E-money Account–Terms of Use
Our payment services are governed by these Terms of Use. Please read
them carefully.
1. CSC24Seven.com Limited (“CSC24Seven.com”)
1.1 CSC24Seven.com Limited is a company incorporated under the laws of
the Republic of Cyprus with registration number HE143641. We are
authorised by the Central Bank of Cyprus (“CBC”) as an Electronic Money
Institution under the Electronic Money Law for the issuing of electronic
money.
Our head office is located at: 15, Nicodemou Mylona Street, Zachariades
Court, 2nd Floor, Office 23, 6010 Larnaca, Cyprus. You can contact us via the
“E-Mail Support” facility on our Website or on: queries@csc24seven.com
CSC24Seven.com is included in the CBC’s Register of Electronic Money
Institutions (Firm Reference Number 115.1.3.2), which can be found on the
Regulator’s website.
2. Scope of these Terms of Use
2.1 These Terms of Use govern the opening, use and closure of your Emoney
Account. Together with our Privacy Policy, and any other terms and
conditions referred to therein, they constitute the legal relationship
between you and us. For the use of additional services and our products you
may have to accept additional terms and conditions as notified to you when
you are ordering or using such services. You are advised to print or
download and keep a copy of these Terms of Use for future reference. You
can always view the current Terms of Use on our Website.
2.2 Depending on the type of E-money Account you have, additional terms
and conditions may apply as communicated to you at the appropriate time.
3. Your E-money Account
3.1 Your E-money Account is an electronic money account which enables
you to make and receive electronic payments.
3.2 The electronic money on your E-money Account is issued in accordance
with the Electronic Money Law of 2012 in force in Cyprus (‘The E-Money
Law’) and the Electronic Money Directive 241/2012 issued by the CBC (“The
E-Money Money Directive”).
3.3 Your E-money Account is denominated in a currency of your choice, as
selected by you from the available currencies.
3.4 Subject to section 10, the electronic money held on your E-money
Account does not expire, but it will not earn any interest.
3.5 You have the right to withdraw funds from your E-money Account at any
time. However, you may be required to provide additional due diligence
documents as per our compliance procedures beforehand. There is no
minimum withdrawal amount but the funds on your E-money Account must
be sufficient to cover any applicable withdrawal fee.
3.6 Electronic money accounts are not bank accounts. In the unlikely event
that we become insolvent, you may lose the electronic money held in your
E-money Account. However, we strictly adhere to the legal requirements
under the E-money Directive and the E-money Law, which are designed to
ensure the safety and liquidity of funds deposited in electronic money
accounts.
3.7 The electronic money on an E-money Account belongs to the person or
the legal entity which is registered as the E-money Account holder. No
person other than the E-money Account holder has any rights in relation to
the funds held in an E-money Account, except in cases of succession. You
may not assign or transfer your E-money Account to a third party or
otherwise grant any third party a legal or equitable interest over it. 3.8 Your
E-money Account may be subject to funding, payment and withdrawal
limits, depending on your country of residence, the verification status of
your E-money Account and other factors used by us to determine such
limits from time to time at our sole discretion.
4. Exercise of due diligence and updating of identification data of Customers
4.1 You hereby acknowledge and accept that by opening and maintaining an
E-money Account in accordance with sections 5 and 7 below, you will be
establishing a business relationship with CSC24Seven.com and that pursuant
to the Anti-Money Laundering Law, we are bound to apply customer
identification and due diligence measures not only to new customers but
also at appropriate times to existing customers.
4.2 You hereby agree and acknowledge that we may at any point of your
business relationship with CSC24Seven.com request information and/or
documentation to establish that our identification records as well as the
information that form your business/economic profile remain completely
updated throughout our business relationship. In this respect, we reserve
the right to examine and check on a regular basis the validity and adequacy
of your identification data and information we maintain.
4.3 You hereby agree and acknowledge that, if at any time during the
business relationship with you we become aware that reliable or adequate
data and information are missing from your identity and your
business/economic profile, we reserve the right to take all necessary
actions, by applying the customer identification and due diligence
procedures provided in the legislation, to collect the missing data and
information, the soonest possible, so as to update and complete your
business/economic profile.
4.4 You hereby acknowledge and accept that if you fail or refuse to submit,
within a reasonable timeframe, the required data and identification
information for the updating of your identity and business/economic profile
and, as a consequence, we are unable to comply with the customer
identification requirements set out in the Law and the CBC Directive, then
we shall be obliged to terminate our business relationship with you and
close all your accounts held with CSC24Seven.com concerned while at the
same time we shall examine whether it is warranted under the
circumstances to submit a report of suspicious transactions/activities to the
Unit for Combating Money Laundering (“MOKAS”).
5. Opening Your E-money Account
5.1 In order to use our payment services you must first open an E-money
Account. As part of the signup process you will need to accept these Terms
of Use along with our Privacy Policy and you must have legal capacity to
accept the same. If you order additional services, you may be asked to
accept additional terms and conditions.
5.2 If you are an individual, you must be 18 years or older to use our
services and by opening an E-money Account you declare that you are 18
years or older. We may require at any time that you provide evidence of
your age.
5.3 You may only open an E-money Account if it is legal to do so in your
country of residence. By opening an E-money Account you represent and
warrant to us that the opening of an E-money Account by you does not
violate any laws or regulations applicable to your country. You shall
indemnify us against any losses we incur in connection with your breach of
this section.
5.4 All information you provide during the signup process or any time
thereafter must be accurate and truthful.
5.5 You may only add payment instruments (such as bank accounts, credit
cards or debit cards) to your E-money Account if you are the named holder
of that payment instrument. We take any violation of this requirement very
seriously and will treat any attempt to add a payment instrument of which
you are not the named holder as a fraudulent act.
5.6 You may close your E-money Account at no cost provided you have not
uploaded any funds to your account by contacting the Helpdesk; however, if
you have uploaded funds into your E-money Account, you may be required
to provide additional due diligence documents as per our compliance
procedures before being able to withdraw funds in which case account
closure fee will apply. Transactions and fees for transactions undertaken
before you close your E-money Account (including those transactions that
are not revocable and have been initiated but not completed before closure
of your Emoney Account) will not be refunded.
