BANFERS BANK & TRUST

TERMS AND CONDITIONS

The Terms and Conditions, along with any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Tariff, and other related agreements, constitute the Legal Agreement between Banfers Bank Limited and its various brands. This international bank is established and existing in accordance with the laws of Dominica, in Commonwealth, Dominica, under number 2018 / C0251.

Banfers Bank Limited operates under a license granted by the Offshore Banking Act (the “Law”) and is fully empowered to offer services to clients globally, with the exception of citizens and residents of the Commonwealth of Dominica. The provision of these services is conducted under the prudential oversight of the Financial Services Unit (FSU – http://fsu.gov.dm).

GLOSSARY:

For this Agreement, the following capitalized terms shall have the meanings indicated below:

“Account” means all current and future accounts opened by the Bank in the name of its customers and includes all monies or balances thereof deposited therein, all accrued and accruing interest and all related rights.

“Activation Forms” Refers to the documents signed by THE CLIENT with the purpose of requesting the opening or activation of each of the banking services contained in this document of TERMS AND CONDITIONS and in which when stamping your signature THE CLIENT declares that has read, accepts and adheres to each and every one of the particular terms and conditions of the banking services offered by THE BANK, contained generally in this document. Said forms, likewise, will be used for the incorporation to this agreement of one or all accounts, products or services that THE CLIENT maintains with THE BANK, as well as the incorporation if the CUSTOMER so requires, of a third person, under the conditions to be established, according to the requirements expressed by it.

“Bank” or “Banfers Bank” means Banfers Bank Limited, a banking institution existing under the laws of the Commonwealth of Dominica, having its registered office at Centre Cross Lane, Roseau, Commonwealth of Dominica, together with its successors in title and assigns.

“Balance” means any money in any currency supported by Banfers Bank that the Client has in the Client’s Account at any given time.

“BIN Sponsor,” “Issuer,” or “Acquirer” means a company different from Banfers Bank that is responsible for the issuance, activation, deactivation, and management of payment cards. A BIN Sponsor is licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with Banfers Bank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.

“Business account” means an account opened by a Legal Person, business or organization to manage its finances and conduct transactions related to its day-to-day operations. A legal entity must operate a business account used for business purposes only.

“Business Day” means Monday to Friday, excluding public and bank holidays in the Commonwealth of Dominica.

“Business Hours” means 09:00 to 18:00 Caribbean Eastern Time, where Banfers Bank’s operations are open to customers or as may be otherwise determined by the Bank.

“Card” means “Banfers Bank Card” or “Banfers Bank Virtual Card,” issued as part of the Service when available, collectively called “Card” means a payment instrument with the logos of Banfers Bank and one of the Card Organizations, providing the possibility for the cardholder to submit payment orders for payment on POS, internet banking, or ATM transactions, such as cash withdrawal or balance check. Cards are always associated with the Account of the Client. The Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics. Cards embossed with the cardholder’s name are available where the Card Program permits.

“Client” or “User” means a Natural or legal person who accepts, declares to know the content and subscribes to these TERMS AND CONDITIONS by stamping his signature on an activation form of any banking service, in the same way, the people named by THE CLIENT in any accounts or services banking and includes its successors and the persons authorized by it to carry out any banking operation, to turn, dispose of the funds deposited in THE BANK and to instruct the bank.

Therefore, references to THE CLIENT that are made in the future will be applied and obliged to each and every person who has the status of CLIENT, that is, the successors, proxies or representatives thereof, who declare that accept each and every one of the terms and conditions provided in this document.

Any reference to a person such as the » DEBTOR ”,“ ‘CODEUDOR ” “ GUARANTOR ” “ GUARANTOR ”,“ SIGNATORY ”,“ MAIN CUSTOMER ”,“ ADDITIONAL CUSTOMER ” “ CARDMAN ”or“ THE CUSTOMER ”in

this document and in any form of activation of any banking service or in any communication of THE BANK, it also refers to THE CUSTOMER, therefore, any obligation payable to THE CUSTOMER will be enforceable to said person.

ANY entity, its corresponding board of directors must notify THE BANK in writing of any change in its shareholder composition or in its administrative body within thirty (30) calendar days after the modification occurs . THE BANK may deactivate the use and handling of banking services, while verifying the information legally.

Any power granted by THE CLIENT or designation that he has made of persons authorized to handle any of the banking services will remain in force and valid until such time as THE CLIENT notifies the BANK in writing of its revocation or cancellation. In the event that THE CLIENT was a natural person, such powers or authorizations will be without effect from the moment THE BANK becomes aware by any means of the death of THE CLIENT or the Representative or authorized person. However, THE BANK will process the transactions or operations that had been carried out before the revocation of the powers or authorizations or the death of THE CLIENT or the agent or authorized person to manage the Banking Services.

“Client email address” means the email address provided by the Client during the Account opening application or later amended by the Client via the Service. Banfers Bank will use the provided email to communicate with the Client, generate two-factor authentication and other security features, and associate the email address with an account so that it may act as an account identifier.

“Client mobile phone number” means the mobile phone number provided by Client at the Account opening stage or later amended by Client via the Service; Banfers Bank will use the mobile number to generate the Client’s two-factor authentication where applicable.

“Currencies supported by Banfers Bank” means currencies supported by Banfers Bank for the Service.

“Consumer” means a natural person, who uses the Service for personal needs, different from their business, commercial or professional needs or activities. Any other natural or legal person using the Service mainly for business, professional, commercial or other purposes different from personal, family or household needs is not a consumer.

“Disputes” means any disagreements, complaints, litigation, arrangements and other such disputes between Banfers Bank and Client arising from these Terms and Conditions or concerning the use of the Service, or the laws of Dominica or the United States, where the laws of Dominica take precedence.

“General Terms and Conditions” or “Terms and Conditions” shall mean these General Terms and Conditions of business.

“Minor” means a person who is under the age of 18 years old.

“Non-payment transaction” means a transaction that does not involve the transfer of funds but instead comprises activities such as reviewing account balances, transaction history, statements, changing passwords, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;

“Online account” means a financial account that can be accessed and managed online, allowing customers to perform banking activities remotely. All Accounts at Banfers Bank are Online Accounts.

“Online banking” means using the internet to access and manage bank accounts and financial services remotely. By agreeing to these Terms and Conditions, you agree to open an Online Bank Account at Banfers Bank;

“Payment Order” means all financial instructions made by the Payer or Payee to Banfers Bank, ordering the execution of payment transaction; “Payment transaction” means the transactions for money transfer or any other payment transactions with the payment instrument available for the Service;

“Payer” means a Client that submits the payment order;

“Payee” means a Client that is a recipient of the amount of the payment transaction;

“Personalized security features” or “Identifying Credentials” means all personalized security characteristics of all payment instruments, such as the username, password, two-factor-authentication, security codes and all other unique identifying information that Banfers Bank provides to the Client;

“Peer-to-Peer (P2P) Transactions” Subject to applicable Fees, Users can transfer Funds from their Account to the Account of another User of Banfers Bank or the banfersdm.com brand.

“Service” refers to any payment instruments and Account and any other service Banfers Bank may provide to Client from time to time, including but not limited to accounts (current accounts, savings accounts, merchant accounts, accounts for Term Deposits) supported by Banfers Bank, identified with unique account numbers and all payment transactions, such as money transfers or others;

“Signature Registration Card” Refers to the documents in which THE CLIENT stamps his signature for THE BANK’s records, THE CLIENT also declares that he has read, accepts and adheres to each and every one of the general terms and conditions and particular of the banking services offered by THE BANK, contained in this document. The valid signature for THE BANK will be the one that appears on the signature registration cards.

The signature on the Signature Registration Card will be the same that must be used before THE BANK to sign all bank documents, forms, applications and instructions to make a transaction with the account or have access to a banking service. THE BANK may agree with THE CLIENT the use of facsimile or electronic signatures or other technological means to replace the original autograph signatures, which will have the same value as the latter. THE CUSTOMER acknowledges and accepts that he will assume the responsibility, as well as the damages and losses he suffers from the consequences in case of falsification or alteration of the aforementioned usual or conventional signature, or as a consequence of the confusions that the employment of said signature generates, both for THE BANK as for any third party and, in addition, expressly releases THE BANK from any responsibility for the acceptance of the usual or conventional signature that is falsified or altered.

“Website for the Service” means the website of Banfers Bank www.Banfersbank.com, its banfersdm.com brand (www.banfersdm.com) or other websites of Banfers Bank, as indicated to the Client. Therefore, the Client can use all authorized Banfers Bank websites accessed by the Client via the internet to access all information relevant to their Account and the Services.

1. TERMS OF SERVICES

• 1.1. The provision of the Services is subject to the Terms and Conditions. These Terms and Conditions will be in effect from the moment the Client accepts them (“Effective Date”). By accepting the Terms and Conditions, the Client agrees to utilize the Services in accordance with the outlined requirements. The Client may accept the Terms and Conditions by. :

  • (i) The utilization of the Services is governed by the Terms and Conditions. These Terms and Conditions shall take effect from the date the Client accepts them (“Effective Date”). By accepting the Terms and Conditions, the Client consents to utilize the Services in accordance with the stipulations outlined therein. The Client may indicate acceptance of the Terms and Conditions by.

  • (ii) In such instances, the Client acknowledges that Banfers Bank will consider the Client’s utilization of the Service as an acceptance of the Terms and Conditions, effective from the initial use of the Service.

• 1.2. The Services are outlined in the glossary section of these Terms and Conditions. Banfers Bank may necessitate that the client consents to a Special Agreement pertaining to the specific type of Account or Services offered by Banfers Bank. These Terms and Conditions are applicable to current accounts as well as other accounts provided by Banfers Bank.

• 1.3. Banfers Bank reserves the right to unilaterally implement innovations, enhancements, developments, new features, upgrade accounts, or change the names of accounts or products without obtaining Client consent. The Bank will notify the Client of such changes through the Service website, the Client’s online Account, or via email. However, if a modification to the Service alters the preliminary information provided to the Client prior to the acceptance of these Terms and Conditions, as mandated by law, or results in a reduction of Services, the Client will receive a notification via email sent to the address specified in the Account Application form.

• 1.4. At Banfers Bank, safeguarding the privacy of our clients is a fundamental principle. We strongly recommend that clients review both Banfers Bank’s Privacy Policy and these Terms and Conditions to gain a comprehensive understanding of our dedication to preserving client privacy, along with the ways in which we may utilize and potentially disclose client information.

• 1.5. A printable version of the Terms and Conditions will be made available to the Client at the time of sign-up. The Terms and Conditions, which may be updated from time to time, can also be accessed by the Client on the Services website and within the online Account. Additionally, the Client has the option to request a copy of the Terms and Conditions through the Client Account Portal, a support ticket, or via email.

• 1.6. The Terms and Conditions, along with this Agreement with the Client, shall be presented in English. In instances where Banfers Bank has supplied the Client with a translation of the English version of the Terms and Conditions or any related communication, the Client acknowledges that such translation is solely for their convenience. The English version of the Terms and Conditions and the contract will prevail in governing the relationship with Banfers Bank. In the event of any discrepancies between the English version and a translation, the English version shall take precedence. .

• 1.7 Banfers Bank reserves the right to offer services and conduct communications in languages other than English at its discretion. Nevertheless, English will continue to be the primary language of the Bank, and the Bank does not assure the availability of services in any language apart from English .

• 1.8 You acknowledge that you rely on a third-party payment system (“System Participant”) for the provision of services under this Agreement. Accordingly, you information and documentation may be shared with the trusted System Participant. Further details on how we handle personal information can be found in the Privacy Policy.

