Legal

Terms of Use

TERMS OF USE

Effective Date: 6 April 2018
These Terms of Use shall apply to your use of the services provided by Bon Solutions LP (registered office: 75 King William St, London, EC4N 7BE, UK) (“BONPAY”, and such services, the “Service”). By accepting these Terms of Use or otherwise using the service, you agree to the terms and conditions in these Terms of Use, whether or not You are a registered as a user on our Web-site.
These Terms of Use constitute a legal agreement between BONPAY (“we”, “us”, “our”) and users, clients, visitors and others, who access the Web-site or use the Services (“User” “You”, “Your”), that enables You to access our Web-site and Services.
If You disagree with these Terms of Use or Privacy Policy, please do not use Services.
BONPAY reserves the right to update and change these Terms of Use from time to time without notice. Any changes will be effective from the day of posting of the revised Terms of use on the Website. Any new features that augment or enhance the current Service, including the release of new tools and resources, shall be subject to these Terms of Use. Continued use of the Service after any such changes shall constitute your consent to such changes. You can review the most current version of these Terms of Use at any time at https://bonpay.com.
BONPAY may at any time change (temporary or permanently) the Website or any of provided Services at its sole discretion with or without notice and you agree that Bonpay shall not be liable to you for such changes.
Your personal information providing to the BONPAY via the Service or arising in connection with the Service is protected according to the Privacy Policy.
In some cases, reference to this Terms of Use includes reference to the Privacy Policy, Terms of Wallet Use, Cookies Policy, AML/KYC Policy and other accompanying documents.
BONPAY does not transact business with individuals, companies and countries that are on prescribed Sanctions list. BONPAY will therefore screen against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) Sanctions list in all jurisdictions in which we operate.
BONPAY SERVICES
BONPAY provides the Service as follows:
BONPAY Wallet. BONPAY Wallet is a secure digital wallet used to store, send, and receive cryptocurrency, like Bitcoin, Ethereum, Litecoin, etc. In fact, cryptocurrency itself is not actually “stored” in a wallet. Instead a private key (secured digital code linked to your wallet) is stored and shows the ownership of linked to it (and hence to the wallet) public keys (a public digital code connected to a certain amount of currency). So, your wallet allows you to send and receive coins, and also acts as a personal ledger of transactions. Private key (private secure digital code linked to your public keys and hence to your wallet) will be safely stored with the highest level of security. The detailed Terms of Wallet Use is available at the Web-Site. Access to BONPAY Wallet is available via the User’s Account.
BONPAY Card. The BONPAY Card allows our clients to make transactions wherever debit cards, issued by the card network shown on the card, are accepted. When You order and activate Your BONPAY Card, the card will be linked directly to Your BONPAY Account. In order to make a transaction using BONPAY Card, You have to sell the needed amount of Bitcoin from Your BONPAY Account and load Your BONPAY Card with these funds. These specific BONPAY Card terms as well as the terms of the card program manager, presented at the time You order Your card, apply to the BONPAY Card. For usage of the BONPAY Card the terms of use approved by the payment system “VISA” shall be applied.
Custody of Bitcoins/Other Cryptocurrencies. BONPAY is a custodian of all bitcoins transferred to BONPAY Accounts. BONPAY does not obtain any legal or beneficial right, title or interest in Your bitcoins stored in Your Account. But unless and until You have verified Your identity with BONPAY and BONPAY has determined that Your use of BONPAY Services complies with applicable laws, You may be restricted in Your ability to use BONPAY Services.
BONPAY is entitled to provide the Users with additional Services related to ones mentioned above. Some of these Services may be available for all Users.
USER ACCOUNT
For the purpose of proper use of the Website and access to the Services, You should register on the Website and create an Account with Your respective login and password. We reserve the right to refuse to register a new user without indicating the reasons. You warrant that any and all information provided for the purpose of Your Account creation and/or any other Website use is valid, current, complete and accurate.
Verification is not obligatory for the functioning of Your Account. However, in this case some functionality is unavailable to You. The verification request shall be processed within 14 business days or more in some cases. To complete Your Account verification, You need to verify Your personality, residential address, identity, phone number, e-mail. In some cases, additional information may be required.
The information that You provide at the time of Account opening must be accurate and complete and You must inform us in a proper time of any changes to such information. You also confirm that all the documents submitted by you are correct and valid. We may require additional information from You to help verify Your identity and assess Your business risk, such as Your date of birth, tax identification number, government-issued identification, etc. If You do not provide us with accurate, complete, and satisfactory information, we will empower to refuse or postpone verification procedure.
You hereby expressly consent that You are solely responsible for the use of Your login and password for the Account, for any registration data provided for Account creation, and for any actions done during any use of Your Account. You agree to keep Your login information and password private and to immediately notify us of any unauthorized Account activity. You may be aware of and modify Your login information respectively. You hereby agree not to use a password for your BONPAY account that you have already used for other services. You are solely responsible for not keeping Your password secret and secure, providing the access to Your Account to third parties, any other deliberate or negligent behavior that resulted in loss of the Account and any loss or damage You or BONPAY may suffer as a result of Your failure to keep Your password safe. If you share Your Credentials with the third party, You agree that You will liable for all transactions using the Services and for all costs, losses or damages incurred by BONPAY by this reason.
You are solely responsible for any errors or omissions that you or any third party with access to your BONPAY account make in connection with any transaction via the Services.
You may deactivate Your registration with the Website at any time by withdrawing Your Account balances and contacting us at: [email protected] Termination of the Account will include denial of access to the Services. We retain the information provided by you during the verification process for anti-money laundering purposes for five (5) years from the date of the Account closure. The information will be treated as confidential unless disclosure is required to comply with the applicable law.
We reserve the right to temporary suspend the provision of services or lower Your BONPAY Wallet or Card limits at our sole discretion in the following cases:

 

  • we have reasonable suspicions that you violate these Terms of use;
  • Your account is being used in a fraudulent manner;
  • we have any security concerns regarding Your Bonpay Wallet and/or Card;
  • additional verification procedures are required for AML purposes;
  • You fail to pay for BONPAY Services;
  • any transaction causes the balance in Your BONPAY account go negative.

You will get the access to the Services as soon as the indicated above reasons or suspicions cease to exist.

We may terminate Your use of and registration with the Website or freeze any transactions on Platform at any time if You violate these Terms or any other accompanying documents, at our sole discretion and without prior notice and without any liability or further obligation of any kind whatsoever to You or any other party, when we find such measures reasonable and/or necessary in a particular situation, without any refunds.
Where we find suspicious information that indicates possible money laundering, terrorist financing or other suspicious activity, we will report that activity in accordance with applicable laws and regulations.
The Services may include certain communications from us, such as service announcements, administrative messages and newsletters. They may be posted on the Web-site, sent by e-mail or sent as an SMS-message. You agree, that these communications are part of the Services use. You may opt out from receiving newsletters, however, You will not be able to opt-out from receiving service announcements and administrative messages. You are solely responsible for the acquaintance with the announcements and administrative messages and for the updating of the communication credentials (e-mail address and phone number). You understand and agree that if we send You a message but You do not receive it because of not updating Your e-mail address or phone number by You, BONPAY will be deemed to have provided the message to You.
INTELLECTUAL PROPERTY RIGHTS
BONPAY exclusively owns all rights, title, and interest in the “BONPAY” name, “BONPAY” logo, the names of individual Services and their logos, patents, copyrights (including rights in derivative works), trademarks or service marks, logos and designs, trade secrets, and other intellectual property embodied by, or contained on the Web-site and relating Web-pages, documentation etc.
You shall never use any BONPAY logos or marks for commercial and public use without our express permission, unless otherwise explicitly indicated by BONPAY. You shall not copy, reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, transmit or otherwise use any of the BONPAY logos or marks. You also shall not make any public statement or issue any press release related to BONPAY services without our express permission. There are no implied licenses under these Terms of Use and all accompanying documents, and any rights not expressly granted to You hereunder are reserved by BONPAY. Under these Terms of Use You are entitled to use any BONPAY logos or marks for Your personal, non-commercial purposes exclusively.
You are an owner of the content created or stored by You. We may only access, copy, distribute, store, transmit, reformat, publicly display and publicly perform the content of Your Account solely as required for the purpose of providing the Services to You. We may not otherwise use Your content, unless we receive Your explicit consent. We shall not be liable or responsible for any content created or stored by You.
LICENSE GRANTED TO YOU
BONPAY grants you a revocable, non-transferrable, non-exclusive license to download, install and use its mobile apps for your own purposes. Any mobile app license is subject to any limitations or restrictions on the permitted use of the mobile app contained in the Online Store Terms where you downloaded the app. This license grant includes the software and all updates, upgrades, new versions and replacement software for your personal use only. You may not rent, lease or otherwise transfer your rights in the software to a third party. You agree not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code that is derived from the software. You acknowledge that all rights, title and interest to BONPAY’s software are owned by BONPAY.
SECURITY
We have implemented commercially reasonable technical and organizational measures designed to secure your personal information and other information from accidental loss and from unauthorized access, use, alteration or disclosure. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures or use your personal information and other information for improper purposes. You acknowledge that you provide your personal information at your own risk.
SERVICE LIMITATION
BONPAY is not a bank and the Services are virtual currency payment processing services rather than banking services. BONPAY is not acting as a trustee, fiduciary. BONPAY does not have control of, nor liability for, the products or services that are paid for with the Services. We do not guarantee the identity of any User.
RESTRICTED ACTIVITIES
In connection with your use of the Service, or in the course of your interactions with BONPAY, You will not:

 

  • Breach this Terms of Use or any other Private Policy and similar policies approved by BONPAY and agreed by You.
  • Violate any law, statute, ordinance, or regulation.
  • Infringe BONPAY’s or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy.
  • Sell counterfeit goods.
  • Act in a manner that is defamatory, trade libelous, threatening or harassing to our employees, agents or other Users.
  • Provide false, inaccurate or misleading Information.
  • Engage in potentially fraudulent or suspicious activity and/or transactions.
  • Refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us.
  • Control an account that is linked to or belong to another User.
  • Disclose or distribute another User’s information to a third party, or use the information for marketing purposes unless you receive the User’s express consent to do so.
  • Take any action that imposes an unreasonable or disproportionately large load on our infrastructure.
  • Write misleading information about BONPAY in public, spoil or try to spoil reputation of BONPAY’s Services.
  • Facilitate any viruses, trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information.
  • Use an anonymizing proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission.
  • Use any device, software or routine to bypass our robot exclusion headers, or interfere or attempt to interfere with our website or the Service.
THIRD PARTY CONTENT
You may be offered services, products provided by third parties, links to third parties’ web-sites, web-pages and applications. We recommend You to read the terms of use of the respective third-party Web-sites, if You decide to use these third-party services.
You hereby consent, that You use such third-party services at Your own risk and You are solely responsible for reviewing, understanding and complying with the associated terms and conditions. We expressly disclaim any liability for performance and provision of the third-party services.
REPRESENTATIONS AND WARRANTIES
To use the Services, You shall comply with the following eligibility criteria and restrictions. Thus, by registering an Account, You expressly covenant, represent and warrant, that:

 

  • You are at least 18 years old, comply with all other eligibility and residency criteria.
  • You have full capacity and legal competence to use the Web-site and the Services and to contract, under the Applicable Law and law of the country of Your residence, with BONPAY and in doing so will not violate any other agreement, which You are a party to.
  • You are aware with cryptographic tokens, cryptocurrency and Blockchain-based systems, their storage and transmission mechanisms, full framework and functionality, and You solely take responsibility for any risks, assumptions and decisions involved.
  • You fully understand all merits, risks and any restrictions associated with cryptographic tokens (their purchase and use), cryptocurrency and Blockchain-based systems, and You are solely responsible for any evaluations based on such knowledge.
  • If You are representing a corporation, governmental organization or other legal entity, You have the legal right, power and authority, confirmed by respective documents to enter into this agreement on behalf of such legal entity and bind them to these terms.
  • You will not use the Services for any illegal activity and You have never conceivably been, engaged in any fraudulent, deceptive and illegal activity, including but not limited to: money laundering and the financing of terrorism.
  • You will not perform acts aimed at a breach of the normal functioning of the Service or the Web-site both by means of software and through Your direct acts within the Service/Web-site.
  • You will not disseminate, launch or use viruses, Trojan horses, and other malware within the Service or the Web-site; and You will not use automated programs and scripts in particular, for the collection of the information on the other Users or the Service.
  • You will not perform any acts having the nature of threats, endangering, harassment, discrimination, abuse, deceit, or some other unlawful influence on the other Users; breaching the rights and legal interests of the other Users.
  • You will not place any materials (content, files) anywhere within the Service, which: propagandize war, violence, discrimination by ethnicity, race, religion, gender or any other reason; propagandize criminal activities; mislead the other Users; contain any other prohibited, abusive, fraudulent or any other illegal information.
  • You will be liable for all costs, losses and expenses incurred by us by reason of an unauthorized use of your Account as a result of Your acting fraudulently or failing to comply with these Terms of use. Thus You confirm You will reimburse all such costs, losses and expenses to BONPAY during 5 (five) banking days from the date of our first demand.
If You breach any of the covenants, representations and warranties under the Terms of Use or the applicable laws, We may terminate Your Account and take legal actions under the Applicable Law and these Terms.
INDEMNIFICATIONS
You hereby agree to indemnify BONPAY, any of its officers, directors, employees and agents and its affiliated and related entities from and against any claims, costs, losses, liabilities, damages, expenses and judgments of any and every kind arising out of, relating to, or incurred in connection with any claim, complaint, audit, inquiry, or other proceeding, that arises or relates to: (a) any actual or alleged breach of Your representations, warranties, or obligations set forth in these Terms of Use; (b) Your wrongful or improper use of the Services; (c) any other party’s access or use of the Services with Your Account information; (d) arising out of a breach of any warranty, representation, or obligation hereunder.
You shall not have any claim of any nature whatsoever against BONPAY for any failure to carry out any of our obligations under these Terms of Use as a result of Force Majeure – causes beyond our control, including but not limited to any strike, lockout, shortage of labor or materials, delays in transport, in securing any permit, consent or approval required by BONPAY, for the supply of products, delay by any sub-contractor or supplier of ours accidents of any kind, riot, political or civil disturbances, the elements, by an act of state or government including regulatory action imposed or any other authority or any other cause whatsoever beyond our absolute and direct control.
DISCLAIMERS
BONPAY works with Blockchain-based technologies, Bitcoin, Ethereum, Litecoin and other associated and related technologies which are not exclusively controlled by us and technological, regulatory, market or other changes may affect the work of BONPAY Services, which relate to Blockchain technologies. Therefore, by registering an Account with BONPAY, You accept that BONPAY shall not be deemed liable, and we disclaim any and all our responsibility for Your unavailability or restrictions to use the Services due to: (a) regulatory changes, including but not limited to changes in intellectual property law or Applicable Law or local law of the country of Your residence; (b) technological advancements, decreases or any other changes, which may cause Bitcoin, Ethereum, Litecoin and other Blockchain-based technologies may dissolve, disappear, be abandoned or otherwise no longer operate, or operate with material impairments; (c) market changes, which may result in the fluctuations of market values, including, but not limited to Bitcoin, Ethereum, Litecoin etc; (d) any other social, political reforms, possible changes and risks, which may somehow affect Blockchain-based technologies, are out of our direct or absolute control, and, consequently, partly or absolutely restrict You from accessing and/or using the Services.
We or our affiliates make no representations or warranties and assume no liability for the proper performance of any Services and/or the information, images or audio contained or related to the Website. You use all of the mentioned at Your own risk. We will take reasonable steps to exclude any viruses or defects from the Website, but cannot guarantee or warrant the Website will be free from infection, viruses and/or other code that has contaminating or destructive properties, defects will be corrected and accordingly no liability is accepted for defects and viruses. You agree that the content of the Website may not be entirely accurate, complete and current and you should verify all the information before relying on it. You are solely responsible for all the decisions You make based on the information contained on the Website. To provide You with accurate, complete and current information we may change the information on the Website from time to time as need be.
BONPAY is not a financial institution and is currently not under supervision of any financial supervisory authority. We do not provide any licensed financial services, as well as we do not act as an advisor, including as to any financial, legal, investment, insurance and/or tax matters. Any information provided by BONPAY is for general comprehension.
LIMITATION OF LIABILITY
THE WEBSITE AND THE SERVICES ARE PROVIDED ON AN “AS IS” BASIS AND WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED. YOU ASSUME ALL RESPONSIBILITY AND RISK WITH RESPECT TO YOUR USE OF THE WEBSITE AND SERVICES. TO THE MAXIMUM EXTENT PERMITTED BY THE APPLICABLE LAW, WE OR OUR AFFILIATES DO NOT ACCEPT ANY LIABILITY FOR ANY DAMAGE OR LOSS, INCLUDING LOSS OF BUSINESS, REVENUE, OR PROFITS, OR LOSS OF OR DAMAGE TO DATA, EQUIPMENT, OR SOFTWARE (DIRECT, INDIRECT, PUNITIVE, ACTUAL, CONSEQUENTIAL, INCIDENTAL, SPECIAL, EXEMPLARY OR OTHERWISE), RESULTING FROM ANY USE OF, OR INABILITY TO USE, THIS WEBSITE AND THE SERVICES OR THE MATERIAL, INFORMATION, SOFTWARE, FACILITIES, SERVICES OR CONTENT ON THIS REGARDLESS OF THE BASIS, UPON WHICH THE LIABILITY IS CLAIMED.
IF APPLICABLE LAW DOES NOT ALLOW ALL OR ANY PART OF THE ABOVE LIMITATION OF LIABILITY TO APPLY TO YOU, THE LIMITATIONS WILL APPLY TO YOU ONLY TO THE EXTENT PERMITTED BY APPLICABLE LAW. YOU UNDERSTAND AND AGREE THAT IT IS YOUR OBLIGATION TO ENSURE COMPLIANCE WITH ANY LEGISLATION RELEVANT TO YOUR COUNTRY OF DOMICILE CONCERNING USE OF THE WEBSITE, AND THAT YOU SHOULD NOT ACCEPT ANY LIABILITY FOR ANY ILLEGAL OR UNAUTHORIZED USE OF THE WEBSITE. YOU AGREE TO BE SOLELY RESPONSIBLE FOR ANY APPLICABLE TAXES IMPOSED UNDER YOUR TAX RESIDENCY REGULATIONS.
IN NO EVENT SHALL OUR COMPANY, OUR DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY LOSS RESULTING FROM HACKING, TAMPERING, VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES, YOUR ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN; FOR PRODUCTS NOT BEING AVAILABLE FOR USE; FOR IMPROPER FUNCTIONALITY, TECHNICAL FAULTS AND DOWNTIME OF THE TECHNICAL INFRASTRUCTURE.
WE DO NOT GUARANTEE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO BONPAY SERVICES AND YOU ACKNOWLEDGE AND AGREE THAT THE WEBSITE MAY BE INTERFERRED WITH BY NUMEROUS FACTORS OUTSIDE OF OUR CONTROL.
APPLICABLE LAW AND DISPUTES RESOLUTION
These Terms of Use and other relationships between You and BONPAY shall be governed by the law of Scotland.
All disputes and disagreements that might arise from these Terms of Use shall be resolved by means of negotiations. You agree that for the purposes of the settlement of disputes between You and BONPAY, an e-mail correspondence with the authorized persons of BONPAY at: [email protected] shall be the effective and binding method of communication.
If the Parties cannot agree on the subject of the dispute within thirty (30) days, the dispute shall be shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be one. The seat, or legal place, of arbitration shall be London. The language to be used in the arbitral proceedings shall be English. The governing law of the contract shall be the substantive law of England and Wales.
To the extent allowed by the applicable law, You agree that you will bring any claim arising from or connected with these Terms of use within one (1) year from the date of which such claim arose. Otherwise such claims will be irrevocably waived.
UNCLAIMED PROPERTY
In the event of a specified period of inactivity by you BONPAY may be required to report any funds on your account as unclaimed property in accordance with applicable law.
In such case BONPAY will try to contact you using the communication credentials provided by you. With no your response during 7 (seven) working days after our requesting you, BONPAY may be required to deliver such funds to the applicable jurisdiction as unclaimed property.
BONPAY reserves the right to deduct a fee from your funds for contacting you and making a report according to the applicable law.
MISCELLANEOUS
Severability. These Terms of Use shall supersede any other arrangements between the Parties as well as all prior versions thereof. Should any provision of these Terms of Use (a clause or a statement within a clause) be void, unenforceable or legally invalid otherwise, it shall not affect any other provision hereof, or these Terms of Use as a whole.
Waivers. Our failure to assert any right or provision in these Terms of Use shall not constitute a waiver of such right or provision, and no waiver of any term shall be deemed a further or continuing waiver of such or other term.
Taxes. You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection Your use of our software and services. You also are solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority.
Amendments. We are entitled to make amendments or additions to these Terms of Use unilaterally at any time without any special notice by placing a new version hereof on the website. The new version of the Terms shall come into force at the moment it is placed on the Website, unless otherwise provided by the new version thereof.
Assignment. You may not assign any rights and/or licenses granted under these Terms of use. We reserve the right to assign our rights without restrictions to any party we may deem fit.
Termination. These Terms of Use shall be valid till replaced by a new one or terminated by BONPAY. Notwithstanding anything contained herein, we reserve the right, without notice and at our sole discretion, to terminate these Terms of Use or suspend Your right to access the Website, including (but not limited to) in case of Your breach of these Terms of Use or if the Company believes You have committed fraud, negligence or other misconduct. You are solely responsible for properly canceling your Account. You can cancel your Account at any time by sending a request to [email protected] considering the requirements hereof. All information or other data located in your account will be immediately deleted from the active and passive instances of the Service upon cancellation, otherwise defined hereof.
Headings. Headings of the Sections are for convenience only and shall not be used to limit or construe such sections. All the sections in the agreement shall survive any termination or expiration of these Terms.
Feedback. You represent and warrant that You own all intellectual property rights to provide Your Feedback. If you provide any feedback to BONPAY concerning the functionality and performance of the Service (including identifying potential errors and improvements), whether by e-mail, posting through our Services or otherwise, you hereby assign to BONPAY all rights, title, and interest in and to the feedback, and BONPAY is free to use the feedback without payment or restriction.
Contact. Should You have any questions regarding the use of the Website or regarding these Terms of Use, please send us an e-mail at [email protected]

