Legal Documents

THIS IS AN ELECTRONIC DOCUMENT AND IT DOES NOT REQUIRE A SIGNATURE. THIS DOCUMENT SHALL NOT BE INVALIDATED SOLELY ON THE GROUND THAT IT IS NOT SIGNED. BY TICKING THE BOX DURING REGISTRATION, YOU ARE ACKNOWLEDGING THAT YOU HAVE READ, AGREED TO AND ACCEPTED ALL OF THE TERMS AND CONDITIONS CONTAINED IN THIS AGREEMENT.

This document governs the Business relationships between Dukascopy Payments SIA (EU) (“Dukascopy Payments”) and you as a “Client”. Access to and use of Dukascopy Payments Services by the Client is subject to compliance with all terms and conditions set forth hereinafter together with annexes if any.

1. DEFINITIONS AND INTERPRETATIONS

1.1. Dukascopy Payments is a mobile payment system developed by Dukascopy Bank that allows you to make and receive money transfers globally to and from other users of Dukascopy E-Money System. All you need to know to make money transfers within Dukascopy Payments is a mobile phone number. The service is available through “Dukascopy Connect 911” mobile application and Dukascopy Payments web application.

(i) “Account” shall mean Client's Electronic money account that is opened by Dukascopy Payments in the name of a Client, which holds Electronic money in one or more E-Wallets used for execution or receipt of payment transactions initiated by Clients and confirmed by Dukascopy Payments;

(ii) “E-Wallet” shall mean sub-account opened in Client’s Account with chosen by the Client Base Currency;

(iii) “Base currency” shall be the reference currency chosen by the Client and approved by the Dukascopy Payments before opening a particular E-Wallet in the Account. Dukascopy Payments website lists all currencies which may be chosen as Base currencies;

(iv) “Business day” shall mean a day when Dukascopy Payments is for servicing of its Clients and is any day, except Latvian national holidays and days of rest, as well as Dukascopy Payments' non-business days previously announced to the Client;

(v) “Business relationships” shall mean legal relations between Dukascopy Payments and Client during the time of provision of Services by Dukascopy Payments and until such relationships are terminated in accordance with provisions of these Conditions;

(vi) “Card” shall mean Dukascopy Payments payment Card issued to Client by the Payment Card Issuer or other Card service provider either in virtual or plastic form;

(vii) “Client” shall mean the Account-holder, i.e. a natural person or legal entity, who already has established Business relationships with Dukascopy Payments or who applies to establish Business relationships;

(viii) “Code Protection” shall mean a transfer protected by code that can only be finalised if the recipient of payment enters the code correctly. Sender shall provide the security code to recipient by other means (telephone call, meeting in person, chats, etc).

(ix) “Communication” shall mean any instructions, orders, documents, logs, transactions and any other information intended to be addressed to a party by the other and is described under Relationships and Communications between Dukascopy Payments and Client section;

(x) “Conditions” shall mean the present General Terms and Conditions of Dukascopy Payments and annexes if any, related to the Services of Dukascopy Payments, the use and access of the Dukascopy E-Money System and any other website, mobile application and/or interface provided by Dukascopy Payments in current edition of which is published on Dukascopy Payments website;

(xi) “Dukascopy Group” shall mean a group of companies and/or affiliates that directly or indirectly are owned and/or controlled by Dukascopy Bank SA;

(xii) “Dukascopy Payments” shall mean Dukascopy Payments SIA, registered with the Register of Enterprises of the Republic of Latvia with the registration number 40103794693 and legal address at Lacplesa iela 20a-1, Riga, LV-1011, Latvia, website www.dukascopy.bank/group/eu/ and e-mail address [email protected]. Dukascopy Payments is authorised and regulated by the Financial and Capital Markets Commission of the Republic of Latvia as an Electronic Money Institution (or EMI) with license No. 06.12.04.538/394 (Licence information may be found here: http://www.fktk.lv/lv/tirgus-dalibnieki/elektroniskas-naudas-iestades/licencetas-elektroniskas-nauda/5233-sia-dukascopy-payments.html);

(xiii) “Dukascopy E-Money System” shall refer to the complex of software/hardware, which includes funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions, accessible through web and/or mobile application of Dukascopy Payments (Dukascopy Connect 911), including all programs and access points enabling the Client to perform access to the Services, such as the Dukascopy E-Money System, etc;

(xiv) “Electronic Money” or “E-Money” shall mean electronically, including magnetically, stored monetary value as represented by a claim of the Client on Dukascopy Payments, which is issued by Dukascopy Payments on receipt of funds from the Client for the purpose of making payment transactions on the Dukascopy E-Money System and which is accepted by the Client;

(xv) “Deposit” shall mean the crediting of funds to your Account by purchasing Electronic money using one of designated Deposit options available;

(xvi) “Fees” shall mean any and all fees and charges levied by Dukascopy Payments for provision of Services, as stated in the Fees section on the Dukascopy Payments website and which may be amended by Dukascopy Payments from time to time in accordance with these Conditions;

(xvii) “Force Majeure” means abnormal and unforeseen circumstances beyond the control of Dukascopy Payments and include: a) strikes, lock-outs or other industrial action; b) civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war; c) fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster; d) impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport; e) impossibility of the use of public or private telecommunications networks; and f) the acts, decrees, legislation, regulations or restrictions of any government;

(xviii) “Login authorisation data” shall include all authorisation/verification information that is provided by Dukascopy Payments to the Client for identification and login into the Account purposes, such as unique account's number, password, login code and any verification messages, sent via e-mail, mobile phone, post or other means of communication.