• 1.9 You agree that access to our Services is governed by this Agreement and the Pricing List we provided. Our functions as an intermediary through which you can access services provided by the System Participant, with whom you hold a direct relationship.

• 1.10 You acknowledge that the System Participant may, at its sole discretion, conduct due diligence on you. We do not guarantee the onboarding of you by the System Participant or the provision of services by the System Participant, though we will make reasonable efforts to facilitate a suitable introduction.

• 1.11 Any services provided by a System Participant via us are subject to the terms and conditions of the System Participant. (“System Participant Terms and Conditions”) The System Participant bears sole responsibility for the provision or non-provision of such services. Our responsibility is limited to being the initial point of contact for any issues before redirecting matters to the System Participant, if necessary.

• 1.12 Our product and services depend on our securing and/or maintaining correspondent bank facilities and/or commercially viable insurance. This means that from time to time our products and services and other features of our Platform may not be available in certain markets, or at all. This could require a restructuring of that ecosystem and/or its unavailability in all or certain respects on a temporary or permanent basis.

2. ELIGIBILITY FOR THE SERVICES. TYPES OF ACCOUNTS AND CARDS:

• 2.1. To qualify for the Services, the Client must (i) reside in a country that is approved by Banfers Bank; (ii) possess legal capacity; and (iii) not be listed on any blacklist or sanctions lists related to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) as officially published and communicated by Regulators, or included in any other blacklists in accordance with the internal policies of Banfers Bank. .

• **2.2. Types of accounts: Banfers Bank provides a variety of accounts in foreign currencies, including current accounts, savings accounts, and other account types tailored for both individual and corporate clients. Additionally, Banfers Bank offers accounts designated for specific purposes. It is important to note that special regulations govern these purpose-specific accounts and regime accounts. To initiate the opening of such an account, the client is required to submit a written request to Banfers Bank and adhere to the established procedures for the opening, maintenance, and closure of the account.

• **2.3. Information regarding transactional limits can be found on the Banfers Bank website. For reasons related to regulation, risk management, and security, Banfers Bank reserves the right to unilaterally impose or modify these limits without obtaining the Client’s consent. In such cases, Banfers Bank will notify the Client through the Service website, the Client’s online Account, or via email, unless prohibited by law from doing so. Banfers Bank retains the exclusive authority to determine whether to approve or deny a request for a change in limits, and shall not be held liable for any requests that are declined.

• 2.4. Clients who enroll for the Services through the Banfers Bank website, Banfersdm.com, or via business introducers, and who have successfully completed the verification process, may qualify for a bank account. Banfers Bank reserves the right to request additional information at any time as a prerequisite for the continued use of the Service or to evaluate the Client’s eligibility to maintain access to the Service. The Client agrees to promptly provide any such information as requested by Banfers Bank. Upon registration for the Service and throughout the duration of these Terms and Conditions, the Client is required to furnish current, complete, and accurate information for Know Your Customer (KYC) purposes, as mandated by Banfers Bank, and is responsible for ensuring that this information remains up-to-date and accurate while utilizing the Service. The Client is committed to making necessary updates to ensure compliance with these terms and conditions.

• 2.5. Upon completing the registration process for the Service, the Client will receive login information and other essential credentials from Banfers Bank. .

• 2.6. The Client acknowledges that they are registering for the Service either on their own behalf (as an individual or as a legal representative of an entity or organization) or on behalf of a third party. In the latter case, the Client must furnish Banfers Bank with a certified power of attorney or another legal document that is acceptable to Banfers Bank, which authorizes the individual acting on the Client’s behalf. Furthermore, the Client agrees that if they establish an account at banfersdm.com, they are prohibited from doing so on behalf of any third party under any circumstances. .

• 2.8. Client’s representations:

• 2.8.1. Throughout the business relationship with the Client, Banfers Bank depends on the statements provided by the Client or by third parties acting on the Client’s behalf, particularly concerning:

  • The following information is required:

  • a) The Client’s identity,

  • b) The Client’s business operations and financial reports,

  • c) The Client’s qualifications,

  • d) The Client’s legal powers and authority, including the authorized signatories for legal entities, and

  • e) The ownership and origin of the funds or assets entrusted to Banfers Bank by the Client, along with any other pertinent matters as outlined in specific agreements.

• 2.8.2. The Client is required to adhere to all relevant laws and regulations, including those pertaining to anti-money laundering and anti-terrorist financing, as well as any directives issued by the appropriate regulatory authorities, to the extent that the Bank’s services are concerned.

• 2.8.3. Should the Bank determine that any representation is incomplete, misleading, false, or incorrect, it reserves the right to suspend all instructions from the Client until satisfactory information and evidence are provided within a reasonable period. The Client is required to submit the necessary information within a reasonable timeframe; otherwise, Banfers Bank will terminate the business relationship.

• 2.9. The card associated with the client’s account is issued and activated following the approval of the account application by Banfers Bank. The bank provides the card in the currency specified by the client, provided it is supported by Banfers Bank. The card is dispatched to the client’s residential or business address, depending on the nature of the account. It is important to note that the card is exclusively for use by the cardholder and can only be utilized after activation, as per the instructions provided by Banfers Bank.

3. INCOMING PAYMENTS:

• **3.1. The Client is eligible to receive a transfer to their Account facilitated by Banfers Bank. However, Banfers Bank does not assume responsibility for, nor does it have control over, the timing of when it will receive funds from other entities. Additionally, it cannot guarantee whether other parties or correspondent banks will impose fees on the Client for the transfer or if they will remit the complete amount to Banfers Bank. The Client will be informed of the transfer amount and the date of the credit operation through the information available in their online Account, specifically in the balance and transaction history sections. .

• 3.2. To facilitate an incoming transfer, the Client is required to provide the payer with the following essential information: name, address, account number, or any alternative information permitted by Banfers Bank. Failure to supply this mandatory information may lead to delays or the rejection of the incoming transfer, for which Banfers Bank will not be held liable. In instances where incoming transfers contain incorrect or incomplete details in the payment order (such as discrepancies between the name and Account Holder, missing account number or name of the Account Holder, or incorrect account information), Banfers Bank reserves the right to withhold the crediting of the amount and to return the funds. Additionally, the bank may undertake necessary investigations and corrective actions to ensure a proper payment order, which may incur fees as outlined in the Tariff of charges.

• 3.3. The client acknowledges that Banfers Bank may, for regulatory purposes, establish varying restrictions on transfer amounts, implement specific requirements, or decline to accept bank transfers from certain financial institutions at the discretion of Banfers Bank.

• 3.4. The credit value date for the payee’s account (the client’s account) and the amount of incoming payments will be accessible by the close of business on the day the transfer amount is credited to Banfers Bank.

4. **PAYMENTS:

• 4.1. **Internal transfers: The client is permitted to transfer funds to either their own accounts or to the accounts of third parties within the Banfers Bank system. To execute an internal transfer, the client must provide the accurate account number or the email address of another client and submit a valid payment order through the Service.

• 4.2. **EFT transfers: The client is able to initiate outgoing money transfers from their account(s) in various currencies through the Service. In order to create a valid payment order for an EFT transfer, the client must supply the full and precise names of the beneficiary, the accurate account number of the beneficiary, as well as the country and BIC of the beneficiary’s bank.

• 4.3. **International Transfers: The client is able to utilize the Service to initiate outgoing money transfers from their account(s) to any bank account that is authorized by the Service. Banfers Bank will accurately execute payment orders for international transfers in accordance with SWIFT and other applicable electronic funds transfer regulations. In order to initiate a payment order for international money transfers, the Client is required to supply the complete and accurate name of the beneficiary along with account details, including account number, ABA Routing Number, IBAN, Bank Identifier Code (BIC), and any other pertinent information related to the beneficiary and their financial institution.

• 4.4. Banfers Bank will keep comprehensive records of liabilities and rights related to Transactions and Fees, which shall serve as the definitive source for resolving any disputes involving Banfers Bank and any User, or between Users regarding their entitlements under this Agreement. In cases where Users dispute their rights to Transaction funds, Banfers will adjudicate such claims based on its own records. Furthermore, Banfers reserves the authority to reverse Transactions at its discretion, thereby requiring Users to resolve their disputes independently, outside the scope of Banking Services provided by Banfers Bank. The User agrees to indemnify and protect Banfers Bank, along with its owners, directors, officers, employees, agents, licensors, suppliers, assigns, and successors, from any claims, losses, or liabilities that may arise from disputes involving the User and any other User or third party.

5. Instructions to Banfers Bank:

• 5.1. The Client consents to provide all instructions, communications, and statements intended for Banfers Bank or its banfersdm.com brand in written form. Furthermore, the Client commits to confirming any verbal instructions and other communications in writing. Instructions may be submitted through the online banking platforms of Banfers Bank or banfersdm.com. .

• 5.2. Transmission of Instructions – Facsimile, Telex, Email or Other Electronic Means

• When a Client issues a payment order through Banfers Bank or the online banking platform at banfersdm.com, Banfers Bank will regard the payment order as authorized by the Client, and it will become irrevocable upon confirmation. The Bank shall not be held responsible for any damages resulting from the use of these communication methods. The Bank must be fully indemnified against any claims, damages, costs, and expenses that may arise directly or indirectly from adhering to these instructions or from any erroneous or improper authorizations received via these electronic communication channels.

• 5.3. Banfers Bank will process the Client’s authorized payment order, contingent upon the Client maintaining a sufficient balance in the debited Account to cover both the transfer amount and any applicable fees. The Bank reserves the right to decline a specific transaction if the Account balance is inadequate to meet the total transaction cost and associated fees. Additionally, Banfers Bank may refuse to process a transaction if it has reasonable grounds to suspect that the payment order originates from an unauthorized individual or if the underlying transaction is deemed fraudulent, violates the current Terms and Conditions, or contravenes the laws of the Commonwealth of Dominica.

• Banfers Bank shall not be required to process a payment order under any of the following circumstances: ◦

• (a) if there is a garnishment order or any relevant court order pertaining to the Client’s funds; ◦

• (b) if there are reasonable grounds to suspect that the source or use of funds, or the purpose of a payment, presents risks related to money laundering, terrorist financing, or other financial crimes; ◦

• (c) if the instructions lack the essential mandatory information; ◦

• (d) if the instructions are unclear or incomplete; ◦

• (e) if the instructions are initiated from a jurisdiction that is prohibited; ◦

• (f) if the instructions originate from a legal or natural person situated in a prohibited jurisdiction; ◦

• (g) if the instructions involve a transfer of funds to a prohibited jurisdiction; ◦ (h) if the instructions contravene any of the Bank’s policies; ◦

• (i) if the instructions exceed the Bank’s risk tolerance.

• 5.4. **Deadline for performance of payment orders for outgoing money transfers:

  • (i) Deadline performing International Transfers: Banfers Bank will deduct the Client’s balance in the appropriate currency and will process the order upon receiving the confirmed Payment Order, no later than the conclusion of the next Business Day for Payment Orders related to International money transfers. Any Payment Orders for international money transfers submitted to Banfers Bank after 12:00 pm (noon) or on a day that is not considered a Business Day will be executed by the Bank by the end of the following Business Day. Banfers Bank is committed to carrying out the payment order within the specified timeframe unless the payment order is designated as pending at the Bank’s discretion.

• 5.5. The Client recognizes and consents that a Payment Order is deemed to have been executed accurately by Banfers Bank if the Client has provided a Payment Order containing erroneous information. Banfers Bank shall not be held accountable in the event that the money transfer fails, is received by an incorrect payee, or is returned to Banfers Bank. The Client acknowledges and agrees that in such instances, the Client is responsible for covering all fees associated with the return, reversal, or cancellation of an erroneous payment order. Banfers Bank is not liable for any damages arising from the Client’s mistakes or omissions in the submission of a Payment Order or Recurring Payment.

