Terms of Service
THIS IS A LEGALLY BINDING AGREEMENT between you and BountySource Inc. (“Bountysource“, “we” or “us“). By using the Bountysource.com website (“Site“) or any of the Bountysource services (“Services“), you agree to all the terms and conditions of this Terms of Service (“Agreement“). If you are entering into this Agreement on behalf of a company or other legal entity, you represent that you have the authority to bind such entity to these terms and conditions, in which case the terms “you” or “your” shall refer to such entity. If you do not have such authority, or if you do not agree with these terms and conditions, you must not proceed with the registration process or use our Site or Service.
Bountysource is a platform for encouraging development in open-source projects by bringing together users and developers to solve existing development issues. In this Agreement, the following terms have the following meanings:
- “Backers” are users that pay Bountysource to contribute to Fundraisers or Bounties.
- “Bounties” are cash rewards that Bountysource pays to Developers who first develop a successful Solution to an Issue.
- “Committers” are persons that are authorized to merge code into a Repository on behalf of an open-source project.
- “Developers” are users that try to develop Solutions and claim a Bounty, or who receive funds from Fundraisers for a particular goal.
- “Fundraisers” are fundraising campaigns for a particular defined goal. Any user can create a fundraiser for any purpose related to open source projects. There are two types:
- “All or Nothing” Fundraisers (where the defined goal must be achieved before any cash is provided to the Developer).
- “Flexible” Fundraisers (where 90% of all cash pledged is provided to the Developer, regardless of whether the goal is met).
- “Issues” are features, bugs, development needs or other issues that are posted on Bountysource and are in need of an open source Solution. Any User can define an Issue by posting the Issue on an issue tracking website such as GitHub or Bitbucket.
- “Repositories” are the applicable open source project’s code repository. Bountysource does not act as a Repository for any Solutions or open source code.
- “Solutions” are an original creation by a Developer to try and solve a particular Issue on Bountysource. Solutions are submitted to the applicable Repository and not directly to Bountysource. Persons authorized to accept and merge code will decide whether a Solution is accepted or not.
2.1 A Backer pays Bountysource to encourage the development of a successful Solution to an Issue. Bountysource will then post the terms of the Bounty on the Bountysource.com website. Backers must provide their payment at the time they create a Bounty. Backers consent to Bountysource and its payments partners charging their payment card or other payment method for the amount of their payment. Bounties are nonrefundable. There is no additional fee for posting a Bounty. An updated description of fees is maintained on the Bountysource†Fees Page.
2.2 Backers may create more than one Bounty on an Issue. Once a Bounty has been created, Backers may not decrease or cancel it.
2.3 Bounties are nonrefundable.
2.4 Bountysource will pay Bounties to the first Developer whose Solution is accepted. Bountysource reserves the right (but is not obligated) to apportion Bounties if multiple Developers present Solutions simultaneously or if a Developer submits a partial Solution.
2.5 Committers, Backers and Developers and other users should not take any action in reliance on having a successful Solution until the successful Solution has been accepted by a Committer.
2.6 Developers should not take any action in reliance on having a Bounty awarded until Bountysource notifies them that they have the ability to withdraw and spend the money.
2.7 Because of occasional failures of payments from Backers, Bountysource cannot guarantee the full receipt of the Bounty amount pledged minus fees.
2.8 Bountysource and its payments partners will remove their fees before transmitting proceeds of a Bounty to Developers.
2.9 Bountysource reserves the right to reject, cancel, interrupt, remove, or suspend a Bounty at any time and for any reason. Bountysource is not liable for any damages as a result of any of those actions. Bountysource’s policy is not to comment on the reasons for any of those actions.
2.10 By participating in our Service, you agree that Bountysource’s good faith decisions will be final and not grounds for claims or litigation. Bountysource shall not be liable to you, and you hereby release us from any and all claims, for any damages resulting from or in connection with of any such determinations. Bountysource’s policy is not to comment on the reasons for any of those actions.
