Terms and Conditions

These Terms and Conditions, including any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Tariff and other agreements, are the Legal Agreement between Paxum Bank Limited and all of its brands, an international bank domiciled in the Commonwealth of Dominica, and having its registered office at Centre Cross Lane, Roseau, 00152, Commonwealth of Dominica. Paxum Bank Limited is licensed as a bank under the Offshore Banking Act (the “Law”) and is fully authorized to provide services to clients worldwide, except for Commonwealth of Dominica citizens and residents. Paxum Bank Limited is licensed to provide these services under the prudential supervision of the Financial Services Unit (FSU – http://fsu.gov.dm).

GLOSSARY:

For this Agreement, the following capitalized terms shall have the meanings indicated below:

“Account” means all current and future accounts opened by the Bank in the name of its customers and includes all monies or balances thereof deposited therein, all accrued and accruing interest and all related rights.

“Bank” or “Paxum Bank” means Paxum Bank Limited, a banking institution existing under the laws of the Commonwealth of Dominica, having its registered office at Centre Cross Lane, Roseau, Commonwealth of Dominica, together with its successors in title and assigns.

“Balance” means any money in any currency supported by Paxum Bank that the Client has in the Client’s Account at any given time.

“BIN Sponsor,” “Issuer,” or “Acquirer” means a company different from Paxum Bank that is responsible for the issuance, activation, deactivation, and management of payment cards. A BIN Sponsor is licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with Paxum Bank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.

“Business account” means an account opened by a Legal Person, business or organization to manage its finances and conduct transactions related to its day-to-day operations. A legal entity must operate a business account used for business purposes only.

“Business Day” means Monday to Friday, excluding public and bank holidays in the Commonwealth of Dominica.

“Business Hours” means 09:00 to 18:00 Caribbean Eastern Time, where Paxum Bank’s operations are open to customers or as may be otherwise determined by the Bank.

“Card” means “Paxum Bank Card” or “Paxum Bank Virtual Card,” issued as part of the Service when available, collectively called “Card” means a payment instrument with the logos of Paxum Bank and one of the Card Organizations, providing the possibility for the cardholder to submit payment orders for payment on POS, internet banking, or ATM transactions, such as cash withdrawal or balance check. Cards are always associated with the Account of the Client. The Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics. Cards embossed with the cardholder’s name are available where the Card Program permits.

“Client” or “User” means a natural or legal person or another type of entity that registers for the Service or uses the Service as a Client, i.e. YOU.

“Corporate customer” or “Corporate Client” means a business entity that engages in services with other companies and individuals. It is a legal entity, distinct from a natural person, established under the laws of a particular jurisdiction.

“Client email address” means the email address provided by the Client during the Account opening application or later amended by the Client via the Service. Paxum Bank will use the provided email to communicate with the Client, generate two-factor authentication and other security features, and associate the email address with an account so that it may act as an account identifier.

“Client mobile phone number” means the mobile phone number provided by Client at the Account opening stage or later amended by Client via the Service; Paxum Bank will use the mobile number to generate the Client’s two-factor authentication where applicable.

“Currencies supported by Paxum Bank” means currencies supported by Paxum Bank for the Service.

“Consumer” means a natural person, who uses the Service for personal needs, different from their business, commercial or professional needs or activities. Any other natural or legal person using the Service mainly for business, professional, commercial or other purposes different from personal, family or household needs is not a consumer.

“Disputes” means any disagreements, complaints, litigation, arrangements and other such disputes between Paxum Bank and Client arising from these Terms and Conditions or concerning the use of the Service, or the laws of Dominica or the United States, where the laws of Dominica take precedence.

“General Terms and Conditions” or “Terms and Conditions” shall mean these General Terms and Conditions of business.

“International Transfer” and “SHA, BEN or OUR” means an international outbound money transfer ordered by the Client from the Client’s Account to the bank account of a payee, executed via the SWIFT system ( www.swift.com), of which Paxum Bank is a member. “SHA, BEN or OUR” are SWIFT codes, meaning that:

• (i) If the Client selects code SHA (shared), the Client pays Paxum Bank’s charges, and the beneficiary bears the costs applied by other banks (the intermediary Bank, beneficiary bank and other relevant financial institutions). The beneficiary will receive the remaining balance;
• (ii) If the Client selects code BEN (beneficiary), the beneficiary bears all charges of the banks engaged in transferring funds. All Paxum Bank fees and those of the intermediary Bank, the beneficiary bank, will be deducted from the transfer amount, and the beneficiary will receive the remaining balance; or
• (iii) in case Client selects code OUR (our), Client bears all charges of the payment, which includes Paxum Bank’s fee, as well as fees charged by other banks (intermediary Bank, beneficiary bank or other relevant financial institutions). The beneficiary receives the complete payment. Paxum Bank will debit from the Client’s Account the Correspondent bank charges within 21 days of processing the SWIFT transfer.

“Mass transfer” or “Mass payment” is part of the Service available to Business accounts, which enables the Client to submit payment orders for mass payments for various payees simultaneously. Permission to send mass transfers via peer-to-peer payment, Electronic Funds Transfer (including local bank transfer, SWIFT) and other payment vehicles and instruments as the services become available.

“Minor” means a person who is under the age of 18 years old.

“Non-payment transaction” means a transaction that does not involve the transfer of funds but instead comprises activities such as reviewing account balances, transaction history, statements, changing passwords, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;

“Online account” means a financial account that can be accessed and managed online, allowing customers to perform banking activities remotely. All Accounts at Paxum Bank are Online Accounts.

“Online banking” means using the internet to access and manage bank accounts and financial services remotely. By agreeing to these Terms and Conditions, you agree to open an Online Bank Account at Paxum Bank;

“Payment Order” means all financial instructions made by the Payer or Payee to Paxum Bank, ordering the execution of payment transaction; “Payment transaction” means the transactions for money transfer or any other payment transactions with the payment instrument available for the Service;

“Payer” means a Client that submits the payment order;

“Payee” means a Client that is a recipient of the amount of the payment transaction;

“Personalized security features” or “Identifying Credentials” means all personalized security characteristics of all payment instruments, such as the username, password, two-factor-authentication, security codes and all other unique identifying information that Paxum Bank provides to the Client;

“EFT” means Electronic Funds Transfer. An EFT is a digital movement of funds from one bank account to another. EFTs are SWIFT or non-SWIFT EFTs for these Terms and Conditions.

“OCT” means Original Credit Transaction. OCT is a financial instrument allowing Paxum Bank account holders to withdraw funds to an authorized debit or credit card.

“Peer-to-Peer (P2P) Transactions” Subject to applicable Fees, Users can transfer Funds from their Account to the Account of another User of Paxum Bank or the Paxum.com brand.

“Service” refers to any payment instruments and Account and any other service Paxum Bank may provide to Client from time to time, including but not limited to accounts (current accounts, savings accounts, merchant accounts, accounts for Term Deposits) supported by Paxum Bank, identified with unique account numbers and all payment transactions, such as money transfers or others;

“Recurring Payment” means a payment order that the Client gives to Paxum Bank to perform a set of recurring money transfers or a payment with a future date with the defined amount, currency, beneficiary, start date and expiry date.

“Website for the Service” means the website of Paxum Bank www.paxumbank.com, its Paxum.com brand (www.paxum.com) or other websites of Paxum Bank, as indicated to the Client. Therefore, the Client can use all authorized Paxum Bank websites accessed by the Client via the internet to access all information relevant to their Account and the Services.

1. TERMS OF SERVICES

• 1.1. Use of the Services is subject to the Terms and Conditions. The Terms and Conditions will be effective from the date of acceptance by the Client (“Effective Date”). By accepting the Terms and Conditions, the Client agrees to use the Services under the Terms and Conditions requirements. The Client can accept the Terms and Conditions by:

  • (i) accepting the Terms and Conditions, where this option is available to Client by Paxum Bank on the website(s) for the Service, Account Application, or via the Mobile Application for the Service. Clicking to Accept or Agree to the Terms and Conditions, where this option is made available to Client by Paxum Bank on the website for the Service, qualifies as a digital signature created by Client and, therefore, the electronic version of the Terms and Conditions, or
  • (ii) using any of the Services. In this case, Client agrees that Paxum Bank will treat the use of the Service by Client as acceptance of the Terms and Conditions from the moment of first use of Service.

• 1.2. The Services are described in the glossary of these Terms and Conditions. Paxum Bank may require the client to agree to a Special Agreement related to the type of Account or Services provided by Paxum Bank. These Terms and Conditions apply to current accounts and the other accounts offered by Paxum Bank.

• 1.3. Paxum Bank may introduce innovations, improvements, developments, new functionalities, upgrade accounts, or amend the names of accounts or products unilaterally and without Client consent, for which Paxum Bank shall inform Client via the Service website or the Client’s online Account or email. However, where a change to the Service constitutes a modification to the preliminary information presented to the Client before concluding these Terms and Conditions, as required by the Law, or narrowing the Services, Client will be given notice**. by an email sent to the Client email address indicated in the Account Application form.**

• 1.4. Privacy: Protecting the Client’s privacy is a core mandate at Paxum Bank. Clients are encouraged to read Paxum Bank’s Privacy Policy and these Terms and Conditions to better understand Paxum Bank’s commitment to maintaining Client’s privacy, as well as Paxum Bank’s use and potential disclosure of Client’s information.

• 1.5. A copy of the Terms and Conditions will be provided to the Client in a printable format during sign-up. As amended occasionally, a copy of the Terms and Conditions is available to the Client on the website for the Services and in the online Account. The Client may request a copy of the Terms and Conditions via the Client Account Portal, ticket or email.

• 1.6. The Terms and Conditions and this Agreement with the Client will be in English. Where Paxum Bank has provided Client with a translation of the English-language version of the Terms and Conditions or communication, Client agrees that the translation is provided only for Client’s convenience and that the English-language version of the Terms and Conditions and the contract will govern the relationship with Paxum Bank. The English-language version takes precedence if there is any contradiction between the English-language version and a translation.