6. Authorisation and Execution Time of Payment Transactions
6.1 Payment transaction is considered to be authorised only if the payer has
given consent to execute the payment transaction by using unique identifier
such as but not limited to: PIN, OTP or other identifier assigned.
6.2 Consent may be withdrawn by the payer at any time, but no later than
at the moment of irrevocability, that is to say, once the payment order has
been received by the payer’s payment services provider.
6.3 After the time limits laid down above, the payment order may be
revoked only if agreed between the payment service user and the relevant
payment service providers but the payee’s agreement shall also be
required. The payment service provider may charge for such revocation.
6.4 The payment service provider may reserve the right to block the
payment instrument for objectively justified reasons relating to the security
of the payment instrument or the suspicion of unauthorised or fraudulent
use of the payment instrument.
6.5 The payment service provider shall inform the payer of the blocking of
the payment instrument and the reasons for it where possible, before the
payment instrument is blocked and at the latest immediately thereafter,
unless providing such information would compromise objectively justified
security reasons or is prohibited by other relevant Union or national law.
7. Maintaining Your E-money Account
7.1 You must ensure that the information recorded on your E-money
Account is always accurate and up to date and we shall not be liable for any
loss arising out of your failure to do so. We may ask you at any time to
confirm the accuracy of your information or to provide documents or other
evidence.
7.2 We may contact you by e-mail or in other ways described in section 25
with information or notices regarding your E-money Account. It is your
responsibility to regularly check the proper functioning of your e-mail
account or other methods of communication that you have registered with
your E-money Account and to retrieve and read messages relating to your Emoney
Account promptly. We shall not be liable for any loss arising out of
your failure to do so.
7.3 Funding, payments received, payments sent and fund withdrawals are
displayed in your online statement together with the fees charged. You
should check your E-money Account balance and transaction history
regularly. You should report any irregularities or clarify any questions you
have as soon as possible by contacting our Helpdesk.
7.4 Subject to the provisions of section 11 below, in order to claim a refund
for an unauthorised or incorrectly executed payment transaction on your Emoney
Account you must notify us without undue delay after becoming
aware of the unauthorised or incorrect transaction and in any event no later
than thirteen (13) months after the debit date of the transaction.
8. Refunds for payment transactions initiated by or through a payee
8.1 The payer is entitled to a refund from the payment service provider of
an authorised payment transaction which was initiated by or through a
payee and which has already been executed, if both of the following
conditions are met:
(a) the authorisation did not specify the exact amount of the payment
transaction when the authorisation was made;
(b) the amount of the payment transaction exceeded the amount the payer
could reasonably have expected taking into account the previous spending
pattern, the conditions in the framework contract and relevant
circumstances of the case. The payer shall bear the burden of proving such
conditions are met and he can request the refund of an authorised payment
transaction initiated by or through a payee for a period of 8 weeks from the
date on which the funds were debited.
(c) Within 10 business days of receiving a request for a refund, the payment
service provider shall either refund the full amount of the payment
transaction or provide a justification for refusing the refund.
(d) the payer has no right to a refund where: the payer has given consent to
execute the payment transaction directly to the payment service provider;
and where
applicable, information on the future payment transaction was provided or
made available to the payer for at least 4 weeks before the due date by the
payment service provider or by the payee.
9. Keeping Your E-money Account Safe
9.1 In order to use our service we will assign you a user name. Once your
account is active, you can substitute your user name with your email
address. This will also work as your user name. When your account is first
opened we will assign you a password. You will be required to change this
password during the signup process to be a unique password known only to
you.
9.2 You may also be offered a Payment Card that will allow you to access
your e-money at certain participating cash dispensing machines or ATMs.
We will provide you your PIN with the Payment Card, and it is your
responsibility to ensure the safety of this PIN. We will not reveal your PIN to
anyone else. It is agreed that your Payment Card remains at all times our
property and you must return it immediately upon our request.
9.3 You must take all reasonable steps to keep your Security Information
safe at all times and never disclose it to anyone. Our personnel will never
ask you to provide your Security Information to us or to a third party. Any
message you receive or website you visit that asks for your Security
Information, other than the CSC24Seven.com Website or a CSC24Seven.com
payment gateway on a Merchant website, should be reported to us. If you
are in doubt whether a website is genuine, you should contact our
Helpdesk. It is advisable to change your Security Information regularly (at
least every three (3) to six (6) months) in order to reduce the risk of a
security breach in relation to your E-money Account. We also advise you not
to choose Security Information that is easily guessed from information
someone might know or gather about you or Security Information that has a
meaning. You must never allow anyone to access your E-money Account or
watch you accessing your E-money Account.
9.4 If you have any indication or suspicion of your Security Information, Emoney
Account, Payment Card, login details, password or other security
feature being lost, stolen, misappropriated, used without authorisation or
otherwise compromised, you are advised to change your Security
Information. You must contact the Helpdesk without undue delay on
becoming aware of any loss, theft, misappropriation or unauthorised use of
your Security Information, E-money Account, Payment Card, login details,
password or other security features. Any undue delay in notifying us may
not only affect the security of your E-money Account but may result in you
being liable for any losses as a result.
9.5 We may suspend your E-money Account or otherwise restrict its
functionality on reasonable grounds relating to the security of the E-money
Account or any of its security features or if we reasonably suspect that an
unauthorised or fraudulent use of your Emoney Account has occurred or
that any of its security features have been compromised. We will notify you
of any suspension or restriction and of the reasons for such suspension or
restriction in advance or, where we are unable to do so, immediately after
the suspension or restriction has been imposed, unless notifying you would
be unlawful or compromise our reasonable security interests. We will lift
the suspension and/or the restriction as soon as practicable after the
reasons for the suspension and/or restriction have ceased to exist.