2.11†Submitting Solutions. Developers are responsible for properly submitting their proposed Solutions to the appropriate Repositories. Bountysource does not receive, process or review proposed Solutions. If you are a Developer, you represent, warrant and promise that any Solution provided by you or on your behalf is an original creation of yours, was prepared in accordance with the applicable open source license, and does not (directly or indirectly) infringe the intellectual property rights or other legal rights of any third party.
2.12†Selection of Winning Solutions. The winning Solution will be selected by a Committer by merging code into their Repository. The first merged Solution wins the Bounty. You agree not to make claims against Bountysource or hold Bountysource responsible in connection with the determination of the winning Solution.
3.1†Creation of Fundraisers. Any Bountysource user may initiate a Fundraiser, which is a financial goal to raise money for any open-source project, event or coding need. The user must provide all information requested by Bountysource, which will include (but not be limited to):
- Fundraising goal (how much they wish to raise)
- Description of the project and purpose (why are they raising money)
3.2†Posting of Fundraisers. Upon the user’s successful establishment of the Fundraiser, Bountysource will post the Fundraiser and encourage Backers to make pledges. Bountysource is not responsible for reviewing and approving the content of Fundraisers. However, Bountysource reserves the right to cancel, modify or reject Fundraisers at any time.
3.3†Types of Fundraisers. There are two types of Fundraisers:
- All-or-Nothing Fundraiser – Bountysource disburses funds if, and only if, the project’s purpose has been met. If not, Bountysource returns 90% of funds to Backers.
- Flexible Fundraiser – Bountysource disburses 90% of funds as they are received, regardless of whether the project’s purpose has been met. Backer payments to Bountysource are nonrefundable.
3.4†Rewards. Users that initiate a Fundraiser are encouraged (but not required) to give rewards to Backers who financially support the Fundraiser. Users are solely responsible for providing any rewards that they offer in a fair, reasonable and timely manner. Bountysource is not responsible and assumes no liability for provision of rewards (unless expressly agreed in a writing signed by Bountysource).
3.5†Use of Funds.†Recipients of Fundraiser monies must apply all funds solely in ways that directly advance the stated project purpose. If requested by Bountysource, recipients must provide a complete and accurate accounting of the application of such funds. If Bountysource determines in good faith that funds have been misapplied or used contrary to the intent as expressed in this Agreement and in the applicable Bounty or Fundraiser posting, Bountysource may demand return of some or all of the funds, and recipients shall be obligated to repay such funds within three (3) business days of such demand.
4.1†Registration Information. Some users of our Service, such as Developers and Backers, must register with Bountysource. If you are required to register, you must provide accurate, complete and current registration information and promptly correct and update your information while you have an account with Bountysource. Your provision of inaccurate or unreliable information, your failure to promptly update information provided to Bountysource, or your failure to respond for over 7 calendar days to inquiries by Bountysource concerning the accuracy of contact details associated with your registration shall constitute a material breach of this Agreement and be a basis for termination of your account.
4.2†Screen Name and Project Names. You must not select a screen name or project name that (i) is the name of another person, with the intent to impersonate that person; (ii) is subject to any rights of another person, without appropriate authorization; or (iii) is otherwise offensive, vulgar, or obscene. Bountysource reserves the right in its sole discretion to refuse registration of or cancel a screen name or project name.
4.3†Account Activity. You are solely responsible for activity that occurs on your account and shall be responsible for maintaining the confidentiality of your password for the Site. You must never use another user account without the other user’s express permission. You will immediately notify Bountysource in writing of any unauthorized use of your account, or other known account-related security breach.
5. Fees and Taxes
5.1†Fees. Joining Bountysource is free. Bountysource charges fees in connection with Bounties and Fundraisers as described on the Bountysource†Fees Page.
5.2†Taxes. You are responsible for all taxes associated with your use of Bountysource. If you are a Developer that submits a successful Solution, you may be required to provide a completed W-9 or other tax form as requested by Bountysource prior to receiving any funds. Bountysource has no obligation to pay any amounts unless and until requested tax forms are properly completed and submitted. If you are paid any amounts by Bountysource, it is your responsibility to pay all income, sales, service, VAT and other taxes due in connection with the payment. Bountysource generally does not withhold amounts from payments unless required to do so by applicable law.