Terms of Wallet Use

TERMS OF WALLET USE

Effective Date: 6 April 2018
These Terms of Wallet Use (hereinafter – “Terms of Wallet Use”, “Terms”) shall apply to your use of the services provided by Bon Solutions LP (registered office: 75 King William St, London, EC4N 7BE, UK) (“BONPAY”, and such services, the “Service”). By accepting these Terms of Wallet Use or otherwise using the Wallet, you agree to the terms and conditions in these Terms of Wallet Use, whether or not You are a registered as a user on our Web-site.
These Terms of Wallet Use constitute a legal agreement between BONPAY (“we”, “us”, “our”) and wallet users (“User” “You”, “Your”), that enables You to access our Web-site and Services.
If You disagree with these Terms of Wallet Use, please do not use Services and/or the Wallet.
BONPAY reserves the right to update and change these Terms of Wallet Use from time to time without notice. Any new features that augment or enhance the current Service, including the release of new tools and resources, shall be subject to these Terms of Wallet Use. Continued use of the Service after any such changes shall constitute your consent to such changes. You can review the most current version of these Terms of Wallet Use at any time at https://bonpay.com.
BONPAY shall not be liable in case of loss due to the fact that you did not get familiar with these Terms of Wallet use.
Your personal information providing to the BONPAY via the Service or arising in connection with the Service is protected according to the Privacy Policy and this Terms of Wallet Use.
In some cases, reference to this Terms of Wallet Use includes reference to the Privacy Policy, Terms of Use, Cookies Policy, AML/KYC Policy and other accompanying documents.
USE OF WALLET
BONPAY Wallet is a secure digital wallet used to store, send, and receive cryptocurrency, like Bitcoin, Ethereum, Litecoin, etc. In fact, cryptocurrency itself is not actually “stored” in a wallet. Instead a private key (secured digital code linked to your wallet) is stored and shows the ownership of linked to it (and hence to the wallet) public keys (a public digital code connected to a certain amount of currency). So, your wallet allows you to send and receive coins, and also acts as a personal ledger of transactions. Private key (private secure digital code linked to your public keys and hence to your wallet) will be safely stored with the highest level of security.
Access to BONPAY Wallet is available via the User’s Account. Use of the Account is based on the Terms of Use, Terms of Wallet Use. By using the Wallet, you have to:

 

