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Cash In Policy

Purpose:​

To outline the procedures and requirements for users to deposit funds into their Pitaka accounts, ensuring compliance with applicable laws and regulations in the Philippines while maintaining security and integrity in financial transactions.

Scope:​

This policy applies to all users of the Pitaka platform who wish to deposit fiat currency into their accounts.

Policy​

1. Cash In Methods:​

Users may deposit funds into their Pitaka accounts exclusively through the app using authorized third-party payment providers.

2. Verification Process:​

Before any cash in transaction is approved, the following verification steps must be completed:

  • Users must verify their identity through KYC (Know Your Customer) procedures.
  • Payment provider account details and other relevant information must be validated to ensure they match the registered user account.

3. Transaction Limits:​

Transaction limits for cash in will vary depending on the user’s account verification status:

  • Unverified Users: PHP 1,000 per transaction.
  • Pending Verification Users: PHP 10,000 per transaction.
  • Verified Users: PHP 100,000 per transaction.

4. Processing Time:​

Cash in transactions will be processed within the following timeframes:

  • Instant processing via authorized third-party payment providers, subject to provider processing times.

5. Fees:​

Pitaka may charge fees for cash in transactions, which will be clearly communicated to users at the time of the transaction. Fees may vary depending on the third-party payment provider used.

6. User Responsibility:​

Users are responsible for ensuring that all cash in transactions are initiated from verified accounts and comply with the stipulated limits. Users must retain transaction receipts and confirmation emails for their records.

This policy aligns with the Anti-Money Laundering Act (AMLA) and the Data Privacy Act of 2012. Pitaka will conduct regular audits to ensure adherence to these regulations and maintain a robust anti-money laundering framework.

8. Documentation and Reporting:​

All cash in transactions will be documented and stored securely. A designated compliance officer will oversee transaction records and monitor for any suspicious activities or patterns.

9. Policy Enforcement:​

Violations of this policy may result in disciplinary actions, including suspension of account privileges, penalties, or legal action, depending on the severity of the violation.