(xix) “Payment Card Issuer” shall mean third party Dukascopy Payments concludes an agreement with to provide Payment Cards to its Clients. Dukascopy Payments can change the Payment Cards Issuer at any time by providing Clients with at least 30 (thirty) calendar days prior notice;

(xx) “Services” shall mean any services, subject to Conditions, offered by Dukascopy Payments, including without limitation Account maintenance, issuance of E-money upon receipt of funds, issuance of payment instruments and execution of payment transactions with issued E-money using payment instruments via Dukascopy Payments mobile application or designated website of Dukascopy Payments and any and all products available to the Client and at the Conditions set forth at any time on Dukascopy Payments website and/or the Dukascopy E-Money System;

(xxi) “Raise a Ticket” shall mean a process of immediate contact of Dukascopy Payments support team initiated by the Client using the messaging system in Dukascopy E-Money System;

(xxii) “Transaction” shall mean an act, initiated by the Client of placing, transferring, receiving or withdrawing of funds, irrespective of any underlying obligations between the Client and Dukascopy Payments, and in any case less any applicable Fees;

(xxiii) “Withdrawal” shall mean removing funds from Client’s Account by redeeming E-money through method selected by the Client in the Withdrawal Section in of the Account;

1.2. Conditions defined herein shall have the same meaning in any and all other documents related to the opening of the Client's Account with Dukascopy Payments and deemed to be part of these Conditions, except if otherwise specified in the relevant document;

1.3. References to persons shall include individuals, corporate bodies, unincorporated associations, partnerships and any other entities. Words denoting a gender shall include all other genders. References to a Section or Sections shall be deemed references to the respective Section(s) of these Conditions. Headings and notes herein are for reference only and shall not affect the construction and interpretation of the Conditions;

1.4. The headings and subheadings in these Conditions are for reference only and do not limit the scope of each clause.

2. SCOPE OF THE CONDITIONS

2.1. Dukascopy Payments is an electronic money institution, which is entitled to issue Electronic money and to provide payment services referred to in Subparagraphs “c” and “e” of Paragraph 1 of Article 1 of the Law on Payments Services and Electronic Money of the Republic of Latvia. Since the Service of Dukascopy Payments is limited to E-Money, which does not qualify as a deposit or an investment service in the meaning of the Investor Protection Law and/or the Deposit Guarantee Law, the Client is not protected by the Deposit Guarantee Fund and a system of protection for investors provided by the Financial and Capital Market Commission.

2.2. Additionally to legal facts described in Section 2.1 above, the Client acknowledges that:

(i) Dukascopy Payments is not a credit institution (bank) and Client's Account is not a bank account;

(ii) Client's Account is not insured by any government institution and protection schemes described in Section 2.1 above do not apply to Client's Account;

(iii) Dukascopy Payments does not act as trustee, fiduciary or escrow holder in respect of E-Money on the Client Account;

(iv) Dukascopy Payments does not pay interest on any balances in Client's Account.

2.3. Dukascopy Payments provides access to Dukascopy E-Money System to authorized Clients only and enables them to purchase Electronic money or request redemption of Electronic money, make payments to and accept payments from other Clients. Dukascopy Payments is an independent service provider for all purposes. Dukascopy Payments does not have control of nor assumes the liability or legality of the products or services that are paid for with Dukascopy Payments Service. Dukascopy Payments does not guarantee the identity of any Client or ensure that a buyer or a seller will complete a transaction. All Clients shall note that there are risks of dealing with underage persons or people acting under false presence;

2.4. Specific conditions may be published on Dukascopy Payments website and within Dukascopy E-Money System, as amended from time to time (e.g. Privacy Policy, Terms of use, Complaints Procedure, Non-serviced countries, List of Restricted Activities etc.). Hence, the Client expressly undertakes to consult and regularly review Dukascopy Payments website and Dukascopy E-Money System to be timely informed about any changes in respect of other conditions and the Services in particular.

3. RELATIONSHIPS AND COMMUNICATIONS BETWEEN DUKASCOPY PAYMENTS AND CLIENT

3.1. Dukascopy Payments provides its Services only to authorised Clients that have been duly authorised by Dukascopy Payments after due diligence procedure was carried out by Dukascopy Payments in accordance with its legal obligations;

3.2. As an authorisation precondition the Client must accept these Conditions and any specific conditions published from time to time on Dukascopy Payments web or mobile application;

3.3. During acceptance and authorisation process Dukascopy Payments reserves a right to request information and the Client undertakes to provide such information to Dukascopy Payments, including, but not limited to, identification of the Client. Dukascopy Payments may further request any information that is necessary in accordance with anti-money laundering laws and regulations;

3.4. In any case, the Client hereby expressly authorises Dukascopy Payments to request and receive the Client's information from other member companies of Dukascopy Group where the Client might hold an account or have any other relationships with Dukascopy Group;

3.5. Dukascopy Payments is under no obligation to accept and/or authorise any Client. Dukascopy Payments, upon its full discretion, shall determine the scope of information to be requested from the Client and to decide on which terms and conditions the Client may be accepted and authorised;

3.6. It is the obligation of Dukascopy Payments to maintain up-to-date information on all Clients and it therefore may, from time to time, request any additional information which the Client shall be obliged to provide. If the information is not provided, Dukascopy Payments reserves a right to unilaterally terminate relationship with the Client with immediate effect;

3.7. In case if the Client fails to submit the requested documents and/or information upon Dukascopy Payments request, Dukascopy Payments reserves a right to deactivate Client's Account and further decide upon continuation of Business relationships with the Client;

3.8. The Client shall immediately notify Dukascopy Payments in case of any changes in circumstances or facts to any information and/or documents provided during Client's authorization procedure;

3.9. Once the Client is accepted and authorised by Dukascopy Payments, the Client will be provided with Login authorization data to access the Account. The Account is personal and only the Client has a right to access and use Dukascopy Payments Services through it. The Client shall take all the necessary measures to protect the Login authorisation data (such as: password, Login Code, user ID and any other strictly personal security features) of the Account and only use the Account in accordance with these Conditions;

3.10. Each Client is only allowed to have one approved Account with Dukascopy Payments. All additional information, applications or documents submitted at any time will be attached to the only approved Account of the Client. In case more than one Account were opened for the Client, the Client expressly instructs and authorises Dukascopy Payments to close one of the Accounts at its full discretion and transfer all the E-Money held at one of the Accounts to the other Account so to keep only one Account at any time;

3.11. The Client may not (and may not to attempt to) tamper, hack, modify or otherwise corrupt the security or functionality of Dukascopy E-Money System. In case Dukascopy Payments suspects that any of these activities are taking place on Client's Account, Dukascopy Payments reserves a right to immediately freeze the Account and all Transactions on it, until these suspicions are either confirmed or discredited;

