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Be Donor is a platform for the crowdfunding/fundraising for individuals and NGO’s, so we respect and follow all the laws and grounds related to Anti-money laundering (AML) in India. The term “money laundering” is generally attributed to the collective of procedures involved in legitimising assets amassed by means which may not be have been legitimate. Described otherwise, it involves the transmutation of ill-gotten proceeds into ostensibly legitimate assets, and sometimes into businesses developed as means to generate more revenues to finance the very ill-means from where the proceeds were generated in the first place.
Be Donor Never support and process any transaction which is suspicious andMoney Laundering Act,
The Prevention of Money Laundering Act, 2002
The Prevention of Money Laundering Act, 2002 or the PMLA is an Act of the Parliament of India enacted to prevent money-laundering and to provide for confiscation of property derived from money-laundering.
The PMLA and the Rules notified there under came into force with effect from July 1, 2005. The Act and Rules notified thereunder impose obligation on banking companies, financial institutions, and intermediaries to verify identity of clients, maintain records and furnish information in prescribed form to the competent authorities formed and appointed in that regard [e.g., Financial Intelligence Unit – India (FIU-IND)]. The Act was subsequently amended in the years 2005, 2009 and 2012.
What are suspicious transactions?
The suspicious transaction reports are filed by reporting entities like banks and other financial intermediaries with the Financial Intelligence Unit of the government of India.
According to the Finance Intelligence Unit - India - here's how a bank views transactions to be of a suspicious nature:
Value of transactions
Value just under the reporting threshold amount in an apparent attempt to avoid reporting
Value inconsistent with the client's apparent financial standing
Activity in accounts
Unusual activity compared with past transactions
Sudden activity in dormant ac
Multiple accounts
Many accounts having a common account holder, introducer or authorized signatory with no rationale,
Unexplained transfers between multiple accounts with no rationale
Nature of transactions
Unusual or unjustified complexity Frequent purchases of drafts or other negotiable instruments with cash Nature of transactions inconsistent with what would be expected from declared business Source of funds are doubtful Appears to be case of insider trading Investment proceeds transferred to a third party Transactions reflect likely market manipulations Suspicious off market transactions
Identity of donors & fundraisers
False identification documents Identification documents which could not be verified within reasonable time Accounts opened with names similar to other established business entities
Value of Transactions
Value just under the reporting threshold amount in an apparent attempt to avoid reporting Large sums being transferred from overseas for making payments.
Be Donor immediately take action against the account of the donor or fundraiser who found under suspicious categories.
Immediately close the account of that donor/fundraise permanently. and never accept any payment from any individual /firm which found suspicious either from India or from other countries.
To the extent permitted under applicable law, Be Donor will not be responsible for any illegal transactions that take place on its platform. Be Donor will not be responsible for any consequences (monetary or otherwise) suffered by the stakeholders of a campaign or other users if it takes action (in its sole discretion) pursuant to this policy and applicable law.