• 5.6.The client acknowledges and consents to the fact that the establishment of Payment Orders to verified beneficiaries does not exempt Banfers Bank from its rights and responsibilities under anti-money laundering and anti-terrorism legislation, along with other applicable regulations. Furthermore, Banfers Bank retains the authority to impose restrictions on such orders or to refrain from executing specific payment orders for security or regulatory reasons.

6. REFUSAL, REVERSAL OF UNAUTHORIZED TRANSACTION AND REVERSAL OF INCORRECT PAYMENT ORDERS:

• 6.1. In instances where Banfers Bank declines to process a Payment Order, the reasons for the refusal and the steps necessary to rectify any factual inaccuracies that contributed to the refusal may be conveyed to the Client at the Bank’s discretion, unless otherwise restricted by law. The Bank will endeavor to notify the Client through email or the online portal as soon as possible. Should the refusal be deemed objectively justified, Banfers Bank reserves the right to impose a fee for providing supplementary information regarding the notification. The Client understands that Banfers Bank is not required to furnish a comprehensive explanation for any declined payment order.

• 6.2 You are responsible for all permitted usage of the Services. Permitted usage encompasses, but is not restricted to, allowing another individual to access your Services, any mistakes made during transactions at a point of sale or Debit Terminal, peer-to-peer transfers, electronic funds transfer instructions, online check transfer instructions, and any fraudulent or invalid deposits you may initiate. Specifically, you are accountable for all obligations, withdrawals, deposits, transactions, advances, other Account activities, and any losses that may arise from these actions. :

  • i. All authorized Permitted Transactions involving the Account, a Card, a Card Number, or Authorization Credentials utilized by you or by individuals:

  • a. to whom you have provided access to your Account, Card, Card Number, or Authorization Credentials; or

  • b. whom you have permitted to access your mobile device or computer; or

  • c. who have registered their biometric data on your mobile device or computer with your approval; or

  • d. who have gained possession of your mobile device or computer containing an Account or Card with your consent;

  • e. whose mobile device or computer you employed to access your Account or Card.

  • You shall be held responsible for any errors or fraudulent activities associated with the Account, Card, Card Number, or Authorization Credentials that you have initiated or authorized, including but not limited to any erroneous, fraudulent, or invalid deposits or transactions involving the Account or Card.

  • Furthermore, you are accountable for any failure to fulfill your responsibilities in safeguarding your Account, Card, Card Number, or Authorization Credentials, or if you did not take appropriate measures that could have mitigated the risk of loss.

  • Additionally, any other utilization of the Account, Card, Card Number, or Authorization Credentials that you have facilitated and is not otherwise exempted by any provision of this Agreement will also be your responsibility.

  • Lastly, any other non-compliance with the terms outlined in this Agreement will be attributed to you.

• You are responsible for any unauthorized use of your Account, Transaction Approval Codes, Card, and PIN if you contribute to such unauthorized activities. This responsibility encompasses the following situations:

• i. failing to inform Banfers Bank within 30 days of discovering the transaction;

• ii. not maintaining the confidentiality of your Authorization Credentials; or

• iii. not cooperating with Banfers Bank during its investigation of the unauthorized use. Your daily liability for such unauthorized activities is capped at your total Daily Limits.

• However, your liability may exceed the available funds in your Account(s) if the Account experiences a negative balance, is associated with other Accounts, or if a Permitted transaction is executed based on a fraudulent or invalid deposit through Electronic Funds Transfer, peer-to-peer transfer, or any other form of fraudulent transfer.

**You shall not be held responsible for any losses arising from the following circumstances:

• i. events that are beyond your control, particularly those related to technical issues or system failures;

• ii. mistakes made by Banfers Bank or instances where Banfers Bank is accountable for preventing unauthorized usage, such as after an account has been closed or restricted, or a Card has been cancelled or has expired, or following your notification to Banfers Bank regarding fraudulent activity;

• iii. unauthorized transactions occurring after you have reported the Card as lost, stolen, or compromised, or after you have indicated that the Card Number or Authorization Credentials have been compromised, and we failed to take appropriate measures;

• iv. unauthorized transactions involving the Card after it has been cancelled or has expired; v. unauthorized transactions in which you have inadvertently contributed to the misuse, provided that you inform us immediately upon discovering the transaction and fully cooperate in any ensuing investigation (for clarity, the term “inadvertently” in this context excludes any failure to comply with your obligations under the Agreement); and

• vi. transactions conducted using your Account, Card, Card Number, or Authorization Credentials where you can prove that you have been a victim of fraud, theft, deception, coercion, or intimidation, provided that you promptly notify us of the incident, fully cooperate in any subsequent investigation, and have not contributed to the loss.

• 6.2.1 Security: 

• You will bear full responsibility for any losses incurred if you have contributed to the unauthorized use of your Account or Card, or if you neglect to inform us as stipulated in these terms. Furthermore, you must notify us of any loss, compromise, or theft of your Mobile device or computer immediately upon becoming aware of such an incident. Additionally, you are required to remove your Card from your Account prior to handing over your Mobile Device for any service or when you decide to retire or dispose of your Mobile device or computer.

• You acknowledge that you bear full responsibility for the safety and security of your Mobile Device and computer. You commit to implementing appropriate security measures to safeguard your Mobile Device or computer and your Account from unauthorized access. This includes, but is not limited to, utilizing password protection and biometric authentication to limit access. You agree not to share your passwords or biometric credentials with anyone who is not authorized to access your Account or Card. Furthermore, you will refrain from linking your Account or Card to any Mobile Device or computer that has been compromised through methods such as «jailbreaking» or similar modifications. Except as explicitly stated in this Agreement or as prohibited by law, you are accountable for all transactions made through your Account using your Account or Card. In any case, you will be held liable for transactions executed by any individual using authentication codes or biometric verifications that provide access to your Mobile Device or computer.

• You are tasked with ensuring the precision of settlement and delivery instructions for each transaction, which encompasses, but is not limited to, peer-to-peer transactions, EFT instructions, wire instructions, and OCT instructions. Banfers Bank shall not be held liable for any failures, delays, or inaccuracies in the receipt of such instructions, except in cases of gross negligence or willful misconduct by its employees. Furthermore, Banfers Bank will not be responsible for any consequential or special damages. You are required to implement security systems, procedures, and controls to prevent and detect (i) the theft of funds; (ii) forged, fraudulent, and unauthorized instructions; and (iii) losses resulting from fraud or unauthorized access to the Service by individuals who are not Authorized Persons.

• 6.2.2 Our Liability: We shall not be held responsible for any losses or damages you may experience, except as outlined in the following section. We accept liability for losses associated with Banfers Bank accounts that arise from the following circumstances:

• ◦ Unauthorized transactions executed via an Electronic Financial Service after you have informed us that your Account, Card, PIN, or Credentials may have been compromised, or if your Account, Card, PIN, or Credentials have been lost, stolen, or misused;

• ◦ Transactions carried out using Accounts or Cards that are forged, defective, expired, or have been cancelled;

• ◦ Fraudulent or negligent actions taken by our employees or agents, as well as by companies involved in related networking arrangements, or merchants connected to the electronic funds transfer system, including their employees or agents; or

• ◦ Any failure, error, malfunction, or technical issue with our systems or equipment that affects the provision of the Service.

• **6.3. Banfers Bank will provide reasonable assistance to the Client in reversing unauthorized transactions or erroneous payment orders when an incorrect Payment Order has been issued. In instances where Banfers Bank has processed an incorrect Payment Order due to a Client error, the Client may initiate a reversal request through a ticket from their online profile or via email. This request will initiate a reversal procedure, for which Banfers Bank may impose a fee on the Client. However, Banfers Bank cannot assure the success of the reversal process. Should the reversed amount be credited back to the Client’s Account, Banfers Bank will not be liable for any fees or costs incurred by the payee bank or correspondent bank.

• 6.4. In the event of unauthorized transactions, Banfers Bank will initiate a process to verify the authenticity and accuracy of the executed payment transactions. Should this process conclude in favor of the Client, Banfers Bank will reverse the transaction and credit the amount back to the Client’s Account, minus any applicable fees, within a period of 90 days, unless exceptional circumstances arise that necessitate additional time for the Bank to finalize its investigation.

• 6.5. The client acknowledges that Banfers Bank may not always have the capability to reverse unauthorized transactions or erroneous payment orders. In instances where the time limit for chargeback or reversal processes has lapsed, Banfers Bank shall not be held responsible for the reversal amount, any compensation, or any damages that may arise as a result. .

• 6.6. When a payment is received by the Client, the Client assumes responsibility to Banfers Bank for the full amount along with any associated fees in the event that the payment is subsequently deemed invalid. In addition to any other obligations, should a Reversal occur or if the Client is unsuccessful in a Chargeback or Claim, the Client will be required to pay Banfers Bank an amount equivalent to the Reversal, Chargeback, or Claim, along with any relevant fees and charges. Banfers Bank reserves the right to deduct the necessary amounts and costs related to the Reversal, Chargeback, or Claim directly from the Client’s Account without prior notification.

• 6.7. When a payment is received by the Client, the Client assumes responsibility to Banfers Bank for the full amount along with any associated fees in the event that the payment is subsequently deemed invalid.

• In addition to any other obligations, should a Reversal occur or if the Client is unsuccessful in a Chargeback or Claim, the Client will be required to pay Banfers Bank an amount equivalent to the Reversal, Chargeback, or Claim, along with any relevant fees and charges.

• Banfers Bank reserves the right to deduct the necessary amounts and costs related to the Reversal, Chargeback, or Claim directly from the Client’s Account without prior notification

• 6.8 When a payment is received by the Client, the Client assumes responsibility to Banfers Bank for the full amount along with any associated fees in the event that the payment is subsequently deemed invalid.

• In addition to any other obligations, should a Reversal occur or if the Client is unsuccessful in a Chargeback or Claim, the Client will be required to pay Banfers Bank an amount equivalent to the Reversal, Chargeback, or Claim, along with any relevant fees and charges.

• Banfers Bank reserves the right to deduct the necessary amounts and costs related to the Reversal, Chargeback, or Claim directly from the Client’s Account without prior notification.

7. PAYMENT TRANSACTIONS WITH CARDS:

• 7.1. In instances where Banfers Bank has provided a Card to the Client, the Client or an authorized cardholder is permitted to initiate payment orders and conduct transactions using the Card associated with the Client’s Account. It is essential for the Card to be activated in accordance with the instructions provided by Banfers Bank. Additionally, the Client is required to sign the physical Card

• 7.2 Payment transactions encompass, but are not restricted to, payments for goods and services at points of sale where merchants accept the card as a payment option, online transactions, ATM withdrawals, or other methods as specified by Banfers Bank on its official website or banfersdm.com. .

• 7.3.Payment orders processed using a Card will be received by Banfers Bank in an electronic format. The Client’s consent for the execution of the payment transaction becomes irrevocable. The payment order is deemed irrevocable when the Client presents the Card for transaction execution and: (a) the chip or magnetic stripe of the Card is read by the ATM or POS device, accompanied by the entry of a valid PIN and/or the signature of the Client or an authorized cardholder on the device’s receipt; or (b) by presenting the Card or inserting it into a terminal, allowing the chip to be read at a self-service terminal; or (c) by inputting Card details, such as the 16-digit number, expiration date, or CVC2 code online; or (d) by supplying the card information (number, expiration date, CVC2) to the goods or services provider and authorizing them to process the payment for the respective Service via fax, telephone, or other communication methods.

