TERMS AND CONDITIONS FOR USE OF ELECTRONIC MONEY AND PAYMENT SERVICES

These Terms and Conditions (hereinafter referred to as the “Terms”) and each of the documents We refer to in them are our standard client agreement, which creates a legally binding agreement between You (hereinafter referred to as “You” or the “Client”) and MONETLEY LTD (hereinafter referred to as “We” or “Monetley”) relating to the use of electronic money and other payment services provided by Us. References hereinafter to the “Parties” are a reference to You and Monetley.

For Your own benefit and protection please read these Terms and each of the documents We refer to carefully before accepting them. If You do not understand any provision contained herein please do not hesitate to ask for further information before proceeding.

If You have accepted the Terms and registered with Monetley system, it shall be deemed that You have carefully read the Terms and any other documents We refer to in them, and thus You confirm that all provisions set forth herein have been discussed with You, are clear and fully understandable to You and You fully agree with them.

MONETLEY LTD is a company incorporated in England and Wales with registered number 10978538, whose registered office address is at 2nd Floor, Berkeley Square House, Berkeley Square, London, W1J 6BD.

Monetley is an Electronic Money Institution (EMI) authorised by the Financial Conduct Authority (hereinafter also referred to as the “FCA”) to issue electronic money under the Electronic Money Regulations 2011 (EMRs 2011) and provision of other payment services under Payment Services Regulations 2017 (PSRs 2017), FCA Reference number: 900921.

You can contact Us at out registered offices address: 2nd Floor, Berkeley Square House, Berkeley Square, London W1J 6BD, or also by email at: support@monetley.com.

1. Definitions

For the purposes hereof, the words hereafter are defined as follows:

Account means an account opened in Monetley System in the name of the Client and used to make payments. The Account shall be opened only after the Client has successfully passed through all identification procedures applied by Us and is fully identified. The Client opens and operates the Account by means of Client’s profile created in the System.

Application means form available on Monetley website for registration in the System and Account opening which should be filled in by the Client or its representative.

Business Day means any calendar day, apart from Saturday, Sunday and public holidays in the United Kingdom, on which the payment infrastructures and the banks are open for business in the United Kingdom, or any other day defined by Us and in duly manner noticed to the Clients.

Working Hours mean a time from 9.00 AM to 5.00 PM WET (Western European Time/UTC) on each Business Day, when Monetley provides Services to the Clients, handles Orders and executes Payment Transactions.

Client means legal entity or private individual on whose name the Account is opened in Monetley System and Payment Transactions are executed, saving provisions of Cl. 4.6 hereof.
Client’s Identification means a set of Know Your Customer (KYC) and Due Diligence (DD) measures applied by Monetley for the purposes to prevent money laundering and terrorism financing subject to mandatory binding requirements of applicable Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) legal acts and regulations.

Client’s Representative means a person duly authorised by the Client to represent the Client in relationship with Monetley and execute Payment Transactions of the name and for the benefit of the Client, acting under a power of attorney or other legal base.

Electronic Money (E-money) means the monetary value available at any given time that represents a debt payable by Us to the Client. Electronic Money is issued by Monetley in exchange for Client’s delivery of the corresponding funds and constitutes a mean of payment exclusively accepted by the Recipients and designated for Payment Transactions via the System. Electronic Money is issued in accordance with the EMRs 2011, Electronic Money Directive (Directive (EU) 2009/110/EC as of 16 September 2009) and relevant applicable national legal acts of the United Kingdom and European Union (when applicable).

FCA means the Financial Conduct Authority of the United Kingdom, 12 Endeavour Square, London E20 1JN, consumer.queries@fca.org.uk or firm.queries@fca.org.uk, switchboard: +44 (0)20 7066 1000.

Fees mean charges payable by the Client for Services provided by Monetley. Fee schedule is available on the Website.

General Conditions of the Website means general conditions of use of the Website, including access to the website and cookies use. The said conditions are available on the Website.

Order means the instruction given by the Client to Monetley via the System for the purpose of carrying out a Payment Transaction. An Order may not be withdrawn by You after the date on which it is deemed irrevocable as indicated in these Terms.

Payer means a private individual or legal entity which executes payment for the benefit of the Client or Monetley Client which submits an Order.

Payment Transaction means payment (funds) transfer initiated by the Payer, in the Payer’s name, or by the Recipient.

Personal Data means any information that relates to an identified or identifiable living individual, also different pieces of information, which collected together can lead to the identification of a particular person. Personal Data processing principles are defined in Monetley Privacy Policy.

Privacy Policy means Monetley internal privacy procedures regrading Personal Data proceeding, including further transfer and storage, established based on the Data Protection Act 2017, (hereinafter also “DPA 2017”), General Data Protection Regulation (EU) 2016/679 (hereinafter also “GDPR”) and common good practice subject to Personal Data protection. Privacy Policy is available on the Website.

Profile means Client’s personal panel in the System where the Client may maintain Account(s), execute Payment Transactions and use other Services provided by Monetley.

Recipient means private individual or legal entity specified in the Order as recipient of funds of the Payment Transaction.

Services mean issue and redemption of Electronic Money and other payment services provided by Monetley.

Strong Customer Authentication means verification method based on at least two elements categorized in the Directive (EU) 2015/2366 of the European Parliament and the Council on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (25 November 2015).

System means software solution used by Monetley for provision of Monetley Services.

Terms mean present Terms and Conditions of Monetley.

Website means Monetley website www.monetley.com. Rules of the website use are stipulated in Monetley General Conditions of the Website.

