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Last modified: Nov 19, 2024 3:32 (UTC+08:00)
Global Wallet Terms and Conditions of Services
1. INTRODUCTION
Global Wallet is an innovative financial service provided by DNBC Financial Group, which empowers individuals and businesses to manage their finances efficiently on a global scale. Our service allows users to store and manage funds in multiple currencies, make international payments, and conduct foreign exchange transactions at competitive rates.
With Global Wallet, you can unlock a wide range of financial capabilities, including creating local currency accounts, making fast and secure cross-border payments, and accessing market-leading foreign exchange services. By using Global Wallet, you agree to these Terms and Conditions, which govern the use of our platform. Please read these terms carefully as they outline your rights and obligations when engaging with our services.
2. DEFINITIONS
“Global Wallet” refers to the digital wallet service provided by DNBC Financial Group that allows users to store, transfer, and manage funds globally in multiple currencies, conduct foreign exchange transactions, and make international payments.
“DNBC Financial Group” refers to the entity providing the Global Wallet service, including its affiliates, subsidiaries, and any authorized third-party service providers.
“User” refers to any individual, corporation, or legal entity that has registered and is authorized to access and use the Global Wallet service provided by DNBC Financial Group.
“Account” refers to the digital account created by a User to access and use the Global Wallet services, including the ability to hold, transfer, and convert multiple currencies.
“Transaction” refers to any movement of funds initiated or authorized by the User through Global Wallet, including but not limited to currency exchanges, transfers, and payments, whether domestic or international.
“Multi-Currency Support” refers to the feature of Global Wallet that enables Users to hold and manage funds in different currencies as permitted by DNBC Financial Group.
“Foreign Exchange (FX)” refers to the process of converting one currency into another using the FX rates provided by DNBC Financial Group or its authorized partners.
“Fees” refers to any charges or costs associated with the use of Global Wallet, including but not limited to transaction fees, account maintenance fees, and foreign exchange charges, as outlined by DNBC Financial Group.
“Business Day” refers to any day on which DNBC Financial Group and the financial institutions involved in processing transactions are open for business, excluding weekends and public holidays.
“Know Your Customer (KYC)” refers to the process by which DNBC Financial Group verifies the identity of its Users in compliance with applicable anti-money laundering (AML) and counter-terrorism financing regulations.
“AML” refers to anti-money laundering laws and regulations that DNBC Financial Group adheres to in order to prevent the unlawful handling of funds.
“Sanctions” refers to any restriction, prohibition, or embargo imposed by governments or international organizations that DNBC Financial Group is legally required to enforce in relation to User transactions.
“Compliance” refers to the adherence of Users and DNBC Financial Group to all applicable laws, regulations, and policies, including AML and KYC regulations, governing the use of the Global Wallet service.
“Unauthorized Transaction” refers to any transaction made without the User’s consent or authority or in violation of these Terms and Conditions.
“Force Majeure” refers to any event or circumstance beyond the control of DNBC Financial Group that affects its ability to perform its obligations under these Terms and Conditions, including but not limited to natural disasters, war, government actions, or failure of third-party service providers.
“User Obligations” refers to the duties and responsibilities of the User, including providing accurate information, complying with all applicable laws, and safeguarding Global Wallet credentials.
“DNBC Financial Group’s Obligations” refers to the responsibilities of DNBC Financial Group, including providing secure access to the Global Wallet service, ensuring legal compliance, and protecting User data.
3. ELIGIBILITY AND RESPONSIBILITIES
3.1. Eligibility to Use Global Wallet
Users must meet the following criteria to be eligible to use Global Wallet:
Age: The User must be at least 18 years old or the legal age of majority in their jurisdiction, whichever is greater.
Residency: The User must be a resident of a country where the Global Wallet service is offered and compliant with the laws of that country.
Legal Capacity: The User must have the legal capacity to enter into a binding contract with DNBC Financial Group.
Compliance with Laws: The User must comply with all applicable laws and regulations, including but not limited to anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions laws.
3.2. Registration Process
To register for a Global Wallet, the User must complete the registration process by providing accurate and complete personal or business information as requested by DNBC Financial Group.
As part of the registration process, the User agrees to provide any additional documentation required for identity verification and compliance with applicable Know Your Customer (KYC) regulations.
DNBC Financial Group reserves the right to approve or reject any registration application at its sole discretion, without the need to provide a reason for rejection.