• 7.4. The Card, personalized with the name of the cardholder, is intended for use exclusively by the individual to whom it has been issued. This Card is associated with the Client’s Account. To establish a link between the Card and the Account, the Client is required to request and activate the Card.

• 7.5. The spending limits associated with Cards are detailed on the Bank’s official websites.

• 7.6. The Client is prohibited from utilizing the Card for the acquisition of virtual currency or engaging in any transactions linked to the purchase, sale, or exchange of virtual currency.

8. RECORD KEEPING AND ACCOUNT STATEMENTS:

• 8.1.Banfers Bank retains the authority to maintain any documents or information pertaining to the Client or the Services provided to the Client in an electronic format. The Bank may furnish electronic copies to the Client to fulfill any requests for original documents. Furthermore, Banfers Bank is permitted to dispose of all records, correspondence, and other documents associated with the Client once it has complied with the record-keeping obligations established by the Proceeds of Crime Act (2014), along with any subsequent amendments and related regulations and legislation.

• 8.2. Client account statements, transaction histories, and account details can be accessed through the Client’s online banking portal. Please note that paper statements are not provided.

9. PAYMENT INSTRUMENTS SECURITY FEATURES. SECURITY MEASURES AND SAFETY REQUIREMENTS:

• 9.1. Banfers Bank has offered the Client tailored security measures for utilizing all payment instruments encompassed within the Service. These measures include, but are not limited to, a username and a unique password for online banking and account access, two-factor authentication, and various biometric verification tools. These tools are essential for ensuring the security of the Client’s payment instruments.

• 9.2. The Client consents to utilize their chosen credentials, including username, password, and other individualized security measures, to carry out payment instructions in accordance with these Terms and Conditions. The Client is prohibited from sharing or permitting the disclosure of any individualized security measures to any third party, even if the payment method is secured through two-factor authentication. The Client assumes full responsibility for any damages arising from unauthorized transactions that occur as a result of revealing their individualized security measures.

• 9.3. In the event that the Client utilizes the Service for business purposes or as a Client of a Business/Corporate account, the Client consents to the following stipulations:

• ◦ (i) All employees, agents, representatives, and any other individuals who have access to the Client Credentials or the personalized security features of the Client’s payment instruments shall be deemed sufficiently authorized to utilize the Client’s account, execute payment orders through all payment instruments, and undertake all actions to which the Client is entitled, thereby legally binding the Client, business, partnership, or any other relevant legal entities. The Client acknowledges that all employees, agents, and representatives who are granted access to the Services will be subject to identity verification and any other due diligence requirements as mandated by the Bank.

• ◦ (ii) The Client has the authority to assign different levels of account access permissions to employees, agents, and business representatives as specified within the Account on the portal. The Client shall bear the responsibility for designating appropriate access levels to authorized users;

• ◦ (iii) Each Payment Order initiated by authorized users will be regarded as approved by the Client and will be irrevocable upon receipt of the Payment Order.

• 9.4. If the Client utilizes the Service in a business context or as a Client of a Business/Corporate account, the Client agrees to the following stipulations: (i) All employees, agents, representatives, and others who have access to the Client Credentials or personalized security features of the Client’s payment instruments will be deemed sufficiently authorized to utilize the Client’s account, execute payment orders through all payment instruments, and undertake all actions to which the Client is entitled, thereby legally binding the Client, business, partnership, or any other relevant legal entities.

• The Client acknowledges that all employees, agents, and representatives granted access to the Services will undergo identity verification and any other due diligence as required by the Bank.

• (ii) The Client has the authority to assign different levels of account access permissions to employees, agents, and business representatives as specified within the Account in the portal. The Client will bear the responsibility for designating appropriate access levels to authorized users.

• (iii) Each Payment Order initiated by authorized users will be regarded as approved by the Client and will be irrevocable upon receipt of the Payment Order.

  • If the Client utilizes the Service in a business context or as a Client of a Business/Corporate account, the Client agrees to the following stipulations: (i) All employees, agents, representatives, and others who have access to the Client’s Credentials or personalized security features of the Client’s payment instruments will be deemed sufficiently authorized to utilize the Client’s account, execute payment orders through all payment instruments, and undertake all actions to which the Client is entitled, thereby legally binding the Client, business, partnership, or any other relevant legal entities. The Client acknowledges that all employees, agents, and representatives granted access to the Services will undergo identity verification and any other due diligence as required by the Bank.

  •  

  • (ii) The Client has the authority to assign different levels of account access permissions to employees, agents, and business representatives as specified within the Account in the portal. The Client will bear the responsibility for designating appropriate access levels to authorized users.

  • (iii) Each Payment Order initiated by authorized users will be regarded as approved by the Client and will be irrevocable upon receipt of the Payment Order.

• 9.7. The Client is prohibited from disabling two-factor authentication or any other security measures implemented on the Account by Banfers Bank at the time of account creation or subsequently added during the Account’s duration.

• 9.8. Banfers Bank reserves the right to block certain categories of payment transactions to adhere to risk and compliance standards. Additionally, Banfers Bank may, at its discretion, impose limitations on the amounts the Client can withdraw, transfer, receive, or fund for a specified duration or throughout the entire period of Service usage, particularly in cases related to fraud, risk, or compliance. Furthermore, Banfers Bank may revoke permissions for specific transaction types and financial instruments without prior notification to the Client regarding the rationale for such actions.

10. PROTECTION OF CLIENT PERSONAL INFORMATION AND BANK SECRECY:

• 10.1. Bank Secrecy:Banfers Bank is obligated, under the laws of the Commonwealth of Dominica, to maintain the secrecy and confidentiality of all information provided by the Client to the Bank regarding the Client (“Secret Information”). Nevertheless, Banfers Bank is permitted and mandated by the laws of the Commonwealth of Dominica or applicable international laws to disclose Secret Information to the extent that such disclosure is required.

  • a) Obligations arising from any legal provision in any jurisdiction, in accordance with the relevant regulations governing automatic information exchange, such as the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS), mandate financial institutions to automatically share client information with the appropriate tax authorities. This includes details such as client names, addresses, tax identification numbers, social security numbers, account balances as of the end of the calendar year, and other tax-related information specified in these regulations, or as requested by competent authorities on an ad hoc basis;

  • b) Obligations stemming from a valid and recognized Court Order, Production Order, Subpoena, Mutual Legal Assistance Treaty Request, or similar legal instruments;

  • c) Requirements arising from any legal actions taken by the Bank against the Client for the recovery of outstanding amounts related to their business relationship, or for defending itself against any claims related to services rendered to the Client, during which the Bank acquired confidential information;

  • d) Instances where the Client has granted permission, including situations where the Client requests the Bank to provide a reference or status report to a third party, or as mandated by applicable law;

  • e) Requirements imposed on the Bank to comply with its obligations under the Proceeds of Crime Act (2014) and any associated legislation or regulations.

• 10.2. In accordance with the laws of the Commonwealth of Dominica, by agreeing to these Terms and Conditions, the Client grants permission for the disclosure of information pertaining to the Client that is obtained during the course of the relationship under the following circumstances:

• a) to the Bank’s authorized professional advisors, which may include, but is not limited to, financial, legal, and other consultants that may be engaged periodically, or to any current or prospective assignee or transferee of the Bank’s rights concerning the Client, or to any individual who may enter into contractual agreements with the Bank related to the Client’s business relationship;

• b) when such information is mandated for disclosure or is requested during a due diligence process;

• c) when the information is necessary in the regular course of business with institutions or other entities that are typically subject to similar confidentiality obligations.

• 10.3. Client Identity Verification is essential for compliance with anti-money laundering and counter-terrorist financing regulations, as well as for fraud detection purposes.

  • • • The Client acknowledges that Banfers Bank provides its Services contingent upon the Client fulfilling all necessary due diligence and identity verification procedures that the Bank may implement. Such identity verification may encompass credit assessments and due diligence processes that are either mandated by applicable laws or regulatory standards, or as determined by the Bank in accordance with its internal risk management and mitigation policies.

      • The Client agrees to assist Banfers Bank by supplying accurate and valid information as requested, including any additional registration or identity verification details that the Bank may require at any given time.

a)The Client grants permission to Banfers Bank to share and obtain information regarding the Client from third parties, as permitted by law. This includes personal data and potentially sensitive personal data as defined by applicable data protection laws, for the purpose of conducting necessary due diligence and identity verification. The Client acknowledges that these third parties may retain the information shared in this manner.

b)Should the Client be dissatisfied with the stipulations outlined in this clause, which mandates the provision of information requested by Banfers Bank for identity verification or compliance with anti-money laundering regulations, such dissatisfaction may lead to the refusal or immediate suspension of the Client’s access to the Service, as well as the termination of these Terms and Conditions without prior notification to the Client.

c) Banfers Bank is entitled to rely on and act in accordance with instructions received through the Banfers Bank portal, telephone, facsimile, or any other electronic means that appear to originate from the Client or an authorized individual. Banfers Bank will assume, in good faith, that these instructions are authentic.

• 10.4.The Client recognizes and consents to the fact that Banfers Bank will determine the approval or rejection of payment transactions without revealing the Account balance to any third parties. Furthermore, the Client acknowledges and agrees that, for the purposes of chargebacks, fraud detection, and prevention, Banfers Bank may share pertinent information regarding payment transactions conducted with the Card or other payment methods bearing the logo of the Card Organization with the Bin Sponsor, Card Organization, or relevant Regulatory authorities.

• 10.5 The Client consents to the utilization of their data in accordance with the Privacy Policy of Banfers Bank. The Client explicitly agrees to the processing and sharing of their personal information with Banfers Bank and its subcontractors, including the BIN Sponsor, which is responsible for issuing or acquiring payments related to the Cards on behalf of Banfers Bank. For the purposes of card issuance, blocking, re-issuance, transaction authorization, and handling chargebacks for unauthorized transactions, as well as for transaction authorization and settlement, the Client permits Banfers Bank to share and receive information from the BIN Sponsor, including personal data as defined by applicable data protection laws, to the extent allowed by law. Discontent with the terms outlined in this clause may lead to the refusal or immediate suspension of the Client’s access to the Service.

11. Banfers BANK ACCEPTANCE POLICY AND PERMISSIBLE TRANSACTIONS:

• 11.1. Clients are required to utilize these services in a manner that is both ethical and in accordance with the functionalities outlined in these Terms and Conditions. The Client consents to use the Service solely in compliance with: (i) These Terms and Conditions;

• (ii) The features, configurations, and limitations of the Service, including any restrictions and options set by the Client as permitted by the Service, as published and periodically updated by Banfers Bank on the Banfers Bank and banfersdm.com websites or within the User Interface of the Service; and

• (iii) All relevant laws, regulations, and widely accepted practices or guidelines applicable in the respective jurisdictions.

• 11.2. It is strictly prohibited to utilize the Service in a manner that contravenes these Terms and Conditions or for any unlawful purposes, including but not limited to fraud, money laundering, tax evasion, or other illegal activities. Specifically, the Client must not, under any circumstances, employ the Service for actions or transactions that involve or may involve any of the following:

Violation of these Terms and Conditions (including, but not limited to, the provision of false or misleading identification information, such as incorrect names, email addresses, multiple mobile numbers, or other data, with the intent of creating multiple Accounts for a single user or circumventing the limits set by Banfers Bank in any manner); or

Violation or potential violation by the Client or Banfers Bank of any applicable law, statute, contract, or regulation; or

Misuse of the reversal or chargeback process initiated by the Client’s Bank.

The Service must not be utilized in a manner that leads to or has the potential to lead to complaints, disputes, claims, reversals, chargebacks, fees, fines, investigations, penalties, or any other liabilities for Banfers Bank, its Branch, or its Agents.