2. PURPOSE

2.1. These Terms set out the conditions under which We provide Services to Our Clients in order to send and receive E-money payments and other services provided by Monetley, as well as conditions upon which the Account is opened and maintained (opening and closure).
2.2. Proposed means of payment within Services provided by Us, must be consistently prepaid by You and will not be subject to any advance, credit or discount. It is based on the E-money issued and managed by Us.
2.3. The Client by accepting the Terms acknowledges that Monetley Account and E-money held on it, is not covered by the FCA Compensation Scheme. No other compensation schemes exist to cover losses claimed in connection with the Account. Nevertheless, Monetley ensures that once it receives funds from the Client (Payer) they are held in a segregate account and safeguarded in accordance with requirements of EMRs 2011 and PSRs 2017 until they transferred from the Account or reimbursed to the Client. In case of Our insolvency, Clients’ funds will be protected against any claims of any creditors of Monetley as they are held in a safeguarded account.
2.4. You must accept the Terms before submitting the Application and registration with the System. Once you accept the Terms by clicking “OK” button on the Website we consider that You read them and irrevocable agree to the conditions contained therein.
2.5. These Terms, Fee schedule, Privacy Policy, General Conditions of the Website and any supplement entered by the Parties subject to these documents constitute entire Parties legal arrangement on provisions based on which the Services will be provided to the Client.
2.6. We are entitled at our sole discretion to amend documents stated in Cl. 2.5 hereof. We shall inform You in duly manner on any changes, providing availability of updated versions on the Website free of any charge.
2.7. You should regularly follow amendments to the documents available on the Website. For these purpose, without prejudice to the provisions of Cl. 2.6 and other provisions set forth hereof, and without excluding Our information obligations, You should at least once per month visit the Website and follow updates to the documents regulating our mutual contractual obligations. In case of any questions regarding updated provisions don’t hesitate to contact Our support team using contacts stated in these Terms. If the updates come into full force and effect and till this moment We have not received you objections in this regard, it shall be considered that You fully agree to the said updates and since this moment these updates become legally binding to You.

2.8. Depending on Services used by the Client, additional terms and conditions may be applied and respective supplements may be entered by the Parties.
2.9. You shall be considered a Client of Monetley since the following conditions are met:
(i) You have accepted the Terms, and
(ii) You have registered with the System, and
(iii) the Account has been opened on Your name.
2.10. Since all provisions mentioned in sub-Cl. of Cl. 2.9 above are fully met, it shall be deemed that the Parties have established mutually binding business relationship (hereinafter also referred to as the “Business Relationship”).

2. PURPOSE

2.1. These Terms set out the conditions under which We provide Services to Our Clients in order to send and receive E-money payments and other services provided by Monetley, as well as conditions upon which the Account is opened and maintained (opening and closure).
2.2. Proposed means of payment within Services provided by Us, must be consistently prepaid by You and will not be subject to any advance, credit or discount. It is based on the E-money issued and managed by Us.
2.3. The Client by accepting the Terms acknowledges that Monetley Account and E-money held on it, is not covered by the FCA Compensation Scheme. No other compensation schemes exist to cover losses claimed in connection with the Account. Nevertheless, Monetley ensures that once it receives funds from the Client (Payer) they are held in a segregate account and safeguarded in accordance with requirements of EMRs 2011 and PSRs 2017 until they transferred from the Account or reimbursed to the Client. In case of Our insolvency, Clients’ funds will be protected against any claims of any creditors of Monetley as they are held in a safeguarded account.
2.4. You must accept the Terms before submitting the Application and registration with the System. Once you accept the Terms by clicking “OK” button on the Website we consider that You read them and irrevocable agree to the conditions contained therein.
2.5. These Terms, Fee schedule, Privacy Policy, General Conditions of the Website and any supplement entered by the Parties subject to these documents constitute entire Parties legal arrangement on provisions based on which the Services will be provided to the Client.
2.6. We are entitled at our sole discretion to amend documents stated in Cl. 2.5 hereof. We shall inform You in duly manner on any changes, providing availability of updated versions on the Website free of any charge.
2.7. You should regularly follow amendments to the documents available on the Website. For these purpose, without prejudice to the provisions of Cl. 2.6 and other provisions set forth hereof, and without excluding Our information obligations, You should at least once per month visit the Website and follow updates to the documents regulating our mutual contractual obligations. In case of any questions regarding updated provisions don’t hesitate to contact Our support team using contacts stated in these Terms. If the updates come into full force and effect and till this moment We have not received you objections in this regard, it shall be considered that You fully agree to the said updates and since this moment these updates become legally binding to You.

2.8. Depending on Services used by the Client, additional terms and conditions may be applied and respective supplements may be entered by the Parties.
2.9. You shall be considered a Client of Monetley since the following conditions are met:
(i) You have accepted the Terms, and
(ii) You have registered with the System, and
(iii) the Account has been opened on Your name.
2.10. Since all provisions mentioned in sub-Cl. of Cl. 2.9 above are fully met, it shall be deemed that the Parties have established mutually binding business relationship (hereinafter also referred to as the “Business Relationship”).

4. ACCOUNT

4.1. Monetley Account allows Clients to hold E-money, to send and receive electronic and money payments. The Client may check Account balance and transaction history, including fees and charges applied, via its Profile in the System free of charge. The Client is advised to pay careful attention to the list of transactions executed.
4.2. Account is to be opened only on the name of the Client, in case We discover if reverse, We reserve the right to terminate Business Relationship and close any and all such Accounts with immediate effect.
4.3. Anonymous accounts are not allowed. The Account shall be opened if the Client is fully identified and complies with cooperation requirements laid down in Monetley AML/CTF procedures.
4.4. If the Client acts and holds the Account for the benefit of third party, he/she must inform Monetley without undue delay on this and submit all documents and data which might be necessary to identify the person on whose benefit the Account is opened and Payment Transactions are executed (ultimate beneficial owner - UBO). We reserve the right to terminate Business Relationship and close any and all Accounts if we discover that UBO was not announced to Us or in cases when subject to applicable AML/CTF regulations it is impossible to identity UBO, it’s source of wealth or funds in due manner.
4.5. Multiple Accounts may be opened in the currencies determined by Monetley.
4.6. When opening the Account for the Client being a private individual, Monetley expects and believes that no business activity will be performed via the Account, otherwise, the Account shall be treated as a business account and terms and conditions for Clients - legal entities shall be applied, as well as, Monetley reserves the right to terminate such Account activity.
4.7. The Account may be subject to limits set by Us and depending on Client’s AML Risk type, assessed by Monetley AML team subject to mandatory binding AML/CTF legal requirements applicable to Us. The limits may be revised by Monetley from time to time.
4.8. Account is opened for indefinite period of time.
4.9. Monetley Account allows Clients to deposit, transfer and keep in the Account funds intended for Payment Transactions (local and international funds transfers, receiving funds to the Account, payments for goods and services, and other payment operations).
4.10. All funds held with Us are considered E-money. Having received funds, We credit them to the Account at the same time issuing E-money at the nominal value. The E-money is credited and held in the Account.
4.11. Nominal value of E-money coincided with the nominal value of funds deposited or transferred to the Account.

