General Terms & Conditions

  1. Overview

1.1 The website located and accessible at https://monetum.com/, and any other related and associated websites are copyright works belonging to Monetum Group AG a joint-stock company with company number CHE-495.348.219 with the registered office located at Bahnhofplatz, 6300 Zug, Switzerland (the ‘Company’, ‘us’, ‘our’, ‘we’ ‘Monetum’)

1.2 These general terms and conditions, together with the documents referred to in them, govern Your access to and use of the Monetum services whenever You use them.

1.3 We advise You to read these Terms and Conditions carefully before accepting them. These Terms and Conditions (alongside the documents referred to within this document).

1.4 By accessing or using the Monetum services, You acknowledge and agree to be bound by these Terms, and You represent and warrant that You have the right, authority, and capacity to enter into these Terms. If You do not agree with any of these Terms’ provisions, You must not access or use the Monetum services/website.

1.5 All communication in respect of the Terms and Conditions and Services provided by us will be in English.

  1. 2. These Terms and Conditions govern the legal relationship between You as an individual or legal entity (“Monetum customer”, “User”, “You” or “Your”) and the company Monetum Group AG, registered in Switzerland under registration number CHE-495.348.219 with the registered office located at Bahnhofplatz, 6300 Zug, Switzerland, with its legal address at Bahnhofplatz, 6300 Zug, Switzerland, who is the provider of services under the business name Monetum (“Monetum”, “We”, “Us” or “Our”).

Monetum Group AG is a member of the Verein zur Qualitätssicherung von Finanzdienstleistungen – Financial Services Standards Association, an official FINMA-recognised Self-Regulatory Organisation, based in ZUG (CH), pursuant to the  Anti-Money Laundering Act (AMLA) since 1998. Monetum’s VQF SRO Membership no. 100856.

The evidence is available on the website
https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/

Monetum Group AG operates its business model under the “settlement exemption” regime (Article 5 of the Banking Ordinance), thus not accepting any customer “deposits” as defined under the Banking Ordinance 952.02.

Funds received in payment accounts are exclusively for executing payment transactions and are not considered deposits. Any funds held in a payment account must be used for payment processing purposes and will not be retained for longer than 60 days unless directly linked to an ongoing transaction. Monetum reserves the right to review and return funds that remain in an account beyond this period if they are not used for transactional purposes.

2.1 Definitions

Services or Monetum Services means all products, payment services, other services, content, features, technologies, or functions offered by us including the Web App, as defined below).

Web App or Monetum Web App means the Web platform that allows you to submit payment orders to Us.

Website means any webpage, including but not limited to https://monetum.com/, where we provide the Services to You.

Policies mean the terms specified at https://pay.monetum.com which explains how we process Your personal information, the data we collect about You, and/or information You provide (or share) with us. By using our Services, You consent to such processing, and You confirm that all data provided by You is true and accurate.

Price List means the price list and the fees payable to Us for the provision of the Services. It is noted within these terms and conditions that Monetum Group AG has two separate price lists, a Personal Price List and a Business Price List, hereinafter jointly referred to as the Price List. The Price List forms an integral part of these Terms and Conditions and also governs the legal relationship between You and Us.

Personal Price List means the price list setting down the fees which apply to Monetum Personal Users. You can find the most up-to-date version of our Personal Price List on our Website.

Business Price List means the price list setting down the fees which apply to Monetum Business Users. Fees are determined on an individual basis for each client.

Your Monetum Account means the payment account You have opened with Us in accordance with these Terms and Conditions for the use of our services by You in exchange for the fees You pay Us

Terms and Conditions means an agreement on the provision of services which defines the terms and conditions of (a) the opening of Your Monetum Account and (b) the use of Services provided by Us. The Terms and Conditions mean these Terms and Conditions collectively with the Price List and the Privacy Policy and Annexes.

Balance means funds held in Your Monetum Account.

Business Day means a day other than a Saturday, Sunday, or a public holiday in Switzerland. Our working hours are from 8.30 am to 5.30 pm Central European Time (CET).

2.2 By entering into the Terms and Conditions, You confirm:

  1. That You have carefully read and fully understood these Terms and Conditions together with all the relevant policies which You are advised to consult
  2. You are to provide Us with the documents, photo ID, and any data that We might require from You to comply with Our legal obligations.
  3. Monetum Services

3.1 Monetum shall provide You with the Services pursuant to the Terms and Conditions only through Your active Monetum Account in connection with the Monetum Web App (see Sections 4 and 5 below).

3.2 Under the Terms and Conditions, We undertake to transfer funds as per Your needs to and from Your Monetum Account.

3.3 You are authorised to dispose of the funds from Your Monetum Account by way of an electronic transfer order through the Monetum Web App.

3.4 The payment transactions will be processed by Us in accordance with these terms and conditions and within the time as set out in Clause 6 hereto (Payment Orders).