• 1.7 Paxum Bank may, at its discretion, provide services and engage in communications in languages other than English. However, English shall remain the primary language of the Bank, and the Bank does not guarantee services in any language other than English.

2. ELIGIBILITY FOR THE SERVICES. TYPES OF ACCOUNTS AND CARDS:

• 2.1. To be eligible for the Services, Client must (i) be a resident of one of the countries acceptable to Paxum Bank; and (ii) have legal capacity (iii) not be present on any blacklist or sanctions lists or related to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) purposes, officially published and notified by Regulators or other blacklists as per the internal policies of Paxum Bank.

• 2.2. Types of accounts: Paxum Bank offers different types of accounts in foreign currencies supported by Paxum Bank, such as current accounts, saving accounts and other types of accounts for individual and corporate customers. Paxum Bank offers accounts for special purposes. Additional regulation applies to special purpose accounts and regime accounts. To open such an Account, the Client must make a written request to Paxum Bank and follow the procedure of Paxum Bank for opening, maintaining and closing such an Account.

• 2.3. Information about the transactional limits is available on the website of Paxum Bank. For regulatory, risk and security reasons, Paxum Bank may impose or change the limits unilaterally and without the consent of Client, for which Paxum Bank shall inform Client via the website for the Service or via the Client’s online Account or email unless Law restricts Paxum Bank from notifying the Client. Paxum Bank is entitled at its sole discretion to decide whether to change the limits after a customer requests a change of limits, and Paxum Bank shall not be liable in case of a declined request.

• 2.4. Clients enrolling for the Services via the Paxum Bank website, Paxum.com or via business introducers or Clients, who have completed the verification process, may be eligible for a bank account. Paxum Bank may require at any time additional information as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay as required by Paxum Bank. Upon registration for the Service and during the term of these Terms and Conditions, Client must provide current, complete, and accurate information for Know your customer (KYC) needs, as requested by Paxum Bank and is obligated to ensure it remains current and accurate during the use of the Service. The Client commits to updating the information to ensure it remains current, valid, compliant and adheres to these terms and conditions.

• 2.5. Upon registration for the Service, the Client will be provided login and other necessary credentials by Paxum Bank.

• 2.6. The Client agrees that the Client is registering for the Service on the Client’s behalf (individually or as a legal representative of an entity or organization) or on behalf of a third party, in which case the Client will provide Paxum Bank, with a certified power of attorney or another legal document, acceptable to Paxum Bank, authorizing the person on behalf of the Client. The Client agrees that should they open a Paxum.com account, they may not open that account on behalf of a third party under any circumstances.

• 2.8. Client’s representations:

• 2.8.1. In the course of the business relationship with the Client, Paxum Bank relies on the representations made to it by the Client or by third parties at the request of the Client, in particular relating to:

  • a) The identity of the Client,
  • b) The business activities and financial statements of the Client,
  • c) The credentials of the Client
  • d) The legal powers and authority of the Client and, concerning a legal entity, its authorized signatories, and
  • e) The ownership and source of funds or assets of the Client entrusted to Paxum Bank and on such other matters relevant to facilities as stated in specific agreements.

• 2.8.2. The Client shall comply with all applicable laws and regulations, including legislation on anti-money laundering and anti-terrorist financing and any orders issued by the relevant regulatory authorities in so far as the Bank’s services are involved.

• 2.8.3. In the event any representation appears to the Bank to be incomplete, misleading, false or incorrect, the Bank shall be entitled to suspend all and any instructions of the Client barring the delivery of adequate information and evidence to the Bank within a reasonable time. The Client must present the information within a reasonable timeframe, or Paxum Bank will terminate the business relationship.

• 2.9. The Card linked to the Client’s account is issued and activated after Paxum Bank approves an account application. The Bank issues the Card in the currency requested by the Client and supported by Paxum Bank. The Bank sends the Card to the Client’s home address or office where the Client is a business account holder. The Card may be used only by the cardholder and only after its activation, as instructed by Paxum Bank.

3. INCOMING PAYMENTS:

• 3.1. Client can receive a transfer to the Client’s Account provided by Paxum Bank. Paxum Bank is not responsible for and does not control when Paxum Bank will receive the funds from other parties and whether other parties or correspondent banks will charge Client fees for the transfer or whether they will transfer the full amount to Paxum Bank. The Client will be notified through information in the online Account in the balance and transaction history on the amount of the transfer and date of credit operation.

• 3.2. To receive an incoming transfer, the Client must correctly provide to the payer the following mandatory information: name, address, account number, or the respective replacing information if allowed by Paxum Bank. The absence of the mandatory information might result in the postponement or rejection of the incoming transfer, for which Paxum Bank shall not be responsible. In cases of incoming transfers with wrong or missing data in the payment order (e.g. discrepancy between the name and Account Holder, missing account number or name of the Account Holder, Account written in a wrong way, etc.), Paxum Bank is entitled not to credit the amount and return the amount and/or make investigations and correcting actions necessary for a correct payment order, for which fees specified in the Tariff of charges may be applied.

• 3.3. Client agrees that Paxum Bank may, for regulatory reasons, impose different limitations on amounts transferred, special requirements, or not accept bank transfers from certain banks at the discretion of Paxum Bank.

• 3.4. The credit value date for the payee’s Account (Client’s Account) and the amount of the incoming payments shall be available no later than the Business Day on which the amount of the transfer is credited to Paxum Bank.

4. PAYMENTS:

• 4.1. Internal transfers: The client may transfer money to the Client’s accounts or third parties’ accounts within the Paxum Bank system. To make an internal transfer, the Client must indicate the correct account number or another Client’s email address and submit a correct payment order via the Service.

• 4.2. EFT transfers: The client can make via the Service outgoing money transfers from Client’s account(s) in multiple currencies. To make a correct payment order for an EFT transfer Client must provide the complete and accurate names of the beneficiary, the correct beneficiary account number details, and the country and BIC of the beneficiary (bank of recipient).

• 4.3. International Transfers: The client can, via the Service, issue outgoing money transfers from Client’s account/s to any bank account authorized by the Service. Paxum Bank will correctly perform payment orders for international transfers in compliance with SWIFT and other relevant EFT rules on international transfers. To issue a payment order for international money transfers, the Client must provide the full and correct name of the beneficiary account details, such as account number, ABA Routing Number, IBAN, Bank Identifier Code (BIC) and other relevant information as they relate to the beneficiary and beneficiary’s financial institution.

• 4.3.1 Paxum.com personal account holders may only withdraw funds to their own bank account(s). A personal account holder is prohibited from sending an international transfer to the financial Account of a third party. Withdrawal to a third-party account will result in the termination of services.

• 4.3.2. Paxum.com personal account holders may not receive incoming third-party transfers from external financial institutions, except originating parties approved by Paxum Bank to execute such transfers.

• 4.3.3. Paxum.com business account holders must apply to send and receive fund transfers to and from third parties. Paxum Bank reserves the right to reject all third-party transfers to and from business accounts without approval to execute or benefit from such transfers. To apply for third-party transaction permissions, Paxum.com business account holders should contact support@paxum.com.

• 4.4. External Card Transfers: Paxum Bank may support External Bank Card (OCT and similar programs) transfers in select jurisdictions. External bank card transfers require that the Client provide the full and correct name of the beneficiary, valid and correct beneficiary bank card number, bank card expiration date, address of the beneficiary, nationality of the beneficiary, or other data, as requested by the Service in the online Account of Client. Restrictions may apply in sending external bank card transfers to third parties.

• 4.4.1. Paxum.com personal account users are prohibited from instructing third-party external bank card transfers. Paxum.com personal account holders may only instruct external bank card transfers to their own accounts. Instructing an external card transfer to a third-party beneficiary will result in the termination of the Services.

• 4.5. Paxum Bank shall maintain records of liabilities and rights concerning Transactions and Fees, which records shall be authoritative in settling any disputes between Paxum Bank and any User or between any two Users in respect of any entitlement under this Agreement. In the event of a dispute between Users as to entitlement to Transaction funds, Paxum shall determine such entitlement as per its own records, and Paxum reserves the right to undo Transactions at its sole discretion and thereby leave Users to settle their disputes outside of the Banking Services, independently from Paxum Bank. User shall indemnify and hold Paxum Bank, its owners, directors, officers, employees, agents, licensors, suppliers, assigns and successors in interest harmless from and against all claims, losses or other liabilities arising from any dispute that User has with any other User or any third party.

5. Instructions to Paxum Bank:

• 5.1. The Client agrees to submit instructions to, communications with, and statements directed at Paxum Bank or its Paxum.com brand in writing. The Client agrees to confirm all verbal instructions and other communications in writing. The Client may submit instructions via the Paxum Bank or Paxum.com online banking platforms.

• 5.2. Transmission of Instructions – Facsimile, Telex, Email or Other Electronic Means

  When the Client submits a payment order via Paxum Bank or Paxum.com’s online banking platform, Paxum Bank will consider the payment order authorized by the Client, becoming irrevocable after confirmation. The Bank shall not be liable for any damages arising from using such means of communication. It must be kept fully indemnified against all claims, damages, charges, and expenses which the Bank may incur directly or indirectly in compliance with these instructions or any incorrect or improper authorizations received by the Bank through these electronic means of communication.

• 5.3. Paxum Bank shall execute the authorized payment order of Client, provided that Client has enough balance in the debited Account to cover the transfer amount and the applicable fees. Paxum Bank may refuse to execute a specific transaction if the balance of the Account is insufficient to support the total cost of the transaction and associated fees. Paxum Bank may also refuse to execute a transaction if it reasonably believes that the payment order is made by an unauthorized person or the underlying transaction is fraudulent, in breach of the present Terms and Conditions, the Laws of the Commonwealth of Dominica or the laws of the United States of America (where appropriate). If the laws of the Commonwealth of Dominica and the laws of the United States conflict, the laws of Dominica shall take precedence.