4.12. Electronic Money held on the Account does not expire and does not ear any interest.
4.13.Payment institution or another electronic money transfer system may apply fees for transferring funds from the Account to the Client's account in other payment institution or electronic payment system, as well as for transferring funds from such account, to the Monetley Account.
4.14. Without prejudice to other provisions set forth hereof, We reserve the right to immediately suspend or withdraw Your access to the System and Account(s), including execution of Payment Transactions, where We have reasonable grounds to believe that there may be a breach in the security of your Account(s), We suspect unauthorized or fraudulent use of Your Account(s) or We are required to do so by law. If We decide to take such action, Monetley will notify You in advance, except where this is not possible, in which case We will inform You at the earliest opportunity. We will not inform You if it would compromise its reasonable security measures or is otherwise unlawful. If the reasons for such Our actions cease to exist, We will reinstate Your Account(s) or issue You with new Account details without undue delay.

5. OPERATION OF THE ACCOUNT(S)

5.1 Payment Transactions from the Account can be executed:
(i) to another Account in the System;
(ii) to European Union Member State or in a State party to the agreement on the European Economic Area or an equivalent third country that imposes the equivalent requirements regarding money laundering and the financing of terrorism;
(iii) to accounts in other electronic payment systems/financial institutions (also banks).
5.1.1. When execution of Payment Transaction requires currency exchange, Monetley may apply exchange rates determined by Monetley and valid at the execution moment of Payment Transaction.
5.2. Purchase of E-money
5.2.1. You may purchase E-money by means of payment transfer or other means acceptable by Us, in one or more instalments.
5.2.2. To execute E-money purchase transaction, You must place respective Order via the System. By placing the Order, You are giving Your consent to the Payment Transaction execution.
5.2.3. We reserve the right to refuse any Order at Our sole discretion and without giving rise to any right to compensation. Our refusal shall be objectively reasonable.
5.2.4. At Your request, E-money held in the Account shall be redeemed at its nominal value at any time, except for cases when limitations are applied to the Account. No specific conditions for redemption of E-money that would differ from the standard conditions for Payment Transactions performed on the Account shall be applied. The amount of redeemed or transferred E-money is chosen by the Client. You should submit Order via the System to transfer E-money from the Account to any other account specified by You with condition that We may execute such transfer to such payment institution. Nevertheless, We reserve the right to apply limitations for redemption of E-money.
5.2.5. The registration of Electronic Money on Your name is subject to the actual receipt of funds by Us less any fees and charges due and payable to Us in accordance with Fee schedule.
5.3. Functioning of the Account
5.3.1. The Electronic Money is stored for an indefinite duration on the Account under the terms agreed hereof or any supplement hereto.
5.3.2. The E-money purchased is credited to the Account, following the receipt of the funds. The amount to be credited is equal to such funds less fees and charges as provided in the Fee schedule.
5.3.3. Upon Your Order, E-money corresponding to the amount of the Payment Transaction or reimbursement of E-money is debited from the Account and the related fees and charges as provided in the Fee schedule.
5.3.4. We are entitled, at any time, to reimburse an amount of available E-money on the Account equal to the fees and charges due and payable, as provided in the in the Fee schedule.
5.3.5. The amount of E-money available on the Account is automatically adjusted based on the Orders transmitted to Us (or in the process of being transmitted), the E-money issued, any fees and charges due and payable and any cancellation of one of the aforementioned transactions hereunder.
5.4. The use of Electronic Money to carry out Payment Transaction
5.4.1. Before transmitting the Order, We must be sure to have a sufficient amount of E-money available to cover the Payment Transaction amount and the related fees and charges as agreed in the Fee schedule.
5.4.2 Where appropriate, We must acquire a sufficient amount of E-money before the Order can be legitimately transmitted for execution. The E-money may be issued and stored by Us, provided that the corresponding funds are duly received. The Electronic Money may in no way be issued on the basis of a credit granted to the Client.
5.4.3. As such, if the amount of available E-money, at the date of execution of the Order, is lower than the amount of the Payment Transaction (fees included), the Order is automatically refused. The information about this refusal is made available to You on the System. This refusal may give rise to additional fees in accordance with the Fee schedule.
5.4.4.The transmission terms of the Order are as follows:
(i) When carrying out a Payment Transaction, You need to complete the Order in the System and, where appropriate, provide supporting documents requested by Us;
(ii) The Order should include the following components:
(a) the Payment Transaction amount;
(b) the currency, which may only be the currency of E-money;
(c) the details required to identify the Recipient;
(d) the date of execution of the Order; and
(e) any other required information.
(iii) You need to submit Order by clicking the validation tab in the System. When You click on the validation tab the Order becomes irrevocable.
5.4.5. E-money is debited from the Account to be credited to the Recipient account, following Client’s instructions.
5.4.6. Where appropriate, the funds corresponding to the E-money transferred to the Recipient can be directly reimbursed to the Account opened with Monetley or account opened with other payment institution. If the account is not opened with Monetley, then the Recipient must provide the IBAN number and SWIFT code of his/her payment institution and full payment details. This account must be opened by a payment institution, based in a European Union Member State or in a State party to the agreement on the European Economic Area.
5.4.7. It is agreed between the Parties that the Order will be executed, at the latest, on the next Business Day following the Date of Receipt. If the Date of Receipt is not a Business Day, We will be deemed to have received the Order on the following Business Day.
5.4.8. Orders for transactions within the System are executed immediately, unless the transaction is suspended due to provisions set forth hereof.

