WME Consumer Agreement Nobel Financial Limited

These terms and conditions (“Agreement”, “Terms”) govern the supply of the Service operated by Nobel Financial Limited (“we”, “us”, “our”) to an individual whose application to register for a Personal Account we accept (“you”, “your”).

This Agreement applies to you if you are:
1. a natural person and who, in terms of this Agreement, is acting for purposes other than your trade, business or profession; or
2. considered microenterprise in terms of the Business Promotion Regulations (S.L.325.06 of the laws of Malta).

If you have any intention to use your Personal Account for commercial purposes, you must tell us, even if you use it also for private purposes. You are using your Personal Account for commercial purposes if you are receiving payments for or in connection with any business activity. We reserve the right to determine whether, in our reasonable opinion, you are using your Personal Account for commercial purposes. If you are using your Personal Account for commercial purposes, in addition to these Terms of Use, you shall be bound by our Business Agreement Terms and Conditions. If you are in any doubt about whether or not an activity amounts to a commercial activity, you should contact us.

Before entering into a relationship with us, you must:
1. Read these Terms;
2. Confirm agreement with these Terms; and
3. Provide us with all such information and documentation as may be reasonably required for us to comply with our regulatory obligations in terms of Maltese law.

You confirm that the information provided to us during the account opening process is correct and that we will be immediately notified of any change in the details provided. You shall bear any losses incurred by us due to the submission of invalid, inaccurate or incorrect information. By entering into these Terms, you give us, or a third party acting on our behalf, consent to verify any information provided.

Capitalised terms that are not defined where they appear in this Agreement have the meaning given to them in Clause ‎22 below. The term of this Agreement (“Term”) shall start on the date you agree to it when registering for a Personal Account and, if we accept your application, this Agreement shall continue unless it is cancelled by you or otherwise terminated by either you or us under the terms of this Agreement.

In addition to this Agreement, you agree to the terms of our Privacy Policy and Cookie Policy. You consent to us obtaining your personal details from the WebMoney Transfer system, as may be necessary for us to set up your Account and the other purposes listed in our Privacy Policy; and you consent to WM Transfer Ltd. sharing your personal data with us for these purposes.

We will process your Personal Data in accordance with Data Protection Legislation and the terms of our Privacy Policy and Cookie Policy.

We hold a financial institution licence issued by the Malta Financial Services Authority (“MFSA”), situated at Triq l-Imdina, Zone 1, Central Business District, Birkirkara, CBD 1010, Malta (Tel: 21441155), to provide electronic money and payment services in terms of our licence issued pursuant to the Financial Institutions Act Chap. 376 of the Laws of Malta (“Services”). Particulars of the licence issued to us and the specific services covered by that licence may be obtained from the Financial Services Register available on the website of the MFSA which may be accessed at the following link: https://www.mfsa.com.mt/financial-services-register/.

As an electronic money institution licenced in terms of the Financial Institutions Act, we conduct our Services in accordance with Directive No 1 in terms of the Central Bank of Malta Act (Chapter 204 of the laws of Malta) (“Directive”).

In the event of a conflict or inconsistency between the Directive and these Terms, these Terms shall control and govern the rights and obligations of the parties to these Terms, to the extent permissible in terms of the Directive.

The Directive is accessible at the following link: https://www.centralbankmalta.org/centralbankofmaltadirectives.

At all times, we may only provide any of the services as set out in these Terms to the extent that we are licensed to do so by the MFSA, and in which case, we shall be bound to act in accordance with the terms of our Financial Institution Licence and any regulations, rules and/or directives made under the Financial Institutions Act.

We reserve the right to change, suspend or discontinue any aspect of the Services at any time, including hours of operation or availability of the Services without notice and without liability.

We are licensed by the MFSA to issue and hold electronic money. Electronic money which we hold on your behalf will not be used to invest or lend to other persons or entities and will not accrue interest, whether in favour or against you.

Your funds will be held in one or more segregated bank accounts as we may determine from time to time, separate from our funds. ELECTRONIC MONEY ISSUED BY US WILL NOT BE COVERED BY THE DEPOSITOR COMPENSATION SCHEME REGULATIONS (SUBSIDIARY LEGISLATION 371.09 OF THE LAWS OF MALTA).

