KYC-Policy

1. INTRODUCTION

Virtual Block Innovations Pvt. Ltd. which term shall refer to and include its owners, its subsidiaries and affiliated companies, directors, investors, employees, officers, representatives, affiliates, or other related parties.

This Know-Your-Customer (“KYC”) policy (hereinafter referred to as the “Policy”) sets forth the general rules and procedures governing the implementation and conduct of Know-Your-Customer (“KYC”) procedures in accordance with the relevant Anti-Money Laundering laws and regulations i.e. the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (“AML/CTF Act”). Each User must carefully read and comply with this Policy. It is understood and presumed per se that the User by using the Website and/or purchase of any of our products, the User has fully read, understood and accepted this Policy. If any User does not agree with this Policy in general or any part of it, such User must not access and use the Website and/or purchase any of our products. The Company adopts the KYC Policy and reserves the right to undertake KYC in order to verify the identity of its Users at any point of time.

Users are required to strictly comply with all the terms contained herein in this website, 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. “User” or “Client” or any Persons availing of the Fynzon Services (whether directly or indirectly), are referred to herein as “Users''.

2. Opening of User Account

A user may create a User Account by first downloading and installing the Fynzon App on their Android or iPhone smartphone by using the Google Play Store or iOS App Store, as applicable, subject to the terms contained herein in this website. Alternatively, user can also create an account by visiting the Fynzon website (www.fynzon.com/)

Users shall comply with the procedures prescribed for opening the User Account, including providing a valid and existing email address and mobile number for completing the registration process and shall provide requisite KYC details and documents.

Fynzon reserves the right to reject registration or validation of a User Account on any grounds as it deems suitable, at its sole discretion, with due regard to legal and regulatory frameworks governing currencies.

3. Know Your Customer (“KYC”) Compliance

In addition to the terms contained herein, Users shall be bound by the terms of Fynzon’s Anti-Money Laundering Policy (“AML Policy''), which is available at AML policy. By virtue of using any part of the Fynzon’s Services, and/or by virtue of accepting and entering into this Agreement, Users are deemed to have accepted and to have agreed to comply at all times with, the terms of the AML Policy. Only Users complying with the following Know Your Customers (“KYC”) procedures, as well as all terms and procedures contained in the AML Policy, would be allowed to avail of the Fynzon’s Services:

Users shall provide the details, along with digitised copies of supporting documents for such details, simultaneously with the application for a User Account on the Fynzon Platform, failing which the User Account shall not be activated.

User hereby consents to retention of the above details and documents by Fynzon for its own use, for as long as Fynzon is required under any prevailing laws. Fynzon shall be entitled to retain user details and documents even for those Users whose registration has been rejected by Fynzon.

Fynzon shall take reasonable care and caution in the collection and retention of all information, data and documents provided by users. Fynzon shall comply with the terms of the Privacy Policy and with all applicable laws pertaining to personal data protection in the collection and retention of User data, including personal data and information. The Privacy Policy may be periodically reviewed and revised, modified or updated.

Acceptance of the terms herein shall tantamount to acceptance of the Privacy Policy, the AML Policy and the terms contained therein. Users are required to read, understand and affirm the AML Policy and the Privacy Policy before clicking the “accept and continue” button on the Fynzon platform.

Fynzon may call upon the User to furnish additional details and/or documents, either pursuant to governmental or regulatory requirements, or due to modifications in any of the terms of this Agreement, the Privacy Policy or the AML Policy. User hereby agrees and undertakes to comply with the same within the timelines prescribed.

Fynzon reserves the right to undertake the KYC (Know-Your-Customer) Policy in order to verify the identity of its Users at any point, and the User hereby agrees to provide co-operation, including but not limited to the provision of relevant identification and documents, in this regard.

4. Verification Process

Fynzon shall, at its sole discretion, activate the User Account upon verification of the details provided through the KYC process included in this Agreement and in the AML Policy. In the event of any factual inaccuracies or discrepancies with the details or documentation provided by a User during this process, Fynzon shall be entitled to terminate the User Account without notice to the concerned User, and such User shall not be permitted to use the User Account or Fynzon Services thereafter. Fynzon is entitled to terminate User Accounts for non–compliance in providing true and correct information.

Existing Users may be called upon to comply with additional KYC and / or verification process as intimated by Fynzon from time to time.In the event of the User failing to provide additional KYC or comply with the verification process, Fynzon reserves the right to terminate or deactivate an existing User Account. Users shall be duly intimated by Fynzon, along with reasons for such deactivation and the procedures for redress (if any). Delay in termination of such User Accounts shall not amount to a waiver of the mandatory information and documentary requirements contained in this Agreement and in the AML Policy.

Fynzon may, at its sole discretion, intimate the user of reasons for non-activation of their account. Fynzon is not under any obligation, however, to provide such intimation.

Only natural or legal persons may apply for a User Account and avail of Fynzon's services. Legal persons must have valid documents of incorporation and other documents as Fynzon may require from time to time. if any of the documents, information, or representations are found to be falsified, invalid or otherwise inaccurate, Fynzon is entitled to terminate the User Account for non–compliance in providing true and correct information.

In case of corporations, the antecedents of the company (name and registered office in particular) and of all beneficial owners, promoters and directors will be verified by Fynzon or any other third party engaged by Fynzon. An assessment shall be made of the financial worthiness of the user by obtaining appropriate declarations as and when required.

No users shall be accepted where it is not possible to ascertain the identity of the client, or the information provided is suspected to be false or if there is perceived non-cooperation of the user in providing full and complete information. Fynzon shall not continue to do business with such a person and may, in the appropriate circumstances, file a suspicious activity report.

Fynzon may, if so required under applicable Law, share know-your-customer and transaction records with any law enforcement authorities

Know Your Customer Standards – The objective of the KYC guidelines is to prevent the Fynzon Platform from being used, intentionally or unintentionally, by criminal elements for money laundering activities. KYC procedures enable Fynzon to know / understand their customers and their financial dealings better which in turn help them manage their risks prudently.

Fynzon's KYC policy incorporates the following elements:

  (i) Customer Acceptance Policy (“CAP”)

    - No account shall be opened anonymously or with fictitious names

    - No Fynzon user shall be below the age of 18 / cannot be a minor as defined by the law of the resident country.

    - All required KYC documents are mandatory.

    - User Accounts can be opened through the Fynzon Platform.

    - Each User Account is unique and can be activated by providing KYC documents pertaining to that User. Once the account is activated, the same KYC documents cannot be used to open another User Account.

    - Additional documents may be sought by Fynzon based on it's internal risk assessment.

  (ii) Customer Identification Procedure (“CIP”)

Customer identification means identifying the person and verifying his/ her identity by using reliable, independent source of documents, photograph or video verification of KYC documentation, (data, information or by using third-party services. Fynzon needs to obtain sufficient information necessary to establish, to its satisfaction, the identity of each user. Additional documents may be sought by Fynzon based on its internal risk assessment.

5. List of KYC documents

Types of documents required:

  1) General details like full name, address, country, state , pin code etc.

  2) PAN Card details

  3) ADHAAR Card details

  4) Bank details

  5) Selfie of user

Note: Fynzon reserves the right to call for additional documents at any time for further verification based on Users volume and trading pattern.

6. Support

If you have any questions regarding this KYC Policy, please contact us at info@fynzon.com

7. Modifications

These terms may be periodically reviewed and revised. The revised terms will be uploaded on the Fynzon Platform and will reflect the modified date of the terms. The User is required to periodically visit the Fynzon website and review the terms and any changes thereto.

Use of Fynzon Services constitutes the agreement of User to the terms contained herein and any amendments thereto.