AML Policy


The AML policy of the Kassio is testimony to its commitment to prohibit all financial illegal activities, money laundering, terrorism fundings, etc. The policy describes the terms binding on our users and the procedures of the company to ensure that our services are not utilised by any person who engages in criminal offences or funds criminal activities that include but are not limited to Drug Trafficking, Terrorism, Corruption and other serious crimes.

The terms “We”, “Our”, “Company” and “Us” refer to the “Kassio” whereas the terms “You”, “Your”, and “User” refer to the users of our online platform.

Policy Statement

The company has a zero-tolerance policy for money laundering. Kassio, its employees, customers, all the associated third parties and clients are highly committed to anti-money laundering and counter-terror financing measures in order to contribute their bit to mitigate financial crimes. We are compliant with all the applicable regulatory laws and regulations. We strictly adhere to the FATF & Prevention of Money-laundering Act, 2002 (India) and rules included by necessary amendments in the existing Money Laundering regulations. Our organisation stands firm against illegal financial activities and we promote AML(Anti Money Laundering) and CFT (Combating Financing of Terrorism) both in letter and spirit.

Objective of Policy

To prohibit illegal financial activities that include but are not strictly limited to money laundering, terrorism financing, drug trafficking, and other serious criminal offences.

Definitions :

  1. Applicable Regulatory Laws: It includes but is not restricted to the Prevention of Money Laundering Act 2002 & rules included by amendments thereafter, the Reserve Bank of India’s Master Direction on KYC rules, as amended from time to time and all the laws in force from the time being within the jurisdiction of the government of India.

  2. Money Laundering: It is the process of converting high incomes obtained from illegal activities such as drug trafficking, Arms Trafficking, Domestic or International Terrorism, etc to legitimate income.

  3. Terror Financing: It involves providing financial support to terrorist organisations/ Individual terrorist or Non- State actors. These funds are utilised to fund certain activities organised by terrorists.

  4. Sanction Lists: This refers to the list of banned individuals included under any list published and circulated by any country’s government or international authority.

  5. Data Security: To mitigate the risk associated with Money Laundering & Terror financing, the measures will be designed in such a way that provides the citizens to access freedom & rights associated with their personal data.

  6. Suspicious Transactions: It refers to activities that involve attempts or execution of terror financing, Malafide purposes, or unusual complexity.

Risk Mitigation

With the help of Know Your Transaction (KYT) analysis the company may group the users/ Businesses into low, medium or high financial risk categories. The risk assessment procedure takes into account the following factors:

  1. Adequacy of information provided by the user for the purpose of verification
  2. Financial or social status of users
  3. Nature of source of income/ Business/ or any Vocational activity

The company keeps the categorization information of users confidential. No user will be entitled to get access to such information. Though the company can disclose the risk categorization data to the competent enforcement authorities whenever there is suspicion about that particular user to involve in any suspicious activity.

Customer Identification

The company has made KYC submission mandatory for all users. With the help of the Know Your Customer (KYC) policy, we aim to prevent illegal financial activities. In the onboarding process, the customers are required to provide information as per the KYC norms. If any user fails to provide adequate information then the company can either ask for re-submission or terminate their registration depending on the circumstances.

For onboarding new customers on our platform we conduct two-step identification:

  1. Identification & Address Verification

    For the customer identification and address verification users are required to produce documents as their identity proof and address proof. Following are the acceptable documents for verification.

    • For Businesses: Company Registration Number, Bank Statements, Registered Office, Utility Bills, Details of any beneficial owners or directors of the company, etc.
    • For Individuals: PAN Card, Aadhar Card, Driving License, Utility Bill, Bank Statement, Passport.
  2. Selfie Verification: In selfie verification, users are required to position their face in the designated oval on the screen approximately 12 inches away and record a short video.

Additional Verification Step:

Based on KYT (Know Your Transaction) analysis, the company may ask for additional information along with the video KYC submission as considered necessary in the following cases:

  1. For Businesses / Individuals with transactions worth more than $10 M
  2. For any user or transaction with a high negative score from our third-party compliance tools.
  3. For Individuals/ Businesses who conduct suspicious transactions as per the company’s rules and regulations or the laws of the land.
  4. For Users with an extraordinarily large volume of outward transactions which may raise concerns

Due Diligence & Monitoring:

In order to adhere to the AML regulations, we conduct due diligence as per the regulatory requirements before onboarding our new customers. We conduct background checks and compile the details of our due diligence as the record for AML checks. We retain the transaction data & other obtained information associated with the user/business for 5 years starting from the date of the transaction or the end of the customer relationship with our platform.

  1. Money laundering Reporting Officer: The MLRO officer is appointed by the company to ensure that due diligence checks and AML measures are conducted in accordance with the regulatory requirements and guidelines. MLRO ensures that regular due diligence and checks are carried out to mitigate the risks.

  2. High-Risk Due Diligence Measures: With our KYT (Know Your Transactions) compliance we segregate high-risk individuals/ businesses. If any user is categorized as high risk then enhanced due diligence measures are used. In high risk due diligence senior management of the company take care of the case. They review the transactions, volume and patterns and as per the assessment, they may discontinue the new business deals with the users if required.

  3. No Business with Sanctioned users: As per our policy, Kassio doesn’t entertain or do business with any of the sanctioned entities, individuals, or corporations. With the help of our third-party industry experts, we trace the flow of funds and ensure to do business exclusively with validated users.

Record Maintenance:

The company will preserve and maintain the data as follows:

  1. All the online transactions on the platform will be recorded and maintained up to 10 years from the date of transaction.
  2. All the high worth transactions and cross border transactions will be recorded and maintained up to 12 years
  3. User Identification and Address verification data collected through KYC submission will be recorded and maintained up to 10 years from the date of user account termination.

Third-Party Verification:

To conduct customer identity and transaction verification the company has partnered with licensed industry experts to authenticate the user identities and transaction details. These third-party service providers conduct KYC and KYT verifications to authenticate user identity as well as to prevent unauthorised transactions.

Policy Review:

This policy will be subject to changes depending on the changing crypto industry regulations globally and domestically, market demands, business requirements and other factors.

Support/ To Raise Concerns:

If you have any questions or concerns regarding our AML policy. We would like to have a constructive discussion with you. To raise any concern or ask any query please write to us at support@kassio.com.