Please read this Agreement and any document referred to herein and download a copy for your records before using the Service. Please note that we may change this Agreement on 2 months’ notice to you from time to time without liability. We will post any changes on this page and notify you in your Personal Account and/or by email. You may terminate this Agreement immediately and without charge before the proposed changes take effect, otherwise you shall be deemed to have accepted such changes when the 2 months’ notice expires.

Amendments made to these Terms and/or any other agreement in place between you and us which are required by law or which relate to the addition of a new service, extra functionality as regards the existing Services, a reduction in the cost of the Services or other changes which do not reduce your rights or increase your responsibilities may be made without the need for us to provide prior written notice. Such changes will become effective immediately.

At any time during the contractual relationship, you shall have a right to receive, on request, the contractual terms as well as the information and conditions specified in these Terms on paper or on another durable medium free of charge. We reserve the right to establish and impose reasonable charges to provide you with any additional or more frequent information, or transmission by means of communication other than those specified in these Terms, at your request.

1. Your Personal Account
1.1 As further describe in Clause 2, the Service enables you to:
1.1.1 purchase WME Electronic Money;
1.1.2 make a payment in WME Electronic Money for your purchases of goods or services from a Business (“Payment”);
1.1.3 make or receive a transfer of WME Electronic Money to or from another Consumer or Business (“Transfer”); and
1.1.4 exchange your WME Electronic Money for an equivalent amount of funds in the same currency in which your WME Electronic Money was denominated (“Redeem” and “Redemption” shall be construed accordingly)

provided that you comply with all Applicable Law and do not use the Service for any of the prohibited purposes listed on the Service (https://www.wmtransfer.com/eng/help/general/tabu.shtml): from time to time, including the sale of unlawful images or age-restricted goods or services to persons under the age of 18 or otherwise use the Service in ways that might damage our reputation or goodwill.

1.2 Your WME Electronic Money Balance does not earn interest and is not insured or guaranteed by any person or entity or covered by the Depositor Compensation Scheme.

1.3 To be eligible to register for a Personal Account, you must be an individual person who is at least 18 years old.

1.4 Notwithstanding Clause ‎1.3 an account may, subject to our acceptance, be opened in the name of a person who is under the age of 18 years old (“Minor”) but subject to:
1.4.1 the laws and regulations in the jurisdiction of residence of the Minor; and/or
1.4.2 additional consent of either the Minor’s parents or the Minor’s guardian/s in relation to any transactions. Evidence of such authority and/or consent/s, including those of any Court, in relation to particular transactions, may be requested. The Minor’s parent/guardian will have the power to manage the account on behalf of the Minor until his/her 18th birthday (or until the Minor’s emancipation). Upon evidence of the Minor attaining 18 years of age (or having been emancipated), the minor (now the adult) will have the exclusive right to manage his/her account and the parents/guardian’s authority over the account will automatically cease to apply.
You acknowledge that we may impose certain restrictions on the use of the Service for users who are under the age of 18, including but not limited to Transaction Limits. We rely on you providing accurate information to enable us to exercise our rights and comply with our obligations under this Agreement and cannot be held responsible if you providing incorrect information in relation to age, for example.

1.5 Depending on the amount of incoming transactions into your Personal Account, the Personal Account has certain Transaction Limits. When you reach those Transaction Limits the law requires us to carry out additional checks before you can continue to use the Service. You agree to provide us with any information we require to satisfy those checks and any other due diligence that we are required to perform under Applicable Law. To guard against fraud, we may also notify you of one or more Transaction Limit(s) from time to time that you must not exceed without our prior written consent.

1.6 You can access your details of your Transaction Data and other information relating to you and your use of the Service by logging into your Personal Account. You agree that we are not required to send you statements, either in the post or electronically.

1.7 The records kept in the Service shall be conclusive of the facts and matters they purport to record. We reserve the right to correct the balance of your Personal Account if we believe that an administrative error, or an error in billing or accounting has occurred.

2. Transactions
2.1 You can purchase WME Electronic Money by using one of the payment methods specified in your Personal Account. The balance in your Personal Account will reflect the amount of Electronic Money purchased by you from us. If we receive money in our accounts in a currency other than the currency indicated to us when we provided you with the bank account details, then we will not be liable for any losses that are incurred by you for any currency conversion performed. You acknowledge and agree that your purchase of WME Electronic Money is a separate transaction from any Payment or Transfer that you make using that WME Electronic Money.