  Further,** Paxum Bank shall not be under any obligation to process a payment order in any of the following cases:

  • (a) there exists a garnish order or any relevant court order concerning the Client’s funds;
  • (b) there exist reasonable grounds to suspect the source or use of funds or the purpose of a payment pose money laundering, terrorist financing or other financial crime risks.
  • (c) instructions lack the necessary mandatory information;
  • (d) instructions are not clear or are incomplete;
  • (e) instructions are initiated from a prohibited jurisdiction;
  • (f) instructions originate from a legal or natural person located in a prohibited jurisdiction;
  • (g) instructions are for a transfer of funds to a prohibited jurisdiction;
  • (h) the instructions violate in any way the policies of the Bank;
  • (i) the instructions have exceeded the Bank’s risk appetite.

• 5.4. Paxum Bank may, but is not obliged to process an order even if it results in an overdrawn account. An overdrawn account does not imply any obligation on the part of Paxum Bank to advise the Client before processing it. The Client must fully reimburse an overdrawn account by the last day of the month. Failure to compensate the Bank for any overdrawn amounts will result in the Account being sent to collections.

• 5.5. Deadline for performance of payment orders for outgoing money transfers:

  • (i) Deadline for performance of internal money transfer – within the same day as of the date of placement of a payment order unless the payment order is assigned a pending status at the discretion of the Bank;
  • (ii) Deadline for performance for EFT transfers: Paxum Bank shall debit the Account of the Client and shall execute the order after receipt of the confirmed Payment Order at the latest by the end of the next Business Day for Payment Orders. Payment Orders for EFT transfers received by Paxum Bank after 12:00 pm or on a day that is not a Business Day for Paxum Bank shall be executed by Paxum Bank at the latest by the end of the next Business Day. The payment order will be performed by the above-mentioned deadline unless the payment order is assigned a pending status at the discretion of the Bank;
  • (iii) Deadline performing International Transfers: Paxum Bank shall debit the balance of the Client in the respective currency and shall execute the order after receipt of the confirmed Payment Order at the latest by the end of the next Business Day for Payment Orders for International money transfers. Payment orders for international money transfers received by Paxum Bank after 12:00 pm (noon) or on a day that is not Business Day for Paxum Bank shall be executed by Paxum Bank by the latest at the end of the next Business Day. Paxum Bank will conduct the payment order by the time mentioned above unless the payment order is assigned a pending status at the discretion of the Bank;
  • (iv) Deadline for performance of payments under Recurring Payments: Paxum Bank shall debit the bank account specified by the Recurring Payment on the due date specified in the Recurring Payment. The above rules for deadlines apply accordingly.

• 5.6. Client may submit Recurring Payments for money transfers via the Client’s online Account and within the limits allowed by the Service. The Client must specify the frequency, amount of the payments, account to be debited, beneficiary’s payment details (names, account number/IBAN and others as requested by the Service), start date and validity of the Recurring Payment. The effect can be up to a specified date, reached number of payments or until cancellation. The Client understands and agrees that they may be required to undergo two-factor authentication in establishing the Recurring Payment.

• 5.7. Upon establishing the Recurring Payment, the Client can view the applicable fees of Paxum Bank. However, Paxum Bank can amend the Tariffs at its discretion. A fee adjustment will not result in the suspension or termination of the Recurring Payment. The balance of an account engaged in a Recurring Payment must be sufficient to pay the cost of the transfer and applicable fees. In the event that the funds on the Account to be debited for the execution of the Recurring Payment are insufficient for the cost of the transfer and applicable fees, Paxum Bank will not execute the transaction. If Paxum Bank does not execute a recurring payment due to insufficient funds, Paxum Bank shall not be liable for resulting damages and compensation.

• 5.8. Client acknowledges and agrees that a Payment Order, and Recurring Payment, have been executed correctly by Paxum Bank if the Client has submitted a Payment Order with incorrect data. Paxum Bank is not liable if the money transfer was unsuccessful, received by the wrong payee, or returned to Paxum Bank. The Client acknowledges and agrees that under such circumstances, the Client is liable to pay all charges related to the return, reversal or cancellation of an incorrect payment order. Paxum Bank is not responsible for any damages resulting from the clients’ errors and omissions in submitting a Payment Order or Recurring Payment.

• 5.9. Client understands and agrees that the creation of Recurring Payments or Payment Orders to trusted beneficiaries does not preclude the rights and obligations of Paxum Bank under the anti-money laundering, anti-terrorist laws and other regulations, as well as the discretion of Paxum Bank to impose limits to such orders or to not execute certain payment orders for security or regulatory purposes.

6. REFUSAL, REVERSAL OF UNAUTHORIZED TRANSACTION AND REVERSAL OF INCORRECT PAYMENT ORDERS:

• 6.1. Where Paxum Bank refuses to execute a Payment Order, the refusal reason(s) and the procedure to correct factual errors that led to said refusal may be communicated to the Client at the discretion of the Bank unless prohibited by law. Paxum Bank shall provide or make available the notification to the Client via email or the online portal at the earliest opportunity. Paxum Bank may charge a fee for providing additional information for such a notification if the refusal is objectively justified. Client acknowledges that Paxum Bank is not obliged to give a detailed reason for a refused payment order.

• 6.2 You are liable for all authorized use of the Services. Authorized use includes, but is not limited to, permitting another person to use your Services, any entry errors at a point of sale or Debit Terminal, peer-to-peer transfer, EFT instructions, OCT instructions, and all fraudulent or fraudulent or worthless deposits you may make. In particular, you are liable for all debts, withdrawals, deposits, transactions, advances, other Account activity and losses resulting from:

  • i. All authorized Permitted Transactions in which the Account, a Card, a Card Number, or Authorization Credentials was used by you or by persons:

    • a. to whom you have made your Account, Card, Card Number, or Authorization Credentials available; or

    • b. whom you have allowed accessing your mobile device or computer; or

    • c. who have registered their biometric information in your mobile device or computer with your consent; or

    • d. who received possession of your mobile device or computer containing an Account or Card with your consent;

    • e., whose mobile device or computer you used to access your Account or Card.

  • ii. Any error or fraudulent use of the Account, Card, Card Number, or Authorization Credentials by you, or authorized by you, including any errors or fraudulent or worthless deposit or other transaction using the Account or Card;

  • iii. Failing to comply with your obligations to protect your Account, Card, Card Number, or Authorization Credentials or if you did not otherwise take reasonable steps that could have prevented the loss;

  • iv. Any other use of the Account, Card, Card Number, or Authorization Credentials to which you have contributed and which is not otherwise exempted under a provision of this Agreement; and

    • v. Any other failure by you to comply with the terms of this Agreement.

  You are also liable for the unauthorized use of your Account, Transaction Approval Codes, Card and PIN when you contribute to their unauthorized use. This liability includes the following circumstances:

  • i. you fail to notify Paxum Bank in accordance within 30 days of detecting the transaction;

  • ii. you fail to keep your Authorization Credentials confidential; or

  • iii. you failed to cooperate with Paxum Bank in its investigation of the unauthorized use.

  Your daily liability for such unauthorized use is limited to your total Daily Limits. Your liability may exceed the funds in your Account (s) if the Account incurs a negative balance, is linked with other Accounts, or the Permitted transaction is made based on a fraudulent or worthless deposit via Electronic Funds Transfer, peer-to-peer transfer or another type of fraudulent transfer.

  You are not liable for losses that result from:

  • i. circumstances beyond your control as they pertain to technical problems or system malfunctions;

  • ii. errors on the part of Paxum Bank or situations where Paxum Bank is responsible for preventing unauthorized use, such as after an account has been closed or limited or a Card has been cancelled or expired or after you have notified Paxum Bank of an instance of fraudulent activity;

  • iii. unauthorized transactions after the you reported the Card to us as lost, stolen or compromised, or you reported the Card Number or Authorization Credentials as compromised and we did not take any appropriate action;

  • iv. unauthorized Card transactions after the Card is cancelled or expired;

  • v. unauthorized transactions where you have unintentionally contributed to such use, provided that you notify us immediately upon becoming aware of the transaction and fully cooperate in any subsequent investigation (for clarity, the word “unintentionally” in this clause excludes any non-compliance with your obligations under the Agreement); and

  • vi. transactions using your Account, Card, Card Number, or Authorization Credentials where you can demonstrate that you have been the victim of fraud, theft, trickery, force, coercion or intimidation provided that you notify us promptly of the incident, fully cooperate in any subsequent investigation and provided that you have not contributed to the loss.

• 6.2.1 Security: You agree to protect and keep confidential your User ID, passwords and all other authentication information required for your use of an account or Card. If you share these credentials with others, third parties may be able to use your Card through your account and access Account or Card information made available through the account. You agree to keep the Mobile Device or computer on which the Account information is stored safe and secure. You agree to notify us immediately if your Mobile Device or computer is lost, compromised or stolen.

  You will be responsible for the full amount of any losses if you contributed to the unauthorized use of your Account or Card or if you failed to notify us as required in these terms, or if you fail to notify us of the loss, compromise or theft (incident) of your Mobile device or computer as soon as you become aware of the incident. In addition, you agree to delete your Card from your Account before you deliver your Mobile Device to any Mobile Device service or when you retire or discard your Mobile device or computer.

  You also agree that you are solely responsible for ensuring the safety and security of your Mobile Device and computer, and you agree that you will implement reasonable security protocols to protect the Mobile Device or computer and the Account from unauthorized use, including but not limited to password and biometric protection to restrict access to your Mobile Device or computer, ensuring that you do not provide passwords or add biometric verifications to your Mobile Device or Computer for any person that you have not authorized to use your Account or Card and that you will not add your Account or Card to Mobile Device or computer that has been compromised through “jailbreaking” or any other similar alteration. Except as expressly provided in this Agreement, or unless prohibited by law, you are responsible and liable for all transactions conducted through your Account using your Account or Card, and, in any event, you will be liable for any transactions undertaken by anyone using authentication codes or biometric or other verifications that grant access to, and allow the use of, your Mobile Device or computer.