  • provide accurate, current and complete information when creating the account to enhance Account security;
  • submit the documents that are correct and valid; please note that documents that are submitted as a proof of address should be not older than 3 (three) months;
  • maintain and promptly update your Account information to keep it accurate, complete, and current;
  • maintain the security and confidentiality of your login credentials and restrict access to your Account and your computer;
  • promptly notify us if you discover or otherwise suspect any security breaches related to your Wallet; and
  • take responsibility for all activities that occur under your Account and accept all risks of unauthorized access.
We reserve the right to refuse to open an Account for the User without indicating the reasons.
The Wallet does not constitute an account where we or other third parties serve as financial intermediaries of your Cryptocurrency.
By using our Wallet, you represent and warrant that you are of a legal age to lawfully can enter into and form contracts under applicable law and you use the Wallet only as defined in the Terms of Use, Terms of Wallet Use and don’t use the Wallet for any illegal activity, including but not limited to money laundering and the financing of terrorism. You assume any and all risks associated with the use of the Services.
In some cases, related to breach of this Terms of Wallet Use and/or the Terms of Use and/or the applicable law, BONPAY is empowered to block your Account/Wallet or access to your Account/Wallet or some functions of your Account/Wallet.
In accordance with applicable law, we are obliged to comply with AML/KYC policy. It requires to identify the Users. For these purposes, we request to provide us with the documents identifying your identity, address, nationality and in some additional documents can be required. From time to time we may request you to update provided documents.
PLEASE NOTE: IF YOU LOSE ACCESS TO YOUR WALLET AND YOU HAVE NOT SEPARATELY STORED A BACKUP OF YOUR WALLET AND CORRESPONDING PASSWORD, YOU ACKNOWLEDGE AND AGREE THAT ANY CRYPTOCURRENCY YOU HAVE ASSOCIATED WITH THAT WALLET WILL BECOME INACCESSIBLE.
ALL TRANSACTION REQUESTS ARE IRREVERSIBLE. BONPAY CANNOT RETRIEVE YOUR PASSWORD IF YOU LOSE OR FORGET IT AND CANNOT GUARANTEE TRANSACTION CONFIRMATION AS THEY DO NOT HAVE CONTROL OVER THE CRYPTOCURRENCY NETWORK.
YOU ARE OBLIGED TO NEVER SHARE OR DISCLOSE YOUR ACCOUNT AND/OR WALLET INFORMATION WITH ANYONE, CREATE COMPLEX AND SECURE PASSWORD, CHANGE YOUR PASSWORD FROM TIME TO TIME, ALWAYS LOG OUT WHEN FINISHED USING THE ACCOUNT.
YOU HEREBY CONFIRM THAT THE PASSWORD YOU USE FOR YOUR BONPAY ACCOUNT HASN’T EVER BEEN USED FOR OTHER SERVICES.
ACCEPTABLE USE OF WALLET
You may sell and purchase the cryptocurrency using the Wallet. You can deposit funds to your Wallet with acceptable cryptocurrency. Your deposit will be available on your balance after certain confirmations from the respective cryptocurrency network. As soon as it is confirmed, the funding is completed and you are free to make any transactions you want. BONPAY assumes no responsibility or liability in connection with any attempt to use BONPAY Wallet for cryptocurrencies that BONPAY does not support.
The Wallet is not a bank account, payment account or electronic money account and it cannot be associated with these types of accounts and their benefits. The Wallet is a special BONPAY payment instrument.
You can access all information related to your Wallet and cryptocurrency, including transaction history, our service fees, etc.
BONPAY may restrict your usage of the Wallet and suspend/restrict payments to and from your Wallet if BONPAY determines your violation of our Terms of Use, Terms of Wallet Use, other policies, anti-money laundering regulations and other applicable laws.
We also reserve the right to temporary suspend the provision of services or lower your Wallet limits at our sole discretion if (a) we have reasonable suspicions that your account is being used in a fraudulent manner; (b) we have any security concerns regarding your Wallet; (c) additional verification procedures are required for AML purposes; (d) you fail to pay for BONPAY Services; (e) any transaction causes the balance in your BONPAY Account go negative.
You will get the access to your Wallet as soon as the indicated above reasons or suspicions cease to exist.
The use of bots and automated software applicable to your Wallet is not allowed and such activity will be suspended and your Account will be terminated. In case your Wallet is terminated, it is terminated permanently.
We hold no responsibility over incorrect payments and we do not refund you funds that were incorrectly sent to a wrong cryptocurrency address.
You acknowledge and agree that the transaction requests you submit via BONPAY Services may not be completed, or may be substantially delayed, by the cryptocurrency network.
By exchanging cryptocurrency, you confirm that it is legal in the jurisdiction in which you are located, otherwise will not be authorized to use the payment card as payment option to complete the transaction(s). We may, at any time and in our sole discretion, refuse any purchase of cryptocurrency and put other limitations and restrictions without prior notice.
BONPAY reserves a right to withdraw or amend the functionality and appearance of Wallet, and any Service or material we provide on the Website, in our sole discretion without notice. We will not be liable if for any reason all or any part of your Wallet is unavailable at any time or for any period. From time to time, we may restrict access to some parts of your Wallet, to certain Accounts or all Accounts including registered or authorized users.
We retain the right, in our sole discretion, to include a Cryptocurrency on our Website, and may remove any cryptocurrency from the Website at any time for any reason. Unless otherwise required by law or law enforcement, we will make reasonable efforts to notify you of the likely removal of a cryptocurrency. We will provide all the necessary means for you to get access to your funds for a time, specified by us and as required by law. We will not be liable to you for any losses, liability or expenses related to the removal of a cryptocurrency.
USER INPUT ERRORS
It is the sole responsibility of the User to check the accuracy of information entered and saved on the website. Account details displayed on the order summary webpage will be the final transfer destination. In the case that this information is incorrect, and funds are transferred to an unintended destination, BONPAY shall not reimburse the customer and shall not transfer additional funds.
CHANGE AND UPDATE OF WALLET FUNCTIONALITY
We reserve the right to withdraw or amend the functionality and appearance of Wallet, and any Service or material we provide on the Website, in our sole discretion without notice. We will not be liable if for any reason all or any part of your Wallet is unavailable at any time or for any period. From time to time, we may restrict access to some parts of your Wallet, to certain Accounts or all Accounts including registered or authorized users.
PRICING AND FEES
BONPAY service fees (including fees for adding/withdrawing funds to/from the Wallet) are variable. The current pricing schedule and fees are available at bonpay.com. The prices and fees can be changed and updated by BONPAY’s sole discretion.
BONPAY does not remunerate fees related to a payment transfer and/or receipt charges or other applicable fees of third parties, therefore the amount of funds you add/withdraw to/from your Wallet may be smaller.
If BONPAY is invoiced for fees due to your cryptocurrency transactions with the Wallet, BONPAY may demand a refund of these fees from you.
BONPAY reserves the right to demand a fee and/or remuneration from you for the provision of additional services provided by BONPAY or third parties acting on behalf of BONPAY.
BONPAY will not provide any refunds of your cryptocurrency for any reason, including, but not limited to, loss of your cryptocurrency due to technical reasons, errors, malfunction of the Wallet, transaction failures, etc.
RISK NOTICE
BONPAY cannot and does not guarantee any particular value of cryptocurrency.
Cryptocurrency is a not backed or value guaranteed by any financial institution; when purchasing cryptocurrency, the User assumes all risk the cryptocurrency may become worthless in value. User should research and consider the risks before purchasing any cryptocurrency. The company makes absolutely no guarantee about the future value of the cryptocurrency purchased. User also agrees to take into account the risks related to the regulatory uncertainty regarding the cryptocurrency.
User commits to accept the risks associated with using Internet for executing transactions including, but not limited to, the failure of hardware, software, and Internet connection. There may be also additional risks that are not disclosed in these Terms of Wallet use.
DISCLAIMER OF WARRANTIES AND LIMITATION OF LIABILITY
YOUR USE OF THE WALLET, ITS CONTENT, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET IS AT YOUR OWN RISK. THE WALLET, ITS CONTENT, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. NEITHER THE COMPANY NOR ANY PERSON ASSOCIATED WITH THE COMPANY MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE WALLET. WITHOUT LIMITING THE FOREGOING, NEITHER THE COMPANY NOR ANYONE ASSOCIATED WITH THE COMPANY REPRESENTS OR WARRANTS THAT THE WALLET, ITS CONTENT, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT OUR SITE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE WALLET OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS.
WE DISCLAIM ALL WARRANTIES AND CONDITIONS, EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE. YOU ACKNOWLEDGE THAT YOU HAVE NOT ENTERED INTO THIS AGREEMENT IN RELIANCE UPON ANY WARRANTY OR REPRESENTATION EXCEPT THOSE SPECIFICALLY SET FORTH IN THESE TERMS. YOU ALSO ACKNOWLEDGE THAT INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES MAY BECOME IRRETRIEVABLY LOST OR CORRUPTED OR TEMPORARILY UNAVAILABLE DUE TO A VARIETY OF CAUSES, INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD PARTY PROVIDERS, INTERNET OUTAGES, FORCE MAJEURE EVENT OR OTHER DISASTERS INCLUDING THIRD PARTY DDOS ATTACKS, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL. YOU ARE SOLELY RESPONSIBLE FOR BACKING UP AND MAINTAINING DUPLICATE COPIES OF ANY INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES.
WE AND OUR LICENSORS, SERVICE PROVIDERS OR SUBCONTRACTORS (IF ANY) MAKE NO REPRESENTATIONS OR WARRANTIES ABOUT SUITABILITY OF THE INFORMATION, SOFTWARE, PRODUCTS AND SERVICES CONTAINED IN OUR SERVICES FOR ANY PURPOSE OR THEIR COMPLIANCE WITH ANY ACCOUNTING RULES, PRINCIPLES OR LAWS, AND EXPRESSLY DISCLAIM ANY REPRESENTATION OR WARRANTY THAT THE SERVICES WILL BE FREE FROM ERRORS, VIRUSES OR OTHER HARMFUL COMPONENTS, WILL BE SECURE AND NOT INTERCEPTED, OR THAT SERVICES CONTENT WILL BE ACCURATE, COMPLETE OR TIMELY. YOU ALSO UNDERSTAND THAT WE CANNOT AND DO NOT GUARANTEE OR WARRANT THAT FILES AVAILABLE FOR DOWNLOADING FROM THE INTERNET OR THE WALLET WILL BE FREE OF VIRUSES OR OTHER DESTRUCTIVE CODE.
IN NO EVENT SHALL OUR COMPANY, OUR DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE OUR SERVICES, ANY WALLETS LINKED TO IT, ANY CONTENT ON THE BONPAY WEBSITE, WALLET OR SUCH OTHER WEBSITES, WALLETS INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM BONPAY AND ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, INJURY TO YOUR REPUTATION, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE, OR ANY OTHER LOSS THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO BONPAY’S RECORDS, PROGRAMS OR SERVICES.
IF APPLICABLE LAW DOES NOT ALLOW ALL OR ANY PART OF THE ABOVE LIMITATION OF LIABILITY TO APPLY TO YOU, THE LIMITATIONS WILL APPLY TO YOU ONLY TO THE EXTENT PERMITTED BY APPLICABLE LAW. YOU UNDERSTAND AND AGREE THAT IT IS YOUR OBLIGATION TO ENSURE COMPLIANCE WITH ANY LEGISLATION RELEVANT TO YOUR COUNTRY OF DOMICILE CONCERNING USE OF THIS WALLET, AND THAT THE WALLET OWNER SHOULD NOT ACCEPT ANY LIABILITY FOR ANY ILLEGAL OR UNAUTHORIZED USE OF THIS WALLET. YOU AGREE TO BE SOLELY RESPONSIBLE FOR ANY APPLICABLE TAXES IMPOSED ON CRYPTOCURRENCY PURCHASED HEREUNDER.
WE ARE NOT LIABLE AND/OR RESPONSIBLE FOR ANY INFRINGEMENT OF THESE TERMS OF WALLET USE BY US, OR FOR ANY LOSSES DUE TO ANY CONDITIONS OUTSIDE OUR CONTROL. OUR SERVICE PROVISION MAY BE LIMITED FOR THE PERIOD WHEN CONDITIONS OUTSIDE OUR CONTROL TAKE PLACE. WE MAY CONDUCT ANY ACTIVITY THAT IS CONSIDERED TO BE APPROPRIATE IF ANY CONDITION OUTSIDE OUR CONTROL OCCURS.
APPLICABLE LAW AND DISPUTES RESOLUTION
These Terms of Wallet Use and other relationships between You and BONPAY shall be governed by the law of England and Wales.
All disputes and disagreements that might arise from these Terms of Wallet Use shall be resolved by means of negotiations. You agree that for the purposes of the settlement of disputes between You and BONPAY, an e-mail correspondence with the authorized persons of BONPAY at: [email protected] shall be the effective and binding method of communication.
If the Parties cannot agree on the subject of the dispute within thirty (30) days, the dispute shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be one. The seat, or legal place, of arbitration shall be London. The language to be used in the arbitral proceedings shall be English. The governing law of the contract shall be the substantive law of England and Wales.
To the extent allowed by the applicable law, You agree that you will bring any claim arising from or connected with these Terms of Wallet use within 1 (one) year from the date of which such claim arose. Otherwise such claims will be irrevocably waived.
MISCELLANEOUS
Severability. These Terms of Wallet Use shall supersede any other arrangements between the Parties as well as all prior versions thereof. Should any provision of these Terms of Wallet Use (a clause or a statement within a clause) be void, unenforceable or legally invalid otherwise, it shall not affect any other provision hereof, or these Terms of Wallet Use as a whole.
Waivers. Our failure to assert any right or provision in these Terms of Wallet Use shall not constitute a waiver of such right or provision, and no waiver of any term shall be deemed a further or continuing waiver of such or other term.
Taxes. You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection Your use of our software and services. You also are solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority.
Amendments. We are entitled to make amendments or additions to these Terms of Wallet Use unilaterally at any time without any special notice by placing a new version hereof on the website. The new version of the Terms of Wallet Use shall come into force at the moment it is placed on the Website, unless otherwise provided by the new version thereof.
Termination. These Terms of Wallet Use shall be valid till replaced by a new one or terminated by BONPAY. Notwithstanding anything contained herein, we reserve the right, without notice and at our sole discretion, to terminate these Terms of Wallet Use or suspend Your right to access the Website, including (but not limited to) in case of Your breach of these Terms of Wallet Use or if the BONPAY believes You have committed fraud, negligence or other misconduct. You are solely responsible for properly canceling your Account. You can cancel your Account at any time by sending a request to [email protected] considering the requirements hereof.
We retain the information provided by you during the verification process for anti-money laundering purposes for 5 (five) years. The information will be treated as confidential unless disclosure is required to comply with the applicable law.
Headings. Headings of the Sections are for convenience only and shall not be used to limit or construe such sections. All the sections in the agreement shall survive any termination or expiration of these Terms of Wallet Use.
Feedback. If you provide any feedback to BONPAY concerning the functionality and performance of the Service (including identifying potential errors and improvements), you hereby assign to BONPAY all rights, title, and interest in and to the feedback, and BONPAY is free to use the feedback without payment or restriction.
Contact. Should You have any questions regarding the use of the Website or regarding these Terms of Wallet Use, please send us an e-mail at [email protected]