9.6 You must take all reasonable care to ensure that your e-mail account(s)
are secure and only accessed by you, as your e-mail address may be used to
reset passwords or to communicate with you about the security of your Emoney
Account. In case any of the email addresses registered with your Emoney
Accounts are compromised, you should without undue delay after
becoming aware of this contact Helpdesk and also contact your e-mail
service provider.
9.7 Irrespective of whether you are using a public, a shared or your own
computer to access your E-money Account, you must always ensure that
your login details are not stored by the browser or cached or otherwise
recorded. You should never use any functionality that allows login details or
passwords to be stored by the computer you are using.
9.8 Additional products or services you use may have additional security
requirements and you must familiarise yourself with those as notified to
you.
9.9 In addition to the security provisions above, and specifically in relation
to Payment Cards you must take all reasonable steps to keep the Payment
Card safe and prevent their fraudulent use, and in particular:
(a) sign your Payment Card with a ball point pen as soon as you receive it;
(b) destroy/delete any notice containing any Security Information upon its
receipt;
(c) do not allow any third person to use your Payment Card;
(d) do not disclose any Security Information to any third person;
(e) do not write down or otherwise record your PIN in any easily
recognisable form;
(f) do not write down your PIN on the Payment Card or on any item which
you keep or carry with the Payment Card;
(g) notify us without delay after becoming aware of:
(i) any delay in receiving your Payment Card;
(ii) the loss or theft of your Payment Card; or
(iii) possibility that your Payment Card is exposed to misuse
10. Closing Your E-money Account
10.1 You may close your E-money Account at any time by contacting the
Helpdesk.
10.2 If your E-money Account holds a balance at the time of its closure, we
will ask you to withdraw your funds within a reasonable period of time,
during which your E-money Account will be accessible for the purpose of
withdrawing the remaining balance only. After the expiry of this period you
will not be able to access your E-money Account but you may withdraw any
remaining funds by contacting the Helpdesk and requesting that the funds
are sent to you in a manner that is reasonably acceptable for us. You may
do so at any point in time for a period of one year from the date of closure
of your E-money Account, but we suggest that you withdraw your remaining
funds as soon as possible as they will not earn any interest while being
deposited in your E-money Account. Your obligations with regards to
keeping your E-money Account safe as set forth in section 9 shall continue
to apply.
10.3 We reserve the right to carry out any necessary money laundering,
terrorism financing, fraud or other illegal activity checks before authorising
any withdrawal of your funds, including in relation to returning any funds to
you after you have closed your Emoney Account.
11. Funding your E-money Account
11.1 You can fund your E-money Account by visiting the Website, logging
into your Emoney Account and following the relevant funding instructions.
Funding methods are payment services provided by third party financial
institutions and are not part of our service. We do not guarantee the use of
any particular funding method made available, and may make changes to or
discontinue the acceptance of any particular funding method at any time
without following the procedure set out in section 22. Notwithstanding
section 11.5 below, we shall not be responsible for the fund payment until
the funds are received by us.
11.2 You may be asked to answer security questions or to complete other
activities that we may reasonably require to ensure proper authorisation of
a funding transaction.
11.3 If you choose a funding method using a payment instrument that may
be subject to chargeback rights such as (but not limited to) credit or debit
card or direct debit, you declare that you will not exercise such chargeback
right other than for unauthorised use of the payment instrument or for a
breach by us of these Terms of Use, which would result in you having a right
to a refund of the amount. Otherwise, you may not charge back any funding
transaction or allow a chargeback of any funding transaction for reasons for
which we are not responsible including (but not limited to) disputes with
Merchants for non-delivery of goods or services or insufficient balance on
the payment instrument account. We reserve the right to charge you fees
and expenses we incur in connection with such chargeback and any action
undertaken to challenge the same. We may also charge you a chargeback
fee the equivalent of EUR 25.
11.4 If a chargeback or reversal of a funding transaction results in a negative
balance in your E-money Account, you will be required to repay such
negative balance by sufficiently funding your E-money Account. Failure to
do so is a breach of these Terms of Use. Repayment of the negative balance
is due immediately without notice. We reserve the right, at any time, to
send you reminders or to take other debt collection measures including but
not limited to mandating a debt collection agency or solicitors or to pursue
the claim in court. We reserve the right to charge you the expenses we
reasonably incur in connection with any debt collection or enforcement
efforts.
11.5 Funds will be credited to your E-money Account after the funds have
been received by us. Some funding transactions, such as those by credit or
debit card will be credited to your E-money Account immediately, but are
subject to reversal in case the actual funds do not reach us within a
reasonable time in which case we will deduct such reversed transaction
from the balance of your E-money Account. If your E-money Account
balance is insufficient, we reserve the right to require repayment from you.
11.6 For the purposes of a funding transaction through a payment
instrument, we are a payment recipient and not a payment service provider.
11.7 You must not fund through a payment instrument if you are not the
named holder of that payment instrument. We take any violation of this
requirement very seriously and will treat any attempt to use a payment
instrument of which you are not the named holder as a fraudulent act.
Without prejudice to claiming further damages, if we are required to return
funds coming from a payment instrument that is not in your name, we may
charge an administration fee.
11.8 Funds may be subject to limits due to security and legal requirements.
These limits are set dynamically depending on your verification status and
the funding method you want to use. You should be aware that depending
on your verification status your limits may be higher than your withdrawal
or spending limits.
11.9 Funding is subject to fees and currency conversion fees depending on
which funding method and payment instrument is chosen. Please see
section 16 for details.
12. Sending Payments
12.1 To send a payment you are required to authorise the payment with
your login details and password. We may also ask you additional security
questions relating to you or your E-money Account. If your E-money
Account is protected by additional security measures such as OTPs or
password tokens, you need to follow the instructions provided to you with
such additional security measures. If your E-money Account is enabled to
make mass payments, the procedure to make such payments will be
communicated to you in the relevant integration manual.
12.2 Every recipient of a payment you wish to send through us must have a
valid e-mail address and active account.
12.3 The point in time of receipt of a payment order is the time when the
payment order, transmitted directly by you is received by us.
