N8 is committed to upholding the highest standards in preventing money laundering and the financing of terrorism, in line with our Anti-Money Laundering (AML) Policy. As part of this commitment, we take robust measures to deter any form of illegal activity. We are obligated to report to the relevant authorities whenever there is suspicion that funds deposited into a user’s account may be connected to illegal activities or the financing of terrorism. Additionally, we are required to freeze such funds and take actions as dictated by the AML policy guidelines.
Money laundering is defined as the act of:
- Concealing or maintaining confidentiality about the true origin, location, disposition, movement, rights of ownership, or other property rights of assets acquired through illegal means.
- Transforming, transferring, acquiring, possessing, or using assets derived from criminal activities to hide their illicit origins or assist individuals involved in criminal acts to evade legal repercussions.
- Engaging in transactions involving assets obtained through criminal activities conducted in the territory of another country.
To prevent the introduction of criminally obtained capital into the economy, various nations, including India, have enacted laws and measures against money laundering and terrorism financing.
N8 implements stringent internal policies and procedures, alongside special measures, to support global efforts in combating money laundering and terrorism financing.
By opening an account with N8, you agree to:
- Abide by all relevant laws and regulations pertaining to anti-money laundering and counter-terrorism financing, including our AML Policy.
- Declare that, to the best of your knowledge, the funds deposited now, previously, or in the future, are not derived from illegal sources nor associated with the legalization of proceeds from illegal activities or any other illicit activities prohibited by law or international directives.
- Promptly provide any information deemed necessary by N8 in accordance with legal and regulatory requirements related to the prevention of money laundering.
N8 undertakes the following measures:
- Collection and maintenance of user identification documents, such as passports or other forms of ID, and monitoring of any account changes.
- Monitoring of suspicious activities on user accounts and transactions under special conditions.
- The right to suspend user accounts if there are reasonable grounds to believe the account is related to money laundering or criminal activities, without the obligation to inform the user of the suspicion or the reporting of such activities to the authorities.
In line with our internal AML procedures, N8 conducts initial and ongoing verification of user identity based on the risk level associated with each user.
- Minimal information will be requested to confirm your identity.
- All data, IDs, verification methods used, and outcomes will be recorded and preserved.
- Personal data will be cross-referenced with lists of individuals suspected of terrorism, compiled by authorized state and independent bodies. Identification data will include the user’s full name, date of birth, residential or registered address, and sources of funds.
To verify and confirm the authenticity of the provided data, N8 may require:
- A passport, identification card, or equivalent document that includes the name, date of birth, and photograph of the holder, issued by national authorities.
- A recent utility bill receipt (no older than 3 months) or other documents verifying the user’s address.
- Additional information and documents may be requested as necessary. In some cases, notarized copies of documents may also be required.