WIREX LIMITED ANTI MONEY LAUNDERING (“AML”) AND COUNTER TERRORIST FINANCING (“CTF”) POLICY
In response to the scale and effect of money laundering the United Kingdom, in common with many other countries, has passed legislation designed to prevent money laundering and to combat terrorism. Although Wirex is currently unregulated and does not fall within the scope of the AML/KYC obligations in the UK, we have put in place systems and procedures that meet the UK AML legislation.
ANTI-MONEY LAUNDERING (AML) AND KNOW-YOUR-CUSTOMER (KYC) POLICY
The Wirex AML Policy is designed to prevent money laundering by meeting the UK AML legislation obligations including the need to have adequate systems and controls to mitigate the risk of being used to facilitate financial crime.
Wirex insists on a comprehensive and thorough KYC and AML compliance framework. This includes monitoring of suspicious transactions and obligatory reporting to local regulators and other compliance bodies.
Wirex reserves the right to refuse registration to persons from jurisdictions that do not meet international AML standards.
Wirex reserves the right to carry out customer diligence verification of its users and their transactions. Enhanced customer review will be carried out periodically as part of our ongoing risk assessment. In addition to this, any attempt to abuse Wirex or its platform will result in immediate account suspension and reporting violations to respective authorities.
The Wirex AML and KYC policies are as follows:
- Transactions conducted via the Wirex platform will be subject to AML transaction monitoring.
- Identity and proof of address documents and transaction records will be maintained for at least six years and will be submitted to regulators as required without prior notification to registered users.
- Wirex may at any time without liability and without disclosing any reason, suspend the operation of your account. Wirex shall notify you after exercising its rights under this clause.
Registered members will be required to verify their identity in line with Wirex KYC policy. This includes submission of both government ID and proof of address. Valid ID includes a passport, national card, or driving license. Valid proof of address includes utility and rates bills not older than 3 months. Other forms of ID and address verification will not be accepted. Your account will be unverified until account validation has been completed.
AML Additions to Ts&Cs
WIREX POLICY ON ANTI-MONEY LAUNDERING
It is Wirex’s policy to prohibit and actively prevent money laundering (“ML”) and any activity that facilitates money laundering or terrorism financing (“TF”) or criminal activities. Wirex is subject to regulation designed to combat ML and TF as set out in the laws of the UK, the Financial Conduct Authority (“FCA”), HMRC Guidance, the Financial Action Task Force (“FATF”) regulations and guidelines and the JMLSG Guidance Notes. Wirex also reviews other regulatory authorities’ guidance and internationally accepted regulations to prevent money laundering and to combat terrorism financing.
ANTI-ML AND ANTI-TF COMPLIANCE DESIGNATION
In compliance with its various obligations relating to preventing ML and TF Wirex has:
- Appointed a Money Laundering Reporting Officer (MLRO)
- Senior Management who take on responsibility for AML and Financial Crime
- Systems to verify the identification of clients
- Processes where any knowledge or suspicions of money laundering will be reported
- Training for all relevant staff on AML
- Systems to monitor our controls
- A process to retain adequate records
MANDATORY RISK PROCEDURES
Wirex has in place procedures to manage the ML/TF risks posed by its customers and provision of its services. Wirex determines the extent of the application of customer due diligence requirements on a risk-sensitive basis depending on the type of customer, business relationship, product or transaction. Wirex seeks to ensure at all times that the extent to which these measures are applied is undertaken on a risk-sensitive basis, cognisant of the risks of money laundering and funding of terrorism.
Following a risk assessment of the ML/TF risks that a particular customer may pose, Wirex can determine the level of Customer Due Diligence (“CDD”) it has to apply. Best practices, as well as FATF issued guidance, recommend particular attention should be given to categories of customers that may indicate a higher risk.
CUSTOMER DUE DILIGENCE (“CDD”) AND KNOW YOUR CLIENT IDENTIFICATION PROGRAM (“KYC”)
Wirex collects sufficient information from each customer who opens an account for the purpose of verifying the customer’s identity, as set out further below.