6. ORDER

6.1 Without prejudice to other provisions laid down in the Terms, the Order for the execution of Payment Transaction shall be generated in accordance with the instructions given in the System and valid at the moment of the transfer. In case the Client is the Recipient, You are obligated to provide detailed and precise information to the Payer, so that the Order in all cases complies with the instructions in the System and is valid at the moment of transfer.
6.2. In case the Payer submits an incorrect Order or indicates incorrect payment details, but the Order has not been proceeded yet, the Payer may send Monetley a request to correct the Order. The request shall be sent via the System. In this case, a fee for the correction of the Order may be applied.

6.3 In case Monetley by itself establishes obvious discrepancies in payment details contained in the submitted Order, Monetley retains the right to refuse to execute such Order.
6.4. Monetley retains the right to execute Order on the base of Account number or IBAN account number only. We may, but are not obliged, to check whether the Account number or IBAN corresponds to the name of the Recipe. The Order is deemed executed appropriately if it has been executed by the indicated Account number or IBAN.
6.5. In case when We receive funds, but We are unable to credit them to the Recipient’s account (e.g. account is closed, indicated IBAN number does not exist, or else), We shall return the transaction amount to the Payer (sender). Fees and charges for returning Order may be applied.
6.6. In case when We cannot credit funds to the Recipient due to errors the Payer made in the Order, then the Order may be cancelled and funds may be returned to the Payer.
6.7. In case when the funds are already credited to the Recipient, then the Order may be cancelled and funds may be returned to the Payer only under a written request of the Payer and if the Recipient agrees to return the funds to the Payer (if the Recipient can be identified). In such a case, the fees for the cancellation of the Order may be applied.
6.8. In case when the Client has noticed that funds have been credited to or deducted from the Account by mistake or in other ways that have no legal basis, then You are obliged to notify Us as soon as possible. In such cases it is considered that the Client gives an irrevocable consent for such deduction and We are entitled to deduct funds from the Account without the Order. If the amount of funds to be deducted from the Account is insufficient, the Client unconditionally commits to upload the Account for insufficient amount without undue delay upon Monetley first request.
6.9. If You notify Us that the We have incorrectly executed the Order, We will refund the amount of the incorrectly executed Payment Transaction and the Account will be restored to its former state before the receipt of the Order without undue delay. The Order is then resubmitted correctly.
6.10. If funds transferred from the Account under the submitted Order are returned due to reasons beyond Our control, then returned amount shall be credited to the Account. Fees paid by the Payer for Order execution are not returned, and other fees related to the returning of funds can be deducted from the Account.
6.11. Orders submitted shall be formulated clearly and unambiguously, shall be executable, and contain the clearly stated will of the Client. We do not bear responsibility for errors, discrepancies, repetitions and/or contradictions in Orders submitted, including but not limited to, correctness of the details of the Order submitted by the Client. If the Order submitted does not contain enough data or contains deficiencies, We can refuse to execute such Order, or can execute it in accordance with the data provided in the Order.
6.12. When Monetley refuses to execute the Order, then We shall immediately notify the Client thereof, or create the necessary conditions for the Client to get acquainted with such a notification, except when such notification is technically impossible or forbidden by applicable legal acts.
6.13. In no events We shall execute Order if funds on the Account are under arrest or Client’s rights to dispose the funds are otherwise legally limited, suspended or restricted.
6.14. Order may not be withdrawn by the Client once it has been submitted via the System and after the date on which it is deemed irrevocable as indicated in this Paragraph 6 hereof.
6.15. We reserve the right to record and store Orders submitted and to record and store information about all Payment Transactions performed by the Clients or according to Orders of the Clients for the period not less than 5 (five) years, which may extended under direct requirement of the direct supervisory authority. Records mentioned in the present clause may be submitted to the Client and/or third persons who have the right to receive such data under the basis set forth in the applicable legal acts, as evidence confirming the submission of Orders and/or executed Payment Transactions.
6.16. We reserve the right to require documents proving the lawfulness of the origin of funds related to the Order. In case the Client fails to submit such documents, We are entitled to refuse to execute the Order.

In this regard the Client shall warrant Monetley that:
(i) funds incoming to the Account are of legal nature and are not obtained as a result of criminal activity;
(ii) Services provided by Us will not be used for any illegal purposes, including actions and transactions in order to legalise funds derived from criminal or other illegal activities.
6.17. It is the sole and exclusive responsibility of the Client for warranties given hereunder and Monetley shall not be liable for any losses which my arise to the Client or any third party involved in transaction in case Client’s warranties found to be untrue and false.

7. TRANSACTION DISPUTE

7.1. For claim concerning Payment Transactions or reimbursements of E-money executed hereunder by Us, the Client is advised to consult support team via contact details provided in the Terms as soon as possible after becoming aware of the anomaly and within 13 (thirteen) months of the date of the Account registering the Payment Transaction.
7.2. After validation of the legitimacy of the request specified in Cl. 7.1 above, We shall immediately arrange for the refund of the amount of the unauthorized Payment Transaction and restore the Account to the amount it would contain if the disputed transaction had never been executed, including any interest and related charges.
7.3. You may dispute an authorized Payment transaction which exact amount is undefined or those which final amount is not that the Client could have reasonably expected taking into account You profile, previous expenditures and conditions laid down herein. This request must be submitted to Us within 8 (eight) weeks of the execution of the Order. We shall reimburse the Client within a period of 10 (ten) Business Days after receipt of the request, if the latter proves justified, taking into account applicable laws, and whether the request consists of all the components necessary for examination by Us. We reserve the right to refuse such a reimbursement, which will be explained and notified to You. The latter will provide the necessary information in order to determine the circumstances of the Payment Transaction. We reserve the right not to reimburse the fees resulting from the Payment Transactions concerned. The fees indicated in the Fee schedule may be collected in the case of a non-justified Payment Transaction dispute.

