KYC Policy

Why KYC is Important

KYC helps ensure that PariPulse India is able to:

1. Verify User Identity: Ensures that customers are who they claim to be.
2. Prevent Fraud: Detect and prevent fraudulent or unauthorized transactions.
3. Ensure Compliance with Regulations: Comply with Indian laws, particularly the Prevention of Money Laundering Act.
4. Assess Risk: Identify potentially high-risk users based on various criteria, enabling enhanced scrutiny if needed.

KYC Documentation Requirements

To complete the KYC process on PariPulse India, customers are required to submit valid identification and financial documents. These documents generally include:

1. Proof of Identity: Aadhar card, PAN card, passport, or voter ID.
2. Proof of Address: Utility bills, bank statements, or rental agreements.
3. Financial Information: Bank account details or income sources to ensure that funds used on the platform are legitimate.

All submitted documents must be genuine, and the platform reserves the right to reject fake or tampered documents. The verification process can take a few days, during which customers are notified of their application status.

Verification Process

Once documents are submitted, the verification process involves several steps:

1. Document Authentication: PariPulse India employs advanced systems and a manual review team to verify the authenticity of documents submitted by users. This ensures that all personal data provided is accurate and legitimate.
2. Customer Due Diligence (CDD): Basic CDD is conducted for most users, which includes identity checks and risk assessments based on user behavior and geographical location.
3. Enhanced Due Diligence (EDD): High-risk users (such as those from certain regions or with large transaction volumes) undergo more thorough scrutiny, which may include additional documentation or third-party verification services.

The verification process ensures compliance with Indian regulations and provides additional security for both the platform and the users.

Risk-Based Approach

PariPulse India employs a risk-based approach in its KYC policy, which helps in tailoring the verification process according to the perceived risk level of each customer. The platform categorizes users into different risk levels:

1. Low-Risk Users: Typically, these users have a consistent transaction history and verifiable identification. They undergo basic identity verification with minimal additional scrutiny.
2. Medium-Risk Users: These are users who may have higher transaction volumes or hail from regions with moderate risk factors. They may require more frequent verification checks.
3. High-Risk Users: These users either engage in high-value transactions, show unusual activity, or come from countries known for financial irregularities. They are subjected to Enhanced Due Diligence (EDD), where additional checks such as source of funds are carried out to mitigate risks.

Account Restrictions for Non-Compliance

For users who fail to comply with the KYC policy, PariPulse India enforces strict account restrictions, including:

1. Limit on Transactions: Users without KYC verification may have their withdrawal and deposit limits restricted.
2. Account Freezing: Failure to complete KYC within a stipulated time frame may result in temporary freezing of accounts.
3. Permanent Ban: Accounts involved in suspicious activities or found to have falsified documents may face a permanent ban, with any associated funds potentially seized and reported to law enforcement agencies.

Data Security and Confidentiality

PariPulse India places great emphasis on the confidentiality and security of customer information. All KYC data collected is stored in encrypted formats to protect it from unauthorized access. Only authorized personnel are permitted to access sensitive customer information, and data is shared only with regulatory bodies or law enforcement when legally required.

Legal and Regulatory Compliance

The KYC policy of PariPulse India is in line with Indian regulations, particularly the guidelines set by the Reserve Bank of India (RBI) and the Prevention of Money Laundering Act (PMLA). The platform is also obligated to report suspicious transactions to the Financial Intelligence Unit (FIU-IND) under these regulations.

Continuous Monitoring

KYC isn’t a one-time process. PariPulse India implements ongoing monitoring of customer transactions to identify and prevent any suspicious activity. This ensures that the platform remains compliant and any fraudulent activities are detected early.

Additionally, periodic KYC updates may be requested from users, especially those who engage in significant transactions or display high-risk behavior. This process includes the re-verification of identity documents and sources of funds to prevent illegal activities.

Conclusion

KYC policies at PariPulse India are designed to foster a secure and transparent environment for its users. By verifying the identity of its customers and assessing their risk profiles, the platform complies with Indian regulations and safeguards against illegal activities like money laundering and fraud. A strong commitment to data security and a risk-based approach ensure that the platform remains compliant and trustworthy while offering a safe betting experience to its users.