On opening an account, Wirex may collect any of the following information in respect of the person or entity named on the account, prior to activating their account:
- the customer’s name;
- date and place of birth (for an individual);
- phone number;
- proof of a residential address (for an individual), or a principal place of business, local office, or other physical location (for a person other than an individual); and
- proof of identification with a photograph.
Wirex will verify customer identity through documentary means, non-documentary means or both, using documents to verify customer identity when appropriate documents are available. Wirex reserves the right to use non-documentary means where necessary to verify the true identity of the customer.
To verify the identity of customers Wirex may ask an individual for any of the following:
- Copy of Government-issued proof of identity (passport copy or driving license or Government issued National Identity Card)
- Proof of residential address (electricity, gas, water or fixed landline phone bill less than 3 months old or bank statement.
We will verify the information provided to us within a reasonable time. Where we find suspicious information that indicates possible money laundering, terrorist financing activity, or other suspicious activity, we will, in conjunction with our MLRO report that activity in accordance with applicable laws and regulations.
INABILITY TO VERIFY
Where we are not able to confirm with a reasonable degree of certainty the true identity of a customer and/ or are not satisfied that the customer presents an acceptable level of risk to Wirex, we may: (1) deactivate or suspend the account; (2) close an account after attempts to verify customer’s identity fail; and (3) determine whether it is necessary to inform applicable regulators and regulatory bodies in accordance with applicable laws and regulations.
We maintain records of our verification for anti-ML purposes, including information provided by a customer regarding their identity, as well as specific details contained within those documents. We will retain records of all identification information for five years from the date it is provided or an account is closed, whichever is later. The information we hold will be treated as confidential unless disclosure is required to a third party, in which case such disclosure shall be made in accordance with applicable laws.
COMPARISON WITH GOVERNMENT-PROVIDED LISTS
Wirex may within a reasonable period of time after an account is opened (or earlier, if required by another law or regulation or directive issued in connection with an applicable list), determine whether a customer appears on any government-issued list of known or suspected terrorists or terrorist organisations following which Wirex may, as required and/ or permitted by applicable laws, submit such information to applicable regulatory bodies.
MONITORING ACCOUNTS FOR SUSPICIOUS ACTIVITY
Wirex reserves the right to monitor accounts for activity involving unusual transaction sizes, volumes, patterns or types and Wirex may in its sole discretion conduct further investigations in this respect.
SUSPICIOUS TRANSACTIONS REPORTING
Wirex may file one or more reports with any relevant regulatory authority(ies) where we know, suspect or have reason to suspect that a transaction facilitates criminal activity.
It is our policy that all suspicious activities will be reported regularly to the Board of Directors and appropriate senior management.
Wirex is prohibited from transacting business with individuals, companies and countries that are on prescribed Sanctions lists. Wirex 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.
These are Wirex Limited’s (referred to as “Wirex”, “we” or “us” in this document), Terms. Wirex is a company incorporated under the laws of England and Wales, with registered address at 25 OLD BROAD STREET, LONDON, EC2N 1HN, UK. These Terms allow you to access and use our website at www.wirexapp.com, our online services, our Android and iOS mobile apps and other related services utilizing some or all of the above, referred to in these Terms collectively as our “Services.”
Eligibility and Agreement
These Terms apply, should you choose to use our services. If you decline to enter into an agreement with Wirex you are not liable to comply with these Terms, consequently, you are not eligible to use our services.
The Wirex Services
These Terms are subject to change periodically. You will be notified of any changes made by posting the updated Terms on our website. Any amendment of these Terms becomes effective and applicable 14 days after the amendment is posted. Changes addressing new functions of Services or changes made for legal reasons are effective immediately. Your use of the Services following the effective date of such changes constitutes your acceptance of such changes. You must discontinue using our Services if you do not agree to any amended Terms.