  1. Monetum Account

4.1 During Your account opening with Monetum Group AG You give us Your authority to check Your identity which might include a check of Your credit score. You will also be asked to provide information in respect of Your funds in accordance with regulations that our firm is obliged to follow as a VQF-supervised entity.

4.2 You agree to comply with any of Our requests for further information and provide such information in a form acceptable to Us.

4.3 If You are an individual, You must be at age of 18 years or older to use Our Services and by opening a Monetum Account You declare that You have reached the age of 18.

4.4 You confirm that You are informed and agree that: Monetum will review Your application for opening and maintenance of Your Monetum Account and You acknowledge that we have to reach a conclusion upon Your request to open the account. In order for us to reach this decision, we might have to request additional information and documents from You. We reserve the right not to accept Your application for account opening and servicing and/or to refuse Your account opening. We might not be able to provide You with the reasons for the refusal.

4.5 You are free to use the Monetum Account to make payment transactions in accordance with these Terms and Conditions. Your Monetum Account allows You to send or receive payments.

4.6 Monetum Account operates exclusively in EUR.

4.7 You are the only person who is authorised to use Your Monetum Account and to perform operations in Your Monetum Account. You may not use Your Monetum Account for the benefit of any third parties or for the performance of transactions on behalf of any third parties.

4.8 We may consider opening Your Monetum Account if You hold an official authority to manage the company of which You are not the owner. The authority document must clearly state that You are able to make decisions on behalf of that company. The authority document must be received from the Board director for the said Company.

4.9 You commit to Us that by opening and/or using a Monetum Account You do not breach any of the laws that are applicable to You.

4.10 By entering into these Terms and Conditions You agree that the Monetum Web App is developed and supported in English. In case of any questions, You can contact Us at any time via email on our support line by sending an email to support@monetum.com.

4.11 You confirm that funds which are used by/within Your Monetum Account are obtained and amount to a legitimate source of funds. You agree to provide us with the necessary information upon our immediate request, in respect of Your account transactions should we require this.

4.12 You acknowledge that We will not be supporting, performing, engaging in, aiding, or abetting any unlawful and fraudulent activity through the use of Your Monetum Account. You confirm that You will not use Your Monetum Account for any illegal purposes and/or fraudulent activities, including money laundering transfers, or receipts of payment for planning, preparation, or commitment of crime, for financing terrorism and illegal trade. You must not use Your Monetum Account for any purpose prohibited by these Terms and Conditions or by law or in any manner that could damage, disable, overburden, or impair Us.

4.13 You confirm that the Information provided by You is true, complete, and accurate and agree to immediately notify Us in writing of any changes in the information provided by You. You must immediately notify Us in writing of Your intention to perform any transactions on behalf of the third parties and/or if You hold third parties’ funds in Your Monetum Account.

4.14 You confirm that You are the owner of the funds held in Your Monetum Account and that You are not holding any third parties’ funds in Your Monetum Account.

4.15 You confirm that prior to opening an account at Monetum, You have read through Monetum’s customer eligibility criteria, which are stated at https://pay.monetum.com/, and that You do not fall under any of the onboarding restriction criteria.

4.16 In the event that Monetum has determined that You have violated the provisions within this document We reserve the right to immediately discontinue our cooperation with You and the provision of our services to You.

  1. Monetum Web App

5.1 Monetum Web App is a payment tool, and You can use the Monetum Web App as a personalised software in order to give/initiate payment orders to Us. When using the Monetum Web App, You agree to comply with the terms set out within this document

5.2 We reserve the right to restrict Your Monetum account accessibility should we suspect any unauthorised/fraudulent activity performed by You or anyone associated with Your Monetum account. Any activity by Us in respect of the above will be communicated to You in accordance with the Clause 8.1 of these terms.

5.3 In case Your Monetum Account is terminated by the Order of the Court – You will be notified in a reasonable manner.

5.4 When using the Monetum Web App, You are advised:

  1. To keep confidential Your PIN codes, Your personal data required to log in and operate Your Monetum Account, and other data used to access Your Monetum Account and immediately change them if anything of the above is compromised;
  2. Comply with Clause 13 (Due Diligence) and Clause 14 (Security) of these Terms and Conditions;
  3. Notify Us without undue delay on becoming aware of the loss, theft, misappropriation, or unauthorised use of the Monetum Web App;

5.5 You may make a notification of loss, theft, misappropriation, or unauthorised use of the Monetum Web App via email to support@monetum.com.

5.6 As the issuer of the Monetum Web App, Monetum shall:

  1. Provide You with personalised security credentials for the Monetum Web App which You have to keep safe and make sure they are not accessible to parties other than You; this is without prejudice to Your obligations under Clause 4;
  2. Prevent all use of the Monetum Web App once notification of loss, theft, misappropriation, or unauthorised use of the Monetum Web App has been made.

5.7  You shall be notified of any authorised payments through the Monetum Web App.

5.8 Monetum agrees that all information received by Monetum from You and/or Your bank in respect of the provision of the Services shall be confidential and stored in accordance with legal requirements.

