Terms and Conditions

Anti Money Laundering (AML Policy)

1. Introduction & Purpose
   The purpose of this AML Policy is to detect any suspicious or illicit activities and take corrective measures to prevent and control them by applying the necessary techniques and rules defined in this policy. There are set guidelines and procedures in this policy adopted by the Company to detect and prevent money laundering activities by complying with the applicable regulations. This policy ensures that the Company is complying with all the applicable laws & regulations and protecting itself from being used as a channel for any illegal activities.
   
2. Definitions & Scope
   “Speed1, Inc.” hereby referred to as “the Company”. This AML policy applies to all employees, officers and affiliates of the Company. The purpose of this policy is to establish an effective framework for detection and prevention of money laundering activities.
   Following terms are defined with reference to this policy:
   • Money Laundering: It is the process of hiding the original illegal source of money and converting it to a legal source. This helps criminals to use these money without endangering  their source.
   • Terrorist Financing: It refers to the act of supporting and providing resources to the individuals or groups involved in terrorist activities.
   • Politically Exposed Persons (PEPs): It refers to the prominent position of an individual i.e. whether held in past or holding in present. Due to their influence and power they get involved in money laundering activities and other penal offences such as bribery or corruption. The family and close relatives of PEPs is also considered as PEPs.
     
3. Regulatory Framework
   The Company follows the regulatory framework of FinCEN (Financial Crimes Enforcement Network) and Delaware State laws and regulations regarding AML & KYC. Also, keeping note of the regulations issued by The Bank Secrecy Act (BSA); The USA Patriot Act and other applicable federal state and state laws.
   
4. Compliance Procedures
   The Company follows the following procedures to ensure that the compliance is done in corrective manner:
   • Defined Roles: The Board makes the effective implementation of the AML policy by ensuring that all the employees are aware and regularly updated on the same. Proper knowledge and training is provided to the employees so that they can report in a corrective manner if any suspicious activity is detected.
   • Compliance Program: A designated individual is appointed as AMLCO (Anti Money Laundering Compliance Officer) who is responsible for compliance and reporting of suspicious activities.
   • Internal Control & Policies: The company has standard policies and internal tools by which they regulate the whole framework. Also, the training shall be provided to the respective officers so they understand the framework better.
   • Reporting: The duty of AMLCO is to monitor the transaction and file a report if any suspicious activity is detected. The employees or related parties can report to AMLCO if they find anything suspicious.
   • Continues Monitoring & Record Keeping: The AMLCO shall record all the relevant transactions and keep the records (specially for large transactions) for the required period of time. The AMLCO is also responsible for continuous monitoring of the transactions of the Company. 
     
5. KYC & CDD
   Know Your Customer (KYC) and Customer Due Diligence (CDD) are important tools in reference to the AML policy. This helps in identifying the customers and understanding their business activities which would further help in analyzing whether they fall under the suspicious category or not.
   The following factors are included for complying with KYC and CDD:
   • Verification of ID (Identification Document) of Customer i.e. for both individual and entity;
   • Verification of the identity of the Ultimate beneficial Owners (UBOs) in case of entities;
   • PEP screening to know if any of the individuals or companies is or are related to any PEP.
   • Understanding the nature or business and the products offered by the individual or entity.
     
6. Risk Assessment
   Majorly the following steps are involved in Risk Assessment:
   • Transaction monitoring i.e. tracking of financial transactions and identifying the illegal ones.
   • Investigation of the suspicious transactions by contacting the customer and reviewing their background and by assessing the overall risk level of the specific customer business or product.
   • Reporting of the suspicious activity to the relevant regulatory authority i.e. FinCEN by filing SAR (Suspicious Activity Report).
     It also includes identifying the products and jurisdictions which fall under the risk category and getting clarifications of the customer operations, if more information is required for risk evaluation.
     
7. Applicability
   Besides the points mentioned in this policy the Company also ensures of the following:
   • Periodic audits are conducted to ensure that the AML/KYC programs are effective.
   • Customer information is updated from time to time to ensure data accuracy.
   • If any suspicious activity is detected then the company shall take the decision at their discretion depending on the severity of the particular case. 
     
8. Updation of Policy
   The AML policy will be reviewed periodically and shall be updated time to time as and when required and the changes shall be communicated to the relevant personnel accordingly.
   