8. CLIENT’S OOBLIGATIONS

8.1. When using Monetley Services, the Client undertakes to:
(i) comply with the Terms and any supplements hereto, applicable legal requirements, including but not limited to, AML/CTF requirements;
(ii) not to provide false, misleading or incorrect information to Us or not to refuse to provide information or undertake other actions that are reasonably requested by Us;
(iii) to pass through all legal procedures carried out by Monetley for the purposes of Client’s identification and verification and KYC purposes and submit all data and information required by Us necessary to establish Business Relationship with the Client and for KYC purposes;
(iv) in timely manner inform Us on any changes to the information and data previously submitted. In case the Client fails to do so, We shall be free from any liability regarding correct and accurate execution of Payment Transactions and the Client shall bear any losses, also in relation to any third party, that may occur due to submission of invalid data. Monetley retains the right to suspend provision of Services till the Client updates data and information;
(v) use for Services provided by Us illegally acquired funds, if the Client is aware or should be aware of it;
(vi) not to use Our Services in a way which causes losses, responsibility, or other negative legal or financial consequences or damage to the business reputation of Monetley or third persons;

(vii) logging in to the System as an anonymous user (e.g. via proxy servers) or having more than one Profile; registering a Profile by fictitious or someone else's name without having the power of attorney; registering a Profile using the services of anonymous phone numbers or e-mail addresses provided by other individuals or websites;
(viii) using Monetley Account to provide services or goods that are prohibited by the law or contradict public order and moral principles;
(ix) knowingly not to provide to third parties false, misleading, or incorrect information about Us and cooperation with Us;
(x) to observe and respect Company’s and third party trademarks, copyrights, commercial secrets and other intellectual property rights. This clause shall not apply to the Client in so far, as the Client being in good faith, did know and couldn’t know on existence of trademarks and copyrights, or that information being at his/her disposal constitutes a commercial secret;
(xi) not to spread computer viruses and not to undertake other actions that could cause System malfunctions, information damage or destruction and other damage to the System, equipment, or information of Monetley;
(xii) disclosing login or password and other personalized safety features to third persons and allowing other persons to use Services under the name of the Client;
(xiii) to reimburse in full and keep Us harmless against any direct costs and losses which may arise to Us if the Client fails (in full or partially, including but not limited to omission or misleading) to perform his/her obligations under the Agreement or such costs or losses have arisen due to the Client’s unlawful activities.
8.2. The Client is solely and exclusively responsible and undertakes to reimburse any losses incurred by Us, other Monetley Clients, and third parties due to using Services and violating the present terms or any supplement hereto.
8.3. The Client shall reimburse all damages, fines, and other monetary sanctions applied to Us due to non-observance or violation of the Terms due to fault of the Client.
8.4. In case stipulated in sub-Cl. xii of Cl. 8.1 above, the Client is obliged to inform Monetley that login and password are at possession of third person, including loss or theft, or misuse or unauthorized use of data, as soon as the Client becomes aware of this fact in order to request that the login be blocked. Such a declaration should be made directly by email through the contact form available on the Website.
8.5. On receipt of the notification mentioned in Cl. 8.4 above, Monetley will immediately block the Account(s). The event will be recorded and time stamped. A time stamped objection number will be communicated to the Client. A written confirmation that the Account has been blocked will be sent to You by email. Monetley is responsible for the file at an administrative level and retains all the data for 18 (eighteen) months. Upon written request by the Client and before expiration of such a deadline, Monetley will communicate a copy of this objection.
8.6. Monetley shall not be held liable for the consequences of any request to block Your Account(s) that is made by a person who is not the Client or Client’s Representative.
8.7. An objection request is deemed to be made at the date and hour of its actual receipt by Monetley. In case of theft or fraudulent use of the login, Monetley is entitled to request a receipt or a copy of the complaint, information about the circumstances leading to the alleged theft or fraudulent use from the Client who undertakes to respond as soon as possible.

9. TERMINATION OF THE AGREEMENT. SUSPENSION OF THE PAYMENT TRANSACTION

9.1. Monetley is entitled to unilaterally terminate Business Relationship with the Client and close the Account and Profile by giving the Client 2 (two) months prior notice to the Client and instructions regarding funds withholding from the Account, saving other provisions concerning Business Relationship termination stipulated hereof.

9.2. The Client is entitled to terminate Business Relationship with Monetley and close the Account by giving Monetley 1 (one) month prior notice. In all events Client’s Account may be closed at the required date only if obligations towards Monetley under these Terms or any supplement hereto are fully executed and there are no outstanding obligations of any nature on Account closure date and Account balance is Zero.
9.3. Provided that the Client terminates Business Relationship and applies with the request to close the Account(s) and delete Profile from the System, or, if We terminate the provision of the Services to the Client and delete the Profile of the Client from the System in cases provided in these Terms, the funds held in the Account(s) shall be transferred to the Client's account opened with other payment/financial institution or to an account in another electronic payment system indicated by the Client. We reserve the right to deduct from the repaid funds fees for Services provided and expenses which have not been paid by the Client, including, but not limited to, fines and damages incurred by Us due to a breach of these Terms committed by the Client, other payment/financial institutions and/or state institutions. In the event of a dispute between Parties, We reserve the right to detain funds under dispute until the dispute is resolved.
9.4. Monetley at any time immediately is entitled to suspend the Account(s) (fully or partially suspend Payment Transactions on the Account), suspend or refuse provision of Services (fully or partially), to detain the Client's funds that are a matter of dispute, if We reasonably believe that:
(i) Client violates any provisions and warranties set forth hereof or any legal requirements applicable to the Client, and such violation is not remediable or was not remedied within timeframe determined by Monetley and announced to the Client;
(ii) if the Client fails to complete the necessary identification procedures or submit information required by Us, or the Client provides information that does not conform to the requirements stipulated by applicable legal acts, or doubts concerning the veracity and authenticity of submitted documents arise to Monetley;
(ii) it becomes known from the reliable source or Monetley has reason to believe that the Client is in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity;
(iii) Monetley reasonably suspects that Account have been used or is being used without the Client’s authorization or fraudulently;
(iv) it becomes known about the Client's liquidation or bankruptcy case;
(v) Monetley ought to suspend Account activity due to mandatory binding requirements of applicable laws;
(vi) activities of the Client have or may have the potential to harm to Monetley reputation or may harm justified interests of third parties.
9.5. In case of Account(s) suspension subject to the provisions of Cl. 9.4. hereof, Monetley will inform the Client as soon as reasonable practicable by sending respective notice via the System and giving instructions regarding funds held on the Account(s) withdrawal, except when provision of such information would weaken safety measures or is forbidden by the applicable law.
9.6. In the event of a reasonable suspicion that money laundering, terrorist financing, or other criminal activity is being executed through the Client or the Account(s) of the Client, Monetley has the right to partially or completely suspend provision of the Services to the Client, to block funds held on the Account(s) for a period of 30 (thirty) calendar days with the right to extend it an unlimited number of times until the charges are fully withdrawn or confirmed and send Suspicious Activity Report (SAR) to the respective focal point of supervising authority.
9.7. If the Client did not log in to the Profile and perform transactions for more than 6 (six) consecutive months, We shall deem the Profile and the Account(s) as inactive. In this regard We have the right to terminate Business Relationship and close the Profile and the Account(s), informing the Client about the inactive Profiles and Accounts 1 (one) month prior to termination, provided that Account(s) balance is Zero.