  1. Payment Orders

6.1 You must set up Your payment order from Your Monetum Account and give Your consent to execute the payment transaction (payment authorisation) prior to its execution. To set up a payment order You need to provide certain information to Us including:

  1. The full name of Your recipient,

BYour recipient’s bank account details or their Monetum Account details,

  1. Amount to be transferred.

6.2 Information specified in the payment order must be complete, accurate, and unequivocal.

6.3 The payment transaction will only be authorised after You give Us Your consent through the Monetum Web App by identification codes issued by Us for each payment order.

6.4 You can revoke Your consent for the payment transaction up until the time when the payment order has been received as defined in Clause 6.5.

6.5 The payment is considered to be received when You enter and confirm (authorise) the payment order (the payment transaction) in the Monetum Web App by giving Your consent (Clause 6.1). You cannot revoke the payment order after the payment order has been received by Us.

6.6 Once We have received Your payment order, We will execute it by securing the transfer of the relevant amount of payment transaction specified in the payment order to the payee’s provider of payment services and We will deduct the Balance from Your Monetum Account by the relevant amount of payment transaction including all applicable fees payable to Us under Clause 7 (Fees). You shall ensure that the amount necessary for the execution of the payment order and for the related fees are available in Your Monetum Account, which is to be debited for the respective payment according to the instructions of the payment order.

6.7 You need to provide Us with sufficient funds before We can process Your payment order. We will only execute Your payment order if you have sufficient funds in Your Monetum Account. We are not obliged to execute Your payment order if the Balance on Your Monetum Account is insufficient to make the full transaction including all applicable fees payable to Us. In such a case, We can decline Your payment order and We will inform You of the same through the Monetum Web App.

6.8 If You are the payer of the payment transaction, the maximum period of time during which the funds are credited to the payee’s payment service provider’s account may not exceed 4 Business Days from the acceptance date.

6.9 If Your payment order is received by Us after the cut-off time (after 5.30 CET) for acceptance of payment orders on a Business Day or not on a Business Day, Your payment order will be submitted on the following Business Day.

6.10 We carry out verification checks, and these checks may increase the time it takes to process Your payment order. We cannot be responsible for any delays as a result of carrying out those checks.

6.11 In case We are unable to complete Your payment order, We will use our best endeavours to let You know that and, if possible, provide You with the reasons for the refusal and an explanation of how to correct any factual errors, if any.

6.12 If You are the payee of the payment transaction, We will ensure that the amount of the payment transaction is credited to Your Monetum Account immediately after it has been credited to Our account.

6.13 You should always have a zero or positive Balance in Your Monetum Account. If Your Monetum Account goes into a negative Balance as a result of a chargeback, reversal of a transaction, deduction of fees or any other action, You must repay the negative Balance immediately without any notice(s) from us. We may send reminders to You or take other reasonable actions as necessary to recover the negative Balance in Your Monetum Account, e.g. We may use a debt collection service or take further legal action against You; in such case we will charge You for any legal costs We may incur as a result of these additional collection efforts.

6.14 If You have noticed that the funds have been credited to Your Monetum Account by mistake or due to Our error, or in any other way that has no legal basis, You are required to immediately notify Us about it no later than 1 Business Day after noticing the incorrectly credited funds. You acknowledge and understand that You have no right to dispose of funds that do not belong to You. In such situations, You give Us Your irrevocable consent and We are entitled without obtaining any additional consent from You or instructions from You to correct the error and debit (withhold) such funds from Your Monetum Account. If the amount of funds on Your Monetum Account is insufficient to debit the funds credited by mistake, error, or without legal basis, You unconditionally commit to ensuring that there is a sufficient Balance in Your Monetum Account to repay Us money credited by mistake in 3 (three) Business Days from the receipt of such a request from Us.

6.15 We have the right not to credit the received payment amount in Your Monetum Account if Your Monetum Account number is correct, but the rest of the information does not match with the existing data available to Us. If We exercise Our rights under this Clause, then the funds received from other payment service providers shall be transferred back to the payer’s payment service provider or a request shall be sent to the payer’s payment service provider to clarify the payee’s details. We have the right to suspend the crediting for the time necessary for obtaining and evaluating information and documents.

  1. Fees

7.1 Monetum User shall pay fees for the Services provided by Monetum pursuant to the Price List which may be subject to a change as set out in Clause 7.7.

7.2 If We have agreed with You on a Business Price List, We will provide the Business Price List for You to accept prior to committing to these Terms and Conditions.

7.3 If any fee for the Services provided by Monetum pursuant to the Price List is determined as a fixed amount for a given period, We shall be entitled to such fee in full for this period.

7.4 You acknowledge and understand that Monetum may change its Price List in accordance with the global/external changes/factors which might affect the pricing of the Services We provide to You. If Your risk factor has changed with Us, Our Services to You will be suspended up until such time as You accept Our new Price List which is tailored to Your risk category.