2.2 When you initiate a Payment or Transfer, and you have a sufficient WME Electronic Money Balance to fund the Payment or Transfer, we will debit your Personal Account for the amount of the Payment or Transfer and immediately credit that amount to the relevant Business Account or Personal Account (as the case may be).

2.3 When a Consumer or Business initiates a Transfer to your Personal Account, and they have a sufficient WME Electronic Money Balance to cover that Transfer, we debit that Business Account for the amount of the Transfer and immediately credit that amount of WME Electronic Money to your Personal Account.

2.4 You may Redeem all or part of your WME Electronic Money Balance by any of the relevant methods specified on the Service from time to time, which may be subject to you satisfying additional checks that we may be required to make under Applicable Law.

2.5 We may suspend the processing of any Transaction where we reasonably believe the Transaction may be fraudulent, prohibited under Applicable Law or involves any criminal activity. Any Transaction request that we lawfully refuse to process will not be deemed to have been received for purposes of execution times and liability for non-execution or defective execution. We will notify you if we exercise our rights under this Clause, the reasons for doing so and the procedure for rectifying any factual errors that led us to suspend the processing of the Transaction, unless we are prohibited from doing so under the Applicable Law. We may charge you the reasonable costs of any such notification.

2.6 Subject to the provisions limiting our liability under Clause ‎9below, in order to reclaim an unauthorised or incorrectly executed Transaction on your Personal Account including those related to the non-execution, defective execution or late execution of a payment, you must notify us without undue delay after becoming aware of such a Transaction by email to finance@webmoney.eu within 13 months after the debit date, or such other period as may be established by the Directive, unless, where applicable, we have failed to provide or make available the information on that Transaction in accordance with the Directive. In the event that we become aware of any unauthorised or incorrectly executed transaction, we will communicate such circumstances to you using such secure procedure/s as we shall consider necessary and/or appropriate in the circumstances. Provided that we shall not, in any event, be liable for any unauthorised or incorrectly executed transaction where these do not result from our fault or negligence.

2.7 You may enquire about the processing of any Transaction by emailing us at finance@webmoney.eu.

Consent and Revocation of Payment Orders
2.8 A payment transaction shall be considered to be authorised only if you have given consent in accordance with these Terms.

2.9 Consent to execute a payment transaction may also be given via your Payment Initiation Service Provider. In the absence of such consent the payment transaction shall be considered unauthorized.

2.10 Consent may be withdrawn by you at any time, but no later than the point in time of irrevocability as established in terms of Clauses ‎2.11 hereunder. Consent to execute a series of payment transactions may also be withdrawn with the effect that any future payment transaction is to be considered as unauthorised.

2.11 You may not revoke an order for a payment transaction once it has been received by us, unless otherwise specified in these Terms.

Receipt of a Payment Order
2.12 The point in time of receipt of an order for a payment transaction shall be the time when the order transmitted directly by you or indirectly by your Payment Initiation Service Provider, is received by us. Your Account will only be debited once we have received the order.

Payment Transaction to a Payment Account
2.13 We shall ensure that after the point in time of receipt of an order for the execution of a payment transaction as defined above, the amount of the payment transaction is credited to the Payee’s WME Electronic Money Account at the latest by the end of the next Business Day.

2.14 In instances where you are the Payee, we shall value date and make available the amount of the payment transaction to your Account after we have received the funds as outlined hereunder.

2.15 The credit value date for your Account shall be no later than the Business Day on which the amount of the payment transaction is credited to our account. We shall ensure that the amount of the payment transaction is at your disposal immediately after that amount is credited to our account.

2.16 In a situation of receipt of funds by you, we shall ensure that the amount of the payment transaction is at your disposal immediately after that amount is credited to your Account where, on our part there is:
2.16.1 No currency conversion; or
2.16.2 A currency conversion between the Euro and a Member State currency or between two Member State currencies.

This shall also apply to payment transactions involving a sole payment service provider.

2.17 The debit value date for the Payer’s payment account shall be no earlier than the point in time at which the amount of the payment transaction is debited to that payment account.