5.3†Not a Bank, Trust or Escrow. Bountysource is not a bank, trust or escrow and does not provide banking, trust or escrow services to anyone. Bountysource does not hold any funds in bank, trust or escrow accounts on behalf of users. All amounts paid to Bountysource under this Agreement belong solely to Bountysource at the time of payment and at all times thereafter, and Bountysource has no obligation to pay or refund such amounts, except as expressly required by this Agreement or other written and executed agreement between Bountysource and the user. By using the Bountysource Site or Service and by agreeing to this Agreement, you acknowledge and agree to all the terms and conditions herein.
5.4†Inactivity Fee†For accounts have unclaimed balances for 90 days or more, Bountysource charges a monthly inactivity fee of $10 + 10% of the account balance. Inactivity fees are charged each calendar month. You can avoid the inactivity fee by withdrawing your account balance within 90 days.
6. This Agreement
6.2†Minimum Age. The Service is available only to individuals who are at least 18 years old. You represent and warrant that if you are an individual, you are at least 18 years old and of legal age to form a binding contract.
6.3†Eligibility. Bountysource may, in its sole discretion, refuse to offer the Service to any person or entity and change its eligibility criteria at any time. This provision is void where prohibited by law and the right to access the Service is revoked in those jurisdictions.
6.4†Modifications. We reserve the right to amend the terms and conditions contained in this Agreement at any time by posting the amended Agreement in full to our Site without further notice. Changes will be effective immediately upon such posting, unless otherwise noted in the posting. We also reserve the right to change, suspend or discontinue the Site or Service (including, but not limited to, the availability of any feature, database or Solutions) at any time for any reason. Bountysource may also impose limits on certain features and Services or restrict your access to parts or all of the Service without notice or liability. It is your responsibility to check this Agreement and our Site periodically for changes. Your continued use of the Service following the posting of any changes to this Agreement or our Site or Services constitutes acceptance of those changes.
6.5†Termination. Bountysource may terminate your access to the Service, without cause or notice, which may result in the forfeiture and destruction of all information associated with your account. If you wish to terminate your account, you may do so by contacting firstname.lastname@example.org. Any fees paid to Bountysource are non-refundable, except as otherwise expressly stated in this Agreement. All provisions of this Agreement that by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity, and limitations of liability.
6.6†Intellectual Property Rights. Bountysource is not the author or owner of any Solutions or other code developed in connection with a Bounty or Fundraiser. Bountysource does not guarantee or certify the open-source licensing availability of any Solutions or other code developed hereunder. Solutions and other code offered by Developers may be protected (in whole or in part) by copyrights, trademarks, service marks, patents, trade secrets, or other rights and laws. If you wish to use any part of a Solution or other code developed hereunder, you must obtain the rights to do so from the Repository or owner, as appropriate. You shall abide by and maintain all copyright and other legal notices, information, and restrictions contained in any Solutions or other code offered by Developers. You shall not sell, license, rent, or otherwise use or exploit any Solutions or other code for commercial use or in any way that violates any third-party right, unless authorized to do so under the appropriate license.
7. Rules and Conduct
7.1 Your use of the Service must at all times be in good faith. You must not use the Service for any purpose that is prohibited by this Agreement. You shall abide by all applicable local, state, national, and international laws and regulations in your use of the Service, Site and Solutions.
