RabitX Technologies Private Limited is committed to preventing money laundering, terrorist financing and fraud. This policy summarises the controls we apply under the Prevention of Money-laundering Act, 2002 ("PMLA"), the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, and the guidelines issued by the Financial Intelligence Unit-India ("FIU-IND") for virtual digital asset service providers.
1. Responsibility
Our board of directors approves this policy and reviews it at least once a year. A Designated Director and a Principal Officer are appointed to oversee compliance, file reports with FIU-IND and act as the point of contact for regulators.
2. Know your customer
Before you can buy, sell or swap crypto, we verify your identity. Verification is done in levels, and higher levels unlock higher limits:
- Basic: verified email address and mobile number.
- Verified: legal name, date of birth, PAN, a government photo ID (such as Aadhaar, passport, voter ID or driving licence) and a live selfie to confirm the ID belongs to you.
- Plus: proof of address dated within the last three months, and information about your occupation and source of funds.
Businesses must provide their registration documents, details of their directors and beneficial owners, and verification for the people who will use the account.
Gift card, top-up and eSIM orders are processed by Cryptorefills, which runs its own checks and may ask for identity verification for larger orders.
3. Enhanced due diligence
We apply extra checks, such as source of funds and source of wealth evidence, to higher-risk customers. These include politically exposed persons, customers from high-risk jurisdictions identified by the Financial Action Task Force, unusually large or complex transactions, and activity that does not match a customer's profile.
4. Sanctions and wallet screening
We screen customers against sanctions and watch lists, including those of the United Nations Security Council and the Government of India. We also screen wallet addresses with blockchain analytics to detect links to sanctioned parties, darknet markets, scams, hacks and mixers. We do not deal with sanctioned persons or countries.
5. Transaction monitoring
We monitor transactions on an ongoing basis for unusual patterns, such as structuring to avoid limits, rapid movement of funds, or use of third-party payment methods. Payments must come from a bank account, UPI ID or card in your own name.
6. Reporting
We report suspicious transactions and other reportable transactions to FIU-IND as required by law. We are not allowed to tell a customer if a report has been made about them.
7. Record keeping
We keep identity records and transaction records for at least five years after the business relationship ends or the transaction is completed, or longer if an investigation requires it. Records are stored securely and handled under our Privacy Policy.
8. Refusing or restricting service
We may refuse to open an account, refuse or delay a transaction, freeze an order, or close an account if a customer does not complete verification, gives false information, or if we suspect money laundering, terrorist financing, fraud or a sanctions breach.
9. Staff training
Everyone at RabitX who handles customers or transactions is trained on this policy when they join and at least once a year after that.
Contact us
Questions about this policy can be sent to rabitxtech@gmail.com. You can also write to us at:
- RabitX Technologies Private Limited
- No 55, Poonamallee High Road, Pallavan Nagar, Nerkundram, Chennai, Tamil Nadu 600107, India
We reply to most emails within two business days.