Please read these terms and conditions (the “Agreement”) carefully before using any of banpay Global Account. This Agreement shall govern the availability and use of the various services provided by banpay and its affiliated entities (“banpay services” = “BASE”). By accessing or using any or part of the BASE, you (the “Client”, “you”/ “your”, “any authorized user”) agree to become bound by the terms and conditions of this Agreement. If you do not agree to all the terms and conditions of this Agreement, please do not access or use any of banpay’s Services.
Please regularly review the terms and conditions of this Agreement. You may access the latest version of this Agreement at any time on our website (banpay.com).
This Agreement is effective and legally binding on the date when the Client applies for banpay Account or otherwise uses BASE (including but not limited to the application for an Account). Your acceptance of this Agreement and your use of the BASE serves as confirmation that you fully understand and accept these terms and conditions. If you do not understand any of these terms and conditions, please contact firstname.lastname@example.org for more information.
The Client acknowledge that you and your use of the BASE are subject to the mandatory provisions under the Applicable Law, and are solely responsible for understanding and complying with any and all laws, rules and regulations that may be applicable to you in connection with the Client’s use of the BASE, including, but not limited to, laws and regulations governing payment services, anti-money laundering or terrorist financing requirements, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency exchange.
Banpay may close, suspend or limit access to a Client’s use of the BASE in the event that breach any of the terms and conditions in this Agreement or any other agreement the Client enters into with banpay or pursuant to any proprietary monitoring used by banpay when assessing the risk associated with your transaction activity. Banpay may also limit a Client’s access to funds per the instructions of law enforcement or our regulators.
Refers to a Client’s account registered for BASE for a any of the available Account and make ongoing use of the BASE. A Client’s banpay Account is where contact and identity information and other information related to such Client's use of the BASE are uploaded and maintained.
Refers to our website at https://www.banpay.com.
Shall reference any law, regulation, generally accepted practices or guidelines in the relevant jurisdictions applicable to BASE, including, but not limited to, laws governing payment services including anti-money laundering or counter-terrorist financing requirements, sanctions, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency transactions including, but not limited, to the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, the Drug Trafficking (Recovery of Proceeds) Ordinance, the Organized and Serious Crimes Ordinance, the United Nations (Anti-Terrorism Measures) Ordinance, the United Nations Sanctions Ordinance and the Weapons of Mass Destruction (Control of Provision of Services) Ordinance and similar legislation in all jurisdictions in which Banpay operates.
Refers to a day other than a Saturday, Sunday or Public Holiday on which Banpay and/or its Affiliates (where applicable) are open for business in its registered place of business or a day on which banks and foreign exchange markets are open for business in the principal financial centers of the countries of the relevant currencies (as required).
Refers to the individual or legal entity who enters into this Agreement and in whose name the Account is registered.
An ”agent” under the UK Electronic Money Regulations 2011.
Any charges payable by the Client to banpay for using the BASE.
An electronic money and payment account opened with a Service Provider. Initially, accounts will be opened with ____________ in the UK or such other Service Provider as shall be notified from time to time, as introduced by banpay (UK) Limited as an EMD Agent of ________ in the UK or such other Service Provider as shall be notified from time to time.
Refers to the available options of banpay multi-currency accounts.
A person that is (i) listed on or owned or controlled by a person listed on sanctions list; (ii) located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of country-wide Sanctions; or (iii) otherwise a target of Sanctions.
Any economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (i) Hong Kong; (ii) the United States; (iii) the United Nations; (iv) the European Union; (v) the United Kingdom; (vi) Canada; (vii) any other jurisdiction in which banpay operates; or (viii) the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”) (together “Sanctions Authorities”).
The Specially Designated Nationals and Blocked Persons list issued by OFAC, the Consolidated List of Financial Sanctions Targets issued by Her Majesty’s Treasury, or any similar list issued or maintained or made public by any of the Sanctions Authorities.
Participants who include banks, payment service providers, clearing networks and other third-party payment processing services used by banpay while supplying the BASE.
When using the BASE, a Client or any third party authorized may submit content to banpay. Any collection, use or processing of information by us shall be restricted to the purposes necessary for, or incidental to, the provision of the BASE pursuant to this Agreement unless your prior consent is obtained.
The Client agree that banpay reserves the right to access and/or disclose data collected from a Client and any third party authorized by you in order to comply with requests from government and/or regulatory authorities. Client further acknowledges that banpay reserves the right to disclose personal data to third parties in the event that Banpay reasonably believes your use of the BASE is deemed as a breach of the terms and conditions of this Agreement.
Clients may contact Client Support at any time by sending a message through the contact links on the Banpay Website or via e-mail at email@example.com.
Client agree that banpay may provide notice or other information by posting it on the banpay Website(s) (which may include information only accessed by logging into your Banpay Account), emailing it to the email address listed in your banpay Account, mailing it to the business address listed in your banpay Account, calling you by phone, or sending you a “text” message. You shall have internet access and an e-mail account to receive communications and information relating to BASE. A Client may request a copy of any legally required disclosures (including this Agreement) from banpay and we will provide this to the Client in so that the documents can store (for example, by e-mail) and you may refuse receiving such communications by contacting Banpay as described in paragraph 3.1 above. Banpay reserves the right to close your banpay Account and your Account if you withdraw your consent to receive electronic communications.
All Fees that may be charged by banpay are disclosed on the “Pricing” page of the Banpay’ website or are as may have been agreed with you through separate communications. The Fees are subject to adjustment at banpay’ sole discretion. You agree to pay all Fees and your continued use of the BASE indicates your continued acceptance of the Fees. When we adjust our Fees, we will send you an email notification. If you have any questions or are unclear as to any Fees, you should contact banpay.
