Client Fund Integrity, Authorization, and Indemnity Policy

1. Introduction: This policy details the responsibilities of clients of the Chamber of Prakash K. Pandya (“the Firm”) concerning the lawful remittance and intended use of funds. It also emphasizes the client’s obligation to indemnify the Firm against any losses stemming from violations related to fund use or business conduct.

2. Policy Objective: To safeguard the integrity of funds received by the Firm, establish the client’s consent for the intended use of such funds, and ensure adherence to all applicable regulations and ethical guidelines.

3. Client Indemnification on Funds Remitted:

  • 3.1 Clients must indemnify and assure the Firm that funds remitted:
    • Are not proceeds of any illicit or unethical activity.
    • Will not be employed in money laundering, terrorism financing, or any unlawful undertakings.
  • 3.2 Clients will supply any further data or documentation the Firm reasonably requests to confirm the funds’ source and legality.

4. Authorization of Use of Funds:

  • 4.1 By remitting funds, clients authorize the Firm to:
    • Utilize payments made offline or via payment gateways.
    • Use such payments for the specific purpose indicated when transferring funds, including settling present or future invoices.
  • 4.2 If clients remit funds on another party’s behalf, they must possess the necessary authorization.

5. Client’s Obligation to Indemnify the Firm:

  • 5.1 Clients shall indemnify and hold harmless the Firm, its staff, agents, associates, and any affiliated third parties against all losses resulting from:
    • Fraud, negligence, or deliberate misconduct when using the Services.
    • Violations of relevant laws during the Services’ use or in the client’s business conduct.
    • Disputes from a client’s customer related to a transaction not attributable to the Services.
    • Penalties, charges, or repercussions due to a breach of the client’s representations and commitments.
    • Fines or penalties levied by Acquiring Banks, Card Payment Networks, or Government Authorities due to illegal transactions on the client’s platform.
  • 5.2 The indemnity obligation includes, but isn’t limited to, legal fees and costs.

6. Record-Keeping:

  • 6.1 The Firm will methodically record all received funds, their purpose, and any linked invoice(s).
  • 6.2 Clients should keep a transaction record to ensure clarity.

7. Policy Violations:

  • 7.1 Funds suspected of illegal origins or intentions will be reported.
  • 7.2 The Firm may refuse or return suspicious funds.

8. Acceptance and Acknowledgment:

By transferring funds, clients accept and agree to this policy. Non-compliance may lead to legal or administrative repercussions for the client.

Date of Last Update: [17 August 2023]