The terms of use in matter define specific terms as follows:
BND confirms all client ID documents when clients apply for an iWallet, adhering to identification procedures it determines, including information of client name, address, date of birth, gender and other identical information to determine the individual or corporation at the moment that BND provides with its service to such applicants. In the case there is either default or false information, or when BND consider to be obliged to, BND has the authority to reject the iWallet opening or closing the account without notification to the clients. BND also has the authority to request additional identification documents from the clients when a series of linked occasional transactions could meet or exceed the CUSTOMER DUE DILIGENCE(CDD) thresholds of USD1,000 for wire transfers or client is confirmed to a special identity by authority.
BND may request additional identification documents for confirmation purposes in the iWallet opening stage, after opening stage or closing stage. BND will contact clients through client's registered Email address or phone number. If such required documents submit to BND remain incomplete within 30 business days after the establishment of business relations, BND could suspend business relations with the client and refrain from carrying out further transactions; and BND could terminate business relations with the client if such required documents are not completely submit to BND within 120 business days from the establishment of business relations.
BND does not cover the loss or damage whatsoever clients might receive through clients' identification procedure, contacts, iWallet freezing or termination.
Clients are to consent to the agreement that all information submitted and entered are correct, and that BND has all the authorities to confirm the information by all means. If there is any change to the information as registered, clients must notify BND immediately.
BND has the sole right to suspend the Client’s iWallet in which there have not been any transactions for over 90 days after account opening without prior notification. If the Client wishes to reactivate the suspended account, please contact BND customer support at cs@iwl.world and he/she might need to provide the KYC documents (Proof of Identity and Proof of Address) for checking.
Inactive Account Maintenance Fee will be charged to the Client's iWallet in which there have not been any transactions for 180 days (1 year for Corporate Clients) after the last transaction was completed. "Transaction" includes internal transfer, wire transfer, currency exchange, card top-up, and other monetary transactions including the deduction of Monthly Account Maintenance Fee for Corporate Clients. Login to iWallet, changing personal information, or checking transaction history does not count as transaction. Administrative fees are listed on the Fee List.
Fee List associated with iWallet are determined apart from this Terms and Conditions. BND is in charge of fee renewal, revision and has the authority to withdraw fees from any currency account at any time, and Client shall pay attention to the renewal or revision of fee from time to time. Any renewal or revision of Fee List will be updated on BND's official website. In case clients do not cancel the iWallet in designated period when BND issues the renewal or revision of Fee List on official website, BND will assume that clients agreed to the revised or renewed fees.
Should clients trade more than certain amount of money, BND may charge certain percentage of additional fee of the total transaction amount.
The support service of transactions will be executed on BND's business days by BND via email. Requests of support services submitted outside iWallet business hours and will be carried out on the next business day. BND does not accept any liability regarding the loss or damage caused by system failure, repair or maintenance without prior notice, regardless as mentioned in the above.
BNDwill follow specific procedures of compensation should a refund balance in favour of the client occur. BND has the right to make decisions whether the current case should be refunded when the total amount of refund exceeds the amount of refund requested by BND. BND shall accept no liability to a client for the costs and responsibilities incurred by a dispute caused when there are disputes between a client requesting a refund and a third party.
Clients are not allowed to exercise the chargeback right other than for unauthorized use of the payment instrument or for a breach by BND of these Terms and Conditions which would result in clients having a right to a refund of the uploaded amount. If clients do cancel or charge back their credit cards in such circumstances, clients are responsible for refunding the payment. Clients acknowledge and agree that BND may, at its discretion, recover the amount of the charge back by deducting the balance from the client’s iWallet or otherwise collecting such amount from the client, and reserve the right to charge the client the fees BND incurs in connection with such chargeback which includes but not limited to transaction fee, handling fee, the difference in exchange rate and any action undertaken to challenge the same.
All documents and records regarding a client's identity and transactions should be kept throughout the whole business relationship with the client and for a period of six years after its termination.
BND has the right, at its discretion, to cancel the Remittance without notification to clients when there is a remittance request under which money will be remitted to high risk countries, Hong Kong, the United States or regions according to guidelines issued by FATF.
Should there be any differentiation between the written currency and the transferred currency as clarified; BND will deposit the incoming remittance to the client's iWallet at the certain exchange rates issued by relevant financial institution certificated by authority.
In accordance with relevant guideline on AML/CFT issued by FATF, BND will disclose its information if requested by the authorities with intention to anti-money laundering and anti- terrorist financing measures.
BND will conduct its business in conformity with the highest ethical standards in the countries in which it does business, and will adhere to all laws and regulations pertaining to financial organizations. It is vital for all BND customers, agents and employees and associates to fully understand those actions that may violate applicable AML or counter-terrorism statutes.
BND has the right to request evidentiary transaction document support or investigation support from clients regarding international transfer. If there is no submission support, BND has the right to refuse or limit the transactions of clients. BND has no obligation whatsoever to compensate or owe responsibility to those clients. BND may suspend trades or cancel iWallet with its own discretion in accordance with demand from authorities concerning halting money laundering, terrorist financing, all types of warranted individual, funding incorporates and such. BND does not have the responsibility to compensate for these losses.