7.5 The new Price List introduced to You by Monetum must be accepted within two months if You are a consumer and within 10 working days if You are a corporate client from the first introduction. You confirm Your understanding that the Terms and Conditions You entered into with Monetum prior to the change of Your risk category are automatically terminated up until the time You accept our new Price List which is tailored to Your current risk category.

7.6 In case any change in Your risk category poses an unacceptable risk to Monetum or third parties, point 19.6 (J) of the termination clause applies.

  1. Communication with Monetum

8.1 These Terms and Conditions are provided in English. We communicate with You and provide You with contractual conditions and other information in English, unless agreed otherwise, by the following means:

  1. Using the Monetum Web App;
  2. via email to support@monetum.com;

8.2 by accepting these Terms and Conditions, You agree to receive all notifications from Us in relation to Monetum Services in electronic form. We shall provide all notifications by their posting in the Monetum Web App or by sending them to Your email address, which You have indicated by entering into these Terms and Conditions.

8.3 You are responsible for accessing Your Monetum Web App on a regular basis, for regular control of Your Monetum Web App and our website for any updates. You shall review all messages related to Monetum transaction history and immediately ask any questions You might have, report any revealed mistakes or unauthorised Monetum transactions promptly.

8.4 You agree that at all times Your valid email address is kept in Your Monetum Account profile. Should the email address change You are obliged to request us to change it in Your Monetum Account profile. You should check for incoming messages both regularly and frequently as they may contain links to further communication on Our Website. If You don’t check Your email and other means of communication, You will miss information about Your transactions and our Services. We cannot be held liable for any consequence or loss if You do not adhere to Your responsibilities.

8.5 We may contact You from time to time to notify You of any changes or disclose information related to Your Monetum Account. To reiterate, You shall be responsible for carrying out regular checks of Your Monetum Account and keeping all Your contact details stored in Your Monetum profile up to date.

  1. Complaint Procedure

10.1 We always do Our best, but We realise that things sometimes go wrong. If You have a complaint, please contact Us.

10.2 If You are unhappy with how We have dealt with Your complaint, You can refer it to the Financial Ombudsman Service within six months of the date we sent (or should have sent) Our final response to You.

Financial Services Ombudsman – Switzerland

Address: Avenue de la Gare 66, 1920 Martigny, Switzerland

Phone: +41 27 552 04 24

E-Mail: info@finsom.ch

You can find more information on their website: https://finsom.ch/en/

10.3 If You’d just like to speak to someone about any issue that is concerning You, please contact Us. We can usually settle matters quickly. You’ll probably need to give Us the information specified in Clause 10.4 herein.

10.4 You’ll need to tell Us: Your name, phone number, and email address associated with Your Monetum Account, when the problem arose, and how You’d like Us to put the matter right. We’ll look into Your complaint and respond to You by email. We will communicate with You in English unless We tell You otherwise. We will handle Your complaint in accordance with Our rules for handling complaints published on Our website.

10.5 If You prefer You can email Us at support@monetum.com.

10.6 The information provided in these Terms and Conditions is valid until an updated version of these Terms and Conditions has been adopted by Us and communicated to You.

  1. Unauthorised and Incorrectly Executed Payment Transactions

11.1 If You are a consumer and You claim that You have not authorised an already executed payment transaction or that the payment transaction has been executed incorrectly, We will provide You with the evidence that this payment transaction has been authenticated, correctly recorded, accounted for and that it has not been affected by technical defect or other malfunction; otherwise, it is presumed that the payment transaction is unauthorised or incorrectly executed.

11.2 Your right arising from an unauthorised or incorrectly executed payment transaction does not exclude Your right to claim damages or unjust enrichment. However, what can be obtained from Us by asserting a right arising from an unauthorised or incorrectly executed payment transaction, cannot be claimed on any other legal grounds.

11.3 As a payer You may assert Your right to rectification of an unauthorised or incorrectly executed payment transaction before a court or another competent authority if You notify Us of the unauthorised or incorrectly executed payment transaction without undue delay after becoming aware of it, but no later than 13 months (if You are a consumer) or no later than 1 month (if You are not a consumer) after the date on which the payment transaction amount was debited from Your Monetum Account.

11.4 As a payee You may assert Your right to rectification of an incorrectly executed payment transaction before a court or another competent authority if You notify Us of the incorrectly executed payment transaction without undue delay after becoming aware of it, but no later than 13 months (if You are a consumer) or no later than 1 month (if You are not a consumer) after the date on which the payment transaction amount was credited to Your Monetum Account.

11.5 If You fail to notify Us of an unauthorised or incorrectly executed payment transaction in time and if We invoke late notification, a court or another competent authority shall not grant You the right to rectification of an unauthorised or incorrectly executed payment transaction.