12.4 Payments are subject to payment limits due to security and legal
requirements. These limits are set dynamically depending on your
verification status. You should ensure that your limits are sufficient to cover
the payment you intend to make as well as any applicable fees including
service fees and currency conversion fees. You should be aware that the
recipient of a payment may also be subject to spending and withdrawal
limits and that this may affect the recipient’s access to the funds you intend
to send.
12.5 Sending payments is subject to fees and currency conversion fees
depending on the type of payment you make and the type of E-money
Account you hold. Please see section 16 for details.
12.6 You hereby acknowledge and accept that any goods or service bought
using an Emoney Account is a matter between you and the relevant
merchant. We do not act as an agent or representative of any E-money
Account holder or merchant. Any claims you may have relating to your
transactions that are not directly related to the payment process must be
directed to the relevant merchant.
12.7 We do not accept any claim for chargeback (reverse payment) as this is
a matter between you and the relevant merchant. You are also not
permitted to contest any funding transactions that you have made to your
E-money Account that has been correctly deposited to your account.
12.8 You agree not to revoke an order given through your E-money Account
or Payment Card except if the amount was not determined when the order
was given.
13. Receiving Funds
13.1 If you receive funds into your E-money Account, we will send you a
notification email and display the payment in your online statement
transaction in your online statement. You should regularly reconcile
incoming payments with your own records.
13.2 You should be aware that receipt of funds to your E-money Account
does not necessarily mean that these transactions cannot be reversed. We
reserve the right to reverse a payment in case the payer or the payer’s bank
or payment service provider has charged back or otherwise reversed (or is
reasonably likely to charge back or otherwise reverse) a funding or other
payment which was used to fund the payment to you.
13.3 The receipt of payments is subject to fees and currency fees,
depending on the type of payment you receive and the type of E-money
Account you have. Please see section 16 for details.
14. Prohibited Transactions
14.1 It is strictly forbidden to send or receive payments as consideration for
the sale or supply of:
• Tobacco products;
• Prescription drugs;
• Drugs and drug paraphernalia;
• Weapons (including without limitation, knives, guns, firearms or
ammunition);
• Satellite and cable TV descramblers;
• Pornography, adult material, material which incites violence,
hatred, racism or which is considered obscene;
• Government IDs and licences including replicas and novelty items
and any counterfeit products;
• Unlicensed or illegal lotteries or gambling services (including
without limitation the use of or participation in illegal gambling
houses);
• Unregistered charity services;
• Items which encourage or facilitate illegal activities;
• Prepaid debit cards or other stored value cards that are not
associated with a particular merchant and are not limited to
purchases of particular products or services
• Third party processing or payment aggregation products or
services;
• Multi-level marketing, pyramid selling or Ponzi schemes, matrix
programmes or other “get rich quick” schemes or high yield
investment programmes;
• Goods or services that infringe the intellectual property rights of a
third party.
• Un-coded/miscoded gaming;
• Timeshares or property reservation payments (On and Off Plan)
We reserve the right, in our sole discretion, to add categories of prohibited
transactions by adding such categories either to these Terms of Use or an
acceptable use policy published on the Website.
14.2 It is strictly forbidden to make payments to or to receive payments
from persons or entities offering illegal gambling services, including (but not
limited to) illegal sports betting, casino games and poker games. We may
suspend or terminate your E-money account at any time or refuse to
execute or reverse a transaction if we believe that you directly or indirectly
use or have used your E-money Account for or in connection with illegal
gambling transactions. It is your responsibility to ensure that you do not use
our services for transactions that may be considered illegal in your
jurisdiction.
14.3 You may not use our services if you are residing in any of the blocked
countries where we do not operate. We reserve the right to suspend or
terminate your E-money Account at any time if we reasonably believe to be
required to do so by law or in order to comply with recommendations
issued by a relevant government authority or recognised body for the
prevention of financial crime.
14.4 It is strictly forbidden to use your E-money Account for any illegal
purposes including but not limited to fraud, money laundering or terrorist
financing. In case of any suspicion for such activity we will report this
suspicious activity to the relevant law enforcement agency. You are
prohibited from using your E-money Account in an attempt to abuse, exploit
or circumvent the usage restrictions imposed by a merchant on the services
it provides.
14.5 You may only accept payments for certain categories of business after
approval from us in our sole discretion. Such business categories include but
are not limited to:
• money exchange or remittance businesses, including but not
limited to bureaux de change, currency exchanges and purchase of
travel money;
• the collection of any form of donations or payments to charitable
or not-for-profit organisations;
• dealing in natural resources such as jewels, precious metals or
stones;
• live streaming
• the sale or supply of alcoholic beverages;
• the sale of supply of dietary supplements and alternative health
products;
• any other business category published in an acceptable use policy
on the Website from time to time.
In case you are in doubt whether your business falls under any of the above
categories, you must contact the Helpdesk.
We reserve the right in our sole discretion, to add business categories
requiring approval by adding such categories either to these Terms of Use
or an acceptable use policy published on the Website.
14.6 If you conduct or attempt to conduct any transaction in violation of the
prohibitions contained in this section 14 or without the necessary approval
under section 14.5, we reserve the right to:
• reverse the transaction; and/o
• close or suspend your E-money Account; and/or
• report the transaction to the relevant law enforcement agency;
and/or
• claim damages from you; and
• charge you an administration fee of up to the equivalent of EUR
150 in case we apply any of the above
14.7 It is your and not our responsibility to ensure that you only send
payments to or receive payments from persons or entities for the sale or
supply of goods and services that you may provide or receive in compliance
with any applicable laws and regulations. The mere fact that a person or
entity accepts payments through us is not an indication of the legality of the
supply or provision of their goods and services. If you are in doubt as to the
legality of a supply or purchase, you should not continue with your
payment.
15. Withdrawing Funds
15.1 You can request a withdrawal of all or part of the funds held in your Emoney
Account at any time. We do not guarantee the availability of any
particular withdrawal method and may make changes to or discontinue a
particular withdrawal method at any time without following the procedure
set out in section 22 as long as there is at least one withdrawal method
available to you. Where the withdrawal payment is received by you through
the involvement of a payment service provider (such as the bank where you
hold a bank account), we shall not be responsible for the withdrawal
payment once the withdrawn funds are received by your payment service
provider.
