fbpx

AML Policy

ANTI-MONEY LAUNDERING (AML) POLICY

Efforts For Good comply with the Anti-Money Laundering (AML) guidelines established by the Reserve Bank of India, vide it’s circular RPCD.RRB.RCB.AML.BC.No.02/07.51.018/2014-15 on 1 July, 2014 and updated from time to time. The guidelines include, but is not limited to, the following salient conditions:

1.  (i)  Every Campaign Organizer has to verify their identity per the Know Your Customer (KYC) in the guidelines. This includes verification of registered mobile number via a One Time Password (OTP), and may also include one of the identification documents viz. Permanent Account Number, Aadhar Card, Passport, Driving License, Voter Id . recognised by the Reserve Bank of India. The list of such registered documents will be updated on effortsforgood.org site, at its sole discretion, from time to time.

(ii)  Every Recipient has to verify his/her identity per the Know Your Customer (KYC) in the guidelines. This includes verification of registered mobile number via a One Time Password (OTP), and may also include one of the identification documents viz. Permanent Account Number, Aadhar Number, Passport, Driving License, Voter Id, etc., recognised by the Reserve Bank of India. The list of such registered documents will be updated on effortsforgood.org site, at its sole discretion, from time to time.

(iii)  The verification will be essential to withdraw funds from Efforts For Good, and may be asked by Efforts For Good, at its sole discretion, during the course of a campaign. Failure to comply, may result in cancellation of a fundraising campaign, and funds may be returned to donors in such a scenario​.

(iv)  Campaign Organizers may not create multiple Campaigns without proof of meeting fulfillment obligations from the original Campaign.

(v)  Failure to adequately fulfill Campaign obligations may result in Efforts For Good removing the Campaign(s) and seeking reimbursement of Campaign funds raised, including by using third-party collection services. Only the Campaign Owner shall be permitted to collect Campaign funds.

(vi)  Campaign Owners and Recipients are responsible for collecting and remitting any taxes on Contributions, and any taxes due in connection with Campaign Owners and/or Recipients.

(vii)  Campaign Owners may not use a false email address to self-fund, or contribute to, their own Campaigns; this is a violation of Stripe policies and of our Terms of Use.

(viii)  Efforts For Good may attempt to verify the identity and other information provided to us by Campaign Owners, and we may delay, withhold, reverse or refund any Contributions or other amounts without notice or liability in the event we are unable to verify any such information to our satisfaction. Campaign Owner eligibility is subject to Efforts For Good’s review of the fulfillment status of prior crowdfunding obligations.

(ix)  Taxing authorities may classify funds raised on the Services as taxable income to the Campaign Owner and any Recipient who will receive funds directly from the applicable Campaign. Efforts For Good will ask for the personal account number / tax identification number (PAN) of Campaign Owners and any beneficiaries and/or Recipients so that we may report taxable income to the relevant taxing authorities.

2.  For contributors on effortsforgood.org, only standard channels of payment – verified credit or debit cards, netbanking, bank transfers, cheque, prepaid instruments such as wallets, Unified Payment Interface or cash (upto limits allowed by the RBI) – will be allowed. In case of cash payments, all payments above INR 24,999 have to be furnished with the Permanent Account Number of the contributor. Cash payments are accepted for Indian residents only.

3.  Recipients (campaign organisers, whether individuals or organizations) will comply with foreign exchange rules as explained by the Foreign Exchange Management Act of the RBI. Any failure to do so may result in cancellation of fundraiser, and refund of donations, to the cancelled fundraiser, to respective donors.

AML policies will be updated time to time at the sole discretion of Efforts For Good.