7.2 You are responsible for all of your account activity in connection with the Service. You shall not, and shall not permit any third party using your account to, take any action (including, without limitation, submitting a Solution) that:
7.2.1 infringes any patent, trademark, trade secret, copyright, right of publicity, or other right of any other person or entity or violates any law or contract;
7.2.2 is false, misleading or inaccurate;
7.2.3 is unlawful, threatening, abusive, harassing, defamatory, libelous, deceptive, fraudulent, tortious, obscene, offensive, profane or invasive of another’s privacy;
7.2.4 constitutes unsolicited or unauthorized advertising or promotional material or junk mail, spam or chain letters;
7.2.5 contains software viruses or any other computer codes, files, or programs that are designed or intended to disrupt, damage, limit, or interfere with the proper function of any software, hardware, or telecommunications equipment or to damage or obtain unauthorized access to any system, data, password, or other information of Bountysource or any third party;
7.2.6 misrepresents or impersonates any person or entity, including any employee or representative of Bountysource;
7.2.7 imposes or may impose (as determined by Bountysource in its sole discretion) an unreasonable or disproportionately large load on Bountysource’s or its third-party providers’ infrastructure;
7.2.8 interferes or attempts to interfere with the proper working of the Service or any activities conducted on the Service;
7.2.9 bypasses any measures Bountysource may use to prevent or restrict access to the Service (or other accounts, computer systems, or networks connected to the Service);
7.2.10 runs Maillist, Listserv, or any form of auto-responder or “spam” on the Service;
7.2.11 uses manual or automated software, devices, or other processes to “crawl” or “spider” any page of the Site;
7.2.12 attempts to directly or indirectly (i) decipher, decompile, disassemble, reverse engineer, or otherwise attempt to derive any source code or underlying ideas or algorithms of any part of the Service, except to the limited extent applicable laws specifically prohibit such restriction; (ii) modify, translate, or otherwise create derivative works of any part of the Service; or (iii) copy, rent, lease, distribute, or otherwise transfer any of the rights that you receive hereunder.
8. Our Rights
8.1 We reserve the right in our sole discretion to suspend, cancel or modify the Service or to cancel your participation in the Service at any time. If you are a Developer, this means that you may be prohibited from continuing development for an Issue, from submitting a Solution, from participating in a Fundraiser, or from being awarded a Bounty for a Solution.
8.2 We reserve the right to disclose information about you or your registration or take other actions in our discretion:
8.2.1 if required by law or government rules or requirements;
8.2.2 to comply with any legal process served upon Bountysource;
8.2.3 if we believe it is necessary to avoid any financial loss or legal liability (whether civil or criminal) on the part of Bountysource or any of its related companies and their directors, officers, employees and agents;
8.2.5 if deemed necessary at our sole discretion to protect the integrity of the Service or protect the rights and property of Bountysource or its officers, directors, employees affiliates or agents, our users and third parties.
8.3 We may resolve or settle any and all third party claims, whether threatened or made, arising out of your registration or participation in an Issue.
Bountysource is a listing and project platform, and does not develop code or Solutions itself. All code and Solutions developed or made available through Bountysource are developed by third party Developers. Such Developers are not employees or agents of Bountysource, and (if any payments are made) are treated as independent contractors. Accordingly, users of Bountysource agree to release and hold harmless Bountysource from and against any claims that code or Solutions are incomplete, do not work correctly, have bugs, or are otherwise unsuitable for a particular user’s purpose. TO THE FULLEST EXTENT PERMITTED BY LAW, BOUNTYSOURCE DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE SERVICE, SITE, CODE DEVELOPED BY DEVELOPERS HEREUNDER, REWARDS OFFERED FOR PARTICIPATION IN FUNDRAISERS, AND SOLUTIONS ENCOURAGED THROUGH THE SERVICE, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR USE. THE SERVICE IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES IMPLIED BY ANY COURSE OF PERFORMANCE OR USAGE OF TRADE ARE EXPRESSLY DISCLAIMED. BOUNTYSOURCE, AND ITS DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, PARTNERS, AND CONTENT PROVIDERS DO NOT WARRANT THAT: (A) THE SERVICE WILL BE SECURE OR AVAILABLE AT ANY PARTICULAR TIME OR LOCATION; (B) ANY DEFECTS OR ERRORS IN THE SERVICE OR SOLUTIONS WILL BE CORRECTED; (C) ANY SOLUTIONS, CODE OR SOFTWARE DEVELOPED OR MADE AVAILABLE AT OR THROUGH THE SERVICE IS FREE OF ERRORS, VIRUSES OR OTHER HARMFUL COMPONENTS; OR (D) THE RESULTS OF USING THE SERVICE OR SUCH CODE OR SOLUTIONS WILL MEET YOUR REQUIREMENTS. YOUR USE OF THE SERVICE AND SOLUTIONS IS SOLELY AT YOUR OWN RISK. SOME STATES OR COUNTRIES DO NOT ALLOW LIMITATIONS ON HOW LONG AN IMPLIED WARRANTY LASTS, SO THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU. To the extent that such warranties cannot be disclaimed, you agree that the liability of Bountysource shall be limited to re-supply of the Services.
