Instarails Platform Rules
These Instarails Platform Rules (these “IR Rules”) are by Instarails Inc its parent and/or any affiliated companies and all subsidiaries, (hereinafter collectively known as “Instarails”), which operates the Instarails Platform or Network or Services (hereinafter individually, and collectively, the “Instarails Platform” or “IRP”). Our Rules (defined below) apply to all parties that participate in IRP along with any customers or clients of IRP Partners and/or any end user of IRP (collectively, “End Users” and along with Instarails Platform Partners, collectively, “IR Users”).
Our Rules are designed to minimize risks and provide a common, convenient, secure, compliant, and reliable experience for all IRP Users. The intent of our Rules is to uphold the safety, security, soundness, integrity, and interoperability of IRP and to outline the principles regarding the rights and responsibilities of all parties to IRP and between one another.
Our Rules are established by Instarails and represent a binding contract between you and Instarails. Instarails may, at any time without providing prior notice, modify its IRP and/or our Rules in any way at Instarails's sole discretion.
Instarails Platform (IRP)
IRP enables our IRP Partners, who are financial institutions, and other non-financial institutions to participate in IRP for the purpose of providing certain payment services and payment related services to their End Users (the “IRP Services”). Instarails has engaged a range of IRP Partners across the globe who provide various payment related services.
Instarails authorizes IR Users that meet Instarails criteria for participation to join and use IRP. Instarails reserves the right to accept, reject or limit in any way any Instarails User from using IRP, in Instarails sole discretion.
IRP Partner Onboarding Process and Ongoing Obligations
Instarails conducts due diligence (known as Know Your Business) of potential IRP Partners, which includes the collection of information regarding a potential IRP Partner’s regulatory licenses and/or registrations, and its compliance programs (including anti-money laundering (“AML”) and know your customer (“KYC”) programs), risk programs, and general security and other set up regardless of whether they are engaged in funds movement and/or other activities within IRP (collectively, the “Compliance Programs”). Instarails reviews such Compliance Programs for adherence to our Rules, and regulatory and legal obligations where applicable.
During all times they use IRP, IRP Partners shall maintain Compliance Programs in compliance with all laws and regulations regarding banking, financial institutions, payment systems, foreign currency exchange, money transmission, anti-money laundering, counter-terrorist financing, sanctions (such as those administered by the US Department of the Treasury’s Office of Foreign Assets Control) or national equivalents in the IRP User’s jurisdiction, privacy and security, consumer protection, and trademarks and copyright (collectively, “Applicable Laws”). Instarails has exclusive authority to review such Compliance Programs and their implementation in order to determine at any time whether an IRP Partner is in compliance with these requirements, our Rules and all Applicable Laws.
Each IRP Partner must cooperate with periodic reviews and any other efforts undertaken by Instarails to evaluate such IRP Partners compliance with Applicable Laws. As part of a periodic review, Instarails may subject an IRP Partner to enhanced due diligence (EDD) procedures which may include on-site examinations and/or the use of a third party reviewer.
If Instarails determines that an IRP Partner has failed to comply with our Rules, its Compliance Programs and/or Applicable Laws, Instarails reserves the right, in its sole discretion and without notice, to terminate the IRP Partner’s participation in IRP.
IRP Partners are expected to provide secure and safe means to facilitate the flow of funds within IRP, maintain all required licenses to provide services they offer to IRP, and ensure IRP can operate in a compliant and low-risk manner as specified below.
Instarails is committed to working with IRP Partners to identify and mitigate risks associated with the use of IRP. IRP Partners are required to maintain suitable risk management programs, including mitigation of: stolen financial information, account takeover, collusion, and other forms of financial fraud that may create risk for IRP.
KYC / AML
Each IRP Partner is responsible for conducting all due diligence, including any KYC and AML checks, on its End Users in compliance with Applicable Laws. In the event that any End User fails to provide to IRP Partner or to consent to providing any information required for IRP Partner to perform such due diligence, IRP Partner shall cease from allowing the End User to use IRP.