  You are responsible for ensuring the accuracy of settlement and delivery instructions in respect of every transaction (including, but not limited to, any peer-to-peer, EFT instructions, wire instructions, and OCT instructions). Paxum Bank shall not, in the absence of gross negligence or wilful misconduct on the part or of its employees, be responsible for the failure, delays or errors in the receipt of such instructions, and Paxum Bank shall have no liability for consequential or special damages. You agree to maintain security systems, procedures and controls to prevent and detect (i) the theft of funds; ii) forged, fraudulent and unauthorized instructions and electronic transfer of funds by anyone who is not an Authorized Person; (iii) losses due to fraud or unauthorized access to the Service by anyone who is not an Authorized Person.

• 6.2.2 Our Liability: We are not liable for any losses or damages incurred by you except as set out in this section below. We are liable for Paxum Bank account losses resulting from:

  1. Unauthorized transactions conducted through an Electronic Financial Service after you have notified us that your Account, Card, PIN or Credentials may have become known to someone else or your Account, Card, PIN or Credentials have been lost, stolen or misused;
  2. Transactions completed through Accounts or Cards that are forged, faulty, expired or cancelled;
  3. Fraudulent or negligent conduct in the provision of an Electronic Financial Service by our employees or agents, companies involved in related networking arrangements, or merchants who are linked to the electronic funds transfer system or their employees or agents; or
  4. Any failure, error, malfunction or technical problem of our system or equipment in connection with the delivery of the Service.

• 6.3. Paxum Bank will reasonably assist the Client in reversing unauthorized transactions or incorrect payment orders in cases where an incorrect Payment Order has been instructed. If Paxum Bank has executed an incorrect Payment Order because of a Client error, the Client can request a reversal via ticket initiated from the Client’s online profile or via email. Such a request will trigger a reversal procedure, for which Paxum Bank may charge the Client a fee. Paxum Bank cannot guarantee the outcome of the reversal procedure. If the reversed amount is returned to the Client’s Account, Paxum Bank is not responsible for fees and costs incurred by the payee bank or correspondent bank.

• 6.4. In case of unauthorized transactions, Paxum Bank shall conduct a procedure for proving authentic and correct execution of payment transactions, and if this procedure is completed in favour of Client, Paxum Bank shall reverse the operation and return the amount to Client’s Account, less applicable fees, within 90 days, barring exceptional circumstances in which the Bank requires more time to complete its investigation.

• 6.5. Client agrees that Paxum Bank may not always be able to reverse unauthorized transactions or incorrect payment orders; in cases where the deadline for chargeback or reversal procedures has expired, Paxum Bank shall not be liable for the reversal amount, compensation and any resulting damages.

• 6.6. When Client receives a payment, Client is liable to Paxum Bank for the total amount plus any fees if the payment is later invalidated. In addition to any other liability, if there is a Reversal or if the Client loses a Chargeback or Claim, Client will owe Paxum Bank an amount equal to the Reversal, Chargeback or Claim and applicable fees and other charges related to the Reversal, Chargeback or Claim. Paxum Bank may debit the Client’s Account to recover any amounts and costs in connection to Reversal, Chargeback or claim immediately and without prior notice.

• 6.7. Client agrees that when a payment transaction is not approved, or a merchant wishes to refund the total or partial amount, then the following rules shall apply:

  • (i) Reversal or refund of the total amount of transaction – the amount of the transaction is refunded in the original currency; or
  • (ii) Partial reversal or refund of the amount of transaction – the amount subject to reversal or refund is in the currency of the transaction; or
  • (iii) If the payment has been made with a Card via debiting of a linked Funding Instrument - the amount subject to reversal or refund is refunded in the currency of the Card;

• 6.8 Client agrees that any claims, chargebacks or reversal requests deemed to be fraudulent will result in the Bank:

  • (i) not honouring the claim;
  • (ii) terminating the services that it provides to the Client
  • (iii) reporting the Client to local law enforcement and credit bureaus where relevant.

7. PAYMENT TRANSACTIONS WITH CARDS:

• 7.1. Where Paxum Bank has issued a Card to the Client, the Client or authorized cardholder may issue payment orders and transactions with the Card linked to the Client’s Account. The Card must be activated as instructed by Paxum Bank. The Client must sign a physical Card.

• 7.2 Payment transitions include but are not limited to payments for Goods and Services on POS at Merchants accepting the Card as a payment method, online purchases, ATM withdrawals or other, as indicated by Paxum Bank on the Paxum Bank or Paxum.com websites.

• 7.3. Payment orders executed with Card will be received by Paxum Bank in electronic form. The Client’s consent for the payment transaction execution becomes irrevocable. The payment order becomes irrevocable when the Client presents the Card for the execution of the transaction and: (a) the chip or the magnetic stripe of the Card is processed by the ATM or POS device and a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective Service by fax, telephone or other communication devices.

• 7.4. Card, which has been personalized with a cardholder’s name, must be used only by the cardholder to whom the Card is issued. The Card is linked to the Client’s Account. In order to link a Card to an Account, the Client must order and activate the Card.

• 7.5. The spending limits with Cards are set out on the Bank’s websites.

• 7.6. The Client may not use the Card to purchase virtual currency or, in any other way, engage in transactions with the Card that are directly related to the purchase, sale, or trade of virtual currency.

8. RECORD KEEPING AND ACCOUNT STATEMENTS:

• 8.1. Paxum Bank reserves the right to keep any document or other information relating to Client or the Services offered to the Client in electronic format. Paxum Bank may provide electronic copies to the Client to satisfy any request for original copies of the said documents. Paxum Bank shall be entitled to destroy all records, correspondences and other documents related to the Client upon duly satisfying record-keeping requirements set forth by the Proceeds of Crime Act (2014) and all subsequent amendments and all related regulations and legislation.

• 8.2. Client’s account statements, history of transactions and Account details will be available through the Client’s online banking account. Paper statements are not available.

9. PAYMENT INSTRUMENTS SECURITY FEATURES. SECURITY MEASURES AND SAFETY REQUIREMENTS:

• 9.1. Paxum Bank has provided to the Client personalized security features for using all payment instruments included in the Service, such as but not limited to username and unique password for the online banking and online account, two-factor authentication and other biometric verification tools, which are necessary tools for preserving the security of the payment instruments of Client.

• 9.2. Client agrees to use their selected credentials, such as username, password and other personalized security features, to execute payment instructions per these Terms and Conditions. The Client must not provide and must not allow disclosure of any personalized security features to a third party, even where the payment instrument is protected via two-factor authentication. The Client is fully liable for damages from unauthorized transactions resulting from disclosing their personalized security features.

• 9.3. If Client is using the Service in a business capacity or as a Client of Business/Corporate account, Client agrees that:

  • (i) all employees, agents, representatives, and others having access to Client Credentials or personalized security characteristics of payment instrument/s of Client, will be considered as adequately authorized to use Client account and make any payment orders via all payment instruments and perform all actions to which Client is entitled and will legally bind the Client, business, partnership or other legal entities concerned. Client agrees that all employees, agents and representatives granted access to the Services will undergo identity verification and other due diligence which the Bank may request.
  • (ii) Client can grant varying account access permissions to employees, agents and business representatives as defined within the Account in the portal. The Client will be responsible for assigning appropriate levels of access to authorized users;
  • (iii) each Payment Order from authorized users will be considered approved by the Client and irrevocable on Receipt of a Payment Order.

• 9.4. Client acknowledges and agrees that all Cards linked to Client’s Account and Client shall be liable for all transactions and charges arising from using Cards associated with Client’s Account.

• 9.5. If the Client believes that Client’s Account, including online banking account or other payment instruments, has been used in an unauthorized manner or in the event of unauthorized transactions, the Client must contact Paxum Bank without undue delay. Client agrees to notify Paxum Bank via the Contact Center or via “Contact us” on the Paxum Bank portal by initiating a ticket within the client portal or via the email address associated with the Client’s Account immediately and without delay in cases of loss, theft, misappropriation or unauthorized use of credentials or personalized security features or payment instruments, including, but not limited to Cards.

  • The Client must** take all preventive and reasonable security measures enabled by the Service, including disabling the compromised payment instruments via the Service and allowing Paxum Bank to limit the risks of unauthorized transactions and damages. Client agrees to notify Paxum Bank without undue delay and in the same manner of any other security breach regarding the Service that Client knows.

• 9.6. Paxum Bank may suspend the use of the Service in part or wholly, including blocking Account (s) where it suspects security may have been compromised or that unauthorized or fraudulent use has occurred. Paxum Bank will inform the Client about the Services suspension via the Client’s Account in the platform portal. Paxum Bank will provide the Service or replacement credentials or personalized security characteristics to Client as soon as practicable after the security event has been resolved and on condition that Client has performed all obligations towards Paxum Bank.

• 9.7. The Client may not disable two-factor authentication or other security features placed on the Account by Paxum Bank at account opening or which have been added to the Account throughout the life of the Account.

• 9.8. Paxum Bank may, at its discretion, block specific types of payment transactions to comply with risk and compliance requirements. Paxum Bank may, at its discretion (for example, for fraud, risk and compliance reasons), limit the amount of money the Client can withdraw, transfer, receive or fund for a certain period or the whole period of use of Service. Paxum Bank may also remove or revoke permissions for specific transaction types and certain financial instruments at its discretion without informing the Client of the reason for removing the permission(s).