- Buy Bitcoins
You can buy bitcoins by converting funds from one of your Wirex cards into bitcoins. These funds are converted into bitcoins and deposited into your Wallet within one business day once the conversion is confirmed by you and us. You will receive an email notification from us regarding access to the funds deposited to your account after successful verification of your identity. Deposits will be converted to bitcoins using market rates applicable at the time of conversion. WIREX CANNOT AND DOES NOT GUARANTEE ANY PARTICULAR CONVERSION RATE OR VALUE OF BITCOIN. Wirex will have no liability resulting from any change in rates, nor will any such change in rates affect the transaction in progress. You are solely responsible for ensuring the accuracy of the information included when you initiate your conversion.
- Wirex Debit Card
The Wirex Debit card (“Wirex Card”) allows users to transact with merchants who accept debit cards issued by the card network shown on the card. If you order and activate a Wirex Card, the card is linked directly to your Wirex account. To transact business using the card, you have to sell some of your bitcoins from your Wirex account and upload funds onto your Wirex Card. These terms, as well as the terms of the card programme manager, presented at the time you order your card, apply to the Wirex Card.
Wirex provides premium services for which a fee is charged. The fees described below apply to the following services:
- Wirex Debit Card Fees
You will be charged a one-time fee of USD $17.00, paid when your debit card order application is successful. Other fees will depend on your usage of the card, inclusive of third party fees for lost card replacement, ATM withdrawals, and foreign exchange. Monthly service fees also apply. Description of the fees currently charged in connection with the Wirex Card is available at help center. Please note that we are not responsible for certain third party fees associated with the Wirex Card. Such fees are subject to change from time to time. Wirex will notify you of any such changes but shall not be held responsible for third party fees. Wirex reserves the right to charge additional fees or change the amount of fees at any time. You will receive at least 30 days advance notice of any such change.
Wirex cannot and does not guarantee the value of bitcoins. You acknowledge and agree that the value of bitcoins is highly volatile and that buying, selling, and holding bitcoins involves a high risk. In addition, bitcoin consensus network is solely responsible for verifying and confirming proposed transactions that you submit via the Services, and Wirex cannot confirm, cancel, or reverse bitcoin-to-bitcoin transactions. However, Wirex is responsible for confirmation of bitcoin network’s completion of a transaction.
Bitcoin network is operated by a decentralized network of independent third parties. Once a transaction request is submitted to the bitcoin network via the Services, the bitcoin network will automatically complete or reject the request and you will not be able to cancel or modify any transaction request that is in progress.
You acknowledge and agree Wirex is not responsible for any errors or omissions that you make in connection with any bitcoin transaction initiated via the Services. The Services help you submit your bitcoin transaction request for confirmation to the bitcoin network. Wirex has no control over the bitcoin network and cannot ensure any transaction request you submit via the Services will be completed.
You acknowledge and agree that the transaction requests you submit via the Services may not be completed, or may be substantially delayed, by the bitcoin network. When you complete a transaction request via the Services, you authorize us to submit your transaction request to the bitcoin network in accordance with the instructions you provide via the Services.
Wallet Address and Private Key
When you create an account, the Services generate and store a cryptographic private and public key pair that you may use to send and receive bitcoins via the bitcoin network. The public key generated by the Services serves as your bitcoin wallet address. This bitcoin wallet address may be shared with others in the bitcoin network to complete bitcoin transactions. The private key uniquely matches the wallet address and must be used in connection with the wallet address to authorize the transfer of bitcoins from or to that wallet address.
Custody of Bitcoins
Wirex is not a custodian of any bitcoins transferred to Wirex accounts. All bitcoins are held by our partner BitGo, subject to BitGo’s insurance. Neither Wirex nor BitGo obtain any legal or beneficial right, title or interest in or to the bitcoins stored in your account. You may be restricted in your ability to utilize the Wirex Services unless and until we have verified your identity.
