KYC Policy

KYC Policy


The KYC procedure must be completed by a user if they deposit more than (INR 25000) over the course of a lifetime or request a withdrawal of any amount on the platform. This process is required by the company and requires the user to provide some basic information about themselves, as well as upload some documents.

  • Issued ID card
  • Driver’s licence
  • Passport

In accordance with this policy, Newhatch Associates Private Limited confirms that its business practices and transactions will take all necessary measures to prevent money-laundering and financing terrorism. Essentially, money laundering refers to making up false identities and concealing the fact that a financial transaction was financed by criminal activity. A terrorist act is anything that has the purpose of encouraging, planning or engaging in terrorism, or all of these acts are financial support.

In order to combat money laundering and the funding of terrorism, Newhatch Associates Private Limited has implemented Know Your Counterparty (KYC) procedures. With the help of these procedures, we are able to identify every organization with which we do business, to critically assess the legitimacy of the business relations we have with them, and to detect and react to anything that is strange or suspicious.

It is the responsibility of Newhatch Associates Private Limited to develop and implement this policy and the relevant procedures in order to comply with KYC requirements. In addition, Newhatch Associates Private Limited commits to reviewing our KYC policy and procedure annually.

We at Newhatch Associates Private Limited have developed KYC forms to support the KYC policy and procedures and we are sending them to all of our counterparties (these are our business partners: suppliers and customers) so that they are able to gather relevant information regarding our business relationships in order to identify the risks of money laundering. Every existing and new counterparty is required to fill out the form in the same manner.

By collecting and reviewing the information in completed KYC forms, Newhatch Associates Private Limited commits to

  • Establishing the identity of our counterparties
  • Checking that our counterparties are not considered high-risk (this means checking whether counterparties are based in FATF high-risk jurisdictions, named on government sponsored watchlists or international sanctions lists, or if they source from conflict-affected and high-risk areas (CAHRAs))
  • Maintaining an understanding of the nature and legitimacy of all our counterparties’ businesses
  • Maintaining KYC records for at least five years
  • Maintaining records of all single or linked cash (or cash-like) transactions.
  • Monitoring transactions for unusual or suspicious activity – this type of activity will cause the counterparty to be considered high-risk.

Once uploaded, the user will get a “Temporarily Approved” Status and the documents will now be on our side, and the “KYC Team” will have 24hrs to go over them and email the user about the outcome:

  • Approval
  • Rejection
  • More information needed – No change in Status
  • When the user is on “Temporarily Approved” Status then
  • They can use the platform normally
  • They cannot deposit more than INR 500 in aggregate total
  • They cannot complete any withdrawal.


1) Proof of ID

  • Signature Is there
  • State is not a Restricted State: Arunachal Pradesh, Assam, Odisha, Sikkim, Nagaland, Andhra Pradesh, or Telangana
  • Full Name matches client’s name
  • Document does not expire in the next 3 months
  • Owner is over 18 years of age

2) Proof of Residence

  • Bank ment or Utility Bill
  • State is not a Restricted State: Arunachal Pradesh, Assam, Odisha, Sikkim, Nagaland, Andhra Pradesh, or Telangana
  • Full Name matches client’s name and is same as in proof of ID.
  • Date of Issue: In the last 3 months


1) If a user has not passed full KYC then they cannot make additional deposits or withdrawals of any amount.

2) If a user has passed the KYC process successfully then

  • There is a deposit limit per transaction (max INR 2,000)
  • Prior to any withdrawal there is a detailed algorithmic and manual check on the activity and balance of the user to see if the amount withdrawn is a result of proper activity in the platform.
  • Under no circumstances may a user transfer funds directly to another user.