15.2 Withdrawals are subject to withdrawal fees and currency conversion
fees depending on which withdrawal method is chosen. Please see section
16 for details.
15.3 For the purposes of a withdrawal transaction, we are a payer and not a
payment service provider.
15.4 You must ensure that the payment details you enter when withdrawing
funds are correct and complete. We will not be liable for withdrawn funds
being sent to the wrong payment instrument where this is due to you
providing incorrect payment details. When withdrawing to a bank account,
you must ensure that the account number, sort code, IBAN and/or
BIC/SWIFT are correct. If you have withdrawn funds to the wrong payment
instrument, you may request that we assist you in reclaiming the funds,
however, we will charge you an administration fee of up to the equivalent
of EUR 25 for doing so and we cannot guarantee that the reclaim efforts will
be successful.
16. Fees
16.1 Transaction related fees can be viewed at any time in the “Fees”
section of our Website. You should print or download and keep a copy of
the “Fees” section together with a copy of these Terms of Use. For clarity,
the “Fees” section forms part of these Terms of Use. Fees are subject to
change in accordance with section 21. We note that the changes in the
reference interest or exchange rates may be applied immediately and
without notice.
Under certain circumstances we may charge additional fees as set out in
sections 11.3, 11.5, 14.6, 15.2 and 3.4.
16.2 Your transactions may be subject to currency conversions. If you make
a payment from your E-money Account denominated in one currency to an
E-money Account denominated in another currency, you will be asked to
make the payment in the currency of the E-money Account of the receiver .
16.3 For every currency conversion, we will apply our then current
wholesale exchange rates which are applied by our processors. Changes in
these exchange rates may be applied immediately and without notice. In
addition we will apply a foreign exchange fee, which is expressed as a
percentage applicable in addition to the transaction fee.
16.4 Our Fees are either expressed as a percentage of the transaction or as
a fixed amount in your E-money account currency. Where fixed fee amounts
are displayed in a currency other than EUR, this is for information purposes
only.
16.5 Fees payable by you will be deducted from your E-money Account
balance and you hereby authorise us to do the same. Transaction fees will
be charged when the transaction is executed. If your E-money Account
balance is insufficient to cover the fees, we may refuse to execute the
payment. Reversal or chargeback fees will be deducted when incurred.
16.6 If the deduction of fees results in a negative E-money Account balance,
you will be required to repay such negative balance by sufficiently funding
your E-money Account. Failure to do so is a breach of these Terms of Use.
Repayment of the negative balance is due immediately without notice,
however, we reserve the right at any time to send you reminders that you
need to fund or to take other debt collection measures including but not
limited to instructing a debt collection agency or solicitors or to pursue the
claim in court. We reserve the right to charge you expenses we have
reasonably incurred in connection with any debt collection or enforcement
efforts.
17. Your Data
17.1 The processing of your data is governed by our Privacy Policy which can
be found on our Website. By accepting these Terms of Use, you also agree
to the terms of our Privacy Policy. You should print and keep a copy of the
Privacy Policy together with these Terms of Use. You are urged to visit
regularly our website to get acquainted with any changes to our Privacy
Policy regarding your rights for data protection.
17.2 As a default, you will receive e-mail newsletters that will inform you
about new product features, events, promotions, special deals etc. By
accepting these Terms of Use, you agree to receive such e-mail newsletters
on a regular basis. If you do not wish to receive any newsletters from us,
you can opt out of receiving newsletters by contacting our Helpdesk.
18. Globalization of tax collection and Foreign Account Tax Compliance Act
(“FATCA”)
18.1 With effect from 1 January 2014, USA has enacted FATCA a federal law,
to allow and facilitate the globalization of tax collection from U.S. persons.
With FATCA the USA levies income tax on U.S. persons, regardless of
residency and requires Americans living abroad to pay U.S. taxes on foreign
income.
18.2 You hereby acknowledge and accept that in case we are bound under
FATCA to report U.S nationals who retain E-Money Accounts with us to the
IRS, and when obligated, we will to disclose your name as shown in your EMoney
Account, TINs, addresses and the transactions of the types of
accounts you may have with us. For this purpose section 18 applies.
18.3 You hereby acknowledge and accept that other countries may
implement their own global tax regulations similar to FATCA, and that we
may be bound to report to their relevant foreign tax authorities, nationals
who retain E-Money Accounts with us.
18.4 Any additional terms and conditions that may apply in relation to the
implementation of global tax regulations of other countries and which may
affect you shall be communicated to you and implemented in accordance
with section 22.
19. Common Reporting Standards (“CRS”)
19.1 You hereby acknowledge that subject to the EU Common Reporting
Standards (ÇRS’) for exchange of financial information being applicable to
you, CSC24Seven.com may be required to report to the Tax Authorities of
the Republic of Cyprus that you retain account/s with CSC24Seven.com, and
when obliged, shall disclose your name as shown in your account/s along
with additional data like: TINs, address, balances and any other necessary
information pursuant to the provisions of the CRS which is based on the
Convention on Mutual Administrative Assistance in Tax Matters of the EU
Member Countries and the Organisation for Economic Cooperation and
Development (OECD) signed by the Republic of Cyprus.
20. Confidentiality and Secrecy
20.1 You hereby waive your right to the banking secrecy provided for in the
Banking Law, 1997 66(I)/1997 with relation to the implementation of FATCA
and CRS as well as any other applicable global tax regulations implemented
by other countries.
21. Liability
21.1 In case of an unauthorised payment resulting from the use of a lost or
stolen payment instrument or from the misappropriation of the payment
instrument, you may be obliged to bear the related losses up to the
maximum of EUR 50. This shall not apply:
a) Where the loss, theft or misappropriation of the payment instrument was
not detectable to you prior to a payment, except where you have acted
fraudulently.
b) Where the loss was caused by acts or lack of action of an employee,
agent or branch of a payment service provider or of an entity to which its
activities were outsourced.