10. Limitation of Liability
IN NO EVENT SHALL BOUNTYSOURCE, ITS AFFILIATED COMPANIES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, PARTNERS, SUPPLIERS, OR DEVELOPERS, BE LIABLE UNDER CONTRACT, TORT, STRICT LIABILITY, NEGLIGENCE, OR ANY OTHER LEGAL OR EQUITABLE THEORY WITH RESPECT TO THE SERVICE OR SOLUTIONS ENCOURAGED BY THE SERVICE (I) FOR ANY LOST PROFITS, DATA LOSS, COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, OR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER, INCLUDING, WITHOUT LIMITATION, SUBSTITUTE GOODS OR SERVICES (HOWEVER ARISING), (II) FOR ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE (REGARDLESS OF THE SOURCE OF ORIGINATION), OR (III) FOR ANY DAMAGES, LOSSES OR EXPENSES IN EXCESS OF (IN THE AGGREGATE) THE NET REVENUES COLLECTED BY BOUNTYSOURCE IN CONNECTION WITH THE PROJECT OR EVENT GIVING RISE TO THE CLAIM. SOME STATES OR COUNTRIES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.
You agree to indemnify, keep indemnified and forever hold harmless, Bountysource and its related companies, and its and their directors, officers, employees and agents, from and against any and all claims, damages, liabilities, costs and expenses (including reasonable legal fees and expenses) arising out of or in connection with your violation of any of the terms and conditions of this Agreement or your unauthorized use of the Service or any Solutions. Bountysource reserves the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will assist and cooperate with Bountysource in asserting any available defenses.
12. Third-Party Sites
The Service and Site may link to other websites or resources on the Internet, and other websites or resources may contain links to the Site, such as Repositories. When you access third-party websites, you do so at your own risk. Those other websites are not under Bountysource’s control, and you acknowledge that Bountysource is not liable for the content, functions, accuracy, legality, appropriateness, or any other aspect of those other websites or resources. The inclusion on another website of any link to the Site does not imply endorsement by or affiliation with Bountysource. You further acknowledge and agree that Bountysource shall not be liable for any damage related to the use of any content, goods, or services available through any third-party website or resource.
13.1†Severability. The terms of this Agreement are severable. If any term or provision is declared invalid or unenforceable, it shall be severed from this Agreement and shall not affect the interpretation or operation of the remaining terms or provisions, which shall remain in full force and effect.
13.2†Entire Agreement. This Agreement, including the documents specifically incorporated by reference herein, constitutes the entire agreement between you and Bountysource regarding the provision of the Services and supersedes all prior or contemporaneous agreements and understandings, whether established by custom, practice, policy or precedent.
13.3†Governing Law. This Agreement (and any further rules, policies, or guidelines incorporated by reference) shall be governed by and construed in accordance with the laws of the State of California, without giving effect to any principles of conflicts of law, and without application of the Uniform Computer Information Transaction Act or the United Nations Convention of Controls for International Sale of Goods. You agree that Bountysource and its Services are deemed a passive website that does not give rise to personal jurisdiction over Bountysource or its parents, subsidiaries, affiliates, successors, assigns, employees, agents, directors, officers or shareholders, either specific or general, in any jurisdiction other than the State of California. You agree that any action at law or in equity arising out of or relating to these terms, or your use or non-use of the Services or Solutions, shall be filed only in the state or federal courts located in San Francisco County in the State of California and you hereby consent and submit to the personal jurisdiction of such courts for the purposes of litigating any such action. You hereby irrevocably waive any right you may have to trial by jury in any dispute, action, or proceeding.
13.4†International. Accessing the Service is prohibited from territories where the Solutions or Service is illegal. If you access the Service from other locations, you do so at your own initiative and are responsible for compliance with local laws.
