Terms & Conditions

Last updated: July 1, 2025

1. Introduction

These Terms & Conditions (“Terms”) govern your use of askalem (the “Service”), operated by Aqyl AI PTE. LTD., a company incorporated in Singapore (“the Company”, “we”, “us”, “our”).

By accessing or using the Service, you (“User”, “you”, “your”) agree to be bound by these Terms and all applicable laws and regulations.

2. Scope of Service

The Service provides a platform for Users to structure agreements and execute fund transfers. The Company acts solely as a neutral technology facilitator and is not a party to any agreement or transaction between Users.

3. Eligibility & User Representations

To use the Service, you must:

•         Be of legal age and capacity to enter into binding agreements in your jurisdiction.
   
•         Represent and warrant that all activities conducted via the Service are lawful in all relevant jurisdictions.
   
•         Provide accurate, complete, and up-to-date information as requested by the Company.
   

4. Prohibited Activities

You may not use the Service for any unlawful, prohibited, or high-risk activity, including but not limited to:

•         Money laundering, terrorist financing, fraud, or sanctions evasion.
   
•         Facilitating the sale or transfer of prohibited or illegal goods/services.
   
•         Transactions involving sanctioned individuals, entities, or jurisdictions as designated by Singapore, the United Nations, the U.S., the E.U., or other relevant authorities.
   
•         Circumventing any regulatory, legal, or compliance obligations.
   

5. No Endorsement or Participation in User Agreements

The Company does not:

•         Endorse, mediate, or guarantee any User agreements or transactions.
   
•         Accept liability for the legality, validity, or performance of any agreement executed via the Service.
   

You use the Service at your own risk and responsibility.

6. Limitation of Liability & Indemnification

To the maximum extent permitted by law, the Company shall not be liable for any losses, damages, claims, or penalties arising out of:

•         Use or misuse of the Service
   
•         Illegal or unauthorized transactions
   
•         Any disputes or issues between Users
   

You agree to indemnify and hold harmless the Company, its directors, officers, employees, and affiliates from any claims, losses, costs (including legal fees), or penalties arising from:

•         Your breach of these Terms
   
•         Your use of the Service for illegal or prohibited purposes
   
•         Any disputes or claims related to your agreements or transactions
   

7. Right to Investigate, Suspend, and Report

The Company reserves the right to:

•         Monitor, audit, and investigate usage of the Service.
   
•         Suspend, restrict, or terminate your access to the Service at any time if we suspect any violation of these Terms or involvement in unlawful activity.
   
•         Report suspicious activity and share relevant User data with law enforcement or regulatory authorities, where required by law or regulation.
   

8. Compliance & Verification Requirements

The Company may, at its sole discretion:

•         Require KYC, KYB, or enhanced due diligence at any time.
   
•         Request additional documentation or information.
   
•         Impose transaction limits, holding periods, or conditional approvals based on risk assessments or regulatory obligations.
   
•         Modify, suspend, or restrict Service functionality to ensure compliance with applicable laws.
   

9. Global Use & Cross-Border Transactions

The Service is available globally. However:

•         You are responsible for ensuring compliance with all applicable laws and regulations in each relevant jurisdiction.
   
•         The Company may restrict or block usage or transactions in certain regions, or with specific Users or entities, based on risk, regulation, or sanctions.
   

10. Anti-Fraud, AML, and Compliance Program

The Company maintains a comprehensive compliance program that includes:

•         Transaction monitoring (automated and manual)
   
•         Risk profiling and periodic review of Users
   
•         Sanctions screening and PEP checks
   
•         Filing of Suspicious Transaction Reports (STRs)
   
•         Staff training and internal audit protocols
   
•         Record-keeping in line with Singapore’s Payment Services Act, FATF standards, and other applicable laws
   

11. Modifications to the Service

The Company may update, modify, suspend, or discontinue any aspect of the Service at any time, with or without notice.
Material changes to these Terms will be communicated via platform notifications or email, where applicable.

12. Governing Law & Jurisdiction

These Terms are governed by the laws of Singapore.
Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Singapore.

13. Severability

If any provision of these Terms is deemed invalid, unlawful, or unenforceable, the remaining provisions will remain in full force and effect.

14. Contact

For questions, compliance concerns, or to report suspicious activity, contact:

📧 dinara@askalem.com
🌐 bot.askalem.com
🏢 Aqyl AI PTE. LTD., 32 Pekin Street, #05-01, Singapore 048762