Privacy and Cookie Policy

PRIVACY POLICY

Effective Date: 25 May 2018

GENERAL INFORMATION

Bon Solutions LP, registered in Scotland with No. SL023523, (registered office: 75 King William St, London, EC4N 7BE, UK) (“BONPAY”, “We”, “Us”, or “Our”) has established this Privacy Policy Statement to assist you to understand how we collect and use personally identifiable information if and when you use our website as a “Visitor” or provide information to us in connection with your use of the Service as a “User”.

We encourage you to read the information below carefully.

By using our website at www.bonpay.com and our Services, you agree to the collection, use and processing of your personal data in the manner described in this Privacy Policy. By registering for our Service, you agree to the collection and use of personal information in the manner described in this Privacy Policy and our Terms of Use. This Privacy Policy applies to the Mobile Application and website regardless of how you access or use them.

You accept this Privacy Policy when you sign up for, access, or use our products, services, features, technologies or functions offered on our website and mobile application (collectively “Service”). This Privacy Policy is intended to govern the use of Service by our users (including, without limitation those who use the Service in the course of their trade or business) unless otherwise agreed through contract. This Privacy Policy is an essential part of the Terms of Use.

If you do not agree to the terms set out in these policies, please do not continue to use our website.

We may update or amend this Privacy Policy at any time by posting a revised version on our website and sending a notification to our Users via email. You understand and agree that if we send You a message, but You do not receive it because of not updating Your email address, Bonpay will be deemed to have provided the message to you. The revised version will be effective as of the published effective date or as of the date directly stated in the amended Privacy Policy.

The purpose of this Privacy Policy is to ensure that Bonpay complies with applicable regulations valid in the European Union and the United Kingdom.

DATA CONTROLLER

For the purposes of the EU General Data Protection Regulation, effective 25.05.2018 (hereinafter – GDPR), Bon Solutions LP is the data controller of a User’s personal data when it provides the User with Services or information related to the Services.

YOUR PERSONAL DATA PROCESSING

According to the GDPR,

‘Personal data’ means any information relating to an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.

We do not consider personal data to include information that has been anonymized so that it does not identify You, as a specific User.

In this section we provide you with the information about personal data we collect, the way we collect and use it, and our lawful basis for personal data processing.

1. Your identification and contact details

Bonpay processes your personal information that you provide to us: your name, surname, date of birth, gender, nationality and/or citizenship, residential address, email address, and telephone number.

We use your personal data for the following purposes:

  • to provide the Services and customer support;
  • to administer and process your application for Bonpay account;
  • to administer and maintain our Users’ accounts and records;
  • to measure the performance of the Services and improve their content and layout;
  • to communicate with you by placing a voice call or text (SMS) at your telephone number or by email and collect your feedback;
  • to send personalised offers of Services;
  • to contact you to inform you about the Services and as necessary to enforce our policies, fees, applicable law, or any agreement we may have with you.

We rely on the following lawful bases for personal data processing:

  • it is necessary to enter into, perform and/or fulfill a contract or an agreement with you;
  • it is our legitimate interest to managing and administering our Services;
  • it is our legitimate interest to provide the Services to our clients;
  • it is our legitimate interest to promote our Services, and personalize the information that our website sends to you. If required under applicable law, we will not send you marketing communications unless you first consent to this. You can withdraw such consent at any time by changing your account preferences or contacting us at [email protected] You cannot refuse to receive notification about Bonpay Services or policies changing or updating as it is Bonpay’s legal obligation to provide you with such information.

2. Know Your Customer (KYC) information

Bonpay processes your personal data and documents provided by you as the proof of indicated information. Bonpay may also collect KYC information from the third parties or from the public sources. KYC information includes:

  • your photo;
  • passport or other government-issued identity document;
  • documents proving your residential address;
  • documents establishing your source of funds or source of wealth;
  • results of KYC or Politically Exposed Person (PEP) checks, including information collected by our service providers;
  • sensitive information revealing your religious, political or philosophical beliefs, relating to offences (or alleged offences), your ethnic background, about your health, trade union membership or sex life or sexual orientation as needed.

We use your personal data for the following purposes:

  • to provide the Services and customer support;
  • to administer and maintain our Users’ accounts and records;
  • to verify your identity, including during account creation and password reset processes;
  • to manage risk, or to detect, prevent, and/or remediate fraud, money laundering, terrorist financing, offences involving identity theft or other potentially prohibited or illegal activities;
  • to detect, prevent or remediate violations of policies or applicable user agreements;
  • to carry out regulatory checks and meet out obligations to our regulators;
  • to comply with our regulatory obligations to conduct KYC which may sometimes reveal sensitive information.

We rely on the following lawful bases for personal data processing:

  • it is necessary to enter into, perform and/or fulfill a contract or an agreement with you;
  • you have provided us with your consent to use your personal information, including sensitive information, for this purpose;
  • it is our legitimate interest to manage and administer our Services;
  • we are legally required to do so under the UK law;
  • it is our legitimate interest to protect our business against damage, fraud or possible criminal acts;
  • it is necessary for reasons of substantial public interest under the UK law, and/or we have taken measures to safeguard your rights.