10. PROTECTION OF CLIENT PERSONAL INFORMATION AND BANK SECRECY:

• 10.1. Bank Secrecy: Paxum Bank is bound, per the laws of the Commonwealth of Dominica, to observe secrecy and confidentiality concerning all information that Client discloses to the Bank about the Client (“Secret Information”). However, Paxum Bank is authorized and required by the laws of the Commonwealth of Dominica or international laws to disclose Secret information in so far as the declaration of such Secret information is:

  • a) required in terms of any provision of law in any jurisdiction, under the applicable regulations on automatic exchange of information, such as the Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial institutions to exchange automatically with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account/s balance as at the end of the calendar year and other information for tax purposes, specified in these acts, or on an ad hoc principle upon request or order of any competent authorities;
  • b) required in terms of a valid and accepted Court Order, Production Order, Subpoena, Mutual Legal Assistance Treaty Request or similar;
  • c) required for any proceedings by the Bank against the Client for recovery of sums due to it in terms of the business relationship or for defending itself against any claim concerning services provided to the Client in connection with which the Bank obtained the secret information;
  • d) otherwise permitted by the Client, including when the Client requires the Bank to provide a reference or a status report to a third party or by any applicable law.
  • e) required by the Bank to fulfill its duties under the Proceeds of Crime Act (2014) and any related legislation or regulations.

• 10.2. Per the provisions of Commonwealth of Dominica Law, by accepting these Terms and Conditions, the Client consents to disclose information about the Client acquired during the relationship in the circumstances specified hereunder:

  • a) to the Bank’s authorized professional advisers (including but not limited to financial, legal and other advisers as might be engaged from time to time), or to any actual or potential assignee or transferee of the Bank’s rights against the Client, or to any person who may otherwise enter into contractual relations with the Bank concerning the business relationship with the Client;
  • b) when the information is required to be disclosed or is requested in the course of a due diligence exercise;
  • c) when the information is required in the ordinary course of business with institutions or other persons usually bound by similar obligations of secrecy.

• 10.3. Client Identity Verification for anti-money laundering and counter-terrorist financing requirements, fraud detection:

  • (a) Client acknowledges that Paxum Bank is offering and continues to offer the Services to Client on the condition that Client satisfies all due diligence and identity verification processes that Paxum Bank may conduct. Identity verification may include credit checks and due diligence:

    - mandated by relevant legislation or regulatory requirements or;

    - as determined by the Bank per internal risk control and risk-mitigation policy.

    The Client will cooperate with Paxum Bank by providing valid and accurate information as requested by the Bank, including the provision of such additional registration or identity verification information as Paxum Bank may require at any time.

  • (b) Client consents to Paxum Bank sharing with and obtaining from third parties, to the extent permitted by law, information held about Client, including personal data and possibly sensitive personal data as defined under relevant data protection legislation, for the purpose of Paxum Bank conducting applicable due diligence and identity checks. The Client agrees that such third parties may retain the information shared in this way.

  • (c) Non-satisfaction with the conditions in this clause, requiring that Client provides information requested by Paxum Bank to conduct identity verification or determine compliance with anti-money-laundering requirements, may result in decline or immediate suspension of the Client’s use of the Service and also the termination of these Terms and Conditions without prior notice to Client.

  • (d) Reliance on Instructions. Paxum Bank may rely and act upon Paxum Bank or Paxum.com portal instructions, telephone, facsimile transmission and any other electronically transmitted instructions from or purporting to be from you (including an authorized person) and which Paxum Bank believes in good faith to be genuine.

• 10.4. Client acknowledges and agrees that Paxum Bank shall approve or decline payment transactions without disclosing information on the Account’s balance to third parties. Client acknowledges and agrees that for a chargeback, fraud detection and prevention reasons, Paxum Bank may disclose necessary information related to payment transactions with Card or other payment instruments with the logo of the Card Organization to Bin Sponsor and Card Organization or Regulator.

• 10.5 Client agrees to the use of Client data in accordance with Paxum Bank Privacy Policy. The Client expressly agrees to the use and the communication of the Client’s personal data to Paxum Bank and sub-contractors of Paxum Bank, such as the BIN Sponsor, which will issue or acquire payments with the Cards for Paxum Bank. For Card issuing, blocking and re-issuing, authorization of transactions and chargebacks of unauthorized transactions with Card, as well as authorization and settlement of transactions, Client consents to Paxum Bank sharing with and obtaining from the BIN Sponsor to the extent permitted by law information held about Client, including personal data as defined under relevant data protection legislation. Non-satisfaction with the conditions in this clause may result in decline or immediate suspension of the Client’s use of the Service.

11. PAXUM BANK ACCEPTANCE POLICY AND PERMISSIBLE TRANSACTIONS:

• 11.1. Client must use these services in good faith and per the Service’s functionalities defined in these Terms and Conditions. Client agrees to use the Service only as permitted by:

  • (i) These Terms and Conditions;

  • (ii) Characteristics, settings and limits of the Service, including the setting of limits and options by Client as allowed by the Service, as published and updated by Paxum Bank from time to time on Paxum Bank and Paxum.com website for the Service or in User Interface for the Service; and

  • (iii) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions.

• 11.2. It is strictly forbidden to use the Service in violation of the present Terms and Conditions or for any illegal purposes, including but not limited to fraud, money laundering, tax evasion or other unlawful activities. In particular, the Client shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following:

  • (a) Breach of these Terms and Conditions (including, without limitation, providing false and misleading identifying data, such as incorrect names, email addresses, multiple mobile numbers or other data, with the aim of resulting in the opening of numerous Accounts for a single user or avoiding the limits imposed by Paxum Bank in another way); or
  • (b) Breach or risk of breach by Client or by Paxum Bank of any law, statute, contract, or regulation applicable; or
  • (c) Abuse of the reversal or chargeback process initiated by Client’s Bank; or
  • (d) Use of the Service in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, investigations, penalties and other liability to Paxum Bank, Branch or Agent of Paxum Bank; or
  • (e) Initiation of transactions that may be qualified as cash advances or assisting in cash advances from Merchants or facilitating the purchase of cash equivalents (travellers’ cheques or money orders, and other such instruments); or
  • (f) Infringement of Paxum Bank or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy; or
  • (g) Use the Service in connection with any other underlying illegal transaction.
  1. Gambling and gaming activities, including but not limited to payment or the acceptance of payments for wagers, gambling debts or gambling winnings, regardless of the location or type of gambling activity (including online and offline casinos, sports wagering and office pools);
  2. Prescription drugs or pseudo pharmaceuticals;
  3. Weapons and knives;
  4. Unlicensed lotteries;
  5. Firearms or ammunition;
  6. Pyramid or Ponzi schemes or other “get rich quick” schemes;
  7. Initiation of transactions considered to be cash advances or assisting in cash advances;
  8. Sending unsolicited emails or posting referral links on websites where they are not permitted;
  9. Receiving funds for the sale of counterfeit or stolen items
  10. Activities that violate any law, statute, ordinance, contract or regulation, including those governing financial services, consumer protection, unfair competition, anti-discrimination, or false advertising.
  11. Production, payment usage or distribution of viruses, Trojan horses, worms, time bombs cancelbots, easter eggs or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or additional personal information as well as any activity considered as potential hacking, illegal or prohibited use of any website, computer, server or another device.
  12. All tobacco and alcohol products, as well as any other controlled substance
  13. Any proceeds of the following activities, including but not limited to production, distribution and advertisement: defecation, bestiality, death or simulated death, rape or simulated rape, or any pornographic material involving a minor, child or adolescent.
  14. Transactions involving the sale, purchase or exchange of virtual currencies or other assets prohibited by the Bank’s banking agreements. Any user found to be in violation of this condition will have the Account revoked.
  15. Any transaction that violates any of the following sanctions regimes:
      1. Dominica
      2. Office of Foreign Asset Control (OFAC)
      3. European Union (EU)
      4. United Kingdom (UK)
  16. Any business or personal Account that conducts the activities of a money service business or money transmitter that is not regulated or authorized by Paxum.
  17. Investment and credit services, Securities brokers, Mortgage consulting or debt reduction services; Credit counselling or repair; Real estate opportunities; Real estate brokers; Provision of rental services of property (real estate); Lending instrument; Check cashing; Wire transfers and money orders by any business that is not a regulated financial institution and has not been authorized by Paxum to conduct such activity; Bail bonds; Collections agencies; Any other type of exchange activity, either regulated or unregulated that is not authorized by Paxum Bank; The promotion, selling or distribution of binary options; Forex courses or similar educational programs; Currency exchanges, regulated or unregulated, which are not authorized by Paxum Bank
  18. Transactions related to escort services: Providing, arranging, promoting, or advertising the services of a sex worker who provides sexual services or companionship in exchange for money.
  19. Prostitution: Advertising, promoting, organizing or engaging in physical, sexual activity classified as prostitution according to Paxum Bank’s interpretation of the term “prostitution.”
  20. Sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights holder; any product or service that directly infringes or facilitates infringement upon the trademark, patent, copyright, trade secrets, or proprietary or privacy rights of any third party.
  21. Transactions related to cannabis, cannabis dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online pharmacies or the promotion thereof; fireworks and related goods; toxic or radioactive materials; goods or services, the sale of which is illegal under applicable law in the jurisdictions to which a business is targeted or directed; Live animals; any product, action or Service, which if it would have taken place in Dominica or the United States, would be considered illegal.
  22. Transactions related to Drug paraphernalia: any equipment designed for making or using drugs, such as bongs, vaporizers, and hookahs; High risk businesses that include: Bankruptcy lawyers; Computer technical support; Timeshares; Prepaid phone cards; Phone services, and cell phones; Telemarketing, Telecommunications equipment and telephone sales; Forwarding brokers; Negative response marketing; Credit card and identity theft protection; The use of credit to pay for lending services; Any businesses that we believe poses elevated financial risk, legal liability, or violations of company policies; Any business or organization that a) Engages in, encourages, promotes, or celebrates unlawful violence or physical harm to persons or property; or, b) Engages in, encourages, promotes, or celebrates unlawful violence toward any group based on race, religion, disability, gender, sexual orientation, national origin, or any other immutable characteristic; Pharmaceuticals and other products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body; Sale of Twitter followers, Facebook likes, YouTube views, Instagram followers, and other forms of social media activity; Sale of a legal substance that provides the same effect as an illegal drug (e.g., salvia, kratom); Sale or promotion of CBD Products; Charities.
  23. Transactions related to: investment opportunities or other services that promise high rewards; mug shot publication or pay-to-remove sites; Platforms that facilitate the publication and removal of content (such as mug shots), where the primary purpose of posting such content is to cause or raise concerns of reputational harm; no-value-added services; sale or resale of a service without added benefit to the buyer; resale of government offerings without authorization or added value; business practices that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers; The use of deceptive business practices which may include the use of any “fake” social media profiles where the operator of the Account is not the individual that the Account makes claims to belong to; Any business claiming to have employees, contractors or any other paid representatives operating profiles who are not the individual depicted in a profile in order to entice the public to make purchases they would not otherwise make.
  24. Transactions related to payment aggregation services
  25. Transactions related to the proliferation of nuclear, biological or chemical weapons of any kind or weapons of mass destruction.