9.8. In those cases when the Account holds a balance at the time of its closure, We will ask the Client to withdraw the funds within a reasonable period, during which the Account will be accessible for withdrawing the remaining balance only. After the expiry of this period, funds not timely withheld shall be blocked by Us and the Client will be able to withdraw any remaining funds only by contacting Monetley support service. The Client shall be aware that funds held by Us after Account closure will not earn any interest while being deposited with Us. We are intitled to deduct fees and charges for not timely withheld funds.
9.9. After terminating Business Relationship with the Client, the Client shall choose the means for the redemption of his/her Electronic Money. The Client agrees to perform the actions necessary to redeem the Electronic Money and understands that by such means Monetley aims to reduce the risk of fraud and seeks to comply with anti-money laundering and other legal requirements.
9.10. In case, after terminating Business Relationship with the Client, the Client does not choose the means for Electronic Money redemption and/or does not complete an additional identification procedure for increasing the limits, Monetley may (but is not obligated to) redeem the Electronic Money of the Client by means of Electronic Money redemption, which is available at the moment of redemption.
9.11. Monetley shall not bear any responsibility for losses incurred by the Client due to suspension of Service provision, blockage of the Account(s), or other actions, if those actions have been performed in accordance with the procedures stated in these Terms or its supplements and under circumstances on the basis specified in the mentioned documents.
9.12. Monetley is not responsible or liable for any delays or interruptions regarding execution of Payment Transaction which occurs due to fault (also omission, technical errors and interruptions) of such third parties. Monetley, within its capabilities, shall take all reasonable steps to execute Payment Transaction in due manner.

10. SECURITY

10.1. Monetley undertakes to provide Services in accordance with the applicable laws and regulations and high professional standards of payment services industry. In particular, We will make every effort to ensure the security and confidentiality of the Clients’ data, in compliance with current regulations in force.
10.2. We reserve the right to temporarily suspend access to the Account(s) for technical, security or maintenance reasons, without these operations being eligible for any compensation. We will limit this type of interruption to a necessary minimum.
10.3. We cannot, however, be held liable to You for possible errors, omissions, interruptions or delays produced by the Website resulting in an unauthorized access to the latter. Nor can We be held liable for thefts, destruction or unauthorized communications of data arising from unauthorized access to the Website. In addition, We will not be involved in the existing legal relationship between You and the Recipient of the Payment Transaction to the maximums extend permitted by applicable law. We cannot be held liable for faults, wilful default or negligence of the Client or Recipient towards each other.
10.4. We shall be solely responsible for the security and confidentiality of the data exchanged within the framework of the use of the Website, in accordance with the General Conditions of the Website.
10.5. We shall be responsible for the security and confidentiality of the data that it exchanges with the Client within the context of these Terms in respect of the creation and management of the Account, as well as the Payment Transactions associated with the Account.

11. FEES AND CHARGES

11.1. Fees and any other charges applicable by Monetley for Services provided are laid down in the Fee schedule available on the Website.
11.2. Monetley reserves the rights to amend Fee schedule at Our sole discretion providing prior Clients’ information on it. Updated Fee schedule will be available on the Website. It is also a duty of the Client on regularly base, at least once a month, to check the Website for any changes and news.
11.3. Fees and charges rates depend on kind of Services used by the Client. All fees and charged deducted are shown in the Account statement available free of charge in the Profile.
11.4. Fees applicable by Monetley will be deducted from Account(s) balance and the Client hereby authorises Us to do the same, except cases when the Terms or any supplement hereto provided other Fees deduction conditions, in this case special conditions shall prevail. Payment Transaction fees will be charged when the transaction is executed.
If Account(s) balance is insufficient to cover the Fees, We may refuse to execute the Payment Transaction till Account(s) balance is sufficient to deduct respective Fee. If Client holds several Accounts with Monetley, We reserve the rights to deduct Fee from any Client’s Account having sufficient balance.
11.5. Any and all payments due to Monetley shall be paid in the currency indicated in Fee schedule, except as Parties agreed otherwise. Monetley, when appropriate, at its sole discretion, is entitled to execute currency exchange in the order stipulated hereof. Currency exchange Fee may be applied.
11.6. Client is aware that payment/financial institutions and other payment electronic systems, i.e. third parties, may apply additional fees in addition to the Fees applicable by Monetley. In this regard We shall no bear responsibility for third parties fees applicable.
11.7. When We make any amendments to the Fee schedule We shall inform You in the following way:
(i) Clients – private individuals: amendments increasing effective fees or new fee establishment – notification 60 (sixty) calendar days in advance, having effect since 60 (sixty) calendar days have elapsed;
(ii) Clients – legal entities: amendments increasing effective fees or new fee establishment – notification 30 (thirty) calendar days in advance, having effect since 30 (thirty) calendar days have elapsed;
(iii) amendments decreasing effective fee or canceling any fee – no prior notification, coming into force immediately after approval by Monetley.
11.8. In case stipulate in sb.-Cl. (i) of Cl. 11.7 the Client is entitled prior fees or charges amendments have come into force unilaterally by notifying Monetley to terminate Business Relationship, close Account(s) and Profile. Without prejudice to the Client’s rights stipulated hereof, Business Relationship may be terminates only if there are no outstanding obligations of the Client towards Monetley.
11.9. In case of any questions regarding fees and charges application order and conditions please do not hesitate to contact our support team vie e-mail support@monetley.com.