Additionally, the initiation of transactions that could be classified as cash advances, or the facilitation of cash advances from Merchants or the purchase of cash equivalents such as travelers’ cheques or money orders, is prohibited.

Furthermore, any infringement upon the copyright, patent, trademark, trade secret, or other intellectual property rights of Banfers Bank or any third party, as well as rights related to publicity or privacy, is not allowed.

The Service must also not be used in conjunction with any illegal transactions.

Specific activities that are prohibited include, but are not limited to, gambling and gaming activities involving payments for wagers, gambling debts, or winnings, irrespective of the gambling context (including both online and offline venues),

the sale of prescription drugs or pseudo pharmaceuticals,

the trade of weapons and knives,

participation in unlicensed lotteries,

the sale of firearms or ammunition,

engagement in pyramid or Ponzi schemes or other «get rich quick» schemes, the initiation of cash advance transactions,

sending unsolicited emails or posting referral links on unauthorized websites,

and receiving funds for the sale of counterfeit or stolen goods.

• • Activities that contravene any applicable laws, statutes, ordinances, contracts, or regulations, including those related to financial services, consumer protection, unfair competition, anti-discrimination, or misleading advertising.

  • The creation, utilization, or dissemination of malicious software such as viruses, Trojan horses, worms, time bombs, cancelbots, easter eggs, or other programming routines that could harm, disrupt, secretly intercept, or unlawfully acquire any system, data, or personal information, as well as any actions deemed as potential hacking or unauthorized use of any website, computer, server, or other devices.

  • The sale or distribution of tobacco and alcohol products, along with any other controlled substances.

  • Any revenue generated from activities including, but not limited to, defecation, bestiality, death or simulated death, rape or simulated rape, or any pornographic content involving minors, children, or adolescents.

  • Transactions related to the sale, purchase, or exchange of virtual currencies or other assets that are prohibited under the Bank’s banking agreements. Users found in violation of this provision will have their accounts terminated.

  • Any transaction that breaches any of the specified sanctions regimes.

    1. Dominica

    2. Office of Foreign Asset Control (OFAC)

    3. European Union (EU)

    4. United Kingdom (UK)

  • Any business or personal account that engages in activities associated with a money service business or money transmitter without the regulation or authorization of Banfers is prohibited.

  • This includes investment and credit services, securities brokerage, mortgage consulting, debt reduction services, credit counseling or repair, real estate opportunities, real estate brokerage, rental property services, lending instruments, check cashing, wire transfers, and money orders conducted by entities that are not recognized as regulated financial institutions and lack authorization from Banfers.

  • Additionally, bail bonds, collection agencies, and any form of exchange activity, whether regulated or unregulated, that is not sanctioned by Banfers Bank are also included.

  • The promotion, sale, or distribution of binary options, forex courses, or similar educational programs, as well as currency exchanges that are not authorized by Banfers Bank, fall under this category.

  • Transactions involving escort services, which include providing, arranging, promoting, or advertising the services of sex workers who offer sexual services or companionship for monetary compensation, are also prohibited. Prostitution, defined as the advertising, promotion, organization, or engagement in physical sexual activities classified as such by Banfers Bank, is similarly restricted.

  • Furthermore, the sale, distribution, or access to counterfeit music, films, software, or other licensed materials without proper authorization from the rights holder is forbidden, as is any product or service that infringes upon or facilitates the infringement of trademarks, patents, copyrights, trade secrets, or proprietary or privacy rights of third parties.

  • Transactions involving cannabis, cannabis dispensaries, and associated enterprises; the sale of tobacco products, e-cigarettes, and e-liquids; online pharmacies or their promotion; fireworks and related items; toxic or radioactive substances; goods or services whose sale is prohibited under the relevant laws in the jurisdictions targeted by a business; live animals; any product, action, or service that would be deemed illegal if conducted in Dominica or the United States.

  • Transactions concerning drug paraphernalia, which includes any equipment intended for the production or consumption of drugs, such as bongs, vaporizers, and hookahs; high-risk businesses encompassing bankruptcy attorneys, computer technical support, timeshares, prepaid phone cards, phone services, and cellular devices; telemarketing, telecommunications equipment, and telephone sales; forwarding brokers; negative response marketing; credit card and identity theft protection; the utilization of credit for lending services; any enterprises that are perceived to present heightened financial risk, legal liability, or breaches of company policies; any business or organization that a) engages in, promotes, or glorifies unlawful violence or physical harm to individuals or property; or b) engages in, promotes, or glorifies unlawful violence against any group based on race, religion, disability, gender, sexual orientation, national origin, or any other immutable characteristic; pharmaceuticals and other products making health claims that lack approval or verification from the relevant local and/or national regulatory authority; the sale of social media engagement metrics such as Twitter followers, Facebook likes, YouTube views, Instagram followers, and similar activities; the sale of legal substances that mimic the effects of illegal drugs (e.g., salvia, kratom); the sale or promotion of CBD products; and charitable organizations

  • Transactions associated with: investment prospects or other services that guarantee substantial returns; websites that publish mug shots or offer pay-to-remove options; platforms that enable the posting and removal of content (including mug shots), where the main intent of such postings is to induce or amplify concerns regarding reputational damage; services that do not provide additional value; the sale or resale of a service without any enhancement for the purchaser; unauthorized resale of government services without added value; business practices that we assess, at our exclusive discretion, to be unjust, misleading, or exploitative towards consumers.

  • The employment of misleading business tactics may involve the creation of fraudulent social media profiles, wherein the account holder is not the person they purport to represent.

  • This includes any business that asserts the presence of employees, contractors, or other compensated representatives managing profiles that do not accurately reflect the individuals shown, with the intent of luring consumers into making purchases they would not typically consider.

• Transactions associated with payment aggregation services.

• Transactions concerning the spread of nuclear, biological, or chemical weapons, as well as any forms of weapons of mass destruction. .

• 11.3. Prohibited Jurisdictions

The following jurisdictions are classified as prohibited by Banfers Bank: Afghanistan

Belarus, Cuba, Crimea, Iran, Luhansk and Donetsk Provinces of Ukraine, Myanmar, North Korea, Syria, Russia**, Yemen.

• Prohibited jurisdictions are governed by the following stipulations: a) In cases where the Client is a legal entity, if any Shareholder(s), Beneficial Owner(s), Director(s), or other authorized individuals are residents of a prohibited jurisdiction,

• Banfers Bank will refrain from establishing a business relationship with that entity or will terminate any existing relationship. b) A legal entity must not be registered in a prohibited jurisdiction.

• Should the legal entity be owned by another legal entity located in a prohibited jurisdiction, Banfers Bank will terminate the business relationship.

• Please refer to the your account relationship manager, some exclusions apply for humanitarian purposes

a) Clients are prohibited from initiating transactions or accessing accounts from prohibited jurisdictions.

b) If the Client is an individual, they must not reside in a prohibited jurisdiction. Any of the aforementioned conditions may serve as grounds for rejecting or terminating an account application or for ending a business relationship between Banfers Bank and a client or applicant.

11.4. Sanctions Banfers Bank reserves the right to independently implement actions, controls, restrictions, and regulations to mitigate risks associated with the sanctions regimes outlined in Section 11.2

(c). The Bank is not obligated to disclose the specific actions, controls, conditions, or regulations to the Client when these restrictions impact the Client’s Account, transactions, or intended transactional activities; however, it will provide communication regarding the impact on the Client’s Account when it is deemed permissible and reasonable.

11.5. 1. The Client is prohibited from utilizing the Service and from accepting the Terms and Conditions. Banfers Bank reserves the right to suspend or terminate the Service or the Terms and Conditions immediately and without prior notification to the Client under the following circumstances:

• ◦ (a) if the Client is a minor;

• ◦ (b) if the Client is restricted from receiving the Services due to applicable sanctions laws, executive orders, internal Bank policies, or the regulations of relevant Card Organizations or other entities that influence the Bank’s policies and risk tolerance;

• ◦ (c) if the Client has not been identified or verified in a manner deemed acceptable by the Bank; or

• ◦ (d) for any other reasons identified by the Bank during the onboarding process or throughout the duration of the business relationship.

• 11.6. 1. Banfers Bank reserves the right to inform the Client at any time regarding the non-acceptance of the Services through email or other communication methods. The determination of refusal is solely at the discretion of Banfers Bank, and the institution shall not be held responsible for any compensation claims made by applicants who are not accepted.

• 11.7 The Client grants Banfers Bank permission to periodically obtain credit reports and conduct credit or other background checks as deemed necessary by Banfers Bank to assess the Client’s registration or ongoing use of the Service.

• 11.8 The Client agrees to refrain from accessing (or attempting to access) any of the Services through any means other than the User interface of the Service and Card provided by Banfers Bank, unless explicitly authorized in a separate agreement with Banfers Bank. The Client acknowledges that this limitation extends to the use of the Service through any automated methods.

• 11.9. 1. The Client acknowledges that they will refrain from any actions that may interfere with or disrupt the Service, as well as the associated servers and networks connected to it.

• 11.10. The Client agrees not to reproduce, duplicate, copy, sell, trade, or resell the Service for any purpose.

• 11.11. The Client accepts full responsibility for any violations of their obligations under these Terms and Conditions, acknowledging that Banfers Bank bears no liability to the Client or any third party for such breaches, including any resulting losses or damages incurred by Banfers Bank.

• 11.12. The Client recognizes that, in order to comply with the Proceeds of Crime Act (2014) and related regulations, Banfers Bank may implement general practices and limitations regarding the use of the Service without prior notice. This may include, but is not limited to, setting individual or aggregate transaction limits on value or turnover, as well as restrictions on the type, value, or number of funding or payment transactions within specified periods. Banfers Bank will inform the Client of any changes to these practices and limitations in a timely manner, unless such notification is restricted by the Money Laundering (Prevention) Act and Regulations.

• 11.13. The Client is prohibited from depositing or allowing a third party to deposit any funds or assets into the Client’s accounts that belong to or are intended for third parties.

• 11.14. Banfers Bank reserves the right to decline the execution of any funding or crediting of an account in response to an incoming transfer, outgoing transfer, or any payment transaction, Payment Order, or other utilization of the Service if there are reasonable grounds to suspect fraud, a violation of the applicable Terms and Conditions by the Client, or a breach of the laws of Dominica or the United States, as well as regulations of any relevant Card Organization, or for risk or compliance considerations. Additionally, transactions may be postponed due to Banfers Bank’s adherence to its obligations under the Proceeds of Crime Act (2014) and associated regulations and legislation. In the event that Banfers Bank declines to process a Funding or Payment transaction or Payment Order, the Client will be informed unless doing so would be unlawful, imprudent, or would compromise reasonable security protocols. For risk or compliance reasons, Banfers Bank may request further information or documentation and may collect such additional information and documents necessary for the execution of an operation either prior to or following the operation.

• 11.15. The Client acknowledges and consents that if Banfers Bank restricts access to the account(s) or any payment instrument, or specific accounts, the Client may be unable to access the Service, the Client’s account details, or any files or other content associated with the Client’s Account or linked to the Client’s account(s) or payment instruments.

12. BANK CHARGES, COMMISSIONS AND FEES:

• 12.1. In the absence of a written agreement stipulating otherwise, the interest rates and fees associated with the Services will be those published on Banfers Bank’s website or the website of its banfersdm.com brand. For services not listed on these platforms, Banfers Bank reserves the right to determine rates, interest amounts, fees, dormant fees, and other charges at its sole discretion. Should the Client disagree with any bank charges, commissions, or fees, they retain the right to terminate the Service as outlined in Section 14, “Termination of the Business Relationship.”