• 11.3. Prohibited Jurisdictions

  The following jurisdictions are classified as prohibited by Paxum Bank:

  • Abkhazia

  • Afghanistan

  • Bangladesh

  • Burundi

  • Cambodia

  • Central African Republic

  • Chad

  • Congo (Brazzaville)

  • Crimea and Sevastopol

  • Cuba

  • Democratic Republic of the Congo

  • Donetsk (Oblast of Ukraine)

  • Equatorial Guinea

  • Eritrea

  • Ethiopia

  • Gaza Strip

  • Ghana

  • Guinea

  • Guinea-Bissau

  • Iran

  • Iraq

  • Kherson (Oblast of Ukraine)

  • Liberia

  • Libya

  • Luhansk (Oblast of Ukraine)

  • Madagascar

  • Myanmar

  • North Korea [DPRK]

  • Rwanda

  • Somalia

  • South Ossetia

  • South Sudan

  • Sudan

  • Suriname

  • Syria

  • Transdniestria

  • Venezuela

  • West Bank (Palestinian Territory)

  • Yemen

  • Zaporizhzhiya (Oblast of Ukraine)

  • Zimbabwe

    Paxum Bank does not allow business accounts registered in Seychelles or business accounts where a business owner is a legal person registered or incorporated in Seychelles.

    Paxum.com users who are natural persons are prohibited from holding a Paxum.com account if they are citizens or residents of the United States of America.

    Prohibited jurisdictions are subject to the following restrictions:

    a). If the Client is a legal person, where the Shareholder(s), Beneficial Owner(s), Director(s), or other authorized users are residents in a prohibited jurisdiction, Paxum Bank shall not engage in a business relationship with that legal person, or it shall terminate the business relationship with that legal person. b). If the Client is a legal person, the entity may not be registered in a prohibited jurisdiction. If the legal person is owned by a legal person in a prohibited jurisdiction, Paxum Bank will terminate the business relationship. c). Transactions may not be instructed from, and accounts may not be accessed from prohibited jurisdictions by the Client. d). If a natural person, the Client may not reside in a prohibited jurisdiction.

    Any of the above conditions are grounds for the rejection or termination of an account application or the termination of a business relationship between Paxum Bank and a client or applicant.

• 11.4. Sanctions

  Paxum Bank may unilaterally initiate actions, controls, restrictions and rules to mitigate risk associated with the sanctions regimes referenced in Section 11.2(g). Paxum Bank may not disclose the actions, controls, conditions, or rules to the Client when these restrictions affect the Client’s Account, transactions, or desired transactional behaviour; however, where permitted and reasonable, it will communicate when the Client’s Account has been impacted.

• 11.5. Client may not use the Service and may not accept the Terms and Conditions, and Paxum Bank will stop or terminate the Service or Terms and Conditions immediately and without prior notice to Client if:

  • (a) the Client is a minor; or
  • (b) the Client is barred from receiving the Services under applicable sanctions laws and executive orders, internal Bank policies or Regulations of relevant Card Organizations or other Organizations affecting the Bank’s policies and risk appetite.
  • (c) the Client has not been identified or verified in a manner that the Bank deems acceptable; or
  • (d) Other reasons determined by the Bank at onboarding or throughout the life of a business relationship.

• 11.6. Paxum Bank shall be entitled to notify Client at any time of non-acceptance to the Services via email or other means. The decision for the refusal is strictly at Paxum Bank’s discretion, and Paxum Bank shall not be liable for the compensation claimed by an applicant who is not accepted.

• 11.7. Client authorizes Paxum Bank to obtain a credit report and to otherwise make credit or other background enquiries from time to time, as Paxum Bank may deem appropriate to evaluate Client registration or for continued use of the Service.

• 11.8. Client agrees not to access (or attempt to access) any of the Services by any means other than through the User interface of the Service and Card that Paxum Bank provides for the Service unless Client has been permitted to do so in a separate agreement with Paxum Bank. Client acknowledges that this restriction will apply to the use of the Service by any automated means.

• 11.9. Client agrees that Client will not engage in any activity that interferes with or disrupts the Service (or the servers and networks which are connected to the Service).

• 11.10. Client agrees not to reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.

• 11.11. Client agrees that Client is fully responsible for (and that Paxum Bank has no responsibility to Client or to any third party for) any breach of Client obligations under the present Terms and Conditions and for the consequences (including any loss or damage which Paxum Bank may suffer) of any such breach.

• 11.12. Client acknowledges and agrees that to meet its obligations under the Proceeds of Crime Act (2014) and related regulations, Paxum Bank may establish general practices and limits concerning the use of the Service without prior notice to Client, including, without limitation, individual or aggregate transaction limits on the value or turnover, transaction or other limits on the value, type or number of funding transactions or Payment transactions during any specified period(s). Paxum Bank shall notify Client of every amendment of practices and limitations within a reasonable time unless such notification is prohibited by Money Laundering (Prevention) Act and Regulations.

• 11.13. The Client must not place or have placed by a third party into any of the Client’s accounts any funds or assets belonging to or destined for third parties.

• 11.14. Paxum Bank may refuse to execute any funding or crediting of an account following an incoming transfer, outgoing transfer or any payment transaction, Payment Order or other use of the Service if Paxum Bank has reasonable grounds to suspect fraud, breach of the applicable Terms and Conditions by Client, or a violation of the laws of Dominica or the United States, regulations of a relevant Card Organization, or for risk or compliance reasons. Transactions may also be delayed due to Paxum Bank’s compliance with its obligations under the Proceeds of Crime Act (2014) and related regulations and legislation. If Paxum Bank refuses to execute a Funding or Payment transaction or Payment Order, the Client will be notified unless it is unlawful or imprudent for Paxum Bank to do so or would compromise reasonable security measures. For risk or compliance purposes, Paxum Bank may require additional information or additional documents and gather such additional information and documents necessary for the performance of an operation prior to or after the operation.

• 11.15. Client acknowledges and agrees that if Paxum Bank disables access to the account/s or any payment instrument, or specific accounts, the Client may be prevented from accessing the Service, prevented from accessing the Client’s account details or any files or other content which are contained in Client’s Account or connected to Client account/s or payment instruments.

• 11.16. Paxum Bank is not liable for declined payment transactions or lack of Service due to insufficient balance on the Account or linked funding instrument/s, lack of internet, problems with the hardware or software of Client, or exceeding the limits set by Client as allowed by the Service, or the general limitations, determined by Paxum Bank, or any other reason beyond the reasonable control of the Paxum Bank.

• 11.17. Non-compliance with these Terms and Conditions and Paxum Bank Acceptance Policy may result in immediate suspension of the Client’s use of the Service, blocking of funds in Client’s Account, right of Paxum Bank to withhold funds in Client’s Account for repayment of damages incurred by Paxum Bank because of the Client’s actions or inactions which are non-compliant with these terms.

12. BANK CHARGES, COMMISSIONS AND FEES:

• 12.1. In the absence of a written agreement providing otherwise, the amount of interest and fees for the Services shall be those on Paxum Bank’s website or the website of its Paxum.com brand. In case of services which are not listed therein, Paxum Bank shall charge rates, interest amounts, fees, dormant fees and charges at Paxum Bank’s sole discretion. If the Client does not agree with the bank charges, commissions or fees, the Client has the right to terminate the Service as provided in Section 14, “Termination of the Business Relationship.”

• 12.2. Where Paxum Bank has incurred expenses upon Client’s instructions, such as legal and notarial fees, court fees, international investigations, maintenance costs, insurance fees, and others, the Client will bear these expenses. Client agrees that the Bank is authorized to debit the Client’s Account directly without obtaining their consent each time a direct debit is made.

• 12.3. Tariff may be changed by Paxum Bank unilaterally with 1 (one)-month’s notice to the Client. Updates in tariff will be indicated on the website for the Service or via the online Account, and the Client will be duly notified in accordance with these Terms and Conditions.

• 12.4. Currency conversion: If a transaction involves a currency conversion, it will be completed at a foreign exchange rate determined by Paxum Bank. Paxum Bank may charge a foreign exchange fee expressed as a certain percentage above the exchange rate if such a fee is stated in the tariff. The foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which Paxum Bank obtains foreign currency). The exchange rate may be updated daily by Paxum Bank and can be viewed on the website for the Service or in the online Account. The applicable exchange rate and the “Currency Converter” tool can be accessed through the online Account of the Service and used to see what foreign exchange rates and fees apply for a particular transaction involving currency exchange.