12. AMENDMENTS TO THE TERMS

12.1. We are entitled to unliterally amend the present Terms in the following cases:
(i) due to changes in legal acts applicable to Us;
(ii) when new service or a part of a service appears;
(iii) style and grammar corrections, paraphrasing and moving a sentence, a clause, or a section of the Agreement for the sake of better understanding; provision of examples for articles and other changes which do not reduce or limit the rights of the Client and do not increase the liability of the Client or aggravate their situation;
(iv) amendments to the Fee schedule – performed in the order set above in the present Terms.
12.2. Coming into force of amendments set forth in sub-Cl. (i) of Cl. 12.1 depends on provisions of legal acts providing necessity of such amendments. If provisions of legal acts require immediate amendments effect, then We shall provide amendments to the Terms with immediate effect simultaneously notifying the Client.
If such amendments have prolongated effective period, then Monetley shall inform the Client in advance, choosing for notification time period maximum allowed by legal acts requiring respective amendments.
12.3. If amendments performed under sub-Cl. (ii) of Cl. 12.1 shall not impact Services already used by the Client and use of new service or part of service can be used independently from Services already used and at Client’s own choice, then such amendments shall come into force with immediate effect after approval by Monetley without Client prior information. In case such amendments shall impact Services already used by the Client, then Monetley shall inform the Client via the System or by e-mail 2 (two) months in advance.
12.4. We reserve the right to perform amendments under sub-Cl. (iii) of Cl. 12.1 with immediate effect after approval by Monetley.
12.5. All updated versions of the Terms shall be available on the Website. It is Client’s duty to check the Website on regularly base, at least once a month, for any updates performed by Us.
12.6. If the Client does not agree to amendments performed by Monetley, then the Client is entitled to unliterally terminate Business Relationship with Us by giving Monetley respective termination notice, providing that there are no outstanding obligations towards Monetley at the moment of termination of Business Relationship and Account(s) balance is zero.
12.7. The Client has no right to unilaterally change and/or amend the conditions of the Terms or Fee schedule.
12.8. The Client acknowledges that notifications sent by us (i) via the System or (ii) to the e-mail address registered with the System, as the case may be, shall be deemed as properly provided.
12.9. The Parties are entitled to amendment separate provisions of the Terms by entering into supplements which shall be deemed mutual agreements, under which Parties agree on individual provisions of their cooperation and specific conditions of the Services used. Provisions of the supplements shall prevail standard terms of the Terms if in the Terms is not specified otherwise. All supplements after have been signed by both Parties shall form an integral part of the Terms.
12.10. The Parties agree that the Client is entitled to ask Monetley to provide draft of any proposed amendment to the Terms, Fee schedule or supplement prior its effective date and ask to provide respective consultation on new or amended terms and conditions.

13. DATA PROTECTION AND CONFIDENTIALITY

13.1. Personal Data issues are covered by Monetley Privacy Policy established in compliance with DPA and GDPR and other laws and regulations applicable to Us, as well as European Commission adopted Standard Contractual Clauses (SCCs) and principles of “best practices”. The Privacy Policy current version is available on the Website.
13.2. Our supervisory authority regarding Personal Data processing and protection matters is Information Commissioners’ Office (ICO). Please follow the link https://ico.org.uk/ to get information about your personal data processing and protection in the UK.
13.3. The Client registering with the System confirms that has read Monetley Privacy Policy, the said document is clear and understandable to the Client and the Client agrees to the Company’s principles used for Personal Data proceeding and protection.
13.4. The Client agrees that Monetley proceeds Personal Data with the aim to establish Business Relationship and open the Account, provide Services, execute other obligations under the present Terms, inter alia, to face AML/CTF requirements mandatory applicable to Monetley. We guarantee the security of Personal Data received. Personal Data is used only to the extent necessary perform contractual obligations of the Parties laid down hereof and any supplements herein.
13.5. Personal Data disclosing conditions are stipulated in the Privacy Policy. In no events Personal Data will be disclosed without reasonable and legitimate ground.
13.6. The Client grants Us the right to cooperate with third persons, including but not limited to, submitting requests, checking various data bases, in order to verify the identity of the Client and accuracy of other data submitted by the Client for the KYC purposes and with the aim to protect Our legal interests in relationships with the Client.
13.7. The Parties undertake to protect each other’s technological and commercial information which has become known to them while being in Business Relationship.
13.8. The Client undertakes not to disclose and keep harmless Our technological and commercial information from unauthorized disclosure to third parties without allowed purpose. In each case when the Client is intending or is obliged to disclosure any confidential information regarding Monetley, Client shall inform Us in advance. In case prior notification is not possible, than, the Client shall inform Us as soon as possible.
13.9. Monetley will store the Personal Data for a maximum legal or regulatory period applicable depending on the purpose of each type of data processing.
The conditions for the collection, possession and access to Personal Data obtained by the Us and under the terms of accessing the Website, are governed by the General Conditions of the Website as well as the Privacy Policy, which is available on the Website.

14. COMMUNICATION BETWEEN THE PARTIES

14.1. We shall contact You using the contact details You provided when registered with the System or any updated contact details You have provided later.
14.2. It is Your responsibility to update Us with any new contact information, including a change in address.
14.3. Monetley will send any correspondence to most recent email address or postal address You have provided to Us.
14.4. You must advise Us promptly of any change to Your contact details in the interests of security (including name or address) and provide appropriate supporting evidence required by Us.
14.5. You can contact Our support team through email support@monetley.com, regarding Personal Data issues through e-mail dpo@monetley.com.
14.6. Parties hereby agree that for communication purposes with the Client, We primary shall use the System (Client’s Profile), Client’s e-mail address registered in the System. The Client is under obligation to review regularly all notices sent to the Client via the System. For the purposes of this clause, regularly shall mean at least once a Business day.
14.7. Without prejudice to other provisions of notification sending set forth hereof, Monetley is entitled to send the Client written notices via post services. In this case the We shall use post address specified by the Client in the System or appropriate questionnaire and it shall be deemed that the Client received the notice within 3 (three) Business Days after it was sent, unless the Client actually receives the notification later and this fact may be evidenced by the Client.
14.8. It shall be deemed that messages (claims, requests, or complaints) from the Clients are received on the day of their submission to Us, if this day is a Business Day. Messages submitted outside the Business Day shall be deemed received on the next Business Day.
14.9. All communication (written and oral, via any communication means) between the Parties shall commence on English, unless Parties have agreed otherwise.