• 12.2. In instances where Banfers Bank incurs expenses at the Client’s request, including but not limited to legal and notarial fees, court costs, international investigations, maintenance expenses, and insurance fees, the Client shall be responsible for these costs. The Client consents to the Bank’s authority to directly debit the Client’s Account without prior consent for each direct debit transaction.

• 12.3. Banfers Bank may unilaterally modify the tariff with a notice period of one (1) month to the Client. Any changes to the tariff will be reflected on the Service’s website or through the online Account, and the Client will be appropriately informed in accordance with these Terms and Conditions.

• 12.4. Currency Conversion: In instances where a transaction necessitates a currency conversion, it will be executed at an exchange rate established by Banfers Bank. Should a foreign exchange fee be applicable, it will be indicated in the tariff and may be calculated as a percentage added to the exchange rate. The foreign exchange rate is subject to regular adjustments in accordance with market conditions, specifically the wholesale exchange rate at which Banfers Bank acquires foreign currency. Banfers Bank may update the exchange rate on a daily basis, and this information can be accessed on the Service’s website or within the online Account. Clients can utilize the “Currency Converter” tool available in their online Account to review the relevant foreign exchange rates and fees associated with specific transactions involving currency exchange.

• 12.5. When Banfers Bank provides a currency conversion option at the point of sale, the Client will be presented with the applicable foreign exchange rate prior to authorizing the payment transaction on Banfers Bank’s website for the Service. By authorizing the payment transaction, the Client consents to the currency conversion based on the specified foreign exchange rate. In cases where the currency conversion is offered by the Merchant rather than Banfers Bank, the Client authorizes the payment transaction according to the Merchant’s exchange rate and associated charges. Banfers Bank shall not be held liable for any currency conversion conducted by the Merchant.

• 12.6.Currency Conversion: In instances where a transaction necessitates a currency conversion, it will be executed at an exchange rate established by Banfers Bank. Should a foreign exchange fee be applicable, it will be indicated in the tariff and may be calculated as a percentage added to the exchange rate. The foreign exchange rate is subject to regular adjustments in accordance with market conditions, specifically the wholesale exchange rate at which Banfers Bank acquires foreign currency. Banfers Bank may update the exchange rate on a daily basis, and this information can be accessed on the Service’s website or within the online Account. Clients can utilize the “Currency Converter” tool available in their online Account to review the relevant foreign exchange rates and fees associated with specific transactions involving currency exchange.

• 12.7. When Banfers Bank provides a currency conversion option at the point of sale, the Client will be presented with the applicable foreign exchange rate prior to authorizing the payment transaction on Banfers Bank’s website for the Service. By authorizing the payment transaction, the Client consents to the currency conversion based on the specified foreign exchange rate. In cases where the currency conversion is offered by the Merchant rather than Banfers Bank, the Client authorizes the payment transaction according to the Merchant’s exchange rate and associated charges. Banfers Bank shall not be held liable for any currency conversion conducted by the Merchant.

• 12.8. Payment transactions conducted with a Card in a currency different from that of the issued Card will undergo conversion by Banfers Bank. This conversion will incur a foreign exchange fee, which is calculated as a percentage above the effective foreign exchange rate established by the relevant Card Organization for the day the transaction is executed, cleared, or settled. The applicable foreign exchange fee is detailed in the tariff and is retained by Banfers Bank. All fees will be charged to the Client in the currency of the issued Card.

• 12.9 Banfers Bank shall not be held responsible for any negative consequences resulting from currency fluctuations if it retains funds in one currency without converting them to another, or if it converts funds into the currency of the business relationship from the currency in which they were originally received.

• 12.10 The Client acknowledges that a monthly account dormancy fee, referred to as the «Dormant Account Fee,» will be applied if no transactions are conducted by the User for a period of six (6) months.

13. CLIENT LIABILITY:

Representations and Warranties.

It is mutually acknowledged by the parties that the execution of obligations by Banfers Bank under this agreement, regardless of whether the User’s representations, warranties, and covenants are met, shall not diminish Banfers Bank’s entitlement to any such representations, warranties, and covenants made by the User. Consequently, the User hereby guarantees and agrees to Banfers Bank that:

• 13.1. The Client shall bear full responsibility for any losses arising from unauthorized transactions and any associated damages, irrespective of the extent of such losses or damages, if the Client has engaged in fraudulent behavior or has, with intent or gross negligence, failed to adhere to the present Terms and Conditions, including the Client’s duty to maintain the security of Client Identifying Credentials and to safeguard access to the Client’s Account or other payment methods.

• 13.2. The Client shall have the right to seek compensation for losses (excluding fees or interest for Clients who are not Consumers) resulting from unauthorized or erroneous transactions, provided that the Client has notified Banfers Bank of the unauthorized or erroneous transaction and Banfers Bank has successfully blocked the Account and Card or other payment methods without unnecessary delay. In instances where the Client is eligible for compensation, Banfers Bank will reimburse the amount of the unauthorized transactions, minus any applicable fees.

13.3. The Client consents to indemnify, defend, and hold Banfers Bank harmless from any losses or negative balances associated with the Account or Cards. This indemnification covers any and all actions, claims, demands, liabilities, judgments, damages, or expenses (collectively referred to as «Claim» or «Claims») that Banfers Bank may incur, sustain, or become subject to during the term of these Terms and Conditions or within five (5) years following their termination. Such Claims may arise from: (a) activities related to the Client, their employees, agents, subcontractors, or third parties utilizing the Service; (b) incidents involving willful acts, gross negligence, or other similar misconduct by the Client, their employees, agents, subcontractors, end customers, or third parties using the Service, including but not limited to fraud, chargebacks initiated by the Client or third parties, offline transactions, recurring transactions, currency conversions, pre-authorizations, manual operations, system malfunctions, or other unlawful uses; or (c) any failure by the Client, their employees, agents, subcontractors, end customers, or third parties using the Service to comply with applicable laws or regulations, including but not limited to the Proceeds of Crime Act (2014) and related legislation, as well as data protection laws and other relevant regulations. The Client acknowledges that Banfers Bank is authorized to fulfill any obligations of the Client by directly debiting or withdrawing funds from the Client’s Account or any collateral provided by the Client (if applicable), or from any outstanding amounts owed by Banfers Bank to the Client, including charges to the Client’s funding instrument. Banfers Bank will notify the Client regarding the basis, amount, and value of such withdrawals unless prohibited by law or regulation.

13.4. 1. In the case of a delayed payment owed to Banfers Bank, the Client will incur a late fee calculated at the interest rate established by the Eastern Caribbean Central Bank. This interest will accrue for each day the payment remains unpaid.

13.5. Right of Retention: Unless a different written agreement is made between the parties, in accordance with the laws of the Commonwealth of Dominica, Banfers Bank reserves the right to retain all funds belonging to the Client in their accounts with the Bank until all outstanding fees, costs, charges, expenses, and liabilities owed to Banfers Bank are fully settled.

13.6. Notwithstanding the above, the Client acknowledges and agrees that the responsibility for reporting and paying any applicable taxes, as mandated by law, lies solely with the Client. Consequently, the Client commits to adhering to all relevant tax regulations.

13.7. Additional liabilities of the Client are detailed in other sections of these terms.

14. TERMINATION OF THE BUSINESS RELATIONSHIP:

• 14.1. 1. The Client acknowledges and consents to the possibility that Banfers Bank may cease to provide the Service to the Client, as outlined in the Terms and Conditions. The Client retains the right to discontinue the use of the Service at any time without the necessity of notifying Banfers Bank regarding the cessation of use. The Terms and Conditions shall remain in effect until they are terminated by either the Client or Banfers Bank, as detailed below.

• 14.2. Should the Client wish to terminate the legal Terms and Conditions with Banfers Bank, this can be accomplished immediately and without any termination fees by:

(a) Informing Banfers Bank in accordance with the communication procedures specified below;

(b) Closing the Client’s Account associated with the Service, which includes withdrawing or redeeming any available balance;

(c) Returning the Card to Banfers Bank.

• 14.3. In the event of any potential damages to Banfers Bank arising from reversals, chargebacks, claims, fees, fines, penalties, or the Client’s failure to comply with anti-money laundering and counter-terrorist financing laws or other regulations, Banfers Bank reserves the right to retain the Client’s funds for a period of up to 180 (one hundred and eighty) days, even following the termination of the Terms and Conditions, or for a shorter or longer duration as mandated by law, including consumer protection laws. The Client will continue to be responsible for all obligations arising under these Terms and Conditions even after the termination of the Terms and Conditions and the closure of the Account.

• 14.4. Banfers Bank reserves the right to close any account or accounts of the Client or to terminate the Terms and Conditions with the Client at any time and without prior notice under the following circumstances:

• (a) If the Client has violated any significant provision of the Terms and Conditions, or any applicable laws or regulations set forth by Card Organizations or other entities, or has demonstrated an intention or inability to comply with the essential provisions of the Terms and Conditions. This includes, but is not limited to:

• (i) Situations where the Bank reasonably concludes that the Client is no longer qualified to maintain an account;

• (ii) Instances where the Bank uncovers that the Client has submitted false or misleading information at any time; or

• (b) If Banfers Bank is mandated to take such action by law or by the regulations of Card Organizations.

• 14.5. Unless a shorter notice period is specified within these Terms and Conditions, and as permitted by law, Banfers Bank may terminate the Terms and Conditions by providing the Client with a maximum notice period of two months, with no minimum notice requirement. The Bank may also choose to terminate the business relationship immediately, at its discretion, with or without cause.

• 14.6. Upon termination of these Terms and Conditions, all legal rights, obligations, and liabilities that have accrued to the Client and Banfers Bank during the period the Terms and Conditions were in effect, or that are intended to persist indefinitely, will remain unaffected by this termination. The provisions outlined in clause 20.5 will continue to apply to such rights, obligations, and liabilities indefinitely.

• 14.7. Death and Change in Legal Status:

• 14.7.1. Individuals: This Agreement and its provisions shall benefit and be binding upon the parties involved, as well as their respective successors and permitted assigns. In cases of ambiguity regarding the title of an Account following the death of its owner, Banfers reserves the right to suspend all Account activities until Banfers and its legal counsel are assured that the rightful heirs are entitled to the funds contained within.

• 14.7.2. Legal Entities: Should the Client enter into liquidation, bankruptcy, administration, or any similar process that results in the appointment of a liquidator, curator, trustee, or similar officer, who is granted legal authority and representation, the Bank shall require satisfactory evidence, at the Client’s expense, to confirm the proper entitlement and authority of the individual claiming the power to issue instructions to the Bank. The Bank will not be obligated to act on such instructions until it is satisfied with the authority presented. In the event that a legal entity or organization is dissolved and there are remaining assets in the Account post-dissolution,

a) Banfers Bank may transfer the remaining funds to the appropriate government receiver in accordance with due process. These funds will then be classified as bona vacantia, and the Client must reach out to the relevant government authority regarding the assets.

15. LIMITATION OF WARRANTIES:

• 15.1.The Bank, along with its Agents/Distributors and subcontractors, does not provide any express warranties or representations regarding the delivery of the Service. The Bank is unable to assure that:

• (a) Your experience with the Service will fulfill your needs or expectations;

• (b) Your access to the Service will be continuous, timely, secure, or devoid of errors; and

• (c) Any information acquired through your use of the Service will be precise or dependable.

• No conditions, warranties, or other stipulations (including any implied) are applicable to the Service, except as explicitly stated in these Terms and Conditions.

• The Bank shall not be held responsible for any deficiencies or losses resulting from force majeure or any shortcomings or losses stemming from the actions or omissions of third parties whose services the Bank utilizes to fulfill its obligations to you, either in whole or in part. In such instances, the Bank will not be liable for any loss or damage unless it has failed to exercise due diligence in transmitting instructions and/or in selecting such third parties.