IRP Partner shall immediately cease to allow the End User if IRP Partner knows, suspects, or has reason to suspect that the End User is, directly or indirectly, causing or attempting to:
Transact in illicit activity;
Transact activity with a government(s) sanctioned person or vessel or country;
Fail to file a currency transaction report or a report of international transportation of currency or monetary instruments;
File an inaccurate and/or misleading report;
Not file a report or seize funds on an account;
Structure or attempt to structure large transactions into several smaller transactions in an attempt to avoid regulatory compliance reporting; and/or
Fail to comply with Applicable Laws.
Compliance with Applicable Laws
All IRP Users must comply with all Applicable Laws. In addition, each IRP Partner must comply with all applicable licensing and registration requirements, including any money transmittance and currency conversion licenses (to the extent applicable to the IRP Partner). All IRP Users are encouraged to consult with their own legal counsel to ensure that it is in full compliance with all applicable laws.
Fraud Management Obligations
An IRP Partner must immediately report any fraudulent activity or other criminal risk activity by an End User to Instarails by email and provide any related pertinent information. An IRP Partner must promptly cooperate with Instarails to investigate the matter and mitigate any harm or risk. In addition to reporting, IRP Partners are expected to block transactions they suspect of being fraudulent, criminal, or otherwise in violation of our Rules, even before transactions are reported. An IRP Partner must monitor any transactions flowing through their systems for suspicious activity, in addition to monitoring any End Users for suspicious activity. This monitoring includes, but is not limited to, monitoring transactions for:
High load or transaction value;
High aggregate value;
Suspicious sending and receiving of transactions; and
Other contextual factors that make a transaction abnormal or suspicious.
In addition, IRP Partners are obliged to monitor for patterns of behavior that may later be claimed to be unauthorized by an End User or where fraud may otherwise be asserted, including but not limited to: An End User may provide their mobile device or IRP credentials to a friend or acquaintance and claim that they initiated a transaction that was unauthorized. An End User may be using a funding source that is not their own and that they do not have the correct authorization to use.
Data Privacy and Management
All IRP Partners must maintain compliance with all Applicable Laws relating to data privacy and data management with respect to data of End Users. Such compliance shall include, without limitation, implementing industry standard measures and controls to ensure that all data relating to End Users is secure.
All IRP Partners must maintain confidentiality in compliance with all Applicable Laws at all times as well as store and handle confidential information in such a way as to prevent unauthorized disclosure. IRP Partner must also take reasonable measures to protect confidential information and treat it with at least the degree of care with which an IRP Partner treats its own confidential and proprietary information.
Instarails Ownership of Intellectual Property
All IRP Partners shall agree to Instarails’s ownership of its intellectual property (IP), including the Instarails name, Instarails trademarks, and Instarails technology (collectively, “InstarailsIP”), and agree to protect these ownership rights and the integrity of such Instarails IP by complying with our Rules and any Applicable Laws. A IRP Partner does not have any property or other right, claim, or interest in such Instarails IP, unless expressly authorized by Instarails in advance.
IRP Partners acknowledge the proprietary rights of Instarails and that unauthorized or inappropriate use of the Instarails IP may cause Instarails irreparable damage or injury. Instarails has the full authority and rights to enforce any and all Applicable Laws against such infringing IRP Partners.
Instarails Endorsement of Goods/Services
IRP Partners must not represent in any way that Instarails endorses, is identified with, or sponsors products or services provided by the IRP Partner or any End Users.
Use of Agents
IRP Partner may choose to use agents or other third parties (collectively, “Agents”) to perform their responsibilities under our Rules subject to the requirements herein. The IRP Partner must obtain prior written approval by Instarails of its use of an Agent. Each such Agent must have a direct written contract with an IRP Partner to perform services on its behalf. Use of Agents must be legal and compliant in the local jurisdiction and consistent with our Rules. If an IRP Partner fails to meet its responsibilities regarding the use of Agents, IRP Partner will remain liable pursuant to our Rules and any other applicable agreement.
If you have any questions about these Instarails Platform Rules, please do not hesitate to email us at firstname.lastname@example.org.