21.1.1 Where the unauthorised payment arises from your failure to keep
the personalised security features of your E-money Account or Payment
Account safe in accordance with section 10 in which case you shall remain
liable for all the losses incurred.
21.1.2 If you fail to notify us without undue delay of any loss of your
Security Information or Payment Card or other event that could reasonably
be expected to have compromised the security of your E-money Account or
Payment Card after you have gained knowledge of such event in which case
you shall remain liable for all losses incurred up to your notification to us.
21.1.3 In case the transaction was unauthorised but you have compromised
the security of your E-money Account or Payment Card resulting from you
acting fraudulently with intent or gross negligence or failing to fulfil one or
more of your obligations in accordance with this Terms and Conditions,
which govern the issue and use of the Payment Account, in which case you
shall be solely liable for all losses.
21.1.4 Where you fail to dispute and bring the unauthorised or incorrectly
executed transaction to our attention within 13 months from the date of
the transaction.
21.1.5 In the case of an unauthorised payment transaction, the payer’s
payment service provider refunds the payer the amount of the
unauthorised payment transaction immediately, and in any event no later
than by the end of the following business day, after noting or being notified
of the transaction, except where the payer’s payment service provider has
reasonable grounds for suspecting fraud and communicates those grounds
to the relevant national authority in writing.
21.1.6 Payment service providers’ liability for non-execution, defective or
late execution of payment transactions. Where a payment order is initiated
directly by the payer, the payer’s payment service provider shall be liable to
the payer for correct execution of the payment transaction unless it can
prove to the payer that the payee’s payment services provider received the
payment. In that case, the payee’s payment service provider shall be liable
to the payee for the correct execution of the payment transaction.
21.1.7 In the case of a non-executed or defectively executed payment
transaction where the payment order is initiated by the payer, the payer’s
payment service provider shall, on request, make immediate efforts to trace
the payment transaction and notify the payer of the outcome. This shall be
free of charge for the payer.
21.1.8 Payment service providers shall be liable to the payment service
users for any charges for which they are responsible, and for any interest to
which the payment service user is subject as a consequence of nonexecution
or defective, including late, execution of the payment transaction.
21.2 Without prejudice to the foregoing, you are asked to check the
transactions history of your E-money Account regularly and frequently and
to contact our Helpdesk immediately in case you have any questions or
concerns.
21.3 In case of any incorrect or misdirected payment, we shall take
reasonable measures to assist you with tracing and recovering such
payments.
21.4 Subject to the foregoing, we shall not be liable for any disruption or
impairment of our service or for disruptions or impairments of intermediary
services on which we rely for the performance of our obligations hereunder,
provided that such disruption or impairment is due to abnormal and
unforeseeable circumstances beyond our reasonable control or the control
of the intermediary affected.
21.5 We shall not be liable for any indirect or consequential losses including
but not limited to loss of profit, loss of business and loss of reputation. We
shall not be liable for any losses arising from our compliance with legal and
regulatory requirements.
21.6 Nothing in these Terms of Use shall operate to exclude liability for
death or personal injury due to negligence or for fraud or fraudulent
misrepresentation or for any statutory liability that cannot be excluded or
amended by agreement between the parties.
21.7 Indemnification/re-imbursement. You agree to defend, reimburse or
compensate us and hold us and our other companies in our corporate group
harmless from any claim, demand, expenses or costs (including legal fees,
fines or penalties) that we incur or suffer due to or arising out of your or
your agents’ breach of these Terms of Use, breach of any applicable law or
regulation and/or use of the services. This provision shall survive
termination of the relationship between you and us.
22. Termination and suspension
22.1 These Terms of Use shall be binding for indefinite period but we may
terminate your E-money Account or any payment service associated with it
by giving you two months’ prior notice. You may terminate your E-money
Account with us at any time free of charge except where your account has
been opened for less than 6 months or wherever relevant charges may
become applicable.
22.2 Together with a termination notice or at any time thereafter we may
give you reasonable instructions on how to withdraw remaining funds.
22.3 If your E-money Account is subject to a reserve, termination of your Emoney
Account will not affect our right to hold the reserve and to make
deductions therefrom for the time agreed.
22.4 We may at any time suspend or terminate your E-money Account
without notice in case:
22.4.1 You breach any condition of these Terms of Use or any other
condition applicable to specific services covered by separate terms and
conditions;
22.4.2 You violate or we have reason to believe that you are in violation of
any law or regulation that is applicable to your use of our services; or
22.4.3 We have reason to believe that you are in any way involved in any
fraudulent activity, money laundering, terrorism financing or other criminal
activity.
22.5 We may suspend your E-money Account at any time if:
22.5.1 We reasonably believe that your E-money Account has been
compromised or for other security reasons; or
22.5.2 We reasonably suspect your E-money Account to have been used or
is being used without your authorisation or fraudulently; and we shall notify
you either prior to the suspension or, if prior notification is not possible
under the circumstances, promptly after the suspension unless we are
prohibited by law to notify you.
23. Force Majeure
23.1 CSC24Seven.com shall have no liability to you under these Terms of
Use if it is prevented from or delayed in performing its obligations under
these Terms of Use, or from carrying on its business, by acts, events,
omissions or accidents beyond its reasonable control, including, without
limitation, strikes, lock-outs or other industrial disputes (whether involving
the workforce of CSC24Seven.com or any other party), failure of a utility
service or transport or telecommunications network, act of God, war, riot,
civil commotion, malicious damage, compliance with any law or
governmental order, rule, regulation or direction, accident, breakdown of
plant or machinery, fire, flood, storm or default of suppliers or subcontractors,
provided that you are notified of such an event.
23.2 In any event of force majeure described in clause 23.1 hereinabove,
the corresponding obligations of CSC24Seven.com pursuant to these Terms
of Use will be suspended.
23.3 If any of the above non exhaustive list of events of force majeure
occurs and its effect continues for a period of 10 days, CSC24Seven.com
shall have the right to give you a notice of termination.