11.6 If a circumstance which is unusual, unforeseeable, independent of Our will and whose consequences could not have been avoided by Us, have prevented the fulfilment of Our duty relating to execution times for payment transactions or to rectification of unauthorised and incorrectly executed payment transactions, We are not liable for the failure to fulfil this duty.

11.7 You (the customer of Monetum) confirm Your understanding to Us that when We deal with the process of Your payment, We cooperate with the relevant Banking institutions (Third Parties). We use our best endeavours to process Your payment the same day (if it is approved by Us). Notwithstanding, the Banking institutions that we work with (a Third Party) reserve their own right to suspend the operation/progress of Your payment at any time if there is a good reason for them to do so. You, therefore, acknowledge that any unexpected delays in very rare circumstances might happen and that this is out of our control and cannot amount to our liability to You in this regard.

11.8 If You use Monetum Services for any commercial or business purpose (even for any commercial or business purpose not related to Your main activity) we will have no liability to You for any loss or profit, loss of business, any kind of business interruption, or loss of any opportunity related to any business.

  1. Effective Date and Term of Our Agreement

12.1 The business relations between You and Monetum under these Terms and Conditions shall become effective when We have verified the required information and documents from You and We confirm to You that We agree with entering into these Terms and Conditions with You.

12.2 The terms of this agreement made between You and Us under these Terms and Conditions are entered into for an indefinite period of time or until such time when either party formally terminates the relationship with the other one.

12.3 If You do not fulfil obligations provided in Clauses 12 and/or the result of Your identity verification and due diligence is not satisfactory to Us and/or does not comply with applicable law, We may refuse to establish a business relationship with You and refuse to enter into these Terms and Conditions with You.

  1. Due Diligence

13.1 Monetum shall perform Your identity verification as required by applicable law and/or internal procedures established by Monetum. Monetum is entitled to request all and any information and documents from You in order to perform due diligence checks under the applicable law and/or internal procedures adopted by Us and You agree to provide the requested information or documents in the form and within the time period indicated by Monetum.

13.2 You hereby consent to collaborate with Us in all events when We are performing our duties under the due diligence investigations which We are expected to perform before entering into an agreement for provisions of Services to You. To enable You to use all available functions and in order to comply with Our obligations, We may request to provide You any additional information to Us which we may consider to be helpful in a particular transaction.

13.3 Should You fail to comply with Our request for information and/or documents or fail to comply with the aforesaid within the time limit or to the extent required by Us, or if We fail to obtain or verify such additional information or result of the due diligence is not satisfactory or does not comply with law, We are entitled to refuse establishing a business relationship with You, or to block, suspend or limit Your access to Your Monetum Account and/or other Monetum Services, or terminate business relations with You.

13.4 We accept information and documents in English language. In case any information and documents are issued/prepared in other languages, we will have the right to set requirements in respect of the form, language or certification of this document or its translation for its acceptance.

13.5 All information and documents You provide to Us (and this is Your direct responsibility) must be complete, accurate, truthful, and provided on time. You must update this information whenever it changes.

13.6 Provided compliance with confidentiality obligations, We may verify both information disclosed by You and information related to You and Monetum Web App users obtained from Our search or provided by third parties from any databases. By consenting to these Terms and Conditions, You agree that We or any authorised third party may carry out such verification.

13.7 We shall ensure that all data in Your Monetum Account is always exact and valid. If We suspect that Your data is outdated or incomplete, We are entitled to contact You and request that You pass verification one more time. In this event, We may suspend or restrict Your access to Your Monetum Account and Your Monetum transaction limit shall be restricted for the period of Your identity check. We shall not be liable for any losses caused by Your failure to promptly update Your data.

13.8 We have a right to refrain from the provision or performance of financial services if We have information or reasonable grounds to believe that Our Customer or related person is involved in fraudulent activity of any kind.

13.9 We shall not be liable for any loss caused to You or any third parties as a result of providing financial services or refusing the execution of such services, suspending, or terminating such services if this was a reasonable step to take in accordance with the due diligence process of investigations.

  1. Security

14.1 As a Monetum User, You shall make Your best efforts to:

  1. Maintain the security of Your login/username to the Monetum Web App; and
  2. Prevent unauthorised access to Your Monetum Web App.

14.2 Every Monetum User shall:

  1. Logout from Monetum Web App every time they leave the device, they use for Monetum Web App;
  2. not record or disclose their login/username;
  3. not disclose any data related to the security of the Monetum Web App;

14.3 If You become aware of any abuse, theft or unauthorised use of a username, PIN or any other actions, which seem suspicious to You, You must contact the support services through Monetum Web App.