Ownership of Intellectual Property Rights
Wirex retains all right, title, and interest (including all copyright, trademark, patent, trade secrets, and all other intellectual property rights) in our Services and all content on our Services, including our trademarks, service marks, designs, logos, URLs, and trade names that are displayed on our Service. We refer to these collectively in these Terms as the Wirex Materials.
We hereby grant you a limited, nonexclusive, and non-sub licensable license to access and use the Wirex Materials for your personal or internal business use. Such license is subject to these Terms and does not permit any resale of the Wirex Materials, distribution, public performance or public display, modification or making any derivative use of Wirex Materials, or any portion thereof use of the Wirex Materials other than for the intended purposes.
The license granted under this Section will automatically end if we suspend or terminate your access to the Services. We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, ideas or other information or materials regarding Wirex or any other services provided by Wirex, whether by email, posting through our Services or otherwise, referred to in these Terms as Feedback. Any Feedback you submit is non-confidential and will become the sole property of Wirex. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You may not use, copy or retransmit anything on our website without our permission. We reserve all rights not expressly granted herein.
Authorized Uses of Our Services
You are permitted to use our Services, only as we have authorized. You are responsible for ensuring personal information in your account profile is current and correct, including your email address and mobile phone number. You are also responsible for maintaining adequate security, control and confidentiality of your account information, including any personal identification numbers (PINs), passwords, API keys or other codes associated with your account and any activity occurring within that account. The loss or compromise of this information may result in unauthorized access of your account, which may result in loss or theft of any bitcoins held in your account.
If you believe your account has been compromised, report the matter to us as soon as possible. Please contact us at email@example.com describing the issue at hand as thoroughly as possible including the date, type of problem and the part of the Wirex site or Wirex Services in question. You are responsible for (i) immediately notifying us of any unauthorized use of your password or account or any other breach of security, and (ii) ensuring that you exit from your account at the end of each session when accessing the Wirex Services. We have no responsibility for any loss you incur as a result of failing to comply with the instructions outlined in this section or your failure to follow or act on any notices or alerts that we may send to you.
You must provide a valid mobile phone number to be able to use Wirex Services. This number is used as part of the authentication process. You agree to receive SMS/text messages from us as part of using the Wirex Services. Please note that while we do not charge you for SMS/text messages, your mobile standard messaging rates apply. Failure to provide a valid mobile phone number may result in restriction of your use of the Wirex Services. If Wirex suspects that your mobile number is invalid or that you are using a VOIP service to circumvent the requirement in providing a valid mobile phone number, Wirex may suspend or otherwise restrict your use of the Wirex Services.
Accurate Information; Registration Requirements
Wirex reserves the right in its sole discretion not to open accounts, temporarily or permanently suspend accounts, including where required or recommended by applicable governmental, regulatory or law enforcement requirements. Wirex Services are solely used by registered account holders. You agree that the information you provide to Wirex during the account creation and any subsequent identification verification processes is accurate and complete, and will be updated from time to time as need be. You are not authorized to use the Wirex Services, if you are under 18 years of age.
You agree that you will not use Wirex Services to perform any type of illegal activity or take any action that negatively affects the performances of the Wirex Services. You may not engage in any of the following activities via the Services, nor help a third party in any such activity: (1) attempt to gain unauthorized access to our Services or another user’s account, (2) make any attempt to bypass or circumvent any security features, (3) violate any law, statute, ordinance, or regulation, (4) reproduce, duplicate, copy, sell or resell our Services for any purpose except as authorized in these Terms, (5) engage in any activity that is abusive or interferes with or disrupts our Services.
If you are blocked by Wirex from accessing the Wirex Services (including by blocking your IP address), you agree not to implement any measures to circumvent such blocking (e.g., by masking your IP address or using a proxy IP address). Use of our Services in connection with any transaction involving illegal products or services is prohibited. Wirex reserves the right to temporarily or permanently suspend your account or otherwise restrict your use of Wirex Services if any violation of this section occurs.
Wirex and the Wirex logo are our registered trademarks or service marks. Any other trademarks mentioned in our website or mobile apps are the property of their respective owners.