24. Changes to these Terms of Use
24.1 These Terms of Use and any additional terms and conditions that may
apply are subject to change. Changes will be implemented with prior notice
from us under the procedure set forth in this section.
24.2 We shall give notice to you of any proposed change by sending an email
to the primary e-mail address registered with your E-money Account.
24.3 The proposed change shall come into effect two (2) months after the
date of the change notice, unless you have given us notice that you object
to the proposed changes before the changes come into effect. Changes that
make these Terms of Use more favourable to you shall come into effect
immediately if so stated in the change notice. Changes to exchange rates
shall come into effect immediately without notice and you shall not have
the right to object to such a change.
24.4 If you object to the changes, they will not apply to you, however, any
such objection shall constitute a notice by you to terminate and close your
E-money Account. Your Emoney Account will be closed in accordance with
the provisions of section 10 above.
25. How We Communicate
25.1 We usually communicate to you via e-mail. For this purpose you must
at all times maintain at least one valid e-mail address in your E-money
Account profile. You are required to check for incoming messages regularly
and frequently. E-mails may contain links to further communication on our
Website. Any communication or notice sent by email will be deemed
received by you on the same day if it is received in your e-mail inbox before
4.30 pm on a Business Day. If it is received in your email inbox after 4:30pm
on a Business Day or at any other time, it will be deemed received on the
next Business Day.
25.2 Where legislation requires us to provide information to you on a
durable medium, we will either send you an e-mail (with or without
attachment) or send you a notification pointing you to information on our
Website in a way that enables you to retain the information in print format
or other format that can be retained by you permanently for future
reference. You are required to keep copies of all communications we send
or make available to you.
25.3 You can request a copy of the current Terms of Use or any other
contractual document relevant to you by contacting the Helpdesk.
25.4 In order to view emails you need a computer with e-mails software
that can display e-mails in HTML format. We may also send you attachments
in Adobe Systems Inc.’s Portable Document Format (PDF), for which you
need Adobe’s Acrobat Reader, which can be downloaded for free
at https://www.adobe.com/.
25.5 We will never send you any e-mails with executable files attached or
with links to any executable files. If you receive any e-mail with such
attachments, you should delete the message without clicking on the
attachment. If you are unsure whether a communication is originating from
us, please contact the Helpdesk.
25.6 We will communicate to you in English and will always accept
communications made to us in English.
25.7 Apart from communicating via e-mail, we may contact you via letter or
telephone, where appropriate. If you use any mobile services, we may
communicate with you via SMS. Any communication or notice sent by post
will be deemed received three days from the date of posting for Cyprus post
or within five days of posting for international post. Any communication or
notice sent by SMS will be deemed received the same day.
25.8 You may contact us at any time by sending a message to the Helpdesk
via the “EMail Support” facility on our Website or by calling +96 117 44962.
26. Complaints
26.1 Any complaints about us or the services we provide should be
addressed to us in the first instance by contacting ourHelpdesk. You should
clearly indicate that you are wishing to make a complaint to us. This helps
us to distinguish a complaint from a mere query. We send you a complaint
acknowledgement by post or by e-mail within five days of receiving your
complaint in accordance with our complaints procedure. You may request a
copy of our complaints procedure at any time by contacting the Helpdesk or
visit our website where the procedure is published.
26.2 We endeavour to provide you with an answer or resolution to your
complaint within the timeframes as may be outlined by the CBC. Should this
not be possible due to unforeseen circumstances or lack of information, we
will contact you. Please read for details the CSC24Seven.com Complaints
Handling Procedure published on our website.
26.3 If your complaint is not resolved to your satisfaction, you may contact
the Financial Ombudsman of the Republic of Cyprus at: 13 Lord Byron
Avenue, 1096 Nicosia, Cyprus, Tel.: +357 22 848 900; Fax: +357 22 660
584/+357 22 660 118; E-mail: complaints@financialombudsman.gov.cy;
Website: http://www.financialombudsman.gov.cy or the Committee for the
out of Court Settlement of Disputes of the CBC at 80, Kennedy Avenue, CY-
1076, Nicosia, Cyprus. For additional contact details you may visit the
website at https://www.centralbank.cy.
27. Miscellaneous
27.1 No person other than you shall have any rights under these Terms of
Use.
27.2 Your E-money Account is personal to you and you may not assign any
rights under the Terms of Use to any third party.
27.3 Your E-money Account is operated in Cyprus and these Terms of Use
shall be governed by and interpreted in accordance with the laws of Cyprus.
Any dispute under these Terms of Use or otherwise in connection with your
E-money Account shall be brought exclusively in the courts of Cyprus.
27.4 If any part of these Terms of Use is found by a court of competent
jurisdiction to be invalid, unlawful or unenforceable then such part shall be
severed from the remainder of the Terms of Use, which shall continue to be
valid and enforceable to the fullest extent permitted by law.
28. Cookies
28.1 We use cookies on the Website of our products to provide our services
to you. Cookies are bits of electronic information that the relevant website
can transfer to your hard drive to help tailor and keep records of your visit
to that specific website. If you visit the Website, cookies are used to allow
us to recognise a your device so that we can provide our service to you, for
example, to identify the language you have selected and the relevant
service that you use. Our cookies are stored on your device in between
browser sessions which allows your preferences to be remembered each
time you return to the website of your product of choice. The cookies do
not contain personally identifying information nor are they used to identify
you. You may choose to disable the cookies, however if you do so it may
prevent you from using certain parts of the relevant website, including our
services.
28.2 You have the ability to accept or decline cookies by modifying the
setting of your web browser. For further information about cookies and
how to disable them, please refer to https://www.allaboutcookies.org and
to our Cookie Policy found on the website.
29. Privacy Policy
29.1 CSC24Seven.com takes all measures to adhere to the processing of
Personal Data Laws and Regulations and strives to meet compliance,
offering the necessary protection to its customers. Our revised Privacy
Policy determines our obligations and your rights under the new European
General Data Protection Regulation (“GDPR”), which comes into force on 25
May, 2018 and will be directly applicable to all EU Member States.