• 12.5. Where a currency conversion is offered by Paxum Bank at the point of sale, the Client will be shown the foreign exchange rate that will be applied to the transaction before authorizing the payment transaction on the website of Paxum Bank for the Service. By proceeding with authorization of the payment transaction, the Client agrees to the currency conversion on the basis of the foreign exchange rate. Where a currency conversion is offered at the point of sale by the Merchant, not by Paxum Bank, the Client authorizes the payment transaction based on the Merchant’s exchange rate and charges. Paxum Bank has no liability to the Client for that currency conversion.

• 12.6. In case of an incoming transfer in a currency different from the currency of the Account, Paxum Bank shall credit the Account, converting the received amount into the currency of the Account in accordance with the exchange rates “buy”/“sell” for the relevant currency and the currency of the Account. If Paxum Bank does not quote the respective currency, Paxum Bank has the right to reject the transfer. Paxum Bank exchange rates are defined in accordance with the relevant trade market scales of the currencies, so rates are subject to adjustment depending on the changes in the market conditions. Paxum Bank shall apply the exchange rate in force on the day of crediting the Account, which may differ from the one announced at Paxum Bank premises or on the websites: www.paxumbank.com or www.paxum.com for the date of the operation. The exact exchange rate applied shall be indicated in the statement of Account.

• 12.7. If the balance in the Client’s Account in a certain currency is not enough to cover the amount of a certain transaction or debit operation, Paxum Bank shall be entitled not to execute the transaction or to debit another account of the Client in another currency. Client agrees and authorizes Paxum Bank to debit the necessary amount from the available balance in Client’s Account held in other currency, applying the foreign exchange rate of Paxum Bank for the date of the conversion, notified on the Paxum Bank website or Paxum.com website for the Service. The priority order for conversion of currencies in the Client’s Account is given after the System’s default order or may be set by the Client, in which case Paxum Bank is obliged to keep the manually determined order.

• 12.8. Payment transactions with a Card, made in a currency other than the currency of the issued Card, will be converted by Paxum Bank, applying the foreign exchange fee expressed as a certain percentage above the effective foreign exchange rate of the respective Card Organization for a day in which the payment transaction has been executed, cleared or settled with the Card Organization. The foreign exchange fee is shown in the tariff and retained by Paxum Bank. All fees shall be charged to the Client in the currency of the issued Card.

• 12.9. Paxum Bank shall not be liable for any adverse effects arising as a result of fluctuations in currencies in the event that it retains funds in one currency and does not convert them to another or, conversely, if it converts currency into the business relationship currency from the currency in which they were received by it.

• 12.10. Client agrees that they will be charged a monthly account dormancy fee (“Dormant Account Fee”) in the event that the User does not carry out a transaction for six (6) months.

13. CLIENT LIABILITY:

Representations and Warranties.

It is agreed between the parties that performance by Paxum Bank hereunder, whether the representations, warranties and covenants of the User are fulfilled or not, shall in no manner waive the benefit to Paxum Bank of any such representations, warranties and covenants of the User. Accordingly, the User hereby warrants and covenants to Paxum that:

• 13.1. Client shall be fully liable for all losses incurred in respect of unauthorized transactions and all damages, notwithstanding the amount of the losses or damages, if Client has acted fraudulently or has, with intent or gross negligence, failed to comply with the present Terms and Conditions, including Client’s obligations to preserve the security of Client Identifying Credentials, providing access to Client’s Account or other payment instruments.

• 13.2. Client shall be entitled to redress losses (excluding fees or interest in case of Clients who are not Consumers) incurred by Client in respect to unauthorized or incorrect transactions made after Client has informed Paxum Bank of the unauthorized or incorrect transaction and Paxum Bank has been able to block the Account and Card or another payment instrument without undue delay. Where the Client is entitled to redress, Paxum Bank will refund the amount of the unauthorized transactions, less applicable fees.

• 13.3. Client agrees to indemnify, defend and hold harmless Paxum Bank, from and against any losses or negative balances on the Account or Cards, resulting from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, “Claim” or “Claims”) which Paxum Bank may at any time during the term of these Terms and Conditions or within 5 (five) years after its termination incur, sustain or become subject to as a result of any Claim and: (a) connected to the Client or their employees, their agents or sub-contractors, or third parties using the Service; or (b) arising out of the Client or their employees, agents or sub-contractors, or end customers or third parties using the Service, willful acts or omissions, gross negligence, or other similar wrongdoings or claims, or fraud, chargeback, including, but not limited to amounts and fees debited or charged by Card Organizations for chargeback, initiated by Client or third parties, offline transactions, recurring transactions, currency conversions, pre-authorization, manual operations, stand-in process, system malfunction, or other unlawful use; or (c) arising from Client or their employees, their agents or sub-contractors, or end customers or third parties using the Service, failure to comply with any law or regulation including but not limited to the Proceeds of Crime Act (2014) and related legislation and regulations, data protection laws and other rules and regulations. Client agrees that Paxum Bank is authorized to satisfy immediately, as they become due, any Client obligations by debiting or withdrawing funds directly from the Client’s Account or surety or collateral provided by Client (if surety or collateral is provided) or any outstanding sums owed by Paxum Bank to Client, including by debiting or charging the funding instrument of Client. Paxum Bank shall inform Client on the grounds, amount and value of such withdrawals unless it is forbidden by law or regulation to make such notice.

• 13.4. In the event of a delay of payment for amounts due to Paxum Bank, the Client shall owe a fee for delay in the form of the interest rate set by the Eastern Caribbean Central Bank. Interest is applied for each day the payment is outstanding.

• 13.5. Right of Retention: Unless otherwise agreed between the parties in writing, according to the laws of the Commonwealth of Dominica, Paxum Bank may exercise a right of retention over all Client’s monies in Client’s account/s with the Bank until all outstanding fees, costs, charges, expenses and liabilities due to Paxum Bank have been paid in full.

• 13.6. Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes, which by law are Client obligations, are Client’s responsibility and liability. As a result, the Client agrees to comply with all applicable tax laws.

• 13.7 Other Client liabilities are expressed elsewhere in these terms.

14. TERMINATION OF THE BUSINESS RELATIONSHIP:

• 14.1. Client acknowledges and agrees that Paxum Bank may stop providing the Service to Client, as described in the Terms and Conditions. The Client may stop using the Service at any time without obligation to inform Paxum Bank when the Client stops using the Service. The Terms and Conditions will continue to apply until terminated either by Client or Paxum Bank, as set out below.

• 14.2. If Client wants to terminate legal Terms and Conditions with Paxum Bank, Client may do so immediately and without charge for termination at any time by:

  • (a) Notifying Paxum Bank, in accordance with clauses for communication by Client to Paxum Bank below; and
  • (b) Closing Client’s Account for the Service, including withdrawing or redeeming the available balance; and
  • (c) Return of Card to Paxum Bank.

• 14.3. In case of any risk of damages for Paxum Bank resulting from reversals, chargebacks, claims, fees, fines, penalties, Client’s non-compliance with anti-money laundering and counter-terrorist financing legislation or other regulations and other similar liabilities arising from Client’s use of the Service, Paxum Bank may hold the Client’s funds for up to 180 (one hundred and eighty) days even after Termination of Terms and Conditions or shorter or longer period, as required by the law, including laws in favour of the consumer. The Client will remain liable for all obligations arising under these Terms and Conditions even after the Termination of Terms and Conditions and closing the Account.

• 14.4. Paxum Bank may, at any time, close account or accounts of Client or terminate the Terms and Conditions with Client, without notice if:

  • (a) Client has breached any material provision of the Terms and Conditions or law or Regulations of Card Organizations or other Organizations (or has acted in a manner which clearly shows that Client does not intend to or is unable to comply with the material provisions of the Terms and Conditions), including, but not limited to:
    • (i) if the Bank reasonably believes that the Client is no longer eligible for an account;
    • (ii) if the Bank discovers that Client has provided it with false and misleading information at any point in time; or
  • (b) Paxum Bank is required to do so by law or Regulations of Card Organizations.

• 14.5. Unless a shorter period is provided in these Terms and Conditions, as permitted by law, Paxum Bank may, at any time, terminate the Terms and Conditions by giving Client a maximum of 2 (two) months’ notice with no minimum notice requirement. Paxum Bank may terminate a business relationship immediately, at its discretion, with or without cause.

• 14.6 When these Terms and Conditions terminate, all of the legal rights, obligations and liabilities that Client and Paxum Bank have benefited from, or which have accrued over time while the Terms and Conditions have been in force, or which are to continue indefinitely, will be unaffected by this cessation. The provisions of clause 20.5 will continue to apply to such rights, obligations and liabilities indefinitely.

• 14.7. Death and Change in Legal Status:

• 14.7.1. Individuals: This Agreement and the provisions hereof shall inure to the benefit of and be binding upon the parties and their respective successors and permitted assigns. In the event of any ambiguity vis-a-vis title in an Account upon the death of its owner, Paxum retains the right to suspend activity in the Account pending Paxum and its legal counsel being satisfied that the rightful heirs are entitled to the amounts held therein.

• 14.7.2. Legal Entities: In the event that the Client is placed into liquidation, bankruptcy or administration or any other analogous process wherein a liquidator, curator or trustee or similar officer is appointed, and in whom legal authority and representation are vested, to the exclusion of the persons Client may have nominated in the Bank Mandate, the Bank shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as the Bank may require to establish the proper entitlement and authority of the person claiming the power to give the Bank instructions and the Bank shall not be bound to act upon such instructions until the Bank is satisfied with such authority.

  In the event that the legal entity or organization is dissolved and assets remain on the Account after the dissolution, Paxum Bank may remit the remaining funds to the appropriate government receiver following due process. The funds will then be deemed bona vacantia, and the Client will have to contact their respective government authority regarding the assets.

15. LIMITATION OF WARRANTIES:

• 15.1. The Bank, its Agents/Distributors, or sub-contractors make no express warranties or representations with respect to the provision of the Service. The Bank cannot guarantee that:

  (a) Your use of the Service will meet your requirements or expectations;

  (b) Your use of the Service will be uninterrupted, timely, secure, or free from error; and

  (c) Any information obtained through your use of the Service will be accurate or reliable.