• Nothing in these Terms and Conditions will impact your mandatory statutory rights as a consumer, which cannot be altered or waived by contractual agreement.

• 15.2 Limitation of Liability:

The Terms and Conditions do not permit the exclusion or limitation of the Bank’s liability for losses that cannot be lawfully excluded or limited by these Terms and Conditions or applicable law. Nevertheless, subject to clause 15.1 mentioned earlier, the Bank, along with its Agents/Distributors, subcontractors, or Licensees, shall not be held liable for any indirect or consequential losses. This includes, but is not limited to, any loss of profit (whether direct or indirect), loss of goodwill or business reputation, or loss of data experienced by you.

Furthermore, the Bank shall not be responsible for any loss or damage you incur due to your reliance on the completeness, accuracy, or existence of any advertising, nor for any relationship or transaction you engage in with any advertiser whose advertisements are featured on the Service. The Bank also disclaims liability for any modifications it may implement to the Service, any temporary or permanent interruptions in the provision of the Service (or any of its features), any malfunctions of the Service, the deletion, corruption, or failure to store any communications data that you maintain or transmit through your use of the Service, your failure to provide accurate account information, or any fraudulent use of the Service by you or third parties.

Lastly, the Bank will not reimburse you for any fees or interest charged to Clients who are not Consumers due to the non-performance or improper performance of a payment transaction.

16. CHANGES TO THE TERMS AND CONDITIONS:

• 16.1. The Client acknowledges that Banfers Bank reserves the right to modify the Terms and Conditions periodically.

• 16.2. The Client recognizes and consents to the fact that they will be considered to have accepted any modifications unless they inform Banfers Bank otherwise, as outlined in clause 18.5 below, prior to the effective date of the changes. In such an event, the Terms and Conditions will be terminated without any termination fee immediately before the changes take effect.

• 16.3. This Section 17 does not restrict:

• (a) Banfers Bank’s authority to update and amend its policies or introduce new features to the Service at any time without prior notification. The Client may accept these updates by utilizing the new features. Such updates may be communicated through a method determined by Banfers Bank, which could include email notifications or postings on a Banfers Bank website related to the Service; and

• (b) The rights of both parties to modify the terms of this Section 17, provided that such modifications are not prohibited by law and are mutually agreed upon.

17. COMMUNICATIONS AND NOTICES:

• 17.1. All information will be provided to the Client in a manner that is easily accessible, using clear and comprehensible language, and presented in English.

• 17.2. Communications, including statements and notices to the Client, may be delivered via mail, email, postings on the Banfers Bank’s website for the Service, or through other reasonable methods.

• 17.3. Banfers Bank may engage in electronic communications with the Client regarding the Service, which may include (a) sending emails to the Client’s designated email address or (b) posting notices or communications on the Banfers Bank’s website for the Service. The Client consents to receiving electronic communications from Banfers Bank related to any aspect of the Client’s use of the Service, including the Terms and Conditions (along with any revisions or amendments), as well as notices or disclosures pertaining to the Service and payment authorizations. Specific communications will be managed as follows:

  • (i) The Terms and Conditions will be presented to the Client in a printable format at the time of sign-up.

  • (ii) Any amendments to these Terms and Conditions following the sign-up will be communicated via email to the Client’s registered email address and will also be posted on the Service’s website or within the online Account.

  • (iii) Unless stated otherwise in these Terms and Conditions, any notice regarding the termination of these Terms and Conditions will be sent to the Client’s email address.

  • (iv) Details regarding account balance, transactions, or statements will be accessible in the Client’s online Account through the internet, specifically within the transaction history.

  • (v) Notifications concerning the suspension of the Service will be available in the Client’s online Account, accessible via the internet.

  • (vi) Information regarding the rejection of transactions will also be found in the Client’s Account, accessible online through the transaction history.

  • 17.4. The Client is advised to retain copies of electronic communications by either printing a hard copy or saving an electronic document, as the information provided in electronic format is given with the expectation that the Client will be able to print or store such information.

• 17.5. Any communication directed to Banfers Bank in accordance with these Terms and Conditions must be dispatched via registered mail to the registered office address of Banfers Bank, as specified above in the Terms and Conditions. However, the following exceptions apply:

• (i) In the event of loss, theft, unauthorized use, or a security breach, immediate notification must be made to the Banfers Bank Contact Center using the numbers provided to the Client by Banfers Bank, or it should be submitted as soon as possible through the «Contact us» section on Banfers Bank’s website for the Service, or via the Client’s email address indicated in the Account opening form;

• (ii) Should the Client wish to express disagreement with the amendments to the Terms and Conditions and intends to terminate the Terms and Conditions before the amendments take effect, such notification must be sent through the «Contact us» section on the website for the Service or via the Client’s email address provided in the Account opening form, either by the Client or by an individual explicitly authorized by the Client.

18. GENERAL LEGAL TERMS:

• 18.1. 1. Unless explicitly stated otherwise in the Terms and Conditions or Tariff, all amounts referenced in the Terms and Conditions are expressed in United States Dollars (USD).

• 18.2. Occasionally, Agents, Distributors, or Sub-contractors of Banfers Bank may deliver all or part of the Service to the Client on behalf of Banfers Bank. The Client acknowledges and consents to Banfers Bank’s right to engage Agents, Distributors, and Sub-contractors for the provision of the Service to the Client.

• 18.3. The Terms and Conditions, along with the Data Protection and Confidentiality Policy, Tariff, and any applicable appendices, represent the complete legal agreement between the Client and Banfers Bank, governing the Client’s use of the Service (excluding any services provided under a separate written agreement) and entirely supersede any prior agreements between the Client and Banfers Bank regarding the Service.

• 18.4. The Client agrees that Banfers Bank’s failure to exercise or enforce any legal right or remedy outlined in the Terms and Conditions (or any rights Banfers Bank may have under applicable law) shall not be interpreted as a waiver of those rights, which will remain available to Banfers Bank.

• 18.5. Should any court with jurisdiction over matters related to the Terms and Conditions determine that any provision is invalid for a specific Client or a Client classified as a Consumer, that provision will be removed for that Client without impacting the validity of the remaining Terms and Conditions, which will continue to be enforceable.

• 18.6.The Client is prohibited from assigning their rights under the Terms and Conditions or from subcontracting or transferring any of their rights or obligations without obtaining prior written consent from Banfers Bank.

• 18.7 Banfers Bank reserves the right to transfer its rights and obligations under the Terms and Conditions to a third-party entity that is licensed as a banking institution, provided that the Client is given at least two months’ notice via email prior to the transfer date. Should the Client object to this transfer, Banfers Bank will offer the Client the option to terminate the Terms and Conditions without incurring any penalties.

• 18.8 Both Parties acknowledge that the accurate execution of transactions and operations will be validated through printouts or statements generated from Banfers Bank’s IT systems, including the Banfers Bank account platform, the Client’s online account, the Banfers Bank service website, and the Card System of Banfers Bank, as well as any other software systems or platforms utilized by Banfers Bank in its role as a regulated bank or by its authorized Agents, Distributors, or subcontractors who are licensed to use Banfers Bank’s software or platforms.

• 18.9. The terms «Banfers Bank,» «Bank Card,» the website www.banfersdm.com, and all associated URLs, logos, trademarks, designs, software, interfaces, and other elements related to the Services, including the logos and trademarks of Card Organizations, are safeguarded by copyright, trademark registration, patent rights, or other intellectual property rights belonging to Banfers Bank or its third-party licensors. The Client is prohibited from using, copying, imitating, modifying, altering, selling, distributing, or providing these elements without obtaining prior written consent from Banfers Bank, as stipulated in a separate Terms and Conditions document.

• 18.10 The relationship between the Client and Banfers Bank, as governed by the Terms and Conditions, shall be subject to the laws of the Commonwealth of Dominica.

• (i) In cases where the Client is not classified as a consumer, both parties consent to the exclusive jurisdiction of the competent Court located in the City of Roseau, Commonwealth of Dominica, for the resolution of any disputes that may arise. However, the Client acknowledges that Banfers Bank retains the right, at its discretion, to initiate claims or seek injunctive relief (or similar urgent legal remedies) in any jurisdiction.

• (ii) In instances where the Client is recognized as a consumer, any claims against defendants with consumer status shall be submitted to the competent Court corresponding to the Client’s place of residence.

19. NOTIFICATION OF MATERIAL CHANGES IN YOUR CIRCUMSTANCES

• 19.1 You must promptly notify us in writing of any changes to the following information, without undue delay and prior to such changes taking effect;

• 19.2 For individual customers;

• (i) Your current residential address;

• (ii) Any changes to your legal name or identification details;

• (iii) Any changes to your employment status or source of income;

• (iv) Any material changes affecting your credit or financial standing.

• 19.3 For business customers;

• (i) Your current registered address;

• (ii) Any «doing business as» names, trade names, and/or URLs used by you;

• (iii) Changes in your business operations, including any changes in control, ownership, or constitutional structure;

• (iv) Any changes to the goods and/or services you sell, lease, or distribute;

• (v) Any changes in Regulatory Requirements to which your business is subject, including changes to or revocation of licenses that may adversely affect The Kingdom Bank’s compliance with applicable law or Regulatory Requirements;

• (vi) Any material changes to your business’s credit or financial standing.

• 19.4 Failure to notify us of any material changes relevant to compliance with applicable Regulatory Requirements may result in losses for which you will indemnify us, without limiting any liability provisions contained in this Agreement.

20 OBLIGATION TO CARRY DUE DILIGENCE

20.1 THE BANK that are required by THE CUSTOMER or by any person authorized by it and that are available such as: customer card / chip card, personal code, keys, magnetic tapes, keys private, certificates, customer card with password and online services THE BANK, among others. If the information in this document differs from the conditions specified in the special terms and conditions for individual services of THE BANK, the latter will apply the precedence; if there are no differences, both documents will complement each other. For all other terms and conditions governing the relationship with THE BANK, such as the conditions for opening accounts or custody of accounts, the general conditions of THE BANK and the custody regulations will also have legal validity

20.2 If THE CLIENT or a third party agrees with any of the electronic support tools for the use of any service, the user’s identity will not be verified by THE BANK against signatures or identity documents. The identity in this case is established by an authentication process through the available electronic tools (self-identification), this means that every person who identifies correctly will have access to the corresponding account. THE CUSTOMER is responsible, even legally, for activities carried out electronically, unless he can prove otherwise with reliable evidence.

20.3 THE CLIENT or any person authorized by him must take the necessary measures for the safe use of electronic support tools. The entry and verification data of the electronic tools received by THE BANK must be securely protected for the purpose of identification. The keys, nominal lists, private keys and any electronic support tool must be kept secret. Under no circumstances should they be disclosed and / or transmitted to other people. Electronic support tools must be kept separately; For example, the keys must not be registered in other electronic devices. Access to private keys must be protected with keys that meet the following requirements: they should only be stored in reliable hardware (eg, chip cards), security numbers and keys must be selected so that they are not easy to detect or deduct (for example: based on telephone numbers, birth dates, vehicle registration number, etc.). If there is a possibility or suspicion that a security number, key, private key or nominal list has been discovered by an unauthorized person, THE CUSTOMER or person authorized by it, you should immediately ensure that it is changed, deleted or blocked. . If necessary, the authorized user must request another nominal list from THE BANK, the certificate of the private key must be blocked immediately. THE BANK must be notified immediately of the loss of any electronic support tool. THE CUSTOMER is fully responsible for ensuring that the other persons authorized by him for the use of electronic support tools comply with these conditions.