Reward Points & Fraudulent Activity

1. Fair Use of Reward Points
   The Speed wallet offers reward points to users for legitimate transactions. These rewards are intended to enhance the user experience and encourage normal, lawful activity within the Speed wallet platform. Any attempts to exploit or manipulate the reward system through fraudulent means, such as performing repetitive or artificial transactions to accumulate reward points, are strictly prohibited.
2. Prohibited Activities
   Users are prohibited from engaging in the following activities, which are considered fraudulent and an abuse of the reward point system:
   • Conducting repetitive transactions of the same or similar amount with the sole purpose of accumulating reward points.
   • Any form of automated or manual activity designed to generate reward points through abnormal transaction patterns.
3. Automatic Restrictions on the Send Feature
   In the event that a user is found to be engaging in prohibited activities as described above, Speed reserves the right to impose automatic restrictions on the account. Specifically, the ability to send BTC (Bitcoin) and USDT (Tether) may be restricted without prior notice. These restrictions will be imposed to prevent further abuse of the platform and maintain the integrity of the reward system. Speed reserves the right to introduce withdrawal fees for such users in the future, even though no fees are currently charged.
4. Updates to Terms & Conditions
   Speed reserves the right to modify or update these Terms & Conditions at any time. Users are encouraged to review the terms periodically to ensure they remain compliant.

Referral Reward Policy

Referral Reward Eligibility and Processing

For genuine users, once a referred user completes the required transaction amount, both the referrer and referee will receive their reward benefits. Our system algorithms will verify and process the rewards within a maximum of 24 hours.

Fraudulent Reward Activity

Misuse of our reward policy, such as creating a chain of reward redemptions or registering fake accounts using disposable emails, is strictly prohibited. Our system algorithms are designed to detect and reject such activities. Any attempt to exploit the referral reward system will result in forfeiture of rewards and potential account suspension.

Third-Party Service – Buy Bitcoin / USDT

1. Introduction
   The Speed wallet offers cryptocurrency purchase services through a thirdparty provider. By using this service, you acknowledge that it is a separate and independent service provider, and any transactions you engage in are subject to their terms and conditions, which are available on their platform.
2. No Control Over Third-Party Services
   Speed wallet does not control, operate, or manage these 3rd party services. Therefore, Speed is not responsible for any issues that arise while using it, including but not limited to transaction failures, delays, or errors. Any concerns or disputes relating to these services can be reported to us but then it will be these 3rd party provider support team accountability.
3. Privacy and Data Sharing
   By using the these services, you agree that certain personal information and transaction details may be shared with them as and when needed. This is necessary to process your transactions. Speed wallet is neither storing these data nor responsible for their privacy practices, and we encourage you to review their Privacy Policy to understand how your information is handled.
4. Transaction Fees
   They may charge its own fees for facilitating cryptocurrency purchases. These fees are separate from any charges imposed by Speed platform. Users are advised to review their fee structure before completing transactions, as Speed wallet has no control over these fees.
5. Limitation of Liability
   Speed wallet is not liable for any direct or indirect damages, losses, or claims arising from the use of these 3rd party services. This includes but is not limited to transaction errors, delays, or any losses incurred during the cryptocurrency purchase process. All responsibility for resolving any issues lies with these 3rd party providers, and users agree to hold Speed wallet harmless from such claims.

Third-Party Services: Earn and redeem Game Coins

• Third-Party Services Disclaimer
  Speed wallet partners with third-party providers for activities like games that allow its users to earn game coins which is known as Games coins (GGC) in their Speed wallet. As Speed uses third party service, will not be liable for their functionality, accuracy, or security.
• Data Collection and Sharing
  Certain data, including device information, activity participation, and earned rewards, may be shared between Speed wallet and these third-party providers to enable accurate tracking and game coins distribution, following privacy standards and applicable laws at their end.
• Game coins Earning and Usage
  Game coins earned through third-party activities can be converted into specific assets for example SATS or USDT. Conversion rates, limits, and rules around the usage and redemption of these game coins may vary according to Speed wallet’s terms and the partner’s policies.
• Changes to Terms and Services
  Speed wallet may modify or discontinue access to third-party services at any time. This includes adjusting game coins mechanisms, terminating third-party partnerships, or updating these T&Cs as needed.
• Liability Limitation
  Speed wallet is not responsible for any loss or damage from using third-party tools. Users acknowledge that third parties control the availability and functionality of these services, and Speed wallet will not be liable for issues beyond its control.
• Third-Party Game coin Allocation
  Game coins awarded for engaging with third-party services, are calculated solely by the third-party provider. Speed wallet has no role in determining or calculating these game coins. Game coins awarded and reported by the third-party provider only will be counted toward the conversion to GGC in Speed wallet.