13.5†Relationship. No agency, partnership, joint venture, or employment relationship is created as a result of this Agreement and neither party has any authority of any kind to bind the other in any respect. There are no intended third party beneficiaries of this Agreement.
13.6†Force Majeure. Bountysource shall not be liable for any failure to perform its obligations hereunder where the failure results from any cause beyond Bountysource’s reasonable control, including, without limitation, mechanical, electronic, or communications failure or degradation.
13.7†Assignment. This Agreement is personal to you, and are not assignable, transferable, or sublicensable by you except with Bountysource’s prior written consent. Bountysource may assign, transfer, or delegate any of its rights and obligations hereunder without consent.
13.8†Attorney Fees. If Bountysource prevails in any action or proceeding to enforce rights under this Agreement, it will be entitled to recover costs and attorneys’ fees.
13.9†Waiver. Failure by Bountysource to exercise or enforce any right or provision of this Agreement shall not be deemed to be a waiver of such right or provision and does not affect the right to require any provision to be performed at any time thereafter.
13.10†Electronic Delivery, Notice Policy and Your Consent. By using the Services, you consent to receive from Bountysource all communications including notices, agreements, legally required disclosures, or other information in connection with the Services (collectively, “Contract Notices”) electronically. Bountysource may provide the electronic Contract Notices by posting them on the Site. If you desire to withdraw your consent to receive Contract Notices electronically, you must discontinue your use of the Services.
13.11†Electronic Communications Privacy Act Notice (18 USC ß2701-2711). BOUNTYSOURCE MAKES NO GUARANTY OF CONFIDENTIALITY OR PRIVACY OF ANY COMMUNICATION OR INFORMATION TRANSMITTED ON THE SITE OR ANY WEBSITE LINKED TO THE SITE. Bountysource will not be liable for the privacy of email addresses, registration and identification information, disk space, communications, confidential or trade-secret information, or any Solutions received by Bountysource or stored on our equipment, transmitted over networks accessed by the Site, or otherwise connected with your use of the Service.
14. Anti-Money Laundering (AML) and Know Your Customer (KYC)
Bountysource is committed to compliance with all applicable laws and regulations regarding Anti-Money Laundering (“AML”). Bountysource’s AML Policy is to prevent people engaged in money laundering, fraud, and other financial crimes, including terrorist financing, from using our services.
As part of our AML procedures, during account opening or as part of our account review process, we collect information from Users to satisfy our Know Your Customer requirements. This means that we may request information from Users due to a specific identification requirement. We may ask Users to provide documentation to help confirm User’s identity or provide additional information regarding User’s business. We may also request that Users seek pre-approval for utilizing the Bountysource service if User’s account falls within a high-risk compliance category.
Bountysource’s identity verification procedure requires the User to provide Bountysource with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill) upon request. For such purposes Bountysource reserves the right to collect User’s identification information for AML Policy purposes.
Bountysource will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and Bountysource reserves the right to investigate certain Users who have been determined to be risky or suspicious.
Bountysource reserves the right to verify User’s identity in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, Bountysource reserves the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
Bountysource is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity. If Bountysource suspects that a transaction is conducted for criminal money laundering or other illegal purposes, Bountysource reserves the right to report suspicious transactions to law enforcement’s financial intelligence unit in the respective country.
The Users are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transactional patterns (what they do). Therefore, Bountysource relies on data analysis as a risk-assessment and suspicion detection tool. Bountysource may perform a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities may include check of Users against recognized “black lists” (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed, sending internal communications and filling out statutory reports, if applicable.
With regard to the AML Policy, Bountysource reserves the right to monitor all transactions and:
- ensure that transactions of suspicious nature are reported to the proper law enforcement
- request the User to provide any additional information and documents in case of suspicious transactions
- suspend or terminate User’s Account when Bountysource has reasonably suspicion that such User engaged in illegal activity
The above list is not exhaustive and Bountysource will monitor Users’ transactions on an ongoing basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.
Effective Date of Revision: December 4th, 2017