3. Financial information

Bonpay stores, monitors, records and uses your financial information relating to your using of Bonpay Services that may include:

  • your Bonpay wallet balance;
  • your Bonpay card information and balance;
  • your transactions details, including virtual currency transactions;
  • used currencies;
  • full bank accounts numbers that you link to your Bonpay account or give us when using our Services.

We use your personal data for the following purposes:

  • to provide the Services and customer support;
  • to administer and maintain our Users’ accounts and records;
  • to administer and maintain our Services and systems;
  • to process transactions and send notices about your transactions;
  • to resolve disputes and troubleshoot problems;
  • to collect fees;
  • to improve the Services provided to our Users;
  • to manage risk, or to detect, prevent, and/or remediate fraud or other potentially prohibited or illegal activities, e.g. by checking your location;
  • to detect, prevent or remediate violations of policies or applicable user agreements;

We rely on the following lawful bases for personal data processing:

  • it is necessary to enter into, perform and/or fulfill a contract or an agreement with you;
  • it is our legitimate interest to manage and administer our Services;
  • it is our legitimate interest to protect our customers and our Services against fraud and damage;
  • it is our legitimate interest to develop and improve our Services and attempt to meet our Users’ needs;
  • it is our legitimate interest to understand customer feedback, to respond to customer communications in a consistent way, to ensure our staff deals properly with calls and communications and to train our staff to do so.

4. Information about your using our Services

When you use our Services, we collect information sent to us by your computer, mobile phone or other access devices (whether or not you have registered for our Services). The information sent to us includes but is not limited to the following:

  • unique identification numbers: computer IP address, device ID or unique identifier;
  • geolocation information: time zone setting, city, region, country, and language;
  • computer and connection information, mobile network information;
  • operating system and platform;
  • your device information: device type, browser type and version, and browser plug-in types and versions, hardware and browser settings, app release, app version, device model, manufacturer (brand), operating system, operating system version, OS library version, enable wifi, device screen (width, high, dpi), Bluetooth enable, Bluetooth version;
  • data about Your visit to our website: date and time of visit, products you viewed or searched for, download errors, length of visits to pages, page interaction information (such as scrolling, clicks, and mouse-overs), and methods used to browse away from the page, traffic to and from the sites, referral URL, ad data, standard web log data and other information;
  • Bonpay account and marketing preferences.

We use your personal data for the following purposes:

  • to improve the Service by customizing your user experience;
  • to develop new Services;
  • to eliminate issues with the website;
  • to monitor the way our website is used;
  • to measure the performance of the Service and improve their content and layout;
  • to help protect you from fraud and misuse of your personal information;
  • to manage and protect our information technology infrastructure;
  • to provide targeted marketing and advertising, provide service update notices, and deliver promotional offers based on your communication preferences;
  • to provide you with location-based Services, such as advertising, search results, and other personalized content.
  • to communicate with you regarding our Services.

We rely on the following lawful bases for personal data processing:

  • it is our legitimate interest to understand how our website is accessed, how it is used and any problems users have with it across multiple devices, and ensure it is secure;
  • it is our legitimate interest to improve and develop our Services;
  • it is our legitimate interest to promote our Services. If required under applicable law, we will not send you marketing communications unless you first consent to this. You can withdraw such consent at any time by changing your account preferences or contacting us at [email protected]

5. Communication information

Bonpay collects, monitores, records and/or overhear information from or about you through your contact with us. This information includes:

  • information in your correspondence with us by email, telephone, messaging, texts, on-line chats, via social media, contacting our customer support team or otherwise;
  • whether you’ve clicked on links in electronic communications from us, including the URL clickstream to our website;
  • your results when you respond to a survey;
  • your interactions with Bonpay.
  • your correspondence with us which you provide us while participating in community discussions, chats, or dispute resolutions, or otherwise communicating with us regarding the Services;
  • communicate with you and collect your feedback.

We use your personal data for the following purposes:

  • to provide the Service and customer support;
  • to resolve disputes, troubleshoot problems, technical issues;
  • to improve the Service by customizing your user experience;
  • to measure the performance of the Service and improve their content and layout;
  • to provide targeted marketing and advertising, provide service update notices, and deliver promotional offers based on your communication preferences;
  • to poll your opinions through surveys or questionnaires.

We rely on the following lawful bases for personal data processing:

  • it is our legitimate interest to understand how our website is accessed, how it is used and any problems users have with it across multiple devices, and ensure it is secure;
  • it is our legitimate interest to improve and develop our Services;
  • it is our legitimate interest to understand customer feedback, to respond to customer communications in a consistent way, to ensure our staff deals properly with calls and communications and to train our staff to do so;
  • it is our legitimate interest to promote our Services. If required under applicable law, we will not send you marketing communications unless you first consent to this. You can withdraw such consent at any time by changing your account preferences or contacting us at [email protected]

We do not sell or rent your personal information to third parties for their marketing purposes without your explicit consent. We may combine your information with information we collect from the Third parties and use it to improve and personalize the Services, content, and advertising.

We will ask your consent before using collected information in other purposes.

You can always refuse to supply personal information. In such case we will not be unable to render Services to you.

6. Children

We do not knowingly collect information from children or other persons who are under 16 years old. If you are under 16 years old, you may not submit any personal information to us or subscribe for our Services.

7. Cookies and Similar Technologies

When you visit or interact with our sites, services, application, tools or messaging, our authorized service providers or we may use cookies, web beacons, and other similar technologies for storing information to help provide you with a better, faster, and safer experience and for advertising purposes.

Our cookies and similar technologies have different functions. They are either necessary for the functioning of our Services, help us improve our performance, give you extra functionalities, or help us to serve you relevant and targeted ads. We use cookies and similar technologies that only remain on your device for as long as you keep your browser active (session) and cookies and similar technologies that remain on your device for a longer period (persistent). You are free to block, delete, or disable these cookies. You can manage your cookies and your cookie preferences in your browser or device settings.

When you access our website or use the Service, we (including companies we work with) may place small data files on your computer or other devices. These data files may be cookies, pixel tags, “Flash cookies,” or other local storage provided by your browser or associated applications (collectively “Cookies”). We use these technologies to recognize you as a customer; customize the Service, content, and advertising; measure promotional effectiveness; help ensure that your account security is not compromised; mitigate risk and prevent fraud; and to promote trust and safety across our sites and the Service.

You are free to decline our Cookies if your browser or browser add-on permits unless our Cookies are required to prevent fraud or ensure the security of websites we control. However, declining our Cookies may interfere with your use of our website and the Service.

HOW WE PROTECT AND STORE PERSONAL INFORMATION

We store your personal information on Bonpay’s secured remote servers within the EEA area. Bonpay staff processes your personal data on the computers in the countries where our facilities are located. We protect your information using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorized access, disclosure, and alteration. Some of the safeguards we use are firewalls and data encryption, physical access controls to our data centers, and information access authorization controls.

Only duly authorized staff and partners have access to personal data processing. Bonpay staff is trained on the importance of customer privacy and confidentiality.

We have implemented commercially reasonable technical and organizational measures designed to secure your personal information and other information from accidental loss and from unauthorized access, use, alteration or disclosure. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures or use your personal information and other information for improper purposes. You acknowledge that you provide your personal information at your own risk.

All electronic personal information is transmitted to other websites through the use of Secure Socket Layer (SSL) technology to ensure that your information is fully encrypted and sent across the Internet securely.

An extra layer of security is Two Factor Authentication that is required for every session if set up by the User.

Please note that the transmission of any data over the Internet using personal computers or mobile devices is not completely safe and therefore we cannot guarantee the security of documents submitted to our platform. Any transmission of such documents is at your own risk. As soon as we receive your private information, we implement strict security measures and procedures to avoid unauthorized access from any third party.

WHY WE SHARE PERSONAL INFORMATION WITH OTHER THIRD PARTIES

The Users will be made aware in most circumstances how and with whom their information will be shared. Bonpay may disclose data without the individual’s consent only in cases expressly prescribed by law. We may share your personal information (including sensitive data) for the purposes indicated below.

For Services Providing

Bonpay may provide personal information to the processors who perform on our behalf for the purposes of Service providing, administer the use of Bonpay wallet or related services, help to supply, maintain or facilitate our website or our Services or perform any other actions under a signed contract with Bonpay.

For Transaction Flow

Bonpay may disclose the personal information to the third parties involved in the execution of transactions, including but not limited our banking partners, transactions facilitators, payment service providers, electronic money issuers, card providers, operators of currency exchanges, etc. Also personal information may be provided to persons from whom we receive or to whom we transfer your funds held in Bonpay wallet or card. In such cases, the data provided may include your name, account ID, contact details, or other information needed to promote the reliability and security of the transaction. If a transaction is held, fails, or is later invalidated, we may also provide details of the unsuccessful transaction. Please note that the third parties which your personal data is shared with may be located in other countries where the laws on processing personal information may be less stringent than in your country.