3.12. Dukascopy reserves a right to receive any Account related information in English language only and English shall be the language used for purposes of these Conditions and for further communication between the Client and Dukascopy Payments. Client confirms that his command of English language allows full understanding and acceptance of terms expressed in these Conditions;

3.13. The Client and Dukascopy Payments are entitled to use of communication, such as telephone, e-mail, mobile communication application, and other similar technological solutions for Communications purposes either provided by Dukascopy Payments or not. By sending and receiving Communications to and from Dukascopy Payments through any of these communication means, the Client acknowledges and agrees that he may be exposed to inherent risks such as, without limitation, the failure of hardware, software and communications infrastructure (including the Internet). The content of Communications may be altered, not reach their intended recipient or do so much later than intended due to reasons outside the control of the parties, or may be duplicated, disseminated or intercepted by unauthorized parties, and/or reach other than the intended recipients. Telecommunication operators may restrict certain services and/or not accept or restrict the transfer of certain data. As a result of any system unavailability, failure or other disruption, orders may either be not executed according to the Client's instructions or not be executed at all, or may not be placed or amended. Errors, disruptions, unavailability of the means of communication or delays in the transmission may affect transactions accordingly. The Client acknowledges all risks described above and all similar risks (“Telecommunications Risks”) and agrees to use the means of telecommunication at his own risk and of his own volition, assuming full responsibility. The Client confirms that he understands and assumes the risks inherent to the use of the Dukascopy E-Money System, programming tools and other electronic communication tools;

3.14. The Client releases Dukascopy Payments from any liability, in contract or in tort, with regards to any disruption of Communications arising from the materialisation of Telecommunications Risks and other risks and circumstances envisaged in Section 3.13 above. Dukascopy Payments shall not be liable for any direct, indirect, incidental or implied consequences for the Client or any third party attributable to Telecommunications Risks. Dukascopy Payments does not warrant that it will be able to maintain a continuous, uninterrupted link with the Internet, and may not be held liable therefore;

3.15. Dukascopy Payments reserves the right to record and/or protocol all telephone conversations, Internet exchanges (including chats during registration process or chats within Client’s Account), e-mails and meetings between the Client and Dukascopy Payments at its discretion, and use such recordings or transcripts of such recordings as evidence vis-à-vis any party (including but not limited to regulatory authorities and courts of law) to whom Dukascopy Payments deems it desirable or necessary to disclose such information in the course of any dispute or anticipated dispute involving Dukascopy Payments and the Client. The Client may nonetheless not rely on the availability of such recordings;

3.16. Dukascopy Payments has no control of over the products or services that are paid for with the Service, as it only acts as an independent intermediary. The lack of control denotes that Dukascopy Payments cannot confirm the legality and does not assume the responsibility and potential liability stemming from the legality of the products or services that are paid for with its Service.

3.17. The Client agrees that Dukascopy Payments may provide notice or other information to the Client by posting it on the Dukascopy Payments website - https://www.dukascopy.bank/group/eu/, including the posting of information which is only accessed by the Client by logging into Account, e-mailing it to the verified e-mail address registered with Clients Account, calling Client by phone, or sending SMS message. The Client must have internet access and an e-mail account to receive communications and information relating to the Services;

3.18. With the exception of amendments to these Conditions in clause 3.13 above mentioned notice shall be considered to be received by the Client within 24 (twenty four) hours of the time it is posted to the Dukascopy Payments website or e-mailed to the Client. If the notice is sent by mail, Dukascopy Payments will consider it to have been received by the Client 3 (three) Business Days after it is sent;

3.19. The Client may request a copy of any legally required disclosures, including these Conditions, from Dukascopy Payments and Dukascopy Payments will provide it to the Client in durable medium form, e.g. by e-mail;

3.20. The Client may terminate its consent to receive required disclosures through electronic communication by making respective request to Dukascopy Payments. Dukascopy Payments may charge the Client a document request fee to provide a paper copy. Dukascopy Payments reserves a right to close Client's Account, if the Client withdraws Client's consent to receive electronic communications;

3.21. Notices to Dukascopy Payments made in connection with these Conditions must be send by e-mail to: [email protected] or by postal mail to Dukascopy Payments SIA (EU), Legal Department, Lacplesa iela 20a-1, Riga, LV-1011, Latvia.

4. AUTHORISATION AND USAGE OF SERVICES

4.1. Login and authorisation

(i) The Client shall access the Account through either web application and/or Dukascopy Connect 911 mobile application by entering Login authorisation data provided to the Client by Dukascopy Payments. In case of any problems with Login authorisation data, the Client shall request technical assistance by contacting Dukascopy Payments at: [email protected];

(ii) After Client’s Login authorisation data is verified by Dukascopy Payments, the Client shall get access to Account and shall be able to give Transaction instructions to Dukascopy Payments;

(iii) In case when the Client suspects his Login authorisation data is obtained by third party the Client shall immediately inform Dukascopy Payments asking to block his Account until full investigation and identification is carried out by calling +371 67 399 001.

4.2. Exclusive rights to use the Account

(i) The Client shall keep Login authorisation data secret and fully confidential and to protect it against any misuse. The Client shall be responsible for the loss or misuse of any Login authorisation data and shall bear exclusive liability for any consequence of their use by unauthorised persons;

(ii) Anyone accessing the Account by entering Login authorisation data shall be deemed to be the Client, without any further clarification from Dukascopy Payments. Dukascopy Payments remains free to request additional identification elements at any time to verify the Client's identity;

(iii) The Client may request Dukascopy Payments to block his Login authorisation data in case the Client suspects that it has been compromised. Such blockage may be revoked by the Client only;

(iv) The Client acknowledges the electronic nature of the Dukascopy E-Money System which shall be provided strictly on “AS IS” and “WITH ALL ITS FAULTS” basis.

4.3. Creation and maintenance of E-Wallets

(i) Upon authorised entrance into the Account, the Client shall be able to create E-Wallets in different currencies which are also referred to as sub-accounts and are recorded in Dukascopy E-Payments System as sub-accounts in Base currency;

(ii) The Client is not required to keep balance on the Account, i.e., in one sub-account or several sub-accounts. If the Client does have a balance in Client's Account, funds representing the balance are segregated and pooled with the balances of other Clients in an account or several accounts held by Dukascopy Payments with accordance to the Law on Payments Services and Electronic Money of the Republic of Latvia.

