Velonyx Ventures Pvt Ltd is committed to preventing money laundering (ML) and terrorist financing (TF) in our INR-to-cryptocurrency conversion services and future payment gateway offerings, adhering to PMLA, 2002, and FIU-IND regulations.

Applies to all transactions involving INR payments and cryptocurrency deposits for brands (e.g., Spinx Club) and clients, extending to future payment gateway services in India.

Brand-Sourced KYC: We obtain KYC documents (e.g., ID proof, address) from brands if they collect from users (e.g., Spinx Club). This includes verifying identity and assessing risk.
Direct User KYC: If brands lack KYC, users submitting INR payments provide KYC (e.g., Aadhaar, PAN) via secure channels.
Future Services: For payment gateway expansion, KYC will be collected from users and merchants, adhering to RBI and FIU-IND standards.
Documents: Name, address, ID, transaction details, and wallet addresses are collected and verified.

We monitor INR payments (UPI, bank transfers) and crypto deposits for suspicious activities. Future payment gateway transactions will include UPI, card, and bank transfers.
Thresholds: Transactions exceeding INR 100,000 trigger enhanced due diligence (EDD).

Suspicious Transaction Reports (STRs) are filed with FIU-IND within 7 days of detection, per PMLA Section 12, for both current and future services. Records of all transactions and KYC are maintained for 5 years.

Assess risks based on user/brand profile, transaction patterns, and crypto volatility. High-risk cases (e.g., unverified sources, gambling-related funds from clients) are flagged for EDD. No privacy coins or mixers are supported.

Staff are trained annually on PMLA and FIU-IND guidelines, with additional training for payment gateway operations.

We depend on brands (e.g., Spinx Club) for initial KYC; we are not liable for their non-compliance or business activities (e.g., gambling). We process payments only and have no role in their operations.

Email: support@velonyx.ventures