Refund and Cancellation Policy

Riqueza Remittance Services Private Limited

Effective Date: 06/10/2024

Table of Contents

1. Introduction

This Refund and Cancellation Policy ("Policy") outlines the terms and conditions under which Riqueza Remittance Services Private Limited ("Riqueza," "we," "us," or "our") processes refunds and cancellations for transactions initiated by our customers ("you" or "your"). Our objective is to provide clear and transparent guidelines while ensuring compliance with all applicable laws and regulations, including our Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Policy.

Transaction Process Overview

To provide clarity, the transaction process generally involves the following phases:

  1. 1. Payment Collection in Source Currency: We collect your payment in the source currency.
  2. 2. Compliance Review: We conduct mandatory compliance checks in accordance with AML/CTF regulations, including identity verification, sanctions and Politically Exposed Persons (PEP) screening, and transaction monitoring.
  3. 3. Transfer Initiation: Upon successful compliance clearance, we initiate the transfer process.
  4. 4. Payment Disbursement in Destination Currency: We disburse the payment to the beneficiary in the destination currency.
  5. 5. Transfer Completion: The transaction is considered complete once the beneficiary receives the funds.

2. Refund Conditions

2.1 Suspicious Activity or Fraud Detection

  • Transaction Cancellation: Transactions identified as suspicious or associated with fraudulent activity—such as failed Know Your Customer (KYC) checks, sanctions or PEP screening alerts, or high-risk patterns detected during the compliance review—will be cancelled in accordance with our AML/CTF Policy.
  • Internal Investigation: Refunds may be processed following the completion of an internal investigation as required by AML/CTF regulations.
  • Regulatory Compliance: Refunds will be conducted in compliance with AML/CTF regulations, and necessary reports (e.g., Suspicious Matter Reports or SMRs) will be filed with AUSTRAC.
  • Bank Instructions: If your bank contacts us regarding a suspicious transaction, we may process the refund back to the bank or directly to you, depending on the outcome of the investigation and legal requirements.

2.2 Service Failure or Technical Issues

  • Refund Eligibility: If technical issues within Riqueza's systems (e.g., payment collection failure or system outage) prevent the transaction from proceeding beyond the payment collection phase, you are eligible for a refund in the source currency.
  • Processing Delays: Such failures may cause delays in payment collection or compliance reviews, affecting the transaction processing time.
  • Refund Process: If you request a refund during this period, and the payment has not progressed to the transfer initiation phase, the refund will be processed promptly in the source currency.
  • Post-Initiation Issues: If the transaction has progressed beyond the transfer initiation phase, and issues arise due to technical failures on our end, we will endeavour to resolve them promptly. Refunds in the source currency may not be possible if funds have been converted and dispatched; instead, we will coordinate to ensure the funds reach the intended beneficiary as soon as possible.

2.3 Regulatory or Compliance-Related Holds

  • Hold Clearance: If a transaction is placed on hold during the compliance review or at any subsequent phase for compliance reasons—including ongoing monitoring as outlined in our AML/CTF Policy—and you request a cancellation, the refund will be processed only after the hold is cleared and compliance investigations are completed.
  • Authority Holds: Transactions held by authorities will remain so until further notice. No refunds or cancellations will be processed until the hold is lifted, as per legal requirements.

2.4 Customer Request Before Transfer Initiation

  • Cancellation Window: If you request to cancel a transaction before the transfer initiation phase, the refund will be initiated promptly in the source currency.
  • Post-Initiation Requests: No refunds will be issued if the cancellation request is made after the transaction has progressed to the transfer initiation phase.

2.5 Duplicate Transactions

Detection by Monitoring Systems: If you inadvertently initiate duplicate transactions, our transaction monitoring systems may detect them and place subsequent transactions on hold for review, as part of our ongoing monitoring procedures under the AML/CTF Policy.

Possible Scenarios:

  • Before Transfer Initiation: If duplicate transactions are identified before the transfer initiation phase, you may choose to cancel the duplicates, and refunds will be processed in the source currency.
  • After Transfer Initiation: If duplicate transactions have progressed to the transfer initiation phase or beyond, refunds in the source currency may not be possible. We will work with you to resolve the issue, which may include disbursing funds to the beneficiary or arranging alternative solutions, subject to our policies and regulatory compliance.
  • Customer Notification: We will notify you in the event of duplicate transactions and the actions taken.

