Terms and Conditions
Important notices involving KYC/AML/CFT
Our company clearly emphasises our intentions for countermeasures against international money-laundering (*AML) and funding of terrorism (*CFT). For a client to open a new account, in addition to confirming their identity in the database, the submission of several public documents shall be necessary.
Even after an account has been opened, our company may detect suspicious clients, extract suspicious transactions, and entrust their analysis and verdict to specialist agencies. Through these measures, a transaction with a client may be partially or completely put on hold or cancelled altogether. Furthermore, our company may also unilaterally break off from the relationship with the client. Our company bears no responsibility for any damages incurred by the client due to these measures.
Important notices regarding taxation
Our company is called a “tax haven” “offshore” and exists in “countries or regions where preferential treatment in taxes are strategically provided for companies located outside the region” therefore we will not determine the legality of the use of this tax system by the client (overseas corporations in particular) and also we will carry out continuous follow-up investigations even after the transaction has already commenced.
In addition, for individuals and corporations alike, transaction with our company does not remove the client’s obligation to pay taxes to their “country of residence by taxation law”.
Rather, for the profit that our company brings, it becomes necessary for the client to follow the laws and ordinances of the “country of residence by taxation law” and deal with the processing (tax declaration, payment of taxes) themselves.
Individuals that are eligible to make transactions
Our company and the clients who can transact are limited to the ones that our company recognises among those who satisfied all the following requirements. (In the case of corporations and organisations, this shall apply to their representative.)
- Must be for individuals 18 years old or above.
- Must be an individual 18 years or above for joint accounts.
- Must have only one citizenship.
- Must be in an environment where they can use the services that our company provides at our website.
- Must not possess American citizenship.
- Must have the ability to submit the necessary public documents to open an account
- Mus be residing legally in any country.
- Must not fall under any of the following categories:
- Politically exposed people (head of state, the government, central banks, and other positions equivalent to a minister of state or vice-minister, or their spouse, parents, child or sibling)
- Persons who hold citizenship in or are residing in “Ethnic conflict regions” “Regions at war for independence”, “International conflict regions” or “Drug zones”.
- Persons with a financial criminal history
- Persons with a criminal history other than in financial crime, and 5 years have not passed from the last day of their sentence.
- Persons that have been subjected to economic sanctions such as the freezing of assets.
- Persons that have been engaged in any anti-social forces activities.
- Persons who have relationships that are recognized to substantially contribute in the operations of antisocial forces
- Persons with relationships that are recognized to unjustly make use of anti-social forces
- Persons who cooperate or contribute in the maintenance or operation of anti-social forces through the provision of funds or any
- equivalent acts
- Persons that have relationships with antisocial forces that must be socially condemned
- Persons affiliated with or in a relationship with Special Intelligence Violence Groups.
Opening an account
For the client to start transactions with our company, they must first open a “Deposit Account”.
Account can be opened by entering the necessary details in our company’s prescribed application form on our company’s website and submitting the necessary documents required by our company. If our company approves these, it shall be possible to open an account.
To open an account, the below items and certificates shall be necessary (for corporations and groups, it shall be their representative.) Furthermore, all submitted documents must be in English. Also, the prescribed process cannot be omitted even with the intervention of the recommender or introducer who vouches for the identity of the client.
(a) Certified copy of your passport or driver’s license that has undergone authentication by a public or semi-public agency.
(b) Certified copy of your address that has undergone authentication by a public or semi-public agency.
(c) Certificate of a deposit account in the client’s name, showing transactions with other financial institutions within 3months.
(d) The following client information
- E-mail address
- Mobile phone number.
Important notices in confirming the identity of the client
If our company cannot carry out confirmation of the client’s identity using our prescribed method, or if our company cannot contact the client, we will not begin the process of opening an account. Furthermore, if our company determines that there are doubts in the content that the client has submitted at the time of opening an account, the process of opening an account may be put on hold or cancelled altogether.
Furthermore, our company bears no responsibility if the client has incurred damages due to our company’s refusal to open an account.
After opening the account, client can use deposit transactions, transfer to other accounts or to own accounts, inquiries to account information, and other transactions stipulated by our company. In addition, clients can also avail of the Online banking services by logging into our company’s user screen from a personal computer or smartphone (henceforth referred to as “online banking”) that can connect to the internet, then the client themselves can enter the necessary information for their transaction.
The operating hours of online banking services are provided on the company’s website.