3. Restrictions on the Use of the Services
3.1 It is not permitted to:
3.1.1 use the Services for any illegal purposes, including, but not limited to fraud and money laundering, unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, fraud, money laundering, the funding of terrorist organizations, the unlawful purchase or sale of tobacco, firearms, prescription drugs, other controlled substances or other products prohibited by law. Suspicious activity will be reported and we will cooperate with any relevant law enforcement agency or regulator;
3.1.2 use the Services to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides, or to obtain goods or services without paying the amount due partially or in full;
3.1.3 breach these Terms or any other agreement or policy that you have agreed with us;
3.1.4 create more than one account with us without our prior written consent;
3.1.5 use the Services to violate any law, statute, ordinance, or regulation;
3.1.6 use the Services for any illegal purposes including the purchase or sale, or the facilitation of the purchase or sale of, illegal goods or services;
3.1.7 infringe our or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
3.1.8 act in a manner that is defamatory, libellous, threatening or harassing when using the Services;
3.1.9 provide us with false, inaccurate or misleading information;
3.1.10 use the Services to engage in debt-collection activities;
3.1.11 instruct us to send or receive what we reasonably believe to be potentially fraudulent funds on your behalf;
3.1.12 attempt to intentionally or knowingly receive or attempt to receive funds from both us and a merchant for the same transaction;
3.1.13 control an account opened with us that is linked to another account opened with us that has engaged in any of these restricted activities;
3.1.14 conduct your business or use the Services in a manner that is likely to result in or may result in complaints, disputes, reversals, chargebacks, fees, fines, penalties or other liability to us, other users of our Services, third parties or you;
3.1.15 allow any of the currencies in your Account to have a negative balance;
3.1.16 take any action that imposes an unreasonable or disproportionately large load on our infrastructure; 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; or interfere or attempt to interfere with the Services;
3.1.17 take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers;
3.1.18 use the Services to test credit card behaviours;
3.1.19 circumvent any of our policies or determinations about your Account including, but not limited to, attempting to create a new or additional account when an account has a negative balance or has been restricted, suspended or otherwise limited;
3.1.20 creating new or additional accounts using Information that is not your own (e.g. name, address, email address, etc.); or using someone else’s account;
3.1.21 harass our employees, agents, or other users of our Services;
3.1.22 refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us;
3.1.23 use the Services in a manner that we believe may be a violation of any applicable law or regulations;
3.1.24 refuse or fail to provide further information about you or your business activities that we may reasonably request;
3.1.25 use the Services in a manner that leads us to initiate a disproportionate number of chargebacks;
3.1.26 have a credit score provided by a third-party provider of our choosing which indicates a higher level of risk associated with your use of the Services;
3.1.27 reveal your Account Access Codes to anyone or use anyone else’s account.

3.2 You must ensure that transactions are only entered into when they relate to the sale or supply of goods and services in compliance with all applicable laws and regulations. The fact that a person or entity accepts payments via a Nobel Financial Limited transaction is not an indication of the legality of the supply or provision of the goods and services.

3.3 We reserve the right to refuse to perform a transaction which is directly or indirectly associated with any country which we deem to be termed as “Restricted Country” or which we deem to constitute a risk. A list of Restricted Countries will be published through the platform.

3.4 If we, in our sole discretion, believes that you may have breached the provision of these Terms, we may take action to protect ourselves, other users of our Services and third parties. The action we may take includes but is not limited to:
3.4.1 closing, suspending, or limiting your access to your Electronic Money Account or any or all of the Services;
3.4.2 contacting other users of our Services who have transacted with you;
3.4.3 contacting your bank or credit card issuer; and/or warning other users of our Services, law enforcement, or impacted third parties of your actions;
3.4.4 updating inaccurate information you have provided to us;
3.4.5 taking legal action against you;
3.4.6 terminating these Terms or access to the platform;
3.4.7 fully or partially reversing a transaction; and/or
3.4.8 blocking your access to your Account and/or platform temporarily or permanently.

3.5 Where possible, we will provide you with the relevant information regarding the actions imposed, but we may be unable to do so in accordance with the appropriate law including avoiding disclosing protected third party information or interfering in the course of an investigation.

3.6 The Services provided by us may not be available in countries where the use thereof is prohibited by local law. If in doubt you should contact a legal adviser. We will not be responsible for the use of our Services by persons in countries where the use of such Services is prohibited, and the availability of such service in any territory or jurisdiction whatsoever should not be construed as any acknowledgment on our part as to the legality of the provision of such service in that territory or jurisdiction.

3.7 You hereby agree to indemnify us in respect of any action, claim or proceeding brought against us as a result of you using any of our Services that are prohibited by local law in your country of residence. You will remain liable for any costs we incur in this regard.