5. TRANSACTIONS: DEPOSITS, WITHDRAWALS, INTERNAL TRANSFERS AND PAYMENTS

In order to make a Transaction, Client shall first fund his Account by purchasing Electronic money to be credited to his Account or by receiving Electronic money transferred through Dukascopy E-Money System from another Client.

5.1. Deposits

(i) The Client may purchase Electronic money by using one of the “Deposit” methods available to the Client depending on certain criteria, e.g. country of residence, etc. The Client must provide information requested and pass all identity and security validation and verification checks prior to deposit authorisation. For any Deposit, the Client authorises Dukascopy Payments to obtain and receive funds on behalf of the Client from the payment source chosen by the Client, less any applicable Fees, and to issue Electronic money at par value to the Client's Account on the receipt of funds;

(ii) Client understands and expressly agrees that in case he/she holds E-Wallet with Base currency that corresponds to currency of the Deposit made, Dukascopy Payments will place the Deposited amount into the Client's respective E-Wallet. The Client further understands and agrees that in case, if the Client does not hold E-Wallet in the currency of the Deposit, Dukascopy Payments will automatically open, and the Client expressly authorises and instructs Dukascopy Payments to do so, the E-Wallet in that currency and deposit these funds to that corresponding to the Client's Deposit currency E-Wallet;

(iii) Client understands and accepts that Dukascopy Payments, upon its full discretion, may impose certain limits on amounts of purchased Electronic money and/or impose special requirements and/or refuse to accept funds for purchase of Electronic money from the Client at the sole discretion of Dukascopy Payments. Among other limits that may be imposed on Client's Account by Dukascopy Payments there is a default trial limit of 2000 euro and/or 10 Transactions set for all newly created Accounts. In order to pass this trial limit the Client agrees to answer additional questions available in the Account itself;

(iv) “Deposit” via Visa or MasterCard that has been successfully processed and Electronic money have been purchased and issued into Client's E-Wallet accordingly may not be cancelled by the Client and no refund is available. To redeem funds deposited via Visa or MasterCard the Client shall process with “Withdrawal” of Electronic money using one of the following methods:

  • To the bank account opened under Client's name;
  • To the trading account that has been opened under the Client's name at Dukascopy Group company;
  • To the payment/debit/credit card that is authorized by Dukascopy Payments.

However respective Fees may apply.

5.2. Withdrawals

(i) The Client may “Withdraw” E-Money by using one of the Withdrawal methods available to the Client in the Account depending on certain criteria, e.g. country of residence, etc. Client must provide information requested and pass all identity and security validation and verification checks prior the Withdrawal authorisation by Dukascopy Payments. For any Withdrawal, Client authorises Dukascopy Payments to perform remittance from Electronic money into Client's Base currency via the withdrawal source chosen by the Client less any applicable Fees, and to remit the Electronic money back to Client;

(ii) The Client understands and expressly agrees that Dukascopy Payments may only proceed with Withdrawal of Client's funds into account or into pre-authorised payment/debit/credit card that is held in Client's name (Client is account/ pre-authorised payment/debit/credit card holder and beneficiary of the account/pre-authorised payment/debit/credit card funds) at credit institution, i.e. bank or into account/pre-authorised payment/debit/credit card that is held in Client's name at payment institution;

(iii) The Client understands and accepts that Dukascopy Payments may be requested by law to impose certain limits on amounts of Withdrawal of E-Money and/or impose special requirements and/or refuse to withdraw Client's funds until information is submitted by the Client and all requirements under the law are fully satisfied.

5.3. Deposits and Withdrawals are subject to Fees and currency conversion fees depending on the method used according to the Fee section as presented at Dukascopy Payments website, which the Client agrees to constantly observe. Furthermore, Deposits and Withdrawals may be subject to imposition of limits that correspond to level of information provided by the Client, potential risk presented by the Client and may also be imposed at sole discretion of Dukascopy Payments.

5.4. Payments within the Dukascopy E-Payments system

(i) The Client may make Payments to other Clients and/or merchants that accept Dukascopy Payments E-Money by entering Send Money section in the Account. The Client will be asked to either enter destination phone number or destination E-Wallet number. After that the Client will have to enter the intended transfer amount which may not exceed balance of debited E-Wallet. The Client has an option to enter accompanying message and is strongly advised to do so. In order to additionally protect the Payment, the Client may use the Code Protection option. When all the fields are completely filled, Dukascopy Payments will calculate and show the transfer Fees, which is also available in Fees section at Dukascopy Payments webpage;

(ii) By clicking “Send Money” button the Client expressly confirms that all the data entered into Send Money section is correct and shall bear the full responsibility if any mistake appeared in the data entered;

(iii) By clicking “Send Money” the Client provides full authorisation to Dukascopy Payments to transfer E-Money as instructed. E-Money will then be transferred within the Dukascopy E-Payments system to the destination indicated by the Client. The execution of payment Transaction shall usually take place immediately, however in case of technical malfunctioning the execution of payment Transaction may be delayed, in which case Dukascopy Payments will make all efforts to fix the technical malfunctioning and proceed with the payment Transaction execution within reasonable time;

(iv) The Client fully acknowledges that after pressing the “Send Money” button the Client may no longer cancel or amend the payment Transaction. Thus, by pressing the “Send Money” the Client irrevocably gives instructions to Dukascopy Payments to proceed with the payment Transaction and does not intend to cancel or alter it;

(v) Dukascopy E-Payments System allows making payment Transactions to mobile phone numbers of persons (recipients) who do not yet have Accounts with Dukascopy Payments. In order for the recipient to receive such a Transaction made by the existing Client of Dukascopy Payments, the recipient of the payment Transaction must apply and be approved as a Client by Dukascopy Payments within 30 (thirty) calendar days from the payment Transaction day made by existing Client. After the recipient is approved as Dukascopy Payments Client the payment Transaction done by the existing Client is transferred into the recipient's Account. In case the recipient refuses to apply to open an Account with Dukascopy Payments or is rejected during the Account opening procedure within 30 (thirty) calendar days from the date of transfer, the Payment is cancelled with immediate effect and returned in the same amount and in the same currency to the Client who had executed payment Transaction.