  1. Limitations on Monetum Services

15.1 It is prohibited:

  1. to use Monetum services for any illegal purpose, including but not limited to, the following: fraud and money laundering, illegal transactions in sexual materials or services, forged goods, illegal gambling, sale, and purchase or facilitating sale and purchase of any illegal goods and services, the financing of terrorist organizations, illegal sale or purchase of tobacco, weapons, prescription medicines, and any other controlled or prohibited substances. Monetum shall report any suspicious activities and cooperate with all relevant law enforcement and regulatory bodies;
  2. to use Monetum services for abuse, operation, and bypass any restrictions imposed by business in relation to their services or to obtain any goods or services without payment of due amounts in full or in part;
  3. to violate these Terms and Conditions and any other regulations or rules agreed upon with Monetum;
  4. to use Monetum services to violate laws, regulations, orders, and judgments;
  5. to infringe copyright, patents, trademarks, trade secrets or any other intellectual property rights, publicity rights or privacy rights of Monetum or any third persons;
  6. to act in any discrediting, libellous, intimidating, or molesting manner by using Monetum services;
  7. to disclose misleading, incorrect or false information;
  8. to instruct Us to transfer or accept on Your behalf money that We reasonably believe to be obtained in an allegedly illegal way;
  9. to refuse to cooperate with any due diligence investigations or refuse to provide the required information in order to pass the due diligence process;
  10. to manage a Monetum Account that is allegedly involved in the above-mentioned activities;
  11. to perform any actions that can unreasonably or excessively overburden Our infrastructure; facilitate any viruses, trojan horses, worms, or other software that can damage, have unfavourable effects on, secretly listen to or steal any information system, data or information; run anonymized proxy servers; use any robots, spiders or other automated or manual devices to track or copy Our websites without Our prior written consent; interfere or attempt to interfere with Monetum services;
  12. to perform any actions which can cause any loss of service of Our online service providers, payment processors or any other vendors;
  13. to harras Our employees, trade representatives or any other Monetum users;
  14. to refuse to cooperate with any investigation or refuse to provide identification documents or information that You failed to disclose;
  15. to use Monetum services in any way that We believe violates some of the relevant electronic payment rules, payment system or network rules or the relevant regulations;
  16. to refuse or fail to disclose any detailed information related to You or Your business, which We may reasonably request;
  17. to disclose Your login/username to any person or use the login/username of any other person.

15.2 If Monetum at its own discretion believes that You could breach these Terms and Conditions, We may make efforts to protect ourselves, other Monetum users and any third parties. Such efforts may include, but not be limited to the following:

  1. contact other Monetum users who made transactions with You or Your bank and/or warn other Monetum users, law enforcement or third parties that can be affected by Your activities;
  2. update incorrect information provided by You;
  3. take the relevant legal actions;
  4. terminate Our business relations or Your access to the website;
  5. cancel the Monetum transaction in full or in part.

15.3 If possible, Monetum shall disclose information related to the relevant efforts unless We are prohibited from doing this under the relevant legal regulations, which prohibit the disclosure of confidential information of the third party or interference with the investigation.

  1. General Liability

16.1 As a Monetum User hereunder You shall be liable for Your actions and omissions. You shall also be liable for all obligations, liabilities or any other responsibilities related to Monetum, Monetum users or the third party due to the breach of these Terms and Conditions by using Your Monetum services and Your Monetum Account. You shall indemnify Monetum, Monetum users or the third party for all liabilities as provided by law.

16.2 You shall be responsible for Your understanding and compliance with all laws, rules, and regulations within Your specific jurisdictions, which are related to Your use of Monetum services.

16.3 To the extent that applicable law permits, Monetum shall not be liable, and You agree that You will not hold it liable for any damages or losses (including but not limited to the loss of money, goodwill or reputation, profits, and any other intangible losses and any exceptional, indirect or consequential damages) directly or indirectly resulting from:

  1. activities of Monetum Web App users based on Your orders according to these Terms and Conditions and any limitations imposed by Monetum Web App,
  2. actions or omissions of the third parties,
  3. suspensions or any other steps made in relation to Your Monetum Account,
  4. illegal steps and operations of the third parties made by the use of false and/ or illegal documents or data obtained illegally,
  5. any loss or damage caused by malware, spyware, fishing, virus, or any other technological attacks or harmful material that may infect Your computer equipment, software, data, or other proprietary material related to Your use of Monetum Web App.

16.4 You are liable for breaking these Terms and Conditions or applicable laws. In the event of loss or claims or costs and expenses arising out of Your breach of these Terms and Conditions, any applicable law or regulation, and/or Your use of Our Services, You agree to compensate Us and Our affiliates and hold Us harmless. This provision will continue after Our business relationship ends.

  1. Cancellation of Your Monetum Account

17.1 Your Monetum Account shall be cancelled after the termination of these Terms and Conditions according to Clauses 18 (Amendments to These Terms) and Clauses 19 (Termination).

  1. Amendments to These Terms

18.1 We may propose to You at any time amendments to these General Terms and Conditions and the Price List, no later than:

  1. 2 months before the effective date of the amendment to the Terms and Conditions specified in the proposal, if You are a consumer, or
  2. no later than 15 days before the effective date of the amendment to the Terms and Conditions specified in the proposal if You are not a consumer.