4. Claims
4.1 Except as expressly provided in this Agreement, each Business shall be solely responsible for all Claims relating to the supply of any goods or services to you by that Business, and it is the Business’s responsibility and not ours, to resolve any Claim.

4.2 We do not control or assume liability for the legality, quality, fitness for purpose or use of the goods and services that are paid for using the Service. We do not guarantee the identity of any Business or Consumer, or that a Business will make any Transfer due and payable to you. However, we may stop, block or suspend any Transaction:
4.2.1 if we believe or suspect that the Transaction is or was not authorized or is unlawful, suspicious, or in breach of this Agreement; or
4.2.2 if the Transaction is reversed by a court, regulatory authority or other third party acting in accordance with Applicable Law.

4.3 We shall be responsible for resolving any Claim by you in relation to your Personal Account, including any Claim in relation to your purchase of WME Electronic Money from us, our distributors or agents, or your initiation of a Transaction through the Service.

4.4 Without prejudice to any other rights or remedies we may have in respect of:
4.4.1 any costs we reasonably incur in respect of Claims relating to you; and
4.4.2 any amounts reasonably required to cover any sum due to us from you under this Agreement,
we may in our sole and absolute discretion deduct or withhold such sums from, or set- off such sums against, any payment due to you under this Agreement or send you an invoice for any or all such sums, which invoice shall be payable in accordance with its terms.

5. Fees and Taxes
5.1 In consideration of us supplying the Service to you, you shall pay to us the Fees specified in Schedule 1. While VAT does not currently apply to the Service or Fees, the Fees are exclusive of amounts in respect of any VAT that might apply in future, for which you would be liable.

5.2 It is your responsibility to determine what, if any, taxes apply to any purchases you make, or WME Electronic Money you receive, using the Service, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether any value added tax, sales tax or any other tax applies to your purchases or WME Electronic Money receipts, or for collecting, reporting or remitting any such taxes.

6. The Security of your Personal Account
6.1 You must take reasonable steps to keep your Account Access Codes safe and prevent fraudulent use of your Personal Account. Those steps include keeping your Account Access Codes confidential and secure from unauthorised individuals; not writing down any item of Personal Data and Account Access Codes together; and taking reasonable care to ensure that you are not observed or overheard when using your Account Access Codes.

6.2 You shall be solely responsible for creating an appropriately strong password within your Account Access Codes and for updating it from time to time.

6.3 You must inform us without undue delay by sending us an email to security@webmoney.eu on becoming aware of the loss, theft, misappropriation or unauthorised use of your Account Access Codes or if you believe an unauthorized person knows your Account Access Codes or can use the Service by impersonating you. In the event that we become aware of any unauthorised use of your Account or if we suspect that the password has been compromised and/or misappropriated by a third party, we shall communicate with you using such secure procedure/s as we shall consider necessary and/or appropriate in the circumstances. This may include contacting you on any contact number or email address indicated by you during the account opening process.

6.4 As long as the correct Account Access Codes are entered when your Personal Account is accessed and you have not notified us of a problem with your Account Access Codes under Clause‎6.3:
6.4.1 we will assume that you are the person accessing your Personal Account and you will be liable for its use,
6.4.2 you will be responsible for any instruction which we receive and act on, even if it was not given by you; and
6.4.3 we will not be responsible for any unauthorised access to your Personal Account or the information within it.

6.5 Provided that you have not breached the other terms contained in this Clause‎6, we will accept liability for any loss or damage to you resulting directly from any unauthorised access to your Personal Account (subject to the limits of our liability in terms of this Agreement).

6.6 We can refuse to act or process any Transaction if we consider in our sole and absolute discretion that any instruction:
6.6.1 is unclear, was not given by you or might cause us to breach any legal requirement or duty; and/or
6.6.2 we believe your Personal Account or the Service is being used for fraud or any illegal purpose.

6.7 Except as expressly stated in this Agreement, you are solely responsible, for compiling and retaining your own record of all Transactions and other data associated with your use of the Service and your Personal Account. After the termination or expiry of this Agreement, we shall have no obligation to you to operate your Personal Account or retain copies or provide you with access to any data from it, except as otherwise stated in this Agreement.

6.8 You are solely responsible at your own expense for the provision of all equipment, software, systems and telecommunications facilities necessary for you to access, receive and use the Service in accordance with these Terms and in accordance with any technical requirements as may be specified by us.