5.5. Internal transfers

(i) The Client may make “Internal transfers” between E-Wallets held in different currencies. During the Internal transfer process spot exchange rate will be displayed, however, the Client expressly accepts that he understands that the spot exchange rates are only indicative. After clicking “Continue” button, the chosen by the Client amount will be internally transferred between E-Wallets held in different currencies.

(ii) The Client may only entrust Dukascopy Payments to transfer E-Money from the balance available in Client's E-Wallet. There is no overdraft facility available on the E-Wallet. The Client must check the E-Wallet balance to make sure the E-Wallet has enough E-Money to make the Internal transfer and to pay Fees Dukascopy Payments charges the Client for doing so before the Client entrusts to make such Internal transfer.

5.6. History of Transactions in the Account

All the history of Transactions including charges, fees and margins, shall be recorded in History section of the Account and shall be available to the Client at any time. The Client shall also be able, for additional fee described at the Dukascopy Payments website, to request Dukascopy Payments to confirm to the Client any Transaction made and Dukascopy Payments will be obliged to confirm any Transaction made on the Client's Account. History also indicates statutes of the Transactions as completed, cancelled or pending.

6. PAYMENT CARDS

6.1. Virtual Payment Cards

(i) The Client shall be able to issue virtual Card with Dukascopy Payments by entering Cards section in the Account by clicking “Issue New Payment Card”. The Card may be used to make Transactions outside Dukascopy E-Payments System, however, this Card is not a credit card, charge card or a debit card and the Client expressly acknowledges this fact. Therefore, the Client shall only be able to spend the amount available on the Card;

(ii) In order to use the Card, Client shall make a Withdrawal to this Card from chosen by the Client E-Wallet to the Card using Account's functional.

6.2. Plastic Payment Cards

(i) In order to receive plastic Card, the Client shall apply for it through “Cards” section in the Account and activate it through Dukascopy Payments website in order to get the PIN necessary for Card usage. The Client will additionally need to verify identity following the procedure described at Dukascopy Payments website;

(ii) When the plastic Card is received by the Client, it is Client's obligation to sign it immediately and to keep all of confidential information safe and secret;

(iii) The Client may use the plastic Card at any place MasterCard is accepted. The Client may use a virtual Card where the plastic Card is not required.

6.3. Client shall be able to issue more than one Card, however, Dukascopy Payments reserves a right to impose a limit upon issuance of virtual and plastic Cards taking into account circumstances of a particular Client.

6.4. The Client confirms that he is aware that he may only make Card Transactions when there are sufficient funds available at his Account. In case Client somehow uses more funds than are available on Client's Account and Client's Account runs into negative balance, Dukascopy Payments reserves a right to use any further Account Deposits to cover the negative balance and also to request the Client to cover negative balance immediately. Client expressly confirms to Dukascopy Payments that he is obliged to cover negative balance in case it appears on the Account;

6.5. Client expressly acknowledges that Dukascopy Payments can change Payment Card Issuer at its sole discretion. Therefore, the Client also acknowledges that he shall further confirm terms and conditions of Payment Card Issuers when applying for either virtual or plastic Cards or refuse to use the Services.

7. FEES AND CHARGES

7.1. The Client expressly agrees to duly pay for any Services provided, e.g. for international payment transfers and currency conversions, Withdrawals or amendments of payment Transactions, searching and preparing a printouts and documents, for performing any outstanding services for the Client by Dukascopy Payments and sending reminders. Client expressly agrees to pay all the applicable Fees as set out under Fees section available on the Dukascopy Payments webpage;

7.2. The Client acknowledges and understands that he is obliged to familiarise himself with Fees section prior to instructing Dukascopy Payments to make any Transactions. The Fees section contains all applicable interest rates, commissions and fees for Services provided by Dukascopy Payments, thus the Client shall observe these at all times;

7.3. The Client acknowledges that despite any provisions of Fees section, Dukascopy Payments sets a minimum fee of 1 euro cent for any Transaction mentioned in Fees section;

7.4. In case at the moment of termination of Business Relationships Client’s Account holds a balance that is less than the applicable fee for Withdrawal, Client expressly agrees and authorizes Dukascopy Payments to seize such balance as Account’s closure fees. Client agrees not to claim such balance back from Dukascopy Payments;

7.5. In case the Transaction initiated by the Client requires a currency exchange, the current spot rate provided by SWFX - Swiss FX Marketplace will be applied. The Client shall refer to the current spot rate by visiting https://www.dukascopy.com/swiss/english/forex/swfx/;

7.6. The Client agrees that any Fees that are due by the Client to Dukascopy Payments may be withdrawn by Dukascopy Payments directly from the Client's Account;

7.7. Dukascopy Payments reserves a right to introduce new services and to therefore introduce new fees/charges/commissions which the Client obliges to pay with 30 (thirty) calendar days prior notice. New fees/charges/commissions that are favourable to the Client may be introduced without any prior notice;

7.8. Client and Dukascopy Payments expressly agree that any changes in applicable interest rates, commissions and Fees for Services shall enter into force immediately and no prior notice is necessary for such changes and/or amendments to enter into force.

8. RESTRICTED ACTIVITIES ON THE ACCOUNT

8.1. Dukascopy Payments does not accept Transactions from or to sanctioned countries and territories in accordance with European laws and regulations. The list of Non-serviced countries and territories is available on Dukascopy Payments webpage and Client expressly agrees to duly observe it;

8.2. Notwithstanding any other provisions of these Conditions, Dukascopy Payments shall be entitled to restrict access to, or to impose limits, suspend, stop or cancel providing the Services for Client, if the Client's actions match the criteria (including without limitation) as described in the Section 8.3. at its sole discretion and with immediate effect;

8.3. Dukascopy Payments has listed number of activities that are restricted or prohibited as they relate to the use of the Dukascopy Payments Services, the terms of these Conditions, the applicable laws, regulations, directives and decrees that may be issued from time to time by the Dukascopy Payments, the jurisdiction it is authorised, the jurisdictions of its cross border activities and the European Union/European Commission. The Client agrees that engaging in any of the below activities, may cause Dukascopy Payments service quality to suffer, and that Client may restrict the level of safe access that Client may enjoy. Such activities include:

8.3.1. Violating any law, regulation, directive, statute or contract in relation with the Services received, including without limitation, money laundering laws and regulations, consumer and personal data protection, the Electronic Money Institution Law and its directives;

8.3.2. Violating Conditions, including without limitation any other policies and/or regulations related to Services;

8.3.3. Acting in a manner that is offensive, harassing or demeaning to other Clients, to Dukascopy Payments, Dukascopy Group and/or its partners and third parties;

8.3.4. Providing inaccurate, disingenuous, misleading or entirely false (deliberately) information without justifiable cause;

8.3.5. Sending and receiving what may be deemed as unauthorised funds or funds from fraudulent Transactions;

8.3.6. Infringement of Dukascopy Payment's copyrights, patent, trademarks or any other intellectual property rights;

8.3.7. Not being cooperative with Dukascopy Payments when requested to provide additional information that will allow Dukascopy Payments to better familiarise itself with the nature of Client's business and continuing operations;

8.3.8. Refusing to provide confirmation of Client's identity and verification of details when requested upon, in order for Dukascopy Payments to perform an investigation when needed;

8.3.9. Sending or submitting to Dukascopy Payments documents that Dukascopy Payments reasonably believes to be fraudulent;

8.3.10. Using tools and mechanisms to hide Client's identity and location (use of proxy and other anonymising technics);

8.3.11. Causing and maintaining an Account with a balance owed to Dukascopy Payments (negative balance);

8.3.12. Engaging in activities that may cause Dukascopy Payments with increased risk of fraud or credit exposure that is beyond the acceptable limits set by Dukascopy Payments;

8.3.13. Engaging in activities that lead to Dukascopy Payments handling a disproportionate number of claims settled in favor of the claimant Client;

8.3.14. Using the Dukascopy Payments Services from a jurisdiction that the Dukascopy Payments cross border authorisation does not cover;

8.3.15. Intentionally or unintentionally facilitate any malicious computer programming routines that may cause damage, harmfully interfere with, clandestinely capture or steal any system, data or information;

8.3.16. Facilitating any viruses, Trojan horses, worms or other computer programming tools, as well as using of anonymising proxy, that may make damage to Dukascopy E-Money System;

8.3.17. Intentionally or unintentionally using any automatic device process, or manual process to monitor or copy Dukascopy Payments web and/or mobile application without the Dukascopy Payments prior written consent;

8.3.18. Client's actions may present Dukascopy Payments internet service providers, payment processors or other suppliers to seize offering their services to Dukascopy Payments;

8.3.19. Acting in a manner that has a negative interference with the provision of Dukascopy Payments service in accordance with these Conditions;

8.3.20. Using Services in a manner that could cause a risk of non-compliance with Dukascopy Payments anti-money laundering, counter terrorist financing and other relevant regulatory obligations;

8.3.21. Using Dukascopy Payments Services in a manner that may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Dukascopy Payments, a Client, or a third party;

8.3.22. Disclosing information of other Client to third parties;

8.3.23. Using Service in a manner that deviates from what is prescribed in these Conditions.

8.4. Notwithstanding any provisions as described in Section 8.2 and/or 8.4, the Client shall be liable to Dukascopy Payments or third party involved for all the losses resulting from the activity as described in Section 8.3.

9. UNAUTHORISED TRANSACTIONS

9.1. Dukascopy Payments shall make every effort to avoid unauthorised Transactions to take place on the Client's Account. For these reasons every Client shall be fully identified by presenting the Login authorisation data before being able to make any Transaction. In order to avoid unauthorised usage of the Client's Account the Dukascopy E-Money System will automatically log out the Account user after some time of inactivity on the Account so that Client would have to re-enter Login authorisation data;

9.2. In case Client reasonably believes that Account has been compromised, hacked, misused by third parties in any way or had been otherwise used in an unauthorised manner, Client agrees to notify Dukascopy Payments immediately by calling to +371 67 399 001. In such a case Client impliedly authorises Dukascopy Payments to block any Transactions on the Account immediately. For any further communication identification verification procedure must be repeated by Dukascopy Payments;

9.3. Dukascopy Payments reserves a right to block Client's Account in case it reasonably believes that the Client's Account has been compromised, hacked, misused by third parties in any way or had been otherwise used in an unauthorised way. Dukascopy Payments shall notify the Client in event of blocking as soon as it might be reasonably necessary in the situation;

9.4. Dukascopy Payments shall not bear any responsibility for any losses resulting from unauthorised use of the Account or Services, including to any Transactions made in the Dukascopy E-Payments System or outside it.

10. AMENDMENTS OF CONDITIONS

10.1. Dukascopy Payments shall be entitled to amend these Conditions at any time by giving a notice of minimum sixty (60) calendar days, including but not limited to a notice given by e-mail to the Client or posted on Dukascopy Payment's website or presented when the Client accesses the Account through web or mobile application. Such changes and/or amendments shall become effective on the date specified in the notice, unless expressly disapproved by the Client within sixty (60) calendar days as from the date of notification, in which case the parties may exercise their right to terminate Business relationships in accordance with these Conditions;

10.2. Dukascopy Payments expressly reserves a right to use its website to inform the Client about any changes in these Conditions and the posting of a notice on Dukascopy Payment's website shall be deemed a valid notification of such changes to the Client. The Client undertakes to regularly review Dukascopy Payment's website and/or to regularly access his web or mobile application where relevant information may be published.

10.3. Amendments necessary for the enrichment of Service and its delivery or in cases where Client's rights and obligations are not adversely affected will apply with immediate effect.