18.2 It is agreed between You and Us that it shall be deemed that You have accepted Our proposal for an amendment to these Terms and Conditions:

  1. If We have proposed the amendment to these Terms and Conditions no later than 2 months before the proposed effective date of the amendment, if You are a consumer, or no later than 15 days before the proposed effective date of the amendment, if You are not a consumer;
  2. If You have not rejected the proposal for an amendment to these Terms and Conditions before the effective date of the amendment;
  3. In case You are a consumer, if We have informed You of this consequence in the proposal for an amendment to these Terms; and
  4. In case You are a consumer, if We have informed You in the proposal for an amendment to these Terms and Conditions of Your right to terminate these Terms and Conditions in accordance with Clause 18.3;
  5. If You have accepted Our proposal for an amendment to these Terms and Conditions via Monetum Web App before the proposed effective date of the amendment.

18.3 If You are a consumer and You reject Our proposal for an amendment to these Terms and Conditions in the case referred to in Clause 18.2, You may terminate these Terms and Conditions free of charge and with immediate effect prior to the proposed effective date of the amendment.

18.4 If any amendments to these Terms and Conditions are required by law or related to a new service or option added to the existing services or a reduction in the service price or any other change that does not limit Your rights or increase Your liability, such amendments may be made without prior notification with an immediate effect.

  1. Termination

19.1 It is agreed that We may terminate these Terms and Conditions at Our own discretion at any time; in such case, these Terms and Conditions shall terminate upon expiry of a two-month notice period if You are a consumer or of a ten-day period if You are not a consumer.

19.2 You may terminate these Terms and Conditions at Your own discretion at any time; in such case, these Terms and Conditions shall terminate upon expiry of a one-month notice period if You are a consumer or of a two-month notice period if You are not a consumer. If You terminate these Terms and Conditions earlier than 6 months after entering into these Terms and Conditions, We may charge You a fee corresponding to Our costs incurred in connection with Your termination.

19.3 No termination of these Terms and Conditions shall affect any of Your rights or obligations that arose before the date of termination and shall survive such termination due to their features.

19.4 We or You may withdraw from these Terms and Conditions in cases stipulated by the law, i.e., in particular, if the other party fundamentally breaches these Terms and Conditions or if the other party fundamentally breaches its contractual duty by default. Upon withdrawal, these Terms and Conditions are terminated from the moment the notice of withdrawal has been delivered to the other party.

19.5 If You are in breach of these Terms and Conditions (including the breach of Your obligation to repay all outstanding debts), We may terminate these Terms and Conditions in accordance with the above provisions and/or:

  1. suspend Your use of the Monetum Services (in full or in part),
  2. report any Monetum transaction or any other relevant information about You and Your use of Monetum services to the relevant regulatory or law enforcement authority and/or ministry; and/or
  3. claim damages from You.

19.6 We are entitled to unilaterally without prior notice to immediately close the Monetum Account and terminate these Terms, notifying You in writing if:

  1. You have provided Us with false information or documents;
  2. You have not provided to Us within the set timeframe with the requested information (documents) or have provided false or incomplete information (documents);
  3. We believe or have established that the documents provided by You are counterfeit and/or information (documents) do not correspond to the actual circumstances;
  4. We believe or have established that there is an unidentified and unauthorised individual acting on behalf of You;
  5. We believe or have established that the true beneficiary indicated by You is a different person;
  6. We believe or have determined that You have tried or are using Our services for illegal purposes – for fraud or other illegal activity;
  7. There is reasonable suspicion that the Customer, a person related thereto (including its member or ultimate beneficial owner), business partner of the Customer and beneficial owner of a transaction (such as the final recipient of actual assets, goods or services) corresponds to at least one of the following criteria:
  8. is a person subject to sanctions;
  9. is located or established in the country or territory subject to sanctions;

iii. is directly or indirectly related to the person (including any institution, organisation or other legal establishment), country or territory subject to sanctions;

  1. There is a reasonable suspicion that the relevant Service or transaction initiated by the Customer (including the one that provides a benefit to the Customer) is directly or indirectly related to:
  2. the person (including any institution, organisation or other legal establishment) subject to sanctions;
  3. the goods or services subject to sanctions;

iii. the country or territory subject to sanctions;

  1. You have a negative Monetum Account Balance; In case of negative Balance, We may forward Your debt to a debt-collecting agency;
  2. Your risk rating increases to an unacceptable level;
  3. We have reasonable grounds to suspect that You or Your funds in the Monetum Account are involved in fraudulent activity and proliferation financing or other illicit activities;
  4. We have information about extraordinary circumstances beyond Our control that may affect the safety or confidentiality of Your and/or other customers’ funds or inflict losses;
  5. Transactions, reputation, economic activity, personal activity or any other activity or inactivity of the Customer or a person related to it (including its true beneficiary) have or may have adverse consequences for Monetum, been abusive to anyone at Monetum or its related companies or persons, or put Us in a position where We might break the law;
  6. We have information that You are involved in an illegal activity and/or other negative information about You or related to You that could damage Our reputation;
  7. Our right to terminate the Terms and Conditions immediately results from the regulatory enactments binding to Us;
  8. If You have not performed transactions on the Monetum Account for more than 6 (six) consecutive months;
  9. In accordance with Clause 4.14

19.7 Prior to closing the Monetum Account for any reason:

  1. We will debit the Monetum Account for the funds due to Us pursuant to the Terms and Conditions or other agreements concluded with Us.
  2. You must transfer from Your Monetum Account to Your own account opened with a credit institution all remaining funds after we have deducted the fees payable to us under this agreement.

