KNOW YOUR CUSTOMER
POLICY & PROCEDURES
247Bids, LLC, hereinafter referred to as the
“Company,” which term shall refer to and include its owners, its subsidiaries
and affiliated companies, directors, investors, employees, officers, representatives,
affiliates, or other related parties.
order to prevent misuse of the Company’s Platform, Users are required to
strictly comply with the terms contained herein, 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.
or “Client” Persons availing of the Company
Services (as defined below), directly or indirectly, are referred to herein, as
A. An opening of User Account
- A user may create a User Account by first downloading
and installing the Company’s 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.
- User 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 know your customer (KYC) details and documents.
- The Company reserve 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 framework
B. Know Your Customer (KYC)
addition to the terms contained herein, Users shall be bound by the terms of the
Company’s Anti-Money Laundering Policy (“AML Policy”), which is available here.
By virtue of using any part of the Company 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 Company Services:
- Users shall provide the details, along with digitized
copies of supporting documents for such details, simultaneously with the
application for a User Account on the Company’s Platform, failing which
the User Account shall not be activated.
- User hereby consents to retention of the above details
and documents by the Company for its own use, for as long as the Company
is required by law. The Company shall be entitled to retain user details
and documents even for of those Users whose registration has been rejected
by the Company.
- The Company shall take reasonable care and caution in
the collection and retention of all information, data and documents provided
for collection and retention of User data, including personal data and
modified or updated.
- Acceptance of the terms herein shall be tantamount to
contained therein. Users are required to read, understand and affirm the
button in the Company’s platform.
- The Company may call upon 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
undertakes to comply with the same within the timelines prescribed.
C. Verification Process
- The Company 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 other problems with the details or
documentation provided by a prospective User during this process, the
Company shall be entitled to forthwith terminate the User Account without
notice to the concerned User, and such User shall not be permitted to use
the User Account or the Company Services thereafter. The Company is
entitled to terminate existing User Accounts for non–compliance with such
requests for further details or information after due notice.
- The Company may, at its sole discretion, send to the
User intimation of reasons for non-activation of a User Account. The
Company is not under any obligation, however, to provide such notice.
- Only natural or legal persons may apply for a User
Account and avail of any part of the Company Services. Natural persons
must possess a valid passport as an proof of identity and a national ID or
driving license as proof of address. Legal persons must have valid
formation and other documents as the Company may decide from time to time.
Upon verification, any of the documents, information, or representations
are found to be falsified, invalid or otherwise inaccurate, the Company
shall forthwith terminate the relevant User Account without notice to the
concerned User. Such termination might occur at the time of User Account
opening or at a later point.
- Existing Users may be called upon to comply with the
KYC and verification process contained in this Agreement and in the AML
Policy. In the event of termination or deactivation of an existing User
Account, Users shall be duly intimated by the Company, 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.
- In case of corporate, the antecedents of the company
(name and registered office in particular) and of all promoters and
directors will be traced. An assessment shall be made of the financial
worthiness of the user by obtaining appropriate declarations as and when
- 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 non-genuine, or if there is perceived non-cooperation of
the user in providing full and complete information. The Company shall not
continue to do business with such a person and file a suspicious activity
report. The Company shall consult the relevant authorities in determining
what action it shall take when it suspects suspicious transactions being
- No transaction or account-based relationship is to be
undertaken without following the user KYC and Due Diligence Process.
D. Know Your Customer Standards
objective of the KYC guidelines is to prevent Company’s Platform from being
used, intentionally or unintentionally, by criminal elements for money
laundering activities. KYC procedures enable the Company to know/ understand
their customers and their financial dealings better which in turn help them
manage their risks prudently. The KYC policy of the Company incorporates the
Customer Acceptance Policy (CAP) - The
following Customer Acceptance Policy indicates the criteria for acceptance of customers
- No account shall be opened in
the anonymous or fictitious name(s)
- No person can be a user below
- All required KYC documents are
- Account to be opened through the
Company’s Platform only
- A user can register/ open only
one account with the same documents
- Additional documents may be
sought by the Company based on information security, etc.
- Customer Identification Procedures (CIP) - Customer
identification means identifying the person and verifying his/ her
identity by using reliable, independent source of documents, data,
information or by using third-party services. The Company needs to obtain
sufficient information necessary to establish, to its satisfaction, the
identity of each user. Subject to the Company’s risk analysis, the nature
of information/ documents required would also depend on the type of
E. List of KYC documents
- Valid Passport copy
- National Id Card or Driving License
Corporate Documents Required.
- Certificate of incorporation and Memorandum & Articles of Association, or any other relevant founding documents.
- Resolution of Board of Directors to open an account with the Company, and identification of those who have authority to operate the account.
- Copy of a company telephone landline bill or a recent company bank account statement addressed to your company name and office address.
- A photo ID of all Board directors.
- Id & Address proof of an Authorized person.
Apart from these above documents the Company reserves the
right to call for additional documents for further verification based on Users
volume and monitoring pattern.
- These terms may be periodically reviewed and revised.
The revised terms will be uploaded on the Company’s Platform and will
reflect the modified date of the terms. The User is required to
periodically visit the Company’s website and review terms and any changes
- Continued use of the Company Services constitutes the
agreement of User to the terms contained herein and any amendments
- This agreement or the responsibilities or benefits
arising therefrom cannot be assigned by User save and except with the
prior written consent of the Company.
Dated: April, 2019