  No conditions, warranties, or other terms (including any implied) apply to the Service, except to the extent that they are expressly set out in the present Terms and Conditions.

  The Bank shall not be liable for any shortcomings or losses arising as a result of force majeure or any shortcoming or losses arising from the acts or omissions of any third party whose services the Bank uses for the performance, in full or in part, of its obligations towards you. In such cases, the Bank shall not be liable for any loss or damage unless it has not exercised diligence in transmitting the instructions and/or selecting such third parties.

  Nothing in the Terms and Conditions will affect those mandatory statutory rights to which you are entitled as a consumer and that you cannot contractually agree to alter or waive.

• 15.2 Limitation of Liability:

  Nothing in the Terms and Conditions will exclude or limit the Bank’s liability for losses that may not be lawfully excluded or limited by these Terms and Conditions or by applicable law. However, subject to clause 15.1 above, the Bank, its Agents/Distributors, sub-contractors, or Licensees, will not be liable to you for any indirect or consequential losses, which may include any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, or any loss of data suffered by you.

  The Bank will also not be liable for any loss or damage incurred by you as a result of any reliance placed by you on the completeness, accuracy, or existence of any advertising or as a result of any relationship or transaction between you and any advertiser whose advertising appears on the Service. Additionally, the Bank will not be liable for any change it may make to the Service or any permanent or temporary cessation in the provision of the Service (or any features within the Service), any malfunction of the Service, the deletion of, corruption of, or failure to store any communications data maintained or transmitted by or through your use of the Service, your failure to provide accurate account information, or any fraudulent use of the Service by you or third parties.

  Finally, the Bank will not compensate you for any fees or interest paid or levied on Clients who are not Consumers as a result of the non-performance or incorrect performance of a payment transaction.

16. CHANGES TO THE TERMS AND CONDITIONS:

• 16.1. Client agrees that Paxum Bank may make changes to the Terms and Conditions from time to time.

• 16.2. Client understands and agrees that Client will be deemed to have accepted the changes unless Client notifies Paxum Bank to the contrary by notice, as provided in clause 18.5 below, prior to the date on which the changes are to come into effect, in which case the Terms and Conditions will terminate without charge for termination immediately before the effective date of the changes.

• 16.3. Nothing in this Section 17 will limit:

• (a) Paxum Bank’s right to update and revise its policies from time to time or to add new features to the Service from time to time without prior notice, which may be accepted by the Client by using the new feature. Such revisions may take place using a method chosen at Paxum Bank’s discretion, and such method may include email communication or publication on a Paxum Bank website for the Service; and

• (b) The parties’ right to vary the terms of this Section 17, where the variation is not prohibited by law, and both parties agree to it.

17. COMMUNICATIONS AND NOTICES:

• 17.1. All information will be made available or provided to the Client in an easily accessible manner, in understandable language, in a clear and comprehensible form and in English.

• 17.2. Statements, notices and other communications to Client may be made by mail, email, postings on the Paxum Bank’s website for the Service or other reasonable means.

• 17.3. Paxum Bank may communicate with Client regarding the Service by means of electronic communications, including (a) sending email to the Client’s email address or (b) posting notices or communications on Paxum Bank’s website for the Service. Client agrees that Paxum Bank may send electronic communications to Client concerning any matter relating to Client’s use of the Service, including the Terms and Conditions (and revisions or amendments to the Terms and Conditions), notices or disclosures regarding the Service and payment authorizations. Particular communications will be handled as follows:

  • (i) The Terms and Conditions will be provided to the Client at the sign-up in a printable form;
  • (ii) Changes to these Terms and Conditions after the sign-up will be provided in an email sent to the Client email address and on the website for the Service or the online Account;
  • (iii) Except where these Terms and Conditions provide otherwise, a notice to terminate these Terms and Conditions will be provided in an email sent to the Client email address;
  • (iv) Information about balance or transactions or statements will be made available in Client’s Account accessible online via the internet or in the online Account in transaction history;
  • (v) Information about a suspension of the Service will be made available in Client’s Account accessible online via the internet or in the online Account; and
  • (vi) Information about the rejection of transactions will be made available in Client’s Account, accessible online via the internet or in the online Account in transaction history.

• 17.4. Client should maintain copies of electronic communications by printing a paper copy or saving an electronic document, and information that is provided to Client in an electronic format is provided under the assumption that Client will be able to print or keep such information.

• 17.5. Any notice sent to Paxum Bank under these Terms and Conditions should be sent by registered post to Paxum Bank’s address of registered office, stated above in the Terms and Conditions, except that:

  • (i) Notification of loss, theft, unauthorized use or security breach must be made immediately to the Contact Center of Paxum Bank, on numbers notified to Client by Paxum Bank or has to be sent, as soon as possible, through “Contact us” on Paxum Bank’s website for the Service or via the Client’s email stated in the Account opening form;
  • (ii) Notification by Client that Client does not agree to the amendment of the Terms and Conditions and wishes to terminate the Terms and Conditions prior to entry into force of the amendments should be sent through “Contact us” on the website for the Service or via the Client’s email stated in the Account opening form from the Client or a person explicitly authorized by the Client.

18. COMPLAINTS:

• 18.1. Any claim or dispute arising under the Terms and Conditions or as a result of the provision of the Service by Paxum Bank should, in the first instance, be referred to Paxum Bank in writing to the: Complaints Officer Paxum Bank Limited Centre Cross Lane Roseau 00152 Commonwealth of Dominica or via email to: complaints@paxumbank.com or complaints@paxum.com respectively. The Client has to state the reasons for the complaint clearly. Paxum Bank shall try to resolve the complaint within a reasonable term upon receipt of a clear and correctly submitted complaint. The Bank will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. The Bank also undertakes to take the necessary steps to prevent a recurrence. All complaints will be acknowledged, and the Client will be informed accordingly of the investigation’s outcome. If the Client is still dissatisfied with the outcome of the Bank’s investigation, he/she may direct his/her complaint to:

  Financial Services Unit

  5th Floor Financial Centre Kennedy Avenue

  Roseau, 00109-8000

  Commonwealth of Dominica

  or by calling +1 (767) 266-3514 or +1 (767) 266-3073

19. GENERAL LEGAL TERMS:

• 19.1. Unless otherwise expressly stated in the Terms and Conditions or Tariff, all amounts stated in the Terms and Conditions are denominated in United States Dollars (USD).

• 19.2. Sometimes Agents, Distributors or Sub-contractors of Paxum Bank may provide all or part of the Service to the Client on behalf of Paxum Bank. Client acknowledges and agrees that Paxum Bank has the right to use Agents, Distributors and sub-contractors to provide the Service to Client.

• 19.3. The Terms and Conditions, including Data Protection and Confidentiality Policy, Tariff and if applicable other appendices, constitute the whole legal agreement between Client and Paxum Bank and govern Client use of the Service (but excludes any services which Paxum Bank may provide to Client under a separate written agreement) and completely replaces any prior agreements between Client and Paxum Bank in relation to the Service.

• 19.4. Client agrees that if Paxum Bank does not exercise or enforce any legal right or remedy which is contained in the Terms and Conditions (or which Paxum Bank has the benefit of under any applicable law), this will not constitute a waiver of Paxum Bank’s rights and that those rights or remedies will still be available to Paxum Bank.

• 19.5. If any court of law having the jurisdiction to decide on a matter relating to the Terms and Conditions rules that any provision of the Terms and Conditions is invalid in respect of a certain Client or Client, who is a Consumer, then that provision will be removed from the Terms and Conditions with this Client without affecting the rest of the Terms and Conditions. The remaining provisions of the Terms and Conditions will continue to be valid and enforceable.

• 19.6. Client may not assign Client rights under the Terms and Conditions or otherwise sub-contract or transfer any of Client rights or obligations under the Terms and Conditions without the prior written consent of Paxum Bank.

• 19.7. Paxum Bank may transfer its rights and obligations under the Terms and Conditions to a third party, which is licensed as a banking institution giving to Client at least two-month notice previous to the date of the transfer per email. In case of such transfer and if Client disagrees with it, Paxum Bank shall provide the Client with the possibility to terminate the Terms and Conditions free of penalties.

• 19.8. Both Parties agree that the precise and correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from Paxum Bank IT systems, such as the platform of Paxum Bank for accounts, the online Account of Client, the website of Paxum Bank for the Service, Card System of Paxum Bank or BIN Sponsor, Issuer or Acquirer, or other software systems or platforms used by Paxum Bank in the capacity of regulated Bank or its Agents/Distributors or sub-contractors, in their capacity of authorized Agents/Distributors or sub-contractors of Paxum Bank, licensed to use software or platforms of Paxum Bank.

• 19.9. “Paxum Bank,” “Paxum Bank Card,” www.paxumbank.com and all related URLs, logos, marks or designs, software, interfaces or other related to the Services, including logos and marks of Card Organizations are protected by copyright, trademark registration or patent or other intellectual property rights of Paxum Bank or third party Licensor. The Client may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without Paxum Bank’s prior written explicit consent to do so in a separate Terms and Conditions.

• 19.10. The Terms and Conditions and Client relationship with Paxum Bank under the Terms and Conditions will be governed in all cases by Commonwealth of Dominica law.

  • (i) Jurisdiction of competent Court between parties when Client is not a consumer: Both Parties agree to submit to the exclusive jurisdiction of the competent Court in the City of Roseau, Commonwealth of Dominica, to resolve any dispute arising between them. Nevertheless, the Client agrees that Paxum Bank will still be allowed, upon Paxum Bank’s discretion, to bring a claim or apply for injunctive remedies (or an equivalent type of urgent legal relief) in any jurisdiction.
  • (ii) Jurisdiction of competent Court between parties when Client has the capacity of consumer: Claims against defendants with the capacity of the consumer shall be submitted to the competent Court as per Client’s domicile.