3.3. Security
The User is responsible for maintaining the confidentiality of their Global Wallet credentials, including their username, password, and any other authentication methods.
The User agrees to notify DNBC Financial Group immediately if they suspect any unauthorized access to their Global Wallet or any security breach.
DNBC Financial Group shall not be held liable for any losses resulting from unauthorized Global Wallet access due to the User’s failure to safeguard their Global Wallet credentials.
3.4. User Obligations
The User agrees to provide accurate and up-to-date information during the registration process and to update their information promptly in the event of any changes.
The User must not use Global Wallet for any illegal, fraudulent, or unauthorized activities. The User agrees to comply with all applicable laws and regulations governing the use of the service.
The User is responsible for all actions taken under Global Wallet and any fees incurred as a result of their Global Wallet’s activity.
3.5. Suspension or Termination
DNBC Financial Group reserves the right to suspend or terminate the User’s Global Wallet at any time, with or without notice, if the User is found to be in violation of these Terms and Conditions or any applicable laws.
In the event of Global Wallet suspension or termination, the User will be responsible for settling any outstanding obligations, including fees or penalties.
4. SCOPE OF SERVICES
DNBC Financial Group offers the following services through Global Wallet:
4.1. Multi-Currency Wallet
Users can store and manage multiple currencies within their digital wallet.
Currency conversions are conducted at prevailing foreign exchange rates.
4.2. Domestic and International Payments
Global Wallet allows users to make both domestic and international payments via local payment networks or SWIFT.
All transactions must comply with applicable legal regulations.
4.3. Foreign Exchange (FX)
The service provides currency exchange at competitive rates, with the option to lock rates for a specific period, subject to terms and conditions.
4.4. Global Accounts
Users can create global accounts with unique account numbers and bank codes to receive funds through local payment systems.
4.5. Cross-Border Transfers
Users can send international transfers to over 150 countries with optimized costs and processing times.
5. RESPONSIBILITIES
When creating and maintaining a Global Wallet, users agree to fulfill the following obligations:
5.1. Accuracy of Information
Users must ensure that all information provided during the Global Wallet registration process is accurate, complete, and up-to-date.
Any changes to personal or business details, including contact information or legal status, must be promptly updated to maintain the accuracy of Global Wallet information.
5.2. Security
Users are solely responsible for safeguarding their Global Wallet credentials, including usernames, passwords, and any other security features.
Any suspected unauthorized access or breach of Global Wallet security must be immediately reported to DNBC Financial Group. Failure to do so may result in liability for unauthorized transactions.
5.3. Compliance with Laws
Users are required to adhere to all applicable local and international laws and regulations while using Global Wallet, including but not limited to anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
The use of the Global Wallet for any illegal, unauthorized, or fraudulent activities is strictly prohibited and may lead to Global Wallet suspension or termination.
5.4. Proper Use of Global Wallet
Users are fully responsible for all actions and transactions carried out through their Global Wallet. The Global Wallet may only be used for lawful and legitimate purposes, in line with DNBC Financial Group’s policies and applicable laws.
Misuse of the Global Wallet, including any attempts to circumvent these Terms and Conditions, may result in immediate suspension, termination, or legal action.
6. TRANSACTIONS
6.1. Transaction Initiation
All transactions initiated through the Global Wallet must be authorized by the user. Users are responsible for ensuring the accuracy of transaction details, including recipient information, currency type, and amount.
DNBC Financial Group reserves the right to refuse or delay any transaction if it is flagged for security, regulatory, or legal reasons.
6.2. Transaction Processing
Transactions are processed according to the timelines set out by DNBC Financial Group and may vary depending on factors such as transaction type, currency, and destination country.
International transactions, including those made via SWIFT or local clearing systems, may incur delays due to time zone differences, regulatory reviews, or other external factors.
6.3. Transaction Reversals
Transactions that are authorized by the user cannot be reversed or canceled once processed, except in cases of clear error, fraud, or legal requirements.
If a transaction is flagged as suspicious or in violation of these Terms and Conditions, DNBC Financial Group may, at its discretion, reverse or hold the transaction for further investigation.
7. FEES AND CHARGES
7.1. Applicable Fees
Users agree to pay all applicable fees and charges associated with the use of Global Wallet services, including but not limited to transaction fees, currency conversion fees, account maintenance fees, and service charges as published on the DNBC Financial Group website.
