers by writing
to them at team@Giottus.in.
12.3. In order to ensure compliance with
this AML Policy and/or the applicable laws, the Company may be required to send
you notices from time to time. All such notices will be sent to such address as
provided by you under Clause 8 (Customer Verification Procedure) of this AML
Policy. Where you are required to share any information according to the
procedures contained in this AML Policy, such communication may be made by you
electronically by sending an email to email@example.com.
12.4 In particular, Giottus shall
be entitled to initiate processes and disclosures, including but not limited to
the following circumstances:
information pertaining to or in pursuance of claims and legal process
(such as summons / warrants);
ii.) To protect Giottus’
property, rights, and safety and the property, rights, and safety of a third
party or the public in general;
iii.) To identify and stop any activity
that Giottus considers illegal, unethical,
or legally actionable.
13.1. Any notice or other communication
provided for in this Agreement shall be sent only through electronic mail. User
hereby agrees to receive electronic or any other form of communication and
notifications from Giottus. Email messages sent
over the Internet are not always secure and Giottus
is not responsible or liable for non-receipt of such communication by User.
Once the email is dispatched by Giottus, it shall be
deemed to have been served on the User. Giottus shall
be deemed to have received communications from the User only upon actual
receipt into the Inbox of the account of the person to whom such communication
is addressed and acknowledged. Giottus shall not be
liable or responsible for non-receipt of communications or for any damages
incurred by the result of sending email messages over the Internet.
13.2. All communications to Giottus shall be at support.giottus.com. Giottus shall ensure that any change or modification
to the same is uploaded on the Giottus Website.
13.3. All communications to User shall be at
the electronic mail address provided by User, as part of the KYC norms. User
shall ensure that any change in the electronic mail address or communication
option is duly intimated to Giottus.
14. GOVERNING LAW & JURISDICTION
14.1. This Agreement shall be governed by and
construed in accordance with the laws of India.
14.2 The parties agree to irrevocably submit
to the exclusive jurisdiction of the courts in Chennai for the resolution of
any disputes arising from this Agreement or in connection therewith or pursuant
15.1. This Agreement shall bind and inure to the
benefit of the parties, and their respective successors and permitted assigns.
16.1. The invalidity or unenforceability of
any provision of this Agreement shall not in any way affect, impair or render unenforceable
this Agreement or any other provision contained herein, which shall remain in
full force and effect.
16.2. This Agreement shall be considered
divisible as to such provision, which is deemed to be invalid or unenforceable
and the remainder of this Agreement shall be enforceable and binding on the
17.1. No provision of this Agreement may be
waived or changed except by a writing signed by the party against whom such
waiver is sought to be enforced. The failure or omission by either party at any
time to enforce or require strict or timely compliance to any provision of this
Agreement shall not affect or impair that provision or any other provision in
any way or the rights of such party hereof, to avail itself of the remedies it may
have in respect of any subsequent breach of that or any other provision.
18.1. The Recitals, Schedules and Annexures in
this Agreement shall form part of this Agreement and the contents thereof shall
be read into this Agreement. Headings are for the purpose of easy
reference and shall not affect the meaning or interpretation of this Agreement.
19.1. This Agreement, and the other agreements
contemplated hereby, constitute the entire agreement.
20. GOVERNMENT APPROVALS
20.1. This Agreement is subject to
confirmation by the Government of India of the legality of dealing in Cryptocurrencies including bitcoins
and in the event that the Government of India was to hold such
dealing to be invalid or illegal in India, this Agreement shall stand
automatically terminated without further notice to User.
20.1. Giottus has
given full disclosure of the current Government and regulatory status with
respect to Cryptocurrencies including bitcoins in India and the risk involved in dealing with or
investing in the same. The User is deemed to have understood, agreed to and
accepted the risk and costs of such investment.
21. PRINCIPAL OFFICER / COMPLIANCE OFFICER
21.1. Giottus shall
appoint a Principal Officer / Compliance Officer, along with setting up a
Compliance Team, who shall be responsible for ensuring compliance, monitoring
transactions, and sharing and reporting information as required under the
22.1. These terms may be periodically reviewed and
revised. The revised draft will be uploaded on the Giottus Website
and will reflect the modified date of the terms. The User is required to
periodically visit the website and review terms and any changes thereto.
22.2. Continued use of the Giottus Services constitutes the agreement of User to
the terms contained herein and any amendments thereto.
22.3 This agreement or the responsibilities or
benefits arising therefrom cannot be assigned by User save and except with the
prior written consent of Giottus.
23.1. All other provisions of the Giottus Terms of Service shall be read into this
policy and shall form part hereof, including Governing Laws and Jurisdiction,
notices, severability, assignment and such or other provisions.
You may also contact us at the following
Technologies Pvt. Ltd.
Second Floor, L363, 16th Cross Street,
Chennai 600 041,
Tamil Nadu, India.