However, should there be any system failure or a need to carry out maintenance, the provision of online banking services may be temporarily halted or cancelled without a prior notice to our clients
Login ID and password
Our company will issue a login ID and password upon completion of the opening a “Deposit Account” (upon commencing transactions with the client). The login ID and password shall be notified to the client through the company registration page. Then the client enters these in our company’s designated login screen to carry out their very first login. We recommend avoiding setting your birthday, house number, telephone number (including your office phone number), car license plate number, repeating the same alphanumeric character, and other easy-to-guess numbers by other people as your password. We also recommend changing your password regularly.
Important notices regarding the Login ID and password
The client cannot grant the right to a third party to set the login ID and password in their stead, nor for the third party to use their password. In addition, we ask that the client take responsibility to strictly manage their password so that it will not be stolen or used illegally. If there is a possibility of its theft or illegal use, please notify us immediately through our company’s prescribed method.
Our company will carry out our prescribed measures in response to the client’s notification, and suspend its usage as a temporary and moreover emergency countermeasure. At such a time our company’s prescribed procedure to reset the client password becomes necessary. In addition, if the client does not do the password reset, some or all transactions with the client will be put on hold or cancelled altogether.
Furthermore, our company may also unilaterally break off ties with the client. Our company bears no responsibility for any damages sustained by the client due to the above-mentioned countermeasures.
The login ID and password must be strictly managed as the client’s responsibility, therefore please do not divulge them to a third party. (Our company’s employees will never ask for your password information etc.) Should client forget their ID and password or there is a possibility that a third party has knowledge of it, please carry out the procedure to change the password through the method prescribed by our company immediately.
Our company is not responsible for any damages incurred before the password change.
Our company carries out a 2-step authentication enabled on our website. This security feature is mandatory for all users to add extra layer of security while managing transactions inside the online banking.
Verifying the client identity during transactions
Our company carries out verification of the client’s identity by using the login ID and password registered with the company as reference against the login ID and password entered during login or when the online banking service is being accessed to verify that they are one and the same.
In addition, regardless of the above-mentioned procedure, our company may also carry out client identity verification by requesting documents to verify the client identity for the online banking service or for the other incidental procedures to the service, will use the said submitted documents and the designated items given by the client to verify that they match.
Our company may further designate procedures for client identity verification by methods not described in this article.
Important notices regarding verifying client identity during transactions
After we have verified the identity of the client through the process in this article, we will treat the said transaction as valid, regardless whether there has been illegal use of the said login ID and password or any other incident. Our company bears no responsibility for any damages incurred due to this.
How to request for a transaction
Transaction requests to our company shall be carried out by an identity check performed from the client’s terminal, before the client transmits the necessary items for the transaction to our company.
Setting the details of the transaction request
We receive the transaction request from the client and once our computer processing is done, we treat the transaction request from the client as final.
Implementing the transaction
(a) Our company implements the transaction after the request details have been finalized, and will notify the client of the results. Therefore, please double-check the content of your request. If there is anything unclear about the notified results or if you have been unable to receive notification of the results, please let us know.
(b) If the transaction requested by the client could not be implemented (due to insufficient balance, or suspension of payment on the request of the client etc.), our company shall treat the said transaction as lost and our company bears no responsibility for any damages brought about by this.
Each service charge for each type of online banking services shall be determined separately. The amount of the service charge that will be incurred shall be announced at our company’s website. In addition, each type of service charge shall be withdrawn from the client’s transaction account, which was opened in our company, by our company’s prescribed method that does not require the client’s entry of their login ID or password. In addition, our company may make changes to each type of service charge or implement new ones without prior notice to the clients.
Changes in the items reported to our company
If the client will change their name, address, telephone number, email address or any other items that have been reported to our company, please carry out our company’s prescribed method for changing reported items immediately.
Important notices regarding changes in reported items
If there are changes in the items that the client has reported to our company, our company bears no responsibility for damages brought about by the insufficient information or neglect in reporting.
In addition, our company may send notifications or ship documents to the name and address in the reported items by the client. If these do not arrive and are sent back to our company, our company can stop sending notifications or shipping documents. Our company bears no responsibility for any damages to the client due to this.
Handling of notices and announcements
The client shall agree that notifications, communication and announcements from our company will be carried out in the form of posts to our company’s website, emails, and other methods.
In addition, if our company sends a notification to the address or email address that the client has reported, it shall be considered to have arrived at the time it should normally arrive at the client, even if its arrival was delayed or did not arrive at all due to the state of the means of transmission, insufficient information or neglect to update the items reported to our company and other causes that are not due to our company’s responsibility.