7.2. Fee Changes
DNBC Financial Group reserves the right to amend its fee structure at any time. Users will be notified of any material changes to fees in advance, as required by law. Continued use of the services after fee changes take effect constitutes acceptance of the new fee structure.
7.3. Payment of Fees
Fees will be automatically deducted from the user’s account balance. Users are responsible for ensuring that sufficient funds are available to cover the fees. If a transaction is initiated without sufficient funds, the transaction may be declined, or additional fees may apply.
7.4. Refund of Fees
Fees are generally non-refundable unless otherwise specified by DNBC Financial Group or mandated by applicable law.
8. SECURITY AND PRIVACY
8.1. Account Security
DNBC Financial Group employs industry-standard security measures to protect user accounts and transactions. This includes encryption, two-factor authentication (2FA), and regular security audits.
Users are responsible for safeguarding their account credentials and must not share them with any third party. DNBC Financial Group shall not be held liable for any loss or damage arising from unauthorized access due to the user's failure to secure their account.
8.2. Monitoring and Detection
DNBC Financial Group actively monitors accounts for suspicious activity. If unusual transactions or patterns are detected, the account may be temporarily suspended for investigation. Users will be notified of such actions, and additional verification may be required to resume access.
All transactions are subject to real-time fraud detection mechanisms. If a transaction is flagged, DNBC Financial Group reserves the right to delay or cancel the transaction pending further investigation.
8.3. Data Privacy
DNBC Financial Group is committed to protecting user privacy. Personal and transactional data collected from users will be handled in accordance with the Privacy Policy, which complies with relevant data protection laws, including the General Data Protection Regulation (GDPR) where applicable.
User data may be shared with regulatory authorities, law enforcement, or third-party service providers for the purpose of fraud prevention, compliance with legal requirements, or enhancing service efficiency. However, data sharing will be limited to what is necessary for these purposes, and all third parties are required to maintain appropriate data protection standards.
8.4. Data Retention
DNBC Financial Group retains user data for as long as necessary to fulfill the purposes for which it was collected, or as required by law. After the retention period, personal data will be securely deleted or anonymized.
8.5. User Responsibilities
Users are responsible for maintaining the privacy and security of their personal devices and internet connections when accessing the Global Wallet. DNBC Financial Group is not liable for security breaches or unauthorized transactions that result from compromised devices or networks.
9. COMPLIANCE WITH LAW
9.1. Applicable Laws
Users must comply with all applicable local, national, and international laws and regulations when using Global Wallet services, including but not limited to anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions laws.
9.2. Regulatory Oversight
DNBC Financial Group operates under the jurisdiction of multiple regulatory bodies. Users agree to provide any necessary information or documentation required for DNBC Financial Group to fulfill its regulatory obligations, including identity verification under Know Your Customer (KYC) requirements.
9.3. Prohibited Activities
Users are prohibited from using the Global Wallet for any illegal or unauthorized activities, including but not limited to money laundering, terrorism financing, fraud, and other criminal offenses. DNBC Financial Group reserves the right to suspend or terminate accounts involved in such activities.
9.4. Cooperation with Authorities
DNBC Financial Group may cooperate with law enforcement agencies, regulators, or financial institutions to investigate or report suspicious activities. Users acknowledge that DNBC Financial Group may provide relevant information about their accounts and transactions as required by law.
10. GENERAL PROVISIONS
10.1. Modification of Terms
DNBC Financial Group reserves the right to amend these Terms and Conditions at any time. Users will be notified of any material changes, and continued use of the Global Wallet service after such changes take effect constitutes acceptance of the revised terms.
10.2. Dispute Resolution
Any disputes arising from or relating to these Terms and Conditions shall be finally resolved by binding arbitration in a location mutually agreed upon by the parties. This Agreement shall be governed by generally accepted principles of international law, applicable across jurisdictions.
10.3. Limitation of Liability
DNBC Financial Group shall not be held liable for any indirect, incidental, or consequential damages resulting from the use or inability to use the Global Wallet service, including but not limited to loss of profits, data, or business.
10.4. Force Majeure
DNBC Financial Group will not be responsible for any delays or failures in performance caused by circumstances beyond its control, such as natural disasters, war, government actions, or failures of third-party service providers.