Moreover, the clients are responsible for indemnifying any damages or loss thereof for BND.
Clients are allowed to cancel iWallet or its subsidiary products according to the terms of use or respective account terms. Clients are required to submit specific documents which BND demands in cancellation. Also, credit cards, debit cards or cash cards corresponding to iWallet should be returned to BND. Costs generated by cancellation should be paid by clients.
BND has the sole right to cancel iWallet without prior notification to the following clients:
In the event of death of an iWallet holder, the account shall be canceled as described in section L. The funds of the account shall be transferred to the account of an inheritor who must provide legal documents to prove the demise of the account holder and the inheritor's relationship to the account holder.
BND may at its own discretion to freeze the iWallet account until BND has received proof of the account holder's demise and of and the inheritor's relationship to the account holder. When BND receives this documentation, BND shall transfer the remaining funds on the iWallet to an account appointed by the inheritor and close the original account.
In the event of death of the authorized iWallet Corporate account holder, the corporation shall provide BND with a warrant of attorney for the new account holder. BND will then register this, and transfer authorization of the iWallet to the new account holder.
BND will only conduct a formal checking of the legal documents provided by an inheritor or a relevant third party and shall not have responsibility of any virtual checking; so BND shall not be liable for any losses or damages caused by false information provided by inheritor or the relevant third party.
BND has the right to collect the transaction fees incurred by property inheritance.
Clients are prohibited to handover iWallets or the corresponding services or set up their right to third parties for usage by third parties.
Clients shall notify BND of updates on the registered information when clients lose the Password or if there are changes in the registered information such as name (corporation name), address (office address), phone number, mobile phone number, E-mail address, or any other changes thereafter. Clients shall provide the documents with regard to information changed to BND under the requirement of CDD under applicable law.
BND may notify or send transaction records to the clients' registered Email address and name based on the application of clients. BND shall be entitled to limit the client's iWallet usage when BND receives those notifications or documents back. This solution is also applied when the registered Email address is invalid.
BND has no responsibility for damages which clients have caused due to clients' failure on notifying BND in time.
Cases exist when delay or refusal of posts or Emails to registered address or Email address is conducted by clients or due to delivery fault, BND shall still assume that those posts or Emails are delivered with normal time and on normal date. BND does not hold any responsibilities regarding the loss caused under cases thereof.
BND will execute its clients' iWallet transactions through affiliation with other banks with care. Transactions executed by clients' iWallet will be assumed as trades executed by its genuine users, which means BND has no liability to any loss or damage caused by fraudulent users, access abuse or other cases of abuse regardless of any reason. BND also has no liability to its clients regarding irrelevant causes from BND such as forced transfer, war, disaster, riot, economic sanction, legal restrictions or orders. The same goes with effects from deliberate or delinquent accidents, defaults, bankruptcy of affiliated financial organizations, or orders from the authorities of the Republic of Georgia. BND also does not take any responsibility for the loss or damage of failure of service to clients when there are unavoidable reasons for inconvenience with communication equipment, lines, server failures, software failures or outages. Clients are to agree to BND's transaction value records as correct unless there is evident discrepancy with BND's client record and clients' own record proved by written document of transaction records. BND will assume the clients have agreed to the trading history in iWallet as correct when there is no notification by clients within 14 days from presented trade history date.
BND does not deal with changes or cancellation of executed transactions after six months of the execution date.
Any and all disputes arriving under this terms and conditions shall be resolved by the Republic of Georgia International Arbitration Centre. All disputes hereunder shall be governed by the laws of the Republic of Georgia. All parties of this terms and conditions consent to jurisdiction in the Republic of Georgia.
Clients are to comprehend the risks of marginal gain or loss within iWallet, since it is a multi-currency account and therefore it is affected by foreign exchange rates fluctuations. Clients are to consent to BND's determination that their iWallet is not to be protected under any risk with regard to the fluctuations of exchange rates.
BND has its arbitrary right to stop or limit the iWallet service for clients depending on rapid market fluctuations or global economic volatility. BND does not have the liability to clients to cover for any loss incurs in this case.
Taxes, if any, imposed by legal taxing authorities on the use of the iWallet platform, however designated or levied against money transfer, currency exchange or funds stored therein, shall be paid by the client.
BND offers clients foreign exchange rate, interest rate and financial information intended to aware client as reference, and shall not be regarded as recommendation or assuring trades based on the information provided.
This Terms and Conditions shall be interpreted in accordance with the plain English meaning of its term.
The terms of use in matter define specific terms as follows:
Limit to using amount of iWallet is to be determined by BND.
Clients are to set up username, passwords with the iWallet application. Clients are open to logging in to iWallet by using their login password for accessing iWallet system and transaction history and etc. Using wire transfer or internal transfer in iWallet system, clients are required to enter their password to login.
BND identifies the clients based on their information such as passwords registered on the iWallet system. BND will assume iWallet users to be accessed by its proper clients as long as the password matches the registered information. BND has no liability whatsoever to its clients to cover the loss or damage when password is fabricated, forged, stolen, abused or is under any other violation. Clients are to consent to the identification procedure as stated in this article and protect their login information of iWallet without presenting to a third party. Clients shall contact BND immediately if the username and passwords are doubtful.
Updated on March 17, 2021
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