It is the policy of Instamojo Technologies Private Limited (“Instamojo”) to offer Instamojo’s payment aggregation services to various micro, small and medium-scale enterprises (“Merchants”) only subject to compliance with adequate Merchant risk identification, assessment and management processes, in accordance with Instamojo’s internal policies, applicable laws and relevant rules and regulations, and schemes issued by the card payment networks (Visa, American Express, MasterCard, RuPay etc.).
Timeframes: The authorized personnel (“Officers”) of Instamojo commence the process of review of an application submitted by a Merchant from the date of receipt of the application and any communication regarding (a) any additional information and/or documents required to be submitted by the Merchant; and (b) approval/rejection of the application is made by the Officers within 3 (three) working days in the normal course of business.
Alteration: Instamojo undertakes such supplementary measures as deemed necessary to ensure compliance with the underwriting parameters in the event of any change in the ownership, business type, legal name, contact information and the bank account of the Merchant. The Merchant must make all requests for changes only from the secured portal provided by Instamojo. In the event the Merchant makes a request for a change by writing to Instamojo, such a request must have originated from the email address provided by the Merchant to Instamojo under the application originally submitted. Instamojo reserves the right to not consider a request in case it is not in compliance with the above-mentioned procedure.
Maintenance of records: Instamojo electronically maintains all Merchant records and documentation obtained in furtherance of Instamojo’s onboarding process and Instamojo’s transaction monitoring process for such time as deemed necessary by Instamojo.
Instamojo undertakes to:
- ensure adequate compliance with anti-money laundering laws prior to onboarding any Merchant;
- determine and validate the following aspects as part of the onboarding process:
- identity of the Merchant and the key individuals owning and controlling the entity owned by the Merchant;
- financial condition of the Merchant in order to assess the Merchant’s capability of fulfilling its obligations towards its customers;
-business carried on by the Merchant in order to determine any associated risk; and
-location of the business carried by the Merchant to be in the territory of India.
-screen the Merchants based on the following sanction lists:
a.OFAC official website - https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information Sanction Screening https://sanctionssearch.ofac.treas.gov/
b.ISIL (Da'esh) & Al-Qaida Sanctions List: https://www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list
c.The “1988 Sanctions List”, consisting of individuals and entities associated with the Taliban which is available at: https://www.un.org/securitycouncil/sanctions/1988/materials
d.Any other sanction list that Instamojo is required to examine for the purpose of compliance with applicable laws.
-Monitor the transaction activities of the Merchant to identify any unusual, suspicious, or illegal activity; and
-Report any suspicious activity and/or details of the Merchant accounts resembling any of the individuals/entities in the sanction lists to the Financial Intelligence Unit-India or, as required by contractual obligations, to partner banks, payment processors and card schemes, where appropriate.
Notwithstanding the above, Instamojo recognizes that the risks associated with a Merchant would vary on a case-to-case basis. Consequently, Instamojo applies varying levels of scrutiny to each category of Merchant based upon the levels of associated risk i.e., higher the associated risk, higher the level of scrutiny.
The factors that are taken into consideration by Instamojo to establish risk levels include:
transaction volumes;
type of the entity established by the Merchant (Private Limited/Public Limited Company, LLP, sole proprietor, Partnership, Trust, individual);
types of the products and services sold by the Merchant;
Certain categories of Merchants carry more risk than others or require specialised expertise in order to monitor their activity and control risk. In furtherance of this and similar lists maintained by Instamojo’s partner banks, payment processors and payment schemes, the categories of Merchants engaged in the business of selling goods and services listed in Schedule I fall under the category of ‘Prohibited Merchants’ by Instamojo and are not qualified to avail the payment services of Instamojo.
The Merchants are not allowed to store payment data of the customers irrespective of them being PCI-DSS compliant or otherwise, unless permitted under the applicable laws. Should the Merchants store any data in compliance with the applicable laws, they are required to ensure that all applicable standards in this regard are complied with.
Instamojo undertakes the following reviews:
Periodic Review: The Merchants are reviewed on such periodic intervals, as determined on the basis of the volume of the transactions processed by them and their associated risk level.
Merchant Graduation Review: Every Merchant is reviewed to detect if the transaction volume being processed by it has reached such levels, as determined by Instamojo from time to time, in order to make the Merchant eligible to apply for a direct Merchant account with Instamojo’s banking partner.
Quality Assurance Review: In addition to the above, approved Merchant accounts are reviewed on a monthly basis in order to assure continuous compliance with the internal policies of Instamojo.