For Legal Reasons

We may disclose personal information to respond to subpoenas, court orders, or legal process, or to establish or exercise our legal rights or defend against legal claims. We may also share such information if we believe it is necessary in order to investigate, prevent, or take action regarding illegal activities, suspected fraud, situations involving potential threats to the physical safety of any person, violations of our Terms of Use, or as otherwise required by law.

In certain situations, we may be required to disclose personal data in response to lawful requests by public authorities, including local authorities, including to meet national security or law enforcement requirements. Bonpay will always ensure the request is legitimate. Bonpay may disclose the personal information in order to comply with anti-money laundering and counter-terrorist financing verification requirements.

For Statistical Analysis

Bonpay may provide non-personal, summary or group statistics about our customers, sales, traffic patterns, and related website information to reputable third-party vendors, but these statistics will include no personally identifiable information.

For Business Transaction

We may disclose your personal data in the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets and their advisers. If our business is sold your details will be passed onto the new owners of the business.

Third Party Websites

If you open Bonpay account directly on a third-party website or via a third-party application, any information that you enter on that website or application (and not directly on a Bonpay website/application) will be shared with the owner of the third-party website or application. These sites are governed by their own privacy policies and you are encouraged to review their privacy policies before providing them with personal information. Bonpay is not responsible for the content or information practices of such third parties.

CROSS-BORDER TRANSFERS OF PERSONAL INFORMATION

We may transfer your personal data to, and store them at, a destination outside the European Economic Area (EEA) or your country of residence. We may also arrange for your personal data to be processed by staff operating inside or outside the EEA who work for us or for one of our partners. Such staff may be engaged in, among other things, the processing of your payment transactions and the provision of support services. Your personal data can be transferred outside the EEA for the purposes indicated in the section ‘WHY WE SHARE PERSONAL INFORMATION WITH OTHER THIRD PARTIES’. By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your personal data is treated securely and in accordance with Bonpay Privacy Policy.

Bonpay is committed to adequately protecting your personal information regardless of where the data resides and to providing appropriate protection for your personal information where such data is transferred across borders, including outside of the EEA.

DATA RETENTION

Bonpay will not retain personal data longer than is necessary to fulfill the purposes for which it was collected or as required by applicable laws or regulations. We will keep your information for the period when you have Bonpay account, and such further period during which you may bring a claim against us and for us to be able to defend ourselves.

We will also retain your information as necessary to prevent money laundering and to comply with legal, accounting or reporting requirements. We will store your data while you have an account with us and for at least five years after the account is closed, but we may store your data for longer if required for legal claims or other purposes stated in this notice.

Bonpay will retain personal data for marketing purposes for a period of 5 years after termination of the relationship. You will have the opportunity to withdraw your consent to your data processing for marketing purposes using the form in your account.

We will keep information about visitors to our websites (not being customers) for a reasonable length of time that lets us understand how people use our website and any technical issues they have. We will retain this data during 38 months of the User’s last activity.

USER’S RIGHTS

Bonpay will ensure that the rights of individuals about whom information is held, can be fully exercised under the GDPR. These rights include the rights set out below.

Right of access by the individual

You can review your personal information at any time by logging in to your account and reviewing your account settings and profile.

You may request by writing to us at [email protected], details of your information which we hold and the purposes for which it is held. Your request must fall within the definition of personal data provided in ‘WHAT WE COLLECT’ Section.

Right to rectification

You have the right to have your inaccurate personal data rectified and to have your incomplete personal data completed.

You can add your new address at any time by logging in to your account, Section ‘Settings’ – ‘Address’. You can edit your personal information, email address, phone number, residential address by sending a request at [email protected]. To change your identity information or residential address you should upload your documents proving the rectification to comply with KYC and AML regulations. Your documents should fit the requirements indicated in the Section ‘Settings’ – ‘Verification’ in your Bonpay account. Bonpay will refuse to rectify your personal data if you fail to comply the above-mentioned requirements.

Bonpay may restrict the processing of your personal data, including any use of Bonpay Services if you have challenged the accuracy of your data and asked Bonpay to rectify it. Once Bonpay has made a decision on the accuracy of your data, Bonpay will lift the restriction and send you the relevant notification.

Right to erasure (‘right to be forgotten’)

You have the general right to request the erasure of your personal information in certain circumstances, including where you have withdrawn consent to our using it or we no longer need it in connection with your account or for other legitimate reasons. There are also certain exceptions where we may refuse a request for erasure, for example, where the personal data is required for compliance with law or in connection with claims.

Right to restriction of processing

You have the right to restrict the processing of your personal data. This means that you can limit the way that Bonpay uses your data. Bonpay will not process the restricted data in any way except to store it.

Please note, however, that all information requested from you is obligatory to be provided by you unless stated otherwise. Should you restrict processing your personal data, we may not be able to provide our product and/or Services to you.

Right to object

Where we are processing your personal information based on a legitimate interests you may challenge this. However we may be entitled to continue processing your information based on the our legitimate interests or where this is relevant to legal claims. You also have the right to object where we are processing your personal information for direct marketing purposes.

Right to data portability

The right to data portability only applies when:

  • the lawful basis for processing the requested personal data is consent or for the performance of a contract;
  • the processing is carried out by automated means.

Right not to be subject to a decision based solely on automated processing, including profiling

You have the right not to be subject to a decision based solely on automated processing, including profiling. You are entitled to require us to ensure that no decision taken by or on behalf of us and which significantly affects you is based solely on the automated processing of your information.

Right to lodge a complaint with a supervisory authority

You may lodge a complaint with a supervisory authority.

The Information Commissioner’s Office, https://ico.org.uk.

Right to withdraw consent

You are authorised to withdraw your consent at any time in those cases where we have requested your consent to carry out the data processing. The withdrawal of your consent will not influence the processing of your data throughout the period when you have validly issued the consent and it will likewise not influence the processing of your data on other legal grounds, if they apply (for example, the adherence to the legal obligations or for the purposes of our justified interests).

If you have given us consent for marketing or if commercial offers are sent to you from us on other justified grounds, you may withdraw your consent at any time using a form in your Bonpay account or contacting us at [email protected].

You can refuse to provide us with the personal data which we request from you. If, however, this involves information which must be compulsorily provided, we will be unable to provide you with the associated services.

Processing your requests regarding personal data

Bonpay will always verify the identity of anyone making a request regarding personal data before handing over any information by requesting the provision of additional information necessary to confirm the identity of the individual.

We will provide information according to your request, if it complies with all the requirements, within one month of receipt. Bonpay can extend the time to respond by a further two months if your request is complex or we have received a number of requests from you.

The information about your personal data will be provided to you free of charge unless your request is manifestly unfounded or excessive or if you request further copies of your data following a request. In such case, you may be charged a reasonable fee of £10 per subject access request for the administrative costs of complying with the request as permitted by the GDPR.

USER’S CONSENT

I hereby give my explicit consent and agree:

  • to provide required personal data to Bonpay to be able to use any of Bonpay Services;
  • to keep my personal data accurate and up-to-date, and notify Bonpay about the changes of my personal data;
  • to receive communication from Bonpay.

I hereby give my explicit consent to Bonpay:

  • to collect my personal data through the means described in this Policy;
  • to process my personal data for marketing mailout and communications;
  • to process my sensitive personal data;
  • to transfer my personal data outside the European Economic Area or my country of residence;
  • to share my personal data with the third parties as indicated in this Policy;
  • to use cookies or other means to store information.

CONTACT DETAILS

If you would like to contact us with any queries or comments regarding our Privacy Policy, please contact us using the contact details below:

Data Protection Officer: [email protected].

KYC, AML and CTF Policy

KNOW YOUR CUSTOMER, ANTI-MONEY LAUNDERING and COUNTER TERRORIST FINANCING POLICY

Effective Date: 6 April 2018
This Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing Policy (the “Policy”) was adopted and approved by Bon Solutions LP (registered office: 75 King William St, London, EC4N 7BE, UK) (“BONPAY”) to prevent and mitigate possible risks of BONPAY being involved in any kind of illegal activity.
The Policy is not to enter into business relationships with criminals and/or terrorists, not to process transactions which result from criminal and/or terrorist activity and not to facilitate any transactions involving criminal and/or terrorist activity including the financing of terrorism. BONPAY undertakes to implement all policies and procedures necessary to prevent the money laundering and to comply with all applicable legislation in this regard.
BONPAY aims to prevent money laundering by meeting international and local anti-money laundering legislation. Due to this BONPAY has implemented effective internal procedures and mechanisms to prevent money laundering, terrorist financing, corruption and bribery and to take action in case of any form of suspicious activity from its Users.
LEGAL AND REGULATORY FRAMEWORK
The UK and EU AML regime is set out in the following legislation and regulations:
UK Regulations:

 