11. SUSPENSION AND TERMINATION OF THE RELATIONSHIPS

11.1. The Business relationships between the Client and Dukascopy Payments shall remain in force until terminated by mutual agreement;

11.2. Without prejudice of the right of early termination as set forth in the next Section, either party is entitled to terminate Business relationships with the other at any time, without reason, by giving no less than one 7 (seven) calendar days prior written notice, including but not limited to notice given by e-mail to the other party, such notice to specify the date on which the termination is to become effective. No penalty shall be payable by either party upon termination of Business relationship. Termination shall in no way affect any rights and obligations accrued hereunder until the date of termination. Indeed, the Client cannot cancel already executed Transactions and shall fully remunerate services already provided;

11.3. The termination of Business relationship with the Client shall extinguish the Client's right to use Dukascopy E-Money System as well as web and mobile application as well as any other software and solutions made available by Dukascopy Payments;

11.4. Upon termination of Business relationships, Client and Dukascopy Payments undertake to complete all Transactions that are already in progress and the terms of these Conditions shall continue to bind both parties in relation to such Transactions. However, Dukascopy Payments shall be entitled to complete all outstanding Transactions of the Client and to offset, after conversion into the Base Currency, any amount due to the Client against any amount owed by the Client, irrespective of the maturation date of any respective Transaction. Dukascopy Payments shall be entitled to deduct all amounts due to it before transferring any funds on any Account of the Client;

11.5. Upon termination of Business relationships with the Client, the right of the Client to use any and all of Dukascopy Payments software and systems that have been made available to the Client during the term of these Conditions shall expire.

11.6. Suspension of relationships by error/without intention to terminate the Business relationships

Dukascopy Payments shall have the right to suspend Business relationships with the Client for a reasonable period of time by notice with immediate effect and at its sole discretion, upon or at any time after the occurrence of the following:

In case the Client states that the Account closure instruction was given by mistake (for instance by misfiling a withdrawal form), Dukascopy Payments shall assess, based on the circumstances and explanations given by the Client, whether it can reasonably be considered that the Client’s instructions was mistaken and that the Client did not want to close the Account. In case the conclusion is that the Client's closure instruction was erroneous, the Account Relation shall be maintained open/reactivated and is reputed to have been uninterrupted.

11.7. Early Termination of Business relationships

Dukascopy Payments shall have the right at its sole discretion to terminate Business relationships with the Client by notice with immediate effect, upon or at any time after the occurrence of any of the following events:

(i) the Client fails to make any payment or fails to comply fully with any obligations under these Conditions or any transaction;

(ii) in case of inability of Dukascopy Payments to identify the Account holder and actual beneficial owner of the Account in accordance with anti-money laundering and terrorism financing laws and regulations;

(iii) if Dukascopy Payments does not receive upon its request documents and/or information to satisfy requirements of the anti-money laundering and terrorism financing laws and regulations;

(iv) if Dukascopy Payments has reasonable suspicion of fraudulent or criminal activity concerning the use of Account or any particular E-Wallet by Client;

(v) if the Client dies or loses legal capacity;

(vi) if the Client enters into liquidation or into an insolvency arrangement (including an arrangement with its creditors), or if a receiver is appointed over all or part of its assets or undertaking;

(vii) if any of the representations or warranties given by the Client are, or become, untrue;

(viii) if Dukascopy Payments reasonably considers it necessary for its own protection or the protection of Dukascopy Group or its associates;

(ix) if Dukascopy Payments is given a direction to do so by any regulator or other competent regulatory, tax or other authority which possesses the necessary legal authority to order Dukascopy Payments to terminate Business relationships with the Client;

(x) if Client fails to download and install Dukascopy Payments 911 mobile application (Dukascopy Connect) and have failed to make any Transactions within a period of 3 (three) months since the Account approval;

(xi) if Client`s activities fall under criteria described in Section 8.3 of these Conditions.

11.8. The Client acknowledges, recognises and agrees that Dukascopy Payments shall not be liable for any consequences of it taking the steps described in this Section. The rights described in this Section shall be in addition to any other rights which Dukascopy Payments may have against the Client under these Conditions or under applicable law.

11.9. If Dukascopy Payments terminates Business relationships with a Client: (i) the funds of Client’s E-Wallet shall be transferred to the most recent details Client has given of either a debit card or a bank account in Client’s name after deducting any Fees due and payable by Client; and (ii) any of Client’s or Dukascopy Payments rights or liabilities which have accrued prior to the termination shall continue until fully discharged by the relevant party, save for any rights or liabilities, which are expressed to continue after these Conditions end.

12. CONFIDENTIALITY

12.1. Neither party shall disclose to any person (unless required to do so by any applicable law or by any regulatory or supervisory authority or by any other person entitled by law to require such disclosure) any information relating to the business, Transactions, finances or other matters of confidential nature of the other party which it may in the course of its duties or otherwise become aware, and each party shall use all reasonable endeavors to prevent any such disclosure;

12.2. By adhering to these Conditions, the Client authorises Dukascopy Payments to disclose such information relating to the Client as may be required by any law, rule or regulatory authority without prior notice to the Client.

13. WAIVER OF RIGHTS

13.1. The rights and remedies contained in these Conditions shall be cumulative and not exclusive of any rights or remedies provided by law. No delay or omission of Dukascopy Payments in exercising any right, power or remedy provided by law or under these Conditions, or partial or defective exercise thereof, shall:

(i) Impair or prevent any further or other exercise of such right, power or remedy; or

(ii) Operate as a waiver of such right, power or remedy;

(iii) No waiver of breach of all or part of these Conditions shall (unless expressly agreed in writing by the waiving party) be construed as a waiver of any future breach of the same or as authorising a continuation of a particular breach.

14. REMEDIES

The Client shall indemnify Dukascopy Payments and keep Dukascopy Payments indemnified against all losses, taxes, expenses, costs and liabilities whatsoever (present, future, contingent or otherwise, and including reasonable legal fees) which may be suffered or incurred by Dukascopy Payments as a result of or in connection with:

(i) Any breach of these Conditions by the Client;

(ii) As a result of illegal actions performed by the Client using Dukascopy Payments services.

15. NO LIABILITY FOR TAX

Dukascopy Payments has no obligation whatsoever to any taxation or similar authority in respect of any taxation or other similar duty or levy payable by any Account holder. It is Client's obligation to pay all taxation, duties and levies that are payable by it in respect of Client's Account.

16. FORCE MAJEURE

16.1. Dukascopy Payments is not responsible for any breach of these Conditions, or for any loss Client might incur in connection with such breach, due to any Force Majeure circumstances.

16.2. The performance of Services is deemed to be suspended for the period that the Force Majeure circumstances continue, and Dukascopy Payments will have an extension of time for performance for the duration of that period.

16.3. If any Force Majeure circumstances occur, Dukascopy Payments may take any action it considers appropriate in connection with Services and use reasonable endeavors to end the Force Majeure.