Adult goods and services which includes pornography and other sexually suggestive materials (including literature, imagery and other media, escort or prostitution services);
Alcohol or goods which includes Alcohol content or any other alcoholic beverages such as beer, liquor, wine, or champagne;
Body parts which includes organs or other body parts including blood and other bodily fluids;
Bulk marketing tools which includes email lists, software, or other products enabling unsolicited email messages (spam);
Cable descramblers and black boxes which includes devices intended to obtain cable and satellite signals for free;
Child pornography which includes pornographic materials involving minors;
Copyright unlocking devices which includes Mod chips or other devices designed to circumvent copyright protection;
Copyrighted media which includes unauthorized copies of books, music, movies, and other licensed or protected materials;
Copyrighted software which includes unauthorized copies of software, video games and other licensed or protected materials, including OEM or bundled software;
Counterfeit and unauthorized goods which includes replicas or imitations of designer goods; items without a celebrity endorsement that would normally require such an association; fake autographs, counterfeit stamps, and other potentially unauthorized goods;
Drugs and drug paraphernalia which includes illegal drugs and drug accessories, including herbal drugs like salvia and magic mushrooms;
Drug test circumvention aids which includes drug cleansing shakes, urine test additives, and related items;
Endangered species which includes plants, animals or other organisms (including product derivatives) in danger of extinction;
Gaming/gambling which includes lottery tickets, sports bets, memberships/ enrolment in online gambling sites, and related content;
Government IDs or documents which includes fake IDs, passports, diplomas, and noble titles;
Hacking and cracking materials which includes manuals, how-to guides, information, or equipment enabling illegal access to software, servers, websites, or other protected property;
Illegal goods which includes materials, products, or information promoting illegal goods or enabling illegal acts;
Miracle cures which includes unsubstantiated cures, remedies or other items marketed as quick health fixes;
Offensive goods which includes literature, products or other materials that: a) Defame or slander any person or groups of people based on race, ethnicity, national origin, religion, sex, or other factors b) Encourage or incite violent acts c) Promote intolerance or hatred;
Offensive goods, crime scene photos or items, such as personal belongings, associated with criminals;
Prescription drugs or herbal drugs or any kind of online pharmacies which includes drugs or other products requiring a prescription by a licensed medical practitioner;
Pyrotechnic devices and hazardous materials which includes fireworks and related goods; toxic, flammable, and radioactive materials and substances;
Regulated goods which includes air bags, batteries containing mercury, Freon or similar substances/refrigerants, chemical/industrial solvents, government uniforms, car titles, license plates, police badges and law enforcement equipment, lock-picking devices, pesticides, postage meters, recalled items, slot machines, surveillance equipment, goods regulated by government or other agency specifications;
Securities which includes stocks, bonds, or related financial products;
Tobacco and cigarettes which includes cigarettes, cigars, chewing tobacco, electronic cigarettes and related products;
Traffic devices which includes radar detectors/jammers, license plate covers, traffic signal changers, and related products;
Weapons which includes firearms, ammunition, knives, brass knuckles, gun parts, and other armaments;
Wholesale currency which includes discounted currencies or currency exchanges;
Live animals;
Multi-Level Marketing collection fees;
Matrix sites or sites using a matrix scheme approach;
Work-at-home information;
Drop-shipped merchandise;
Overseas foreign exchange trading;
Any product or service which is not in compliance with all applicable laws and regulations whether federal, state, local or international including the laws of US;
Remote Access Technical Support;
Illegal weapons, Product violating someone’s privacy, providing or creating computer viruses;
Product that tries to gain unauthorized access or exceeds the scope of authorized access to the Website, profiles, blogs, communities, account information, bulletins, friend requests, or other areas of the Website, or solicits passwords or personal identifying information for commercial or unlawful purposes from other users on the Website;
Interferes with another’s use and enjoyment of the Website;
Threatens the unity, integrity, defense, security or sovereignty of India, friendly relations with foreign states, or public order or causes incitement to the commission of any offence or prevents investigation of any offence or is insulting any other nation;
Shall, directly or indirectly, offer or attempt to offer trade or attempt to trade in any item which is prohibited or restricted in any manner under the provisions of any applicable law, rule, regulation or guideline for the time being in force;
Shall create liability for us or cause us to lose (in whole or part) the services of our Internet Service Provider (“ISPs”) or other suppliers.
Financial Consultants;
Resume writing and Recruitment services
Fortune tellers/Astrology;
Credit repair or protection or restoration;
Dating/Matrimonial services;
Charities/Donations;
Auction houses;
Real Estate agents/brokers;
Prepaid cards;
Adoption of children and babies;
Code that carries out any “denial of service” or any other harmful attacks on application or internet service;
Inappropriate, illegal or otherwise prohibited communication to any newsgroup, mailing list, chat facility, or other internet forum;
Disruption, placing unreasonable burdens or excessive loads on, interfere with or attempt to make or attempt any unauthorized access to the Store (as defined in GMAS Terms) of any other User;
Antisocial, disruptive, or destructive acts, including “flaming,” “spamming,” “flooding,” “trolling,” and “briefing” as those terms are commonly understood and used on the internet;
Block chain and digital payment systems such as Bitcoins.