Fees payable by Client may be deducted from the settlement transaction at the time the settlement transaction is executed or charged separately. Client hereby authorize banpay to so deduct such Fees.
As further indicated in Section 7.3 below, Banpay reserves the right to close your Global Account in the event its balance does not allow Banpay to deduct and collect the applicable monthly Fees.
The Client represent and warrant that it is not acting on behalf of, or for the benefit of, anyone else, unless in case of a natural person, opening the account for and under the direction of the company or legal person or entity, that employs such a natural person.
Client hereby undertake, until the term or termination of this Agreement, to communicate promptly to Banpay any change in your business ownership, management structure, business activities and contact details.
Client shall obtain any necessary authorizations from data subjects for the required transfers of information within the scope of the BASE. The Client is responsible for the legally compliant collation, storage and transmission of information (in particular personal data) to Banpay. The Client hereby represent and warrant that the data with respect to third parties that is communicated to Banpay for the purpose of being read, kept or processed by Banpay (a) with respect to such data you hereby (i) are deemed to be and (ii) accept to be controller; (b) such data has been collected and received from the relevant party in full compliance with applicable data protection laws applicable to such third party as data subject and (c) such data has been communicated with the explicit and informed consent of such party to the communication and processing of this data.
The Client shall comply with this Agreement and all Applicable Laws and must not cause Banpay to breach any Applicable Law. You shall notify Banpay in the event that you become aware of any breach of Applicable Laws.
The Client shall fully comply with all Applicable Laws to which you may be subject. The Client procures that none of its directors, officers, agents, employees, or persons acting on behalf of the foregoing is, a Restricted Person and do not act directly or indirectly on behalf of a Restricted Person. You must supply to us details of any claim, action, suit, proceedings or investigation against you or such persons with respect to Sanctions by any Sanctions Authority to the extent permitted by law, promptly upon becoming aware.
In the event of a breach of the above provisions, you shall be liable to banpay for the resulting damages and indemnify banpay in the internal relationship from any claims of third parties.
The Hong Kong Deposit Protection Scheme (“DPS”) does not apply to the funds sent, exchanged or received in connection with the Services. You acknowledge and agree that we are not a bank and do not provide you with a bank account, and so our Services are not covered by the DPS. You further agree that the Account is a ‘virtual account’ and is not a bank account and that you will not earn interest or be entitled to any interest on any funds.
To safeguard a Client’s funds, banpay has implemented reasonable administrative and technical measures to protect and safeguard the funds collected or received for you in connection with the BASE. Banpay will hold such funds in designated bank accounts segregated from banpay’s corporate funds, and will not use such funds for its own operating expenses.
If the Client wishes to terminate this Agreement, your banpay Account or your Account, you may do so by sending us an email at firstname.lastname@example.org. The provisions of this Agreement relating to ownership provisions, warranty disclaimers, indemnity and limitations of liability shall survive termination of this Agreement.
When a Client’s Account is suspended or terminated, any further attempted use of the BASE will result in your funds being rejected, and may warrant notification to appropriate authorities. You are solely responsible for any fees incurred in connection with the rejected payments.
Banpay reserves the right to close any Account in the event that it remains inactive for more than 3 months or in the event that the balance on your Global Account does not allow Banpay to deduct applicable monthly Fees.
Banpay will keep updating the BASE and may amend the terms of this Agreement at any given time. In the event of such amendments, an email notification will be sent out with at least (10) business days before the changes take effect. In case of disagreement to the changes, the Client will be responsible for terminating this Agreement within the designated notice period.
In the absence of such notification before the proposed date of their entry into force, the Client will be deemed to have accepted those changes if continued to use BASE is demonstrated. The continued use of BASE will be subject to the new terms taken into place on the specified date. Any transaction or dispute that arose before the changes shall be governed by the Agreement that was in place when the dispute arose.
Banpay shall be entitled to involve third parties in providing BASE. Banpay may require that certain processing steps are carried out directly through such third parties, completely or partially at its discretion and in compliance with the relevant regulation.
By requesting the opening of a GBP and/or EUR account, you are appointing Banpay as your agent to do so on for and on your behalf and enter into the relevant account opening agreement with the chosen provider for and on your behalf. The GBP and/or EUR account will be opened in your name with the chosen Service Provider details of which will be provided to you at the time of opening.
Banpay is subject to Applicable Law regarding the fight against money laundering and the financing of terrorism. Banpay reserves the right to obtain information from the Client, including, but not limited to, information about Client’s identity, business transactions, business relationships, and/or financial information. In addition, Banpay must take all the steps necessary to identify you and, where appropriate, the beneficial owner of the Account linked to the banpay Account. The Client acknowledges that banpay may terminate or postpone, at any time, the use of login details, access to an Account, or execution of a transaction in the absence of any sufficient information about its purpose or nature.
Should one or several provisions of this Agreement be or become invalid or prove to be unenforceable, this shall not affect the validity of the other provisions.
The Client agrees to indemnify, defend, and hold harmless banpay, its parent, affiliates, and their respective directors, officers, employees, and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the BASE, including but not limited to your violation of this Agreement.
Banpay acts as a service provider to the Client under this Agreement. Banpay does not act as a trustee, an escrow agent or stakeholder for you or your payer/payee. Banpay assumes no liability to or in respect of any products, services or any other part of your business.
This Agreement shall be governed by Hong Kong law and any claim or dispute under this Agreement shall be subject to the exclusive jurisdiction of the Courts of Hong Kong.