19.8 If there are funds left on the Monetum Account and they are not transferred from the Monetum Account at the time it is already closed, We are entitled to charge the relevant fees and charges provided in Your Price List.

19.9 Notwithstanding Clause 19.7, We are entitled to hold Your funds and not execute a payment order for as long as permitted by law in order to protect Our interests or a third party’s interest.

19.10 Both parties agree that the account may be closed immediately upon mutual agreement. This mutual agreement must be documented in writing and signed by both parties.

19.11 Withdrawals from all terminated accounts will be allowed only in EUR.

  1. Miscellaneous and Final Provisions

20.1  Monetum may record and store all communications between You and Monetum to verify the instructions and actions performed, protect its own legal rights, and improve the services and training of its employees. Personal data shall be processed according to the Privacy Rules published on Our website.

20.2  Only You and we have any rights under these Terms and Conditions. The Terms and Conditions are personal to You and You cannot transfer any rights or obligations under these Terms and Conditions to anyone else.

20.3  We will only transfer any of Your and our rights or obligations under these Terms and Conditions if we reasonably think that this would not have a significant negative effect on Your rights under these Terms and Conditions or if we need to do so to meet any legal or regulatory requirement.

20.4  The Laws of Switzerland apply to these Terms and Conditions. If these Terms and Conditions are translated into another language, the translation is for reference only, and the English version will apply.

20.5  If We fail to exercise any right following these Terms and Conditions or the relevant regulations, this shall not mean Our waiver thereof.

20.6  If any terms specified in these Terms and Conditions are held invalid or ineffective, the invalidity or ineffectiveness thereof shall not impair the validity of other provisions of these Terms and Conditions and all remaining provisions, which such invalidity or ineffectiveness does not relate to, shall remain valid and effective to the full extent.

20.7  Unless the context requires otherwise, all words in the singular shall include the plural and vice versa.

20.8  Unless the context requires otherwise, one gender shall include all other genders.

20.9  Any reference to a provision of law or regulation shall refer to their latest version, advanced version, or newly adopted version.

20.10  Any reference to a written form shall also include e-mail and online communication through the Monetum Web App.

20.11  Any obligation of either party hereto to avoid doing something shall include its obligation to prevent doing something.

20.12 Any reference to these Terms and Conditions or any other agreement or document referred by these Terms and Conditions shall be a reference to these Terms and Conditions or any other agreement or document as may be amended and restated from time to time.

20.13  Any words used after the expressions “including”, “in particular” or any similar words shall be interpreted to be illustrative without limiting the meaning of words, descriptions, definitions, phrases or terms preceding such Terms and Conditions.

20.14 Any attachments hereto shall be an integral part of these Terms and Conditions where You and Monetum express Your consent with the use of specific services as they are defined in such attachments.

  1. Collection and Use of Monetum customer Information (Opt-in)

21.1 By providing Your personal data (i.e., email address and telephone number) to Us and by accepting these general terms and conditions You are actively giving Your consent (opting-in) to the processing of Your personal data for the purpose of receiving services and specific additional information provided by Monetum.

21.2 If You wish to opt-out from receiving commercial communication from Monetum (i.e., information about Monetum’s new products, special offers, etc.), You can unsubscribe from it at any time by providing a statement through Monetum’s website and instructing Monetum not to use Your personal information such as email address and telephone number for this purpose.

21.3. Your personal information shall only be used and collected for the purposes outlined within these terms and in compliance with Monetum’s privacy policy, as well as in compliance with any further consent that Monetum receives from You and/or otherwise permitted or required by law.

21.4  In case of You withdrawing Your consent (except for the withdrawal of consent to receive commercial communication), we may not be able to comply with some of the provisions outlined in the privacy policy, such as the use of services made available on our Web application software, as well as protecting of our legal interests, including prevention of unlawful activities and thus, may be forced to block and delete Your Monetum Account.

21.5 Monetum will store Your personal data for no longer than 5(five) years from the date of termination. Your data will be stored beyond this retention period if such retention is justified for statutory, regulatory, legal or security reasons or for their historic value.

21.6  The Client is informed about the use of OTP (One Time Password) text messages use and gives his consent to receive such messages from Monetum.

21.7  OTP text messages will be sent to the Client either upon the Client’s phone number provision while opening an account with Monetum Group AG or upon updating contact information in the Client’s online profile.