EDD (Enhanced due diligence)

Find answers to the frequently asked questions about Onramp.

EDD (Enhanced due diligence)

What are Customer Due Diligence Norms?

As a service provider, we are obligated to ensure that customer information is accurate and updated. This allows us to comply with our obligations under applicable law and assists us in implementing the applicable anti-money laundering provisions envisaged under the provisions of the Prevention of Money Laundering Act and the rules passed therein, along with other applicable law.

How does Onramp carry out Client Due Diligence?

As part of our legal obligations, it is ensured that we deploy robust due diligence KYC processes, identify risk-related details about the beneficiaries through blockchain analytics, work with sanctions screening providers, store encrypted customer KYC information for a period of 5 years, and improve our internal systems on a risk-sensitive basis.

What are enhanced due diligence norms?

Enhanced due diligence norms are measures mandated by the applicable law for Virtual Asset Service Providers (VASPs). The purpose of these norms is to mitigate the risks of Money Laundering (ML), Terrorism Financing (TF), and Proliferation Financing (PF) by monitoring any complex, unusually large transactions and all unusual patterns of transactions.

Why does Onramp Money want additional information after I’ve completed KYC?

As mentioned above, to ensure that we are in compliance with applicable law, we may request certain documents or information. Please note that the nature of our request is in no way a reflection of your profile usage at Onramp Money.

As per applicable law, some of the reasonable measures we must carry out are:

• Frequent review of customers’ profiles / transactions;

• Application of additional measures like gathering information from publicly available sources or otherwise;

• Conducting independent inquiries on the details collected on/provided by the customer where required;

• Consulting credible databases, and so forth.

Please note that the above is merely an illustrative list and not an exhaustive one. As part of our obligations for the above reasons, we may ask you to clarify certain details and request that you provide a copy of your bank statement, ITR filing, and proof of income. Please note that these documents are required to ensure that we discharge our obligations in accordance with applicable law.

What documents are collected during EDD?

During EDD, you may be required to provide Source of Income and / or Source of Wealth documents. Here are the accepted documents for the following sources of Income (please note that this is not an exhaustive list and additional documents may be required)

1. Salary

   1. Payslips showing your income from at least the last month;

   2. Bank statement showing salary payments from the employer for last 3 months

   3. Tax statement from the previous tax year.

2. Self-employment

   1. Tax statement from the previous tax year;

   2. The latest invoices/contracts/agreements for self-employed services or profit/loss statements, proving your monthly or annual income.

3. Inheritance

   1. Copy of will/testament of the deceased testator;

   2. Signed letter of the executor of the will/lawyer/solicitor/grant of probate.

4. Donation/Gift/Grant

   1. Donation/gift/grant agreement for real estate or other assets;

   2. Signed affidavit/letter from the donor declaring the nature of the donation/gift/grant;

   3. Bank statement showing bank deposit of the donation/gift/grant.

5. Mortgages / Loans

   1. A mortgage/loan contract showing the mortgage or loan value with repayment plan; AND

   2. A bank statement showing a loan deposit into your account.

6. Company Profits, (Shares / Dividends), (LLPs and Private Limited Companies)

   1. Latest Dividend statements;

   2. Recent Bank statement showing dividend payments;

   3. Latest audited company accounts.

7. Financial Investment

   1. Statement from investment provider;

   2. Bank statement displaying settlement from investment provider;

   3. Other statements or documents proving investment profit (from bonds, stocks, etc.).

Why does Onramp Money want me to re-do my KYC?

We may ask you to re-do the KYC process to ensure our records reflect your true, accurate, and complete information. We are obligated to ensure that all stored records are true, accurate, complete, and updated.

I have provided the additional information to Onramp Money. Is this additional information secure?

All requested information is collected, processed, and stored according to our Privacy Policy and remains confidential. Click here to access our Privacy Policy.