15. LIMITATION OF MONETLEY LIABILITY

15.1. Monetley gives no financial, investment, legal or other kinds of advices regarding management and use of Client’s funds and shall not provide the Client with possible risks assessment while using the Services. Monetley may only consult the Client on conditions of the Terms and provisions of Services ordered or already used by the Client, System use and technical options, as well as concerning Client’s Personal Data processing and protection, consumers’ rights compliance and protection, mandatory binding regulations and legal proceedings.
The Client prior entering the Terms and use of Services shall asses possible risks and his/her satisfaction with Services intended to be used.
15.2. Monetley will not intervene in any way in the legal and commercial relationship and any litigation arising between the Recipient and the Client. Monetley has no control over the compliance, security, legality, characteristics and appropriateness of the products subject to a Payment Transaction. In this respect, it is up to the Client to obtain all useful information before proceeding to the purchase of a product or service, the collection of funds or any other transaction, in full knowledge of all the considerations involved. Any transaction carried out by the Client gives rise to a contract directly formed between him/her and the Recipient(s) with whom Monetley has no contact. Monetley cannot, under any circumstances, be held liable for the non-performance or poor execution of obligations that may result, or possible damages caused to the Client in this respect.
15.3. If Monetley fails to comply with the Terms and any supplement hereto, Monetley is responsible for any loss or damage You suffer that is a foreseeable result of Monetley breaching its contractual obligation or failing to use reasonable care and skill when providing Services under the Terms and any supplement hereto, but Monetley is not responsible for any loss or damage that is not foreseeable or which is not caused by its failures.
15.4. You acknowledge and agree that Monetley will not be responsible to You for any loss or damage You suffer in connection with the use of the Service where such loss or damage is caused by Your acts or omissions or by those of a third party including, but not limited to:
(i) Your failure to provide Us with accurate, complete and up to date information; or
(ii) You losing or allowing third parties to gain access to your login and password.
15.5. Monetley will take reasonable care to ensure that any data it holds in relation to You and Account(s) is secure. However, You acknowledge and agree that Services are provided via the internet and cannot be completely secure and Monetley will only be responsible to You for loss or damage to Your data to the extent that it is caused by Our failure to take such reasonable care.
15.6. Monetley to the maximum extent permitted by applicable law will not be responsible to You for any loss of profit, loss of business, business interruption or loss of business opportunity, as well as, will not be liable for any indirect, incidental, punitive, or consequential damages arising out of or in connection with Business Relationship.
15.7. The Parties are independently liable to the state and other subjects for fulfilment of all tax obligations. Monetley shall not be liable for execution of tax obligations of the Client, calculation, or transferring of taxes applied to the Client.

16. EVENTS OUTSIDE THE CONTROL OF A PARTY

16.1. Neither Party will be liable or responsible for any failure to perform, or delay in performance of, any of their obligations under the Terms that is caused by an Event Outside The Control of a Party.
16.2. An Event Outside The Control means any act or event beyond a Party’s reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks.
16.3. If Event Outside The Control longs more than 30 (thirty) calendar days, Parties may decide on termination of Business Relationship.

17. MISCELLANEOUS

17.1. The Terms and any supplement hereto constitutes entire mutual agreement between the Parties. If any of the provisions of the Terms is held invalid or unenforceable, it shall be deemed deleted and will not invalidate the other provisions.
17.2. If one or more of the provisions of the Terms lapses or is declared as such under any law or regulation or following a final decision of a court of competent jurisdiction, the other provisions will retain their binding force and scope. The provisions considered null and invalid would then be replaced by provisions closest in scope and meaning to those initially agreed.
17.3. No term of the Terms is intended to confer a benefit on, or to be enforceable by, any person who is not a party to them.
17.4. The Terms shall come into force after the Client becomes acquainted with them, Fee schedule, Privacy Policy and starts using the Services. The Terms shall remain in force for indefinite period of time till terminated subject to the provisions set forth hereof.
17.5. The Terms cannot be subject to a complete or partial transfer by the Client, whether against payment or free of charge. It is therefore forbidden to transfer to a third party any rights or obligations that the Client owns hereunder. In the event of breach of this prohibition, in addition to the immediate termination hereof, the Client may be held liable by Monetley.
17.6. Monetley may assign its rights and obligations under the Terms to another person at any time, by giving 60 (sixty) calendar days prior written notice to the Client. If Monetley does this, the Client’s rights under the Terms will not be affected.
17.7. If the Client wishes to make a complaint about the Services, the Client can email Monetley at support@monetley.com, with brief details of the complaint and the email address associated with the Account.
17.8. If the complaint is not resolved by the end of 5 (fifth) Business Day after the complaint is received, Monetley will initiate a formal complaints handling procedure. Monetley will acknowledge the Client’s complaint via the System (Client’s Profile) or by email within 5 (five) Business Days. The respective notice will contain details of the complaints procedure and the Client’s right to refer the complaint to the Financial Ombudsman Service at The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, United Kingdom (further details can be found at www.financial-ombudsman.org.uk), if the Client is dissatisfied with Monetley assessment and ruling.
17.9. Within 15 (fifteen) calendar days (complaints about rights and obligations arising under Parts 6 and 7 of the PSRs 2017) or 8 (eight) weeks (complaints not related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017) after a complaint, Monetley will send the Client a final response.
17.10. A complaint about any regulated aspect of the Service that Monetley cannot settle within 15 (fifteen) calendar days (complaints about rights and obligations arising under Parts 6 and 7 of the PSRs 2017) or 8 (eight) weeks (complaints not related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017) after the date of complaint may be referred to the Financial Ombudsman Service at The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, United Kingdom (further details can be found at www.financial-ombudsman.org.uk).
17.11. The Terms are governed by the laws of England and Wales. You and the Client agree to submit to the non-exclusive jurisdiction of the English courts.