29.2 We collect personal information about you when you apply to become
a Client and open account with CSC24Seven. This information may include:
your name, date of birth, nationality, home address, details on occupation,
contact information such as phone number and email address, but also
identity verification information including: images of your government
issued identity document (passport, national ID Card or driving license),
residence verification information such as utility bill details or similar
information. In some circumstances we may conduct a background check on
your financial situation by obtaining information about your business and
source of wealth, in order for us to comply with our anti-money laundering
obligations under the European Law.
29.3 In some areas of this website, you may be asked to provide your
personal information that will enable CSC24Seven.com to enhance your site
visit or to reply to you after your visit. This would include where you
subscribe to any online newsletters or provide feedback through a contact
form. When you do so you may be asked to provide your name, address and
email address.
29.3 Your personal data may be used for future email mailings, support, and
notification of new services, general correspondence regarding services and
correspondence which may relate to you.
29.4 If you would rather not receive future marketing emails from
CSC24Seven.com or wish to exercise any other rights under the new
regulation for protection of personal data, you can do so by sending an
email to compliance@csc24seven.com or write to us at our registered
address.
29.5 Any information you provide will be kept confidential and will be used
only by CSC24Seven.com and shall not be disclosed to any third parties
without your express consent.
29.6 Websites provided and maintained by third parties are not subject to
this privacy statement. Please review the privacy policies on those websites
to understand their personal information handling practices.
CSC24Seven.com makes no representations concerning the privacy policies
of these third party websites.
29.7 For further information on data protection and personal privacy you
may contact CSC24Seven.com at the details set out above. You are urged to
read the CSC24Seven.com Privacy Policy published on our website for
details and any changes made
(https://www.csc24seven.eu/en/legal356/privacy362).
30. Definitions
Various terms in these Terms of Use have a defined meaning as follows:
“Payment Services Provider” means the following bodies: credit
institutions, electronic money institutions, post office giro institutions,
payment institutions, the ECB and national central banks when not acting in
their capacity as monetary authority or other public authorities, Member
States or their regional or local authorities when not acting in their capacity
as public authorities, or an authorised natural or legal person
“Payment Services User” means a natural or legal person making use of a
payment service in the capacity of payer, payee, or both
“Payment Account” means an account held in the name of one or more
payment service users which is used for the execution of payment
transactions
“Payment order” means an instruction by a payer or payee to its payment
service provider requesting the execution of a payment transaction
”Payment instrument” means a personalised device(s) and/or set of
procedures agreed between the payment service user and the payment
service provider and used in order to initiate a payment order
“Payment institution” means a legal person that has been granted
authorisation to provide and execute payment services throughout the
Union
“Payment Initiation Service” means a service to initiate a payment order at
the request of the payment service user with respect to a payment account
held at another payment service provider
“Payment initiation service provider” means a payment service provider
pursuing business activities of payment initiation services
“Personalised security credentials” means personalised features provided
by the payment service provider to a payment service user for the purposes
of authentication;
“E-money Account” means the electronic money account you open and
maintain with CSC24Seven.com through the CSC24Seven.com Website
“Payer” means a natural or legal person who holds a payment account and
allows a payment order from that payment account, or, where there is no
payment account, a natural or legal person who gives a payment order
“Payee” means a natural or legal person who is the intended recipient of
funds which have been the subject of a payment transaction
“Payment transaction” means an act, initiated by the payer or on his behalf
or by the payee, of placing, transferring or withdrawing funds, irrespective
of any underlying obligations between the payer and the payee
“ATMs” means automated teller machines
“Anti-Money Laundering Law” means the Prevention and Suppression of
Money Laundering Activities Laws of 2007 to 2013
“Business Day” means any day other than a Saturday or a Sunday or a
public or bank holiday in Cyprus
“CBC” means the Central Bank of Cyprus
“CBC Directive” means the Directive to Credit Institutions in accordance
with Article 59(4) of the Prevention and Suppression of Money Laundering
Activities Laws of 2007 to 2013 (fourth issue) issued by the CBC as amended
on 7 April 2016
“CSC24Seven.com” means CSC24Seven.com Limited (registered number:
HE143641) whose registered office is at 23 Zachariades Court, 15
Nicodemou Mylona, Larnaca, 6010, Cyprus
“Financial Ombudsman” means the person appointed in accordance with
section 7of the Law Relating to the Establishment and Operation of a Single
Agency for the Out of Court Settlement of Disputes of Financial Nature
(“Financial Ombudsman”)
“Committee” means the committee set up by the CBC for the out of court
settlement of disputes relating to rights and obligations emanating from the
E-money Law
“CSC24Seven.com Website” or “Website” means the website available
at https://www.csc24seven.eu or any website owned and maintained by
CSC24Seven.com
“E-money Directive” means the Electronic Money Directive 241/2012 issued
by the CBC
“E-money Law” means the Cyprus Electronic Money Law of 2012
“Fees” means the charges payable by you to us for using our services
“Helpdesk” means our Helpdesk, which you can reach by sending a message
through the
“Contact Us” facility on the Website or by calling +96 117 44962
“OTPs” means one time password
“Payment Card” means an electronic money instrument described in
section 8.2 hereinabove
“PIN” means your Personal Identification Number
“Privacy Policy” is the policy of CSC24Seven.com Limited governing the
processing of personal data which is set out in clause 28 hereinabove, as
may be amended from time to time
“Security Information” means your password and your PIN
“Terms of Use” shall mean these E-money Account Terms of Use, published
on the Website and as may be amended from time
“U.S. Person” means any of the following: (i) a citizen of the United States,
(ii) an alien lawfully admitted for permanent residence, (iii) an
unincorporated association with a substantial number of members who are
citizens of the U.S. or are aliens lawfully admitted for permanent residence,
and (iv) a corporation that is incorporated in the U.S.
“We”, “us”, “our” means CSC24Seven.com; and
“You”, “your” means you, the natural person or legal entity in whose name
the E-money Account is opened and maintained