20.4 ENTRY LOCK: when expressly requested, THE BANK may block access to specific services. A block may be limited to the use of electronic support tools or to a specific person. The block may be requested before the office of THE BANK that manages the account or at any point of special service. THE CUSTOMER or person authorized by it may also block if the electronic support tool allows it. Once the entrance access is blocked, it cannot be reversed until said request is made in writing to THE BANK. THE CLIENT runs any risk that may result from the use of electronic support tools before the lock has been activated through normal procedures.

20.5 TRANSMISSION ERRORS, TECHNICAL FAULTS, FAULTS AND LEGAL INSTRUCTIONS: THE BANK exempts from liability for damages caused due to transmission errors, technical failures, breakdowns and legal instructions or through the use of ATMs, terminals, screens or other ped systems of THE CLIENT, of the persons authorized by the same or third parties, or in ped systems generally accessible by the general public, unless THE BANK is guilty of complete negligence. Similarly, THE BANK is not responsible for damages caused as a result of technical failures or service interruptions (including maintenance work required by the system) or for overloads affecting its own ATMs or ped systems.

21. MARKETING IN EUREX OR OTHER CONTEMPORARY SECURITIES BAGS

21.1 THE CLIENT hereby declares that he is aware of the functional aspects of the financial instruments derived from the markets in which they operate, as well as their rules and regulations, and that THE CLIENT knows that under certain circumstances his instructions may not be executed. Immediately, and / or may be partially executed. THE CLIENT acknowledges that THE BANK is obliged to establish a margin in these stock exchanges where it acts in its name, and that THE CLIENT is obliged to supply this margin at the time of giving the instructions (initial margin), and that it is also obliged to provide additional coverage (variation margin) to THE BANK if requested. THE CUSTOMER authorizes THE BANK to close the position of not receiving the additional guarantee requested on the first banking day following the request. THE CLIENT may authorize THE BANK to commit and give as guarantee any good that is in the custody of THE BANK to safeguard the position of THE CLIENT. THE BANK is also authorized to debit from THE CLIENT’s account any commission and / or charge that may arise, if THE BANK has not received the instructions indicating otherwise before 12 noon, two days before the due date and You are obliged and authorized to liquidate, enter or negotiate any contract that may exist on the funds from this moment forward. THE CUSTOMER knows and accepts that all the short options that may exist on the money are tendered daily until the expiration date (American) or on the expiration date (European and American), and that circumstances that may lead to the event may arise that THE CLIENT is not notified or taken into consideration in due time. All transactions will be carried out at the own risk of THE CLIENT, regardless of the relations of THE BANK in relation to the counterparties. THE CUSTOMER is aware that THE BANK must comply with the laws applicable in the country of the respective stock exchange as well as the current regulations, general rules and normal practices of these exchange houses. THE CLIENT also understands everything about THE BANK and THE CLIENT expressly confirms that he is familiar with these regulations, general rules and practices, and that he has received a copy of the information document about the future and the options, and we understand its content.

22. PERFORMANCE OF A MARGIN

22.1 THE CUSTOMER acknowledges the fact that THE BANK reserves the right to require a deposit margin for its possible demands that may arise from transactions concluded with it, which will be deposited in THE BANK. The amount of this margin must be established by THE BANK either generally or on a case-by-case basis, taking into account the duration, rates / prices of each transaction and taking into account the applicable laws and regulations. THE BANK may change its requirements regarding the general margin at any time. During the validity of a transaction, THE BANK will also have the right to increase the original amount of the margin or subsequently specify the amount of a deposit for any transaction concluded without margin. THE BANK also has the right to request additional coverage (called margin) if, changes in the market after the conclusion of a transaction, cause loss to THE CLIENT at the time of settlement of the transaction, or if the value of the margin deposit has decreased. In these cases, THE CLIENT agrees to supply THE BANK with this supplement or a new guarantee. In the event that THE CLIENT does not comply with this margin request on the next banking day – or in case of deterioration of market conditions, within a shorter period of time as established by THE BANK will be entitled, but not required, to carry out any transactions that are necessary to ensure that any of them will be covered or settled on their due date, and THE CLIENT will be responsible for any loss incurred by THE BANK. If any debt arises, THE BANK shall have the right, but is not obliged to settle this loss of the margin deposit or to dispose of the deposit as it deems necessary. THE BANK will also have the right to proceed according to what is previously established in this document: Use of goods as collateral: the goods that are used as collateral before THE BANK are committed to THE BANK. The details of this commitment are set out in a separate commitment document. Commitments by third parties / guarantor, in case the margin coverage should be provided by a third party, the same conditions will apply.

21.2 DERIVATIVE AND FRONT TRANSACTIONS. These transactions carried out through THE BANK or THE BANK in the account of THE CUSTOMER will be at your own risk, so that THE BANK is exempted from any obligation and responsibility for monitoring. THE CUSTOMER acknowledges that he has received and taken into consideration a booklet called “Special Risks In Securities Transactions”. On its own initiative, THE CLIENT accepts that all transactions will be concluded on its own initiative on the basis of its evaluation of market conditions, and not based on recommendations received from THE BANK. Acting capacity. THE CLIENT hereby confirms that he has the necessary capacity to act in these transactions or that he has been empowered to do so.

23. VOTING RIGHT. THE CUSTOMER authorizes THE BANK to exercise the right to vote regarding the shares it holds during general meetings of shareholders and to delegate this authority when deemed necessary by this authorization. THE BANK may also but is not obliged to represent the undersigned in said general shareholders meetings and to exercise the right to vote in relation to the shares, which at the time of said meetings the CLIENT owns and are in guarantee for his account. THE CLIENT acknowledges that THE BANK will only use this authorization to vote during these general meetings when a company so requests before THE BANK. In such cases, THE CLIENT will be informed of said situation before the general meeting in relation to the proposals to be submitted, and will be asked for instructions for voting. In case the instructions are not received in due time, THE BANK will vote in favor of the proposals of the board of directors. This general authorization will remain in effect even after death or inability to act.

24. ABSOLUTE POWER FOR THE MANAGEMENT OF PROPERTY FOR EXTERNAL PROPERTY MANAGERS:

24.1 Complete management of goods. THE CLIENT authorizes the above mentioned lawyer- without substitution power – to handle my / our name, without restrictions, all the assets deposited at any time in my / our account with the bank identified with the number mentioned above. In particular, said lawyer is authorized to give instructions for the purchase and sale of securities and currencies, to convert and exchange securities, to establish arbitration operations and subscriptions, to exercise or sell subscription rights, to buy shares in investment funds not belonging to THE BANK other unidentified securities, to carry out investments based on trusts – in the name of THE BANK but at my / our cost and risk – a use the electronic services provided by THE BANK, to choose the jurisdiction, and take any other measures deemed necessary and appropriate in relation to the handling of my / our assets. The lawyer will also be authorized to instruct THE BANK, legally binding on my / our name for the handling of property and close loan agreements on my / our name in relation to securities in our custody. THE CLIENT accepts responsibility for any obligation that may arise as a result of all the activities of the lawyer, in addition, THE CLIENT accepts responsibility as creditors of THE BANK. However, the lawyer will not be authorized to withdraw, in whole or in part, securities / rights or credit balances of any kind, to commit them to any claim by THE BANK against the lawyer or third parties or make other payments to the purchase of said goods or the execution of the transactions mentioned above for the principal’s accounts. 2. Conclusion of separate agreements, THE BANK requires the creation of separate agreements for the execution of certain business transactions. THE CLIENT hereby authorizes the lawyer to conclude such contracts in my / our account and to accept any guidelines and receive newsletters relating to the risks in certain transactions and, if necessary, to sign my / our name when legally necessary. 3. Credit / assets as collateral. In matters of property management, the lawyer is authorized to request credits in THE BANK to my / our name for my / our account to guarantee my / our assets against claims against me by THE BANK and to sign the agreements of Credit corresponding to my / our name. The additional funds acquired through this concept will be managed by my / our lawyer based on the power granted. 4. Derivative exchange and forward transactions. THE CLIENT expressly authorizes the lawyer to carry out any derivative transaction, such as options and financial future as well as forward transactions. THE CLIENT confirms that those forward transactions through financial instruments executed by the lawyer in my / our account are at my / our own risk and that THE CLIENT exempts THE BANK from any responsibility. In particular, THE CLIENT is aware that such derivative financial instruments and forward transactions are not only used as collateral methods and that, depending on the product and the strategy, there could be considerable risks of losses. THE CUSTOMER is aware that margin coverage is required for certain forward and derivative transactions and that my / our assets in THE BANK will serve as collateral for it. 5. Risk of declaration. THE CLIENT hereby declares that he has been informed by the lawyer of the special risks that accompany these specific types of transactions, especially those related to securities transactions, and THE CLIENT expressly exempts THE BANK from any responsibility to inform us of these risks 6. Debit of handling charge. The lawyer is authorized to directly debit from THE CLIENT’s account their fees (including expenses and – if applicable – taxes). There is no obligation on the part of THE BANK to examine these charges. THE CLIENT is aware that THE BANK may grant the lawyer discounts based on volume in the commissions charged. The lawyer will have full responsibility to inform THE CLIENT about this volume discount. 7. The bank will have no obligation to supervise. THE CLIENT is aware that THE BANK does not exercise any control over the transactions executed by the lawyer by my designee who must be supervised by THE CLIENT. THE BANK is not obliged to review whether orders, instructions and directives as well as contracts if they are appropriate, nor to warn about the possible outcome. Nor to refuse the execution of any of these transactions. THE CLIENT is aware that THE BANK does not monitor if the lawyer is governed by the guidelines and regulations of professional organizations or any other regulations that even the bank had to observe. In any of these cases, it is the responsibility of the lawyer to keep me informed of all your transactions. 8. Receipt of invoices, account statements (s) of accounts in custody and notifications. The lawyer will not have access to the correspondence withheld in THE BANK addressed to my / our institution. However, the lawyer may receive copies of invoices, statements and any other correspondence sent to me / us.

24.2 Communication between the lawyer and the bank; The referral of instructions by the lawyer and sending notifications will be made through any delivery service (in addition to common mail also through telephone calls, fax, electronically etc). The lawyer is expressly authorized to sign additional contracts that may be required. In relation to communication with THE BANK, specifically the referral of instructions, the lawyer is authorized to appoint other people to support him in this matter. 10. The validity of this power granted to the lawyer will remain in effect until it is revoked by THE CLIENT and THE BANK is informed of said action in writing.

25. FORCE MAJEURE

25.1 THE BANK shall not be liable for losses or delays caused by fire or other catastrophes, mechanical, computer, telecommunications or electrical failures, or natural disasters or any other circumstance beyond the control of THE BANK. Circumstances beyond the control of THE BANK include, but are not limited to, declared or undeclared wars, freezing of property, exchange controls, censorship, nationalizations, confiscations, expropriations, blockades, revolutions, or any law, decree, moratorium, regulation, control by public authorities or by domestic or foreign governments, in fact or in the right to exist obligation of THE BANK in relation to transfer of funds, or the return of funds to the original sender, it will be suspended as long as it is necessary for any of the situations or circumstances described above.

26. You agree that any action or process related to a payment order or to this agreement will be submitted to the Dominica court with presence in Dominica, and you agree to refer to the jurisdiction of each of these courts for such actions or processes. Both you and THE BANK dispense any right that either of you may have to a jury trial with respect to any action, procedure or against claim related to any payment order or to this agreement.

THIS AGREEMENT AND / OR DECLARATION WILL BE REGARDED AND INTERPRETED EXCLUSIVELY IN ACCORDANCE WITH DOMINICAN LAWS