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Express Send Policy

Purpose:​

To establish guidelines and procedures for sending money via the Express Send feature on the Pitaka platform, ensuring secure, efficient, and compliant transactions in accordance with applicable laws and regulations in the Philippines.

Scope:​

This policy applies to all users of the Pitaka platform who utilize the Express Send feature to transfer funds between wallets.

Policy​

1. Eligibility for Express Send:​

Users must be registered and verified on the Pitaka platform to utilize the Express Send feature. Users must maintain a sufficient balance in their wallet to complete the transaction.

2. Transaction Limits:​

The Pitaka platform will impose limits on the amount that can be sent via Express Send to mitigate risk and comply with regulatory requirements. Transaction limits will be reviewed periodically and may be adjusted based on user activity and compliance with applicable laws.

3. Authorization and Confirmation:​

Each Express Send transaction must be authorized by the sender through multi-factor authentication (MFA). Users will receive a confirmation prompt detailing the transaction amount and recipient before finalizing the send request.

4. Transaction Processing:​

Express Send transactions will be processed in real-time, subject to system availability and network conditions. Users will be notified of successful transactions via in-app notifications and email.

5. Fraud Detection and Prevention:​

The Pitaka platform will implement fraud detection mechanisms to monitor transactions for suspicious activities. Users are encouraged to report any unauthorized transactions or suspicious activity immediately.

All Express Send transactions must comply with the Anti-Money Laundering Act (AMLA) and other relevant laws in the Philippines. The Pitaka platform reserves the right to suspend or investigate transactions that may violate regulatory requirements.

7. User Training and Awareness:​

Users will receive educational materials on safe practices for using the Express Send feature, including recognizing phishing attempts and securing account information. Ongoing updates will be provided to keep users informed of any changes to the policy or procedures.

8. Documentation and Reporting:​

All transactions must be recorded in the user’s transaction history, which will be accessible within the Pitaka platform. Users are encouraged to keep their transaction records for personal tracking and financial management.

9. Policy Enforcement:​

Violations of this policy, including fraudulent transactions or failure to comply with security measures, may result in disciplinary actions, including revocation of access to the Express Send feature or account suspension.