17. PRIVACY

17.1. Dukascopy Payments is committed to protecting its Clients’ privacy. This Privacy Section explains what personal data Dukascopy Payments collects and stores about its Clients using Services through web or mobile application, persons with whom Dukascopy Payments shares the personal data, and how Clients can instruct Dukascopy Payments not to share certain personal data with certain persons.

17.2. Dukascopy Payments may collect, use and disclose personal information as authorised by law or with Client's consent. Depending on the circumstances, Client's consent to the collection, use and disclosure of personal data may be express or implied. Express consent would arise if Client specifically consented to a particular dealing in its personal data. Express consent can be given orally, electronically (by clicking a button) or in writing. If Dukascopy Payments needs to collect, use or disclose any information for any purpose not set out in this Privacy Section, Dukascopy Payments will give the Client appropriate notification and give the opportunity to object or decline to the collection, use, or disclosure of this information.

17.3. Applicability of Privacy:

17.3.1. This Privacy Section applies to Services offered by Dukascopy Payments, but excludes services that have separate privacy policies that are not included in this Privacy Section.

17.3.2. This Privacy Section does not apply to services offered by other companies or individuals, including products or sites linked from Dukascopy Payments services.

17.3.3. This Privacy Section does not cover the information practices of other companies and organisations who advertise its services, and who may use cookies, pixel tags and other technologies to serve and offer relevant ads.

17.4. Meaning of personal data

17.4.1. Client's personal data means any information relating to an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.

17.4.2. Dukascopy Payments stores collected personal data of its Clients electronically on a computer or in certain paper filing systems, relating to an individual, who can be identified from that data (or from that data and other nonpublic personal data in our possession). Personal data can be factual or an opinion.

17.5. Data collection and purpose specification

17.5.1. The purpose of collecting Client's personal data is to set up, manage, analyse and maintain Client Accounts, as well as to offer other Dukascopy Payments Services to Clients.

17.5.2. When collecting personal data from Clients, Dukascopy Payments provides Clients with the following information unless it is already available to the Client:

  • Our name and address;
  • The intended purpose for the personal data collection and processing.

17.5.3. On the basis of a request from the Client, Dukascopy Payments provides the following information:

  • The possible recipients of the personal data;
  • The right of the Client to gain access to his or her personal data and of making corrections in such data;
  • Whether providing an answer is mandatory or voluntary, as well as the possible consequences of failing to provide an answer;
  • The legal basis for processing of personal data.

17.5.4. Dukascopy Payments collects and processes the following personal data about its Clients:

  • Personal data the Client provides on applications or other forms or uploads to its personal account, such as name, address, e-mail address, gender, identification number, telephone number, date of birth and “Know Your Client” information;
  • Personal data about Clients' Transactions with Dukascopy Payments or other parties, such as account activation, E-Wallet balance and execution of Transaction;
  • Client’s correspondence with Dukascopy Payments;
  • Personal data Dukascopy Payments receives from third parties in order to verify information that Client has provided to Dukascopy Payments (such as identity), or to protect its Clients, suppliers and correspondents against fraud, such as payment processors, banks, credit reference agencies (but for identification and fraud-prevention purposes, not credit checking purposes), fraud checking agencies, providers of operational services, and regulators.

17.5.5. Dukascopy Payments does not collect or store:

  • Any personal data from its Client when they intend to use Services unless expressly stated to the contrary. For further details see Section 13 "Privacy" of the Terms of Use;
  • Information about its visitors from other sources, such as public records or bodies or private organisations;
  • Any sensitive personal data about Clients;
  • Information on Clients’ Cards. Only Dukascopy Payments Payment card processing service providers are authorised to collect and store payment card information from Clients when the payment is made.

17.5.6. Dukascopy Payments will only use Clients personal data in enonymous form if Client has knowingly and expressly provided this data to Dukascopy Payments.

17.6. Disclosure of Client's personal data

Dukascopy Payments will not disclose Client's personal data to any third parties with the following exceptions:

  • Any electronic money issuer or issuer of payment cards provided through Dukascopy Payments and any card scheme, such as Visa or Mastercard;
  • Other third parties who provide services to Client, which require the use of Dukascopy Payments services, for example operators of currency exchanges;
  • Persons who perform services on behalf of Dukascopy Payments, including those who administer Client's use of Services or Client's Account or respond to Client inquiries, or who provide marketing services to Dukascopy Payments;
  • Persons from whom Dukascopy Payments receives or to whom Dukascopy Payments transfers Client's funds held in Account that Dukascopy Payments provides to Client;
  • Any person to whom Dukascopy Payments transfers its business or its agreements with Client;
  • As required by law or regulation;
  • Persons as instructed by the Client.

17.7. Security of data transfers

Dukascopy Payments uses Secure Socket Layer (SSL) encryption technology in order to protect Client's information transmitted to it while using the Dukascopy E-Payments System.

17.8. Protection of personal data

Once sent to Dukascopy Payments, personal data is stored on its or Dukascopy Group servers, to which access is strictly limited. Dukascopy Payments has taken particular precautions to ensure the protection of its technical environment.

18. COMPLAINTS PROCEDURE

If the Client has a complaint regarding Services or any other matters contained in these Conditions, the Client may Raise a Ticket using the messaging system in the Dukascopy E-Money System. Alternatively the Client can contact Dukascopy Payments by e-mail to: [email protected].

19. DISPUTE RESOLUTION

The Client and Dukascopy Payments shall make every endeavor to amicably resolve any dispute, in good faith and in a constructive manner. The Client acknowledges and agrees that threats and blackmailing towards Dukascopy Payments are prohibited and constitute valid ground for interrupting negotiations and for immediate termination of any Business relationships. In case if parties are unable to reach amicable solution to the dispute, they must proceed in accordance with provisions of Section 20.

20. APPLICABLE LAW AND JURISDICTION

20.1. These Conditions are construed in accordance with and shall be governed by the laws of the Republic of Latvia.

20.2. Any dispute, controversy or claim arising out of or in relation to these Conditions, including the validity, invalidity, breach or termination thereof, shall be settled before the courts of the Republic of Latvia and in accordance with Latvian law.

20.3. The Section 19 shall survive any termination of these Conditions and/or the relationship between Dukascopy Payments and the Client.