2.6 Payment Bounce Due to Incorrect Beneficiary Details

  • No Refunds After Transfer Initiation: If the payment fails or is rejected due to incorrect beneficiary details provided by you, and the transaction has progressed beyond the transfer initiation phase, we will not refund the amount in the source currency.
  • Funds Redirection: Once you provide the correct beneficiary details, we will disburse the funds in the destination currency to the correct beneficiary.
  • Customer Responsibility: You are solely responsible for ensuring the accuracy of beneficiary details at the time of transaction initiation. We are not liable for delays, losses, or additional costs resulting from incorrect information. No refunds will be provided due to errors in beneficiary information after the transfer has been initiated.

2.7 Unauthorized Transactions

  • Transaction Verification: All transactions require your explicit authorization and are securely verified before processing, in line with our AML/CTF Policy.
  • No Refunds for Claims: Claims of unauthorized transactions will not result in a refund, as we implement stringent authentication measures to secure your transactions.

2.8 Refund Request During Compliance or Investigation Hold

  • Post-Investigation Processing: If a transaction is under compliance review or investigation during the compliance review phase or at any subsequent phase, and you request a refund, it will be processed only after the investigation is completed.
  • Outcome-Based Actions: Depending on the investigation results, the amount will be refunded to you or forwarded to the appropriate party, as mandated by law.

3. Cancellation Conditions

3.1 Cancellation Before Transfer Initiation

Eligibility: If you request a cancellation before the transfer initiation phase, the transaction can be cancelled, and a refund will be issued in the source currency, subject to any applicable fees.

3.2 Customer-Initiated Cancellation Request

  • Before Compliance Clearance: Cancellations requested before the completion of the compliance review—including identity verification and sanctions/PEP screening as per our AML/CTF Policy—will be allowed.
  • After Transfer Initiation: No cancellations are permitted once the transaction has progressed to the transfer initiation phase or beyond.

3.3 Regulatory or Compliance Holds

  • Hold Period: Transactions held due to compliance requirements during the compliance review or by authorities cannot be cancelled until the hold is cleared.
  • Post-Investigation Cancellation: Cancellation can be processed only after the investigation is completed and any holds are lifted.

3.4 Service or Technical Failure

  • Cancellation Eligibility: If a transaction fails to proceed due to technical issues on our end before reaching the transfer initiation phase, you may request a cancellation.
  • Processing: The cancellation will be processed promptly once the technical issue is confirmed.

4. Fees

4.1 Refund Fee

  • Amount: A refund fee of AUD $2 will be charged if the refund is due to an error or request on your part.
  • Exceptions: This fee is waived in cases of delays or failures caused by our systems or external factors beyond your control.

4.2 Cancellation Fee

  • Amount: A cancellation fee of AUD $2 will be charged for cancellations resulting from errors or requests on your part.
  • Exceptions: No fee will be charged in cases of system failure or duplicate transactions detected by our systems prior to the transfer initiation phase.

5. Compliance and Regulatory Obligations

  • AML/CTF Compliance: We strictly adhere to all applicable AML/CTF regulations and perform mandatory compliance checks during the compliance review phase of the transaction process, as detailed in our AML/CTF Policy.
  • Reporting Obligations: Necessary reports (e.g., Suspicious Matter Reports or SMRs) will be filed with AUSTRAC as required by law.
  • Cooperation with Authorities: We will fully cooperate with relevant authorities during compliance investigations and holds.

6. Contact Information

For any questions or to request a refund or cancellation, please contact our customer service email: support@riqueza.io

7. Amendments

We reserve the right to amend this Refund and Cancellation Policy at any time. Changes will be effective immediately upon being posted on our website. It is your responsibility to review this Policy periodically for any updates.

8. Acceptance of Terms

By initiating a transaction with us, you acknowledge that you have read, understood, and agreed to this Refund and Cancellation Policy and our AML/CTF Policy.

Please review this Policy carefully. If you have any questions or require further clarification, do not hesitate to contact us.

Disclaimer: This Policy is intended to provide general information and may not cover all possible scenarios. For specific cases or exceptional circumstances, please reach out to our customer support team.

Need help with a refund?

If you need assistance with a refund request, please contact our support team.

Email: support@riqueza.io

AML/CTF Policy: This policy works in conjunction with our AML/CTF Policy