Last Updated: [Insert Date]
This document governs the privacy practices and terms of use for [Your Auction Website Name] ("Platform," "we," "us," or "our"), an online auction service specializing in bank recovery assets and customs-recovered goods. By accessing or using this Platform, you ("User," "Buyer," or "Bidder") agree to comply with all terms herein.
We collect the following mandatory information:
Identity Verification:
Full legal name, date of birth, government-issued ID (passport, driver’s license).
Proof of address (utility bill, bank statement ≤3 months old).
Tax Identification Number (TIN) or Social Security Number (SSN) for high-value transactions.
Financial Data:
Bank account details (for deposits/withdrawals).
Credit/debit card information (processed via PCI-DSS-compliant gateways).
Contact Details:
Valid email address, phone number (SMS verification required).
Technical Logs: IP address, browser type, device fingerprints.
Behavioral Data: Bidding history, clickstream analytics, session duration.
Customs/Fraud Databases: To verify asset provenance (e.g., customs seizure certificates).
Credit Agencies: For anti-fraud checks (soft inquiries only).
| Purpose | Legal Basis |
|---|---|
| KYC verification | Legal obligation (AML/CFT laws) |
| Transaction processing | Contractual necessity |
| Fraud prevention | Legitimate interest |
| Marketing | Consent (opt-in required) |
KYC Documents: 5 years post-account closure (per AML regulations).
Transaction Records: 7 years (tax compliance).
Requirements:
Clear, unedited copies of ID + address proof.
Live selfie with ID (for biometric matching).
Processing Time:
Standard: 24–72 hours (business days only).
Delays: If documents are blurry or flagged for fraud.
Method: Bank transfer only (no cryptocurrencies/prepaid cards).
Minimum Amount: [Specify currency and amount, e.g., $100].
30–60 working days for:
Source-of-funds verification (for sums ≥$10,000).
Customs clearance checks (for physical assets).
Approved withdrawals are processed within 3–5 working days via:
Bank transfer (3–5 days settlement).
Wire transfer (1–3 days; fees apply).
Shipping Timeline:
Products must be dispatched within 7–10 working days after auction close.
Pre-Shipment Proofs:
High-resolution photos of the actual product (front/back/serial numbers).
Customs seizure documents (for recovered goods).
Video of functional testing (for electronics).
3 calendar days from delivery to:
Verify product matches the listing description.
Test functionality (if applicable).
Valid Claims:
Undisclosed damage (e.g., cracks, water damage).
Material discrepancy (e.g., wrong model, counterfeit).
Invalid Claims:
Buyer’s remorse (e.g., "changed my mind").
Minor cosmetic flaws already documented in listing.
Evidence Required:
Timestamped photos/videos within 24 hours of delivery.
Third-party appraisal report (for items ≥$5,000).
Request Submission: Via Platform’s dispute portal within 3 days.
Approval/Denial: Decided within 5 working days.
Refund Method: Original payment route (30-day processing).
Jurisdiction: [Specify country, e.g., United Arab Emirates].
Arbitration: Mandatory for claims ≥$10,000 (venue: [City]).
False Returns: Account suspension + blacklisting.
Chargeback Abuse: Legal action per Article 251 of [Relevant Penal Code].
Users notified of changes via email 30 days prior.
Continued use constitutes acceptance.
Data Protection Officer: [Name]
Email: legal@[yourwebsite].com
Address: [Physical address for legal notices].