Wirex does not act as an advisor, including as to any financial, legal, investment, insurance and/or tax matters. Any information provided by Wirex is for general information only. You are solely responsible for determining whether any contemplated transaction is appropriate for you.
You agree to indemnify, defend and hold our employees, agents, consultants, subsidiaries, partners, affiliates, and licensors, harmless against any and all claims, costs, losses, damages, liabilities, judgments and expenses (including reasonable fees of attorneys and other professionals) arising from or in any way related to your use of our Services, violation of these Terms or rights of any other person or entity.
Limitation of Liability
FURTHERMORE, IN NO EVENT WILL WE, OUR LICENSORS, SERVICE PROVIDERS OR SUBCONTRACTORS (IF ANY) BE LIABLE FOR YOUR ACCESS TO, DISPLAY, USE OF THE SERVICES, OR FOR ANY DELAY OR INABILITY TO ACCESS, DISPLAY OR USE THE SERVICES, THE CONVEYANCE OF ANY COMPUTER VIRUSES, INFORMATION, SOFTWARE, LINKED SITES, PRODUCTS OR SERVICES OBTAINED THROUGH THE SERVICES, OR THE ACT OR OMISSION OF ANY BUSINESS USING OUR SERVICES OR OTHER THIRD PARTY, WHETHER SUCH LIABILITY ARISES FROM ANY CLAIM BASED UPON BREACH OF CONTRACT, BREACH OF WARRANTY, (INCLUDING NEGLIGENCE), PRODUCT LIABILITY OR OTHERWISE, AND WHETHER OR NOT WE, OUR LICENSORS, SERVICE PROVIDERS OR SUBCONTRACTORS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
SOME JURISDICTIONS DO NOT ALLOW CERTAIN WARRANTY DISCLAIMERS OR LIMITATIONS ON LIABILITY. ONLY DISCLAIMERS OR LIMITATIONS THAT ARE LAWFUL IN THE APPLICABLE JURISDICTION WILL APPLY TO YOU. OUR LIABILITY WILL BE LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW.
If for any reason a court of competent jurisdiction finds any provision of these Terms invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of these Terms will remain in full force and effect.
Arbitration and Governing Law
PLEASE READ THE FOLLOWING PARAGRAPH CAREFULLY BECAUSE IT REQUIRES YOU TO ARBITRATE DISPUTES WITH US AND IT LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF.
You and Wirex agree to arbitrate any dispute arising from these Terms or your use of our Services, except for disputes in which either party seeks equitable and other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets, or patents.
ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL. You and Wirex agree to notify each other in writing of any dispute within thirty (30) days of when it arises.
Notice to Wirex shall be sent to firstname.lastname@example.org
You and Wirex further agree: (a) before any arbitration proceeding is commenced, to attempt informal resolution of any matter in dispute prior to any demand for arbitration, which informal resolution shall in good faith continue for at least 30 days from the date such matter in dispute is notified in writing by either party to the other; (b) that any arbitration will occur in London, United Kingdom; (c) that arbitration will be conducted confidentially by a single arbitrator in accordance with the rules of England and Wales. Other than class procedures and remedies discussed below, the arbitrator has the authority to grant any remedy that would otherwise be available in court. Any dispute between the parties will be governed by these Terms and the laws of England and Wales, without giving effect to any conflict of laws principles that may provide for the application of the law of another jurisdiction.
WHETHER THE DISPUTE IS HEARD IN ARBITRATION OR IN COURT, YOU AND WIREX WILL NOT COMMENCE AGAINST THE OTHER A CLASS ACTION, CLASS ARBITRATION OR REPRESENTATIVE ACTION OR PROCEEDING.
To the extent allowed by applicable law, you agree that you will bring any claim or cause of action arising from or relating to your access or use of our Services within two years from the date on which such claim or action arose or accrued or such claim or cause of action will be irrevocably waived.