Important notices regarding the handling of notices and announcements
Our company bears no responsibility for damages incurred when the email address reported by the client has become the email address of a third party who is not the client, except for cases when it is due to our company’s responsibility.
Prohibition of transfer of ownership, lending
The transfer, lending, and the establishing of other rights to a third party or allowing a third party the use of the client’s position in transactions with our company (including their position in deposit agreements), deposits, and all other rights involving transactions cannot be done without the consent of our company.
Cancellation of contract, limited transactions
If a client cancels a transaction with our company, it shall be through our company’s stipulated methods. In addition, if a client closes his/her “Account”, all transactions with our company and other transactions shall naturally be cancelled. If there is a request from the client to transfer the remaining balance to other bank account, our company will remit/transfer it according or transfer it to our stipulated methods. However, if there are remaining balances in the accounts, the account cannot be closed.
Also, should any of the following occur with regard to the client, our company shall suspend all or some transactions immediately or close the account without prior notice to the client.
(a) When it is determined that the client cannot satisfy the “Requirements for transactions” as stated in Part 1.
(b) When it has been confirmed that the reported items at the time the account was opened or the declarations and promises made at the time an account was applied for contain falsehoods. Or when it has been confirmed that
the documents provided when the account was opened are not genuine.
(c) When it has become clear that the person or entity whose name is on each transaction account does not exist. Or
when it has become clear that the deposit account was opened without regard for the wishes of the person or
entity whose name is on the account.
(d) When the client’s whereabouts become unknown
(e) When our company determines that each transaction account is used for acts that oppose laws, ordinances or
public order, or there is danger of the same.
(f) When our company’s reputation or our operations are damaged by spreading rumors, using fraud or using
(g) When a inheritance process has started
(h) When there is a declaration of suspension of payments, or bankruptcy, civil rehabilitation, company
restructuring, or the commencement of liquidation proceedings.
(i) When an order or notice for provisional seizure, preservative seizure or seizure has been sent
(j) When every service charge has not been paid
(k) When there has been no withdrawal or deposit transaction for over a year
(l) When violent demands, or threatening words and actions with regard to a transaction, or acts that used violence
have been made.
(n) When any other cause to cancel the Terms and Conditions for each transaction with our company applies.
(o) When a violation has been made to this Terms and Conditions as well as every transaction.
(p) When there are other sufficient reasons to necessitate the cancellation of our company’s services.
Important items involving our exemption from liabilities upon cancellation of the contract
By transferring the remaining balance in the client’s account after cancellation to a deposit account in the same client’s name in a different financial institution which was notified to our company, our company shall be absolved of all responsibility to the client. Even if we are unable to make the transfer to the deposit account in the same client’s name in a different financial institution that has been notified to our company, our company bears no responsibility for any damages due to this.
In addition, our company also bears no responsibility for any damages brought about by the suspension of the transaction or the closing of the account.
Entrusting clerical work
Our company shall be able to entrust clerical work, including the handling of client information, to a third party. Furthermore, our company and the third party that our company entrusts with clerical work, shall strictly manage the client information in our keeping, pay sufficient attention in order to safeguard client privacy, and shall not use client information for any other purpose.
Handling of private information
Exemption from liability involving system malfunction, natural disasters(Acts of God)
Our company bears no responsibility for any damages incurred from the delay or inability to handle the services that our company provides due to the following reasons.
(a) When there are reasons that the countermeasures of public institutions, such as for calamities, incidents, acts of terrorism, epidemics, court litigation have no choice but to be suspended.
(b) When there is malfunction on terminal devices, telecommunication lines or computers, regardless of the
appropriate safety measures set up by the managing body of our company’s (including the trustees) or of a financial institution’s shared system.
(c) When there are reasons that the obligation of a third party financial institution other than our company must be returned.
Applied Terms and Conditions after changes
Items that concern transactions with our company but are not defined in this document will be handled in accordance with Terms and Conditions and so forth that are separately defined for each transaction. The Terms and Conditions of our company may be confirmed at our company’s website.
Changes to the Terms and Conditions
Our company may subject the content of this Terms and Conditions to changes. For such a case, our company shall make an announcement by posting the changes on our company website and shall handle transactions according to the content after the changes were made, from the date of the changes onwards.
Governing law, Agreed jurisdiction
The laws governing transactions with our bank shall be those under Mohéli, Union of the Comoros.