  • The Proceeds of Crime Act 2002 (POCA), as amended by the: Serious Organised Crime and Police Act 2005 (SOCPA); and the Proceeds of Crime Act (Amendment) Regulations 2007;
  • The Terrorism Act 2000, as amended by the: The Anti-Terrorism, Crime & Security Act 2001; and the Terrorism Act (Amendment) Regulations 2007;
  • The Terrorism Act 2006;
  • The Money Laundering Regulations 2007;
  • The Criminal Finances Act 2017; and
  • The Joint Money Laundering Steering Group (JMLSG) Guidance for the UK Financial Sector on the prevention of money laundering/combating terrorist financing.
Other applicable regulations of national governments and multinational bodies in relation to financial sanctions;
European Union Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing; and
Any other national or international law or regulation applicable to BONPAY’s operations.
GOALS OF THE POLICY
The purposes of this Policy as follows:

 

  • To prevent BONPAY from being used for financial crime so as to comply with all applicable legal requirements; and
  • To ensure that the most appropriate action is taken by BONPAY to mitigate the risks associated with financial crime.
This Policy outlines the legal requirements related to financial crime which BONPAY remains in compliance with, as well as internal measures which are established by BONPAY to ensure it complies with these legal requirements. The Policy sets the parameters for BONPAY in relation to the AML, CTF and sanctions framework.
SCOPE AND APPLICATION
The BONPAY Policy is designed to prevent money laundering by meeting the UK and international AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This Policy sets out the minimum standards to be complied with and includes:

 

  • Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures;
  • The maintenance of appropriate records for the minimum prescribed periods;
  • Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company.
The Policy applies to all employees, all functions, all units in BONPAY.
The aim of BONPAY is not only to comply with relevant legal requirements, but also to mitigate and reduce the potential risk to BONPAY of our customers using our products, services and delivery channels to launder the proceeds of illegal activity, fund terrorist activity or conduct prohibited financial sanctions activity (these offences denote “financial crime”).
Please note this documents is a constitutive document for Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing procedures and programs. Based on this document the supplementary and additional procedures which specify them in details will be developed.
BONPAY does not tolerate any breach of the requirements defined herein.
RISK-BASED APPROACH
BONPAY, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, BONPAY is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.
A risk-based approach includes:

 

  • Risk Assessment;
  • Risk Monitoring;
  • Managing and Mitigation the risk;
  • Monitoring and improving the effectiveness of control.
CUSTOMER DUE DILIGENCE: USER IDENTIFICATION/VERIFICATION
In order to comply with financial sanctions regulations, BONPAY must be able to verify the identity of its customers. Therefore, BONPAY requires a robust control environment with low error rates for due diligence after applying internal controls.
There are several other legal regulations which impact upon this area in relation to, for example, data and consumer protection. BONPAY will examine all legal possibilities to satisfy the legal requirements above and, at the same time, comply with data and consumer protection regulations. Should a conflict arise between the requirements within this Policy and any other regulation, BONPAY Compliance should be contacted.
One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, BONPAY establishes its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.
BONPAY’s identity verification procedure requires the User to provide BONPAY with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill). For such purposes, BONPAY reserves the right to collect User’s identification information for this Policy purposes.
BONPAY will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and BONPAY reserves the right to investigate certain Users who have been determined to be risky or suspicious.
BONPAY reserves the right to verify User’s identity on an ongoing basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, BONPAY reserves the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
User’s identification information will be collected, stored, shared and protected strictly in accordance with the BONPAY’s Privacy Policy and related regulations. Once the User’s identity has been verified, BONPAY is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.
During the registration process an individual customer provide the following identification information to BONPAY:

 

  • User’s full name;
  • User’s date of birth;
  • Country of residence/location of customer;
  • Mobile telephone number and e-mail.
After receiving the identification information, the BONPAY’s staff should verify this information requesting the appropriate documents.
Appropriate documents for verifying the identity of User include, but are not limited to, the following: a high resolution scanned copy or photo of pages of an internal / travel passport, driving license or any other national ID, indicating family name and name(s), date and place of birth, document number, issue and expiry dates, country of issue and User’s signature.
To verify proof of address of the customer BONPAY requires one of the following to be provided, in the same correct name of the User:

 

  • A high-resolution copy of a utility bill (fixed-line phone, water, electricity) issued within the last 3 months;
  • A copy of a tax or rates bill from a local authority;
  • A copy of a bank statement (for a current account, deposit account or credit card account);
  • A copy of a bank reference letter.
The requirements to the uploaded documents are set out on the BONPAY website.
If an existing user either refuses to provide the information described above or additionally requested information or if a user has intentionally provided misleading information, BONPAY, after considering the risks involved, will consider closing or temporary suspending any of an existing user’s accounts. Also BONPAY will determine whether it is necessary to inform applicable regulators and regulatory bodies in accordance with applicable laws and regulations.
To apply with the law BONPAY implements further research and identification of customers who may pose a potentially high risk of money laundering/terrorism financing. If BONPAY has assessed that the business relationship with a customer pose a high risk it will apply the following additional measures:

 

  • Obtaining the information relating to the source of the funds or the wealth of the User will be required (this will be done via e-mail or phone);
  • Seek further information from the user or from BONPAY’s own research and third party sources in order to clarify or update the user’s information, obtain any further or additional information, clarify the nature and purpose of the user’s transactions with BONPAY.
When obtaining information to verify the user’s statements about source of funds or wealth, the BONPAY’s staff will most often ask for and scrutinize details of the person’s employment status or business/occupation. BONPAY’s staff will ask for whatever additional data or proof of that employment/occupation that may be deemed necessary in the situation, particularly the appropriate confirming documents (employment agreements, bank statements, letter from employer or business etc.). BONPAY reserves the right to temporary suspend User’s access to the services until receiving the requested additional information.
BONPAY will conduct ongoing customer due diligence and account monitoring for all business relationships with customers.
BONPAY conducts customer due diligence and user identification/verification procedure within the applicable legislation and international practice.
Following a risk assessment of the money laundering or terrorist financing risks that a particular customer may pose, BONPAY can determine the level of Customer Due Diligence it has to apply.
RECORDKEEPING PROCEDURES
BONPAY acknowledges that the foundation for a robust internal control environment towards customer due diligence and enhanced due diligence requires electronic retention of the material received for the purposes of customer due diligence, on-going due diligence and/or enhanced due diligence. The archiving is completed in a manner making it available to all employees having appropriate access to the customer in question (within BONPAY’s existing IT solution). BONPAY implements measures for other accepted electronic ways of verifying identities.
Documentation will be kept during the lifetime of the customer’s relationship with BONPAY and at least for five years after termination of the customer relationship.
The Users are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transactional patterns (what they do). Therefore, BONPAY relies on data analysis as a risk-assessment and suspicion detection tool. BONPAY performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:

 

  • Aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed and sending internal communications;
  • Case and document management.
With regard to the Policy, BONPAY will monitor all transactions and it reserves the right to:

 

  • Ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
  • Request the User to provide any additional information and documents in case of suspicious transactions;
  • Suspend or terminate User’s Account when BONPAY has a reasonable suspicion that such User engaged in illegal activity or that User’s account is used in an unauthorized manner.
The above list is not exhaustive and Users’ transactions will be monitored on a day-to-day basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.
PROHIBITED JURISDICTIONS AND SANCTION POLICY
BONPAY is prohibited from transacting with individuals, companies and countries that are on prescribed Sanctions lists. BONPAY will therefore screen against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.
BONPAY reserves the right to refuse registration to persons from jurisdictions that do not meet international AML standards.
Financial sanctions are measures imposed by national governments and multinational bodies which seek to alter the behavior and decisions of other national governments or non-state actors that may:

 

  • threaten the security of the global community, or
  • violate international norms of behavior (e.g. human rights violations).
BONPAY acts in the compliance with the following sanctions measures:

 

  1. The United Nations (UN) Security Council consolidated sanctions list;
  2. The EU’s consolidated list of persons, companies and entities;
  3. The US Department of the Treasury, Office of Foreign Assets Control (OFAC) sanctions lists;
  4. The US Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) list;
  5. The UK HM Treasury (HMT), Office of Financial Sanctions Implementation, “consolidated list of targets”; and
  6. The Company’s internal list of natural persons and legal entities.
TRAINING AND AWARENESS
BONPAY requires that all employees possess an adequate awareness levels of the risks of financial crime. Given that financial crime can be identified from various sources, BONPAY must ensure that all employees have a suitable degree of awareness, i.e. when highly skilled specialist staff (traders, lawyers, managers, staff in back-office, etc.) encounter something unusual relating to a user’s behavior in their daily work, they must consider whether the unusual behavior may be as a result of underlying financial crime.
EMPLOYEE COMPLIANCE GUIDE
Employees of BONPAY comply with legal requirements designed to detect and prevent money laundering and terrorist financing activities. This states what employees must do to comply with this Policy.
BONPAY expects all of its employees to observe the following Compliance standards:

 

  • Always conduct business in accordance with the highest ethical standards;
  • Follow BONPAY’s “Know Your Customer” program
  • Always be alert to User’s transactions that may indicate money laundering or other criminal activity; and take proper steps to report and/or refuse such transactions;
  • Cooperate with law enforcement authorities within the confines of applicable law, and report any suspicious activities to the BONPAY’s Compliance Officer;
  • Refuse to conduct transactions if a User fails to provide sufficient identification or other required information.
PROGRAM UPDATES AND REVIEW
This Policy may be reviewed by BONPAY from time to time as it is required by the applicable law.

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