Under applicable law, after a specified period of inactivity by you with respect to your Wirex account, Wirex may be required to report and/or remit any bitcoins it is holding in custody for you in accordance with unclaimed property laws.
Our failure to exercise or enforce any right or provision of these Terms will not constitute a waiver of that right or provision.
Assignment; Entire Agreement
Wirex may assign these Terms to its parent company, affiliate or subsidiary, or in connection with a merger, consolidation, or sale or other disposition of all or substantially all of its assets. These Terms, constitute the entire exclusive agreement between us and you regarding its subject matter, and supersede and replace any previous or contemporaneous written or oral contract, warranty, representation or understanding regarding its subject matter.
It is your responsibility to determine, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority, regardless of jurisdiction. Wirex is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction, to you or any taxation, governing or third authority.
Trading Bitcoins, virtual currencies and virtual commodities carries a high level of risk, and may not be suitable for everyone. Before deciding to buy or sell these instruments you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose.
You should be aware of all risks associated with virtual commodities, and seek advice from an independent financial adviser should you have any doubts. Furthermore, there may be risks that are not disclosed in our Terms.
You should use extreme consideration and be conscious of assessing your financial situation and tolerance for risk before engaging in activities involving the trading of virtual commodities.
Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. Wirex will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
There are risks associated with utilizing Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Wirex does not control the reliability or availability of the Internet. Wirex cannot be responsible for communication failures, distortions or delays when trading via the Internet.
The content on this website is subject to change at any time without notice. Wirex has taken reasonable measures to ensure the accuracy of the information on the website. However, Wirex does not guarantee its accuracy, and will not accept liability for any loss or damage which may arise directly or indirectly from the content or your inability to access the website, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through website.
Termination of your Account
We reserve the right to terminate your Wirex account at any time: either
(a) for any reason in our sole discretion upon giving you 30 days’ notice; or
(b) with immediate effect if we have reasonable grounds to believe that, in our sole discretion, you have breached this Agreement, or if we have reason to believe that you have used, or intend to use the Wirex Services for unlawful purposes or if we have other serious grounds for doing so.
Any termination undertaken in accordance with this paragraph shall be subject to the terms stated in the section “Refunding Balances” below.
You may terminate your Wirex account at any time by contacting the Wirex support team at email@example.com.
Unless we are prohibited from doing so by any applicable law, regulation, court order or instruction or guidance of a competent regulatory authority or agency, in terminating your account we may do any of the following at our sole discretion:
- transfer the funds back to the source; or
- convert your account balance to Bitcoins at our then-prevailing rate, subject to applicable fees and as soon as practicable give you 48 hours’ notice that we intend to deactivate your account, requesting that you provide us with an alternative bitcoin wallet address to which we can transfer your bitcoin within that period (the “Redemption Period”);
Where you fail to provide Wirex with details of an alternative Bitcoin wallet address within the Redemption Period, you will be required to contact the Wirex Support team at firstname.lastname@example.org to commence a redemption request.
Notwithstanding the foregoing or any other provision contained in this Agreement, Wirex reserves the right not to refund your account balance, whether in whole or in part, if we believe that you have not acted in accordance with this Agreement or that you have acted unlawfully, or where we are prohibited from doing so by any applicable law, regulation, court order or instruction or guidance of a competent regulatory authority or agency.
Wirex Limited (“The Company”) is not a Registered Investment Advisor, Broker/Dealer, Financial Analyst, Financial Bank, Securities Broker or Financial Planner. The information on the Site is provided for information purposes only and is not intended to be and does not constitute financial advice or any other advice. It is general in nature and not specific to you and it has not and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment, nor is it a recommendation, endorsement, or sponsorship of any security, company, or fund. The Company is not responsible for any investment decision made by you. You are responsible for conducting your own research and before using the Company’s information to make any decision, you should undertake your own due diligence and seek independent advice from an appropriately qualified third party. The information provided on the Site or in any communication containing a link to this Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject the Company or its affiliates to any registration requirement within such jurisdiction or country.