6.9 We reserve the right to block your Account for objectively justified reasons relating to the security of your Account or the suspicion of unauthorised use of your Account. In such instances, we will inform you of the blocking of your Account and the reasons for it via our platform or via any other communication method provided by you during the account opening process. We undertake to inform you, where possible, before your Account is blocked and at the latest, immediately thereafter, unless informing you would compromise objectively justified security reasons or is prohibited under any European Union law or Maltese Law. We will unblock your Account or replace it with a new account once the reasons for blocking no longer exist.

6.10 We shall be under no duty to verify the identity or authority of any person making a request, giving instruction or effecting a transaction through your Personal Account or the authenticity of the same, apart from verifying the Account Access Codes.

7. Conditions for a Payment Refund:
7.1 You acknowledge that payment transactions cannot be initiated by or through a Payee and therefore the provisions relating to refunds for payment transaction initiated by or through a Payee in terms of the Directive do not apply in terms of this Agreement.

8. Warranties and Representations
8.1 You warrant and represent to us that:
8.1.1 all the information that you provide to us is true, complete and accurate and you will keep all such information up to date during the Term;
8.1.2 you have registered for your Personal Account in your own name;
8.1.3 you will only use the Service for your own purposes and not on behalf of any third party;
8.1.4 you will comply with all Applicable Law when using the Service;
8.1.5 you will not attempt any unauthorized access to or otherwise interfere with the Service or any Personal Account or Business Account.
8.1.6 you are not under any legal disability with respect to, and are not subject to any law or regulation which prevents your performance according to these Terms or any transaction contemplated herein; and
8.1.7 funds supplied by you for any purpose in connection with this Agreement shall, subject to the Terms, be at all times, free from any charge, hypothec, pledge, encumbrance or any other security interest whatsoever, and shall be beneficially owned by you and you will indemnify us against all claims or demands made by any person in relation thereto. You also agree to ratify and be bound by all transaction undertaken by us on your behalf in accordance with these Terms.
The above warranties and representations shall be deemed to be repeated each time you, for the duration of the relationship with us, provides instructions to us.

9. Limitation of Liability
9.1 This Clause ‎9sets out the entire liability of each party to the other for any breach of this Agreement and any representation, statement or tortious act or omission (including negligence) by each party arising under or in connection with it.

9.2 In case of an unauthorised Transaction or a Transaction that was incorrectly executed due to an error by us, we shall at your request immediately, and in any event, no later than by the end of the following Business Day, after noting or being notified of the transaction, refund the payment amount including all related Fees, except where we have reasonable grounds for suspecting fraud and communicate those grounds to the relevant national authority in writing or except:
9.2.1 where an unauthorised Transaction arises from your failure to keep your Account Access Codes secure in accordance with Clause‎6.1, you shall remain liable for the first €50 EUR (or equivalent in GBP) unless:
(a) you compromised the security of your Personal Account with intent or gross negligence, in which case you shall be solely liable for all losses;
(b) the unauthorized Payment occurred after you had notified us of the fact that your Account Access Codes had been lost or compromised, in which case we shall remain liable from the date of such notification and refund immediately to you the amount of any subsequent unauthorised Transaction using the compromised Account Access Codes. We will provide you with the means to prove, for eighteen months after the notification, that you made such notification;
9.2.2 if you fail to give us a notice in accordance with Clause ‎6.3, in which case you shall remain liable for losses incurred up to the time of any later notification to us;
9.2.3 if you fail to notify us that you are disputing an unauthorised or incorrectly executed Transaction within 13 months after the date of that Transaction.

9.3 Where applicable, we will restore the debited account to the state in which it would have been, had the unauthorised payment transaction not taken place. This shall also ensure that the credit value date for your Account shall be no later than the date on which the amount had been debited.

9.4 To the fullest extent permitted by Applicable Law, all warranties, conditions and terms that would otherwise be implied in this Agreement are hereby excluded and we make no representations or warranties, express or implied, with respect to merchantability, fitness for a particular purpose or non-infringement of the Service. We do not warrant or guarantee that the Personal Account or the Service will always be available or operate error-free, or that any errors or omissions in the Service will be corrected.

9.5 Subject to Clause ‎9.7:
9.5.1 to the extent permitted by Applicable Law, our total liability arising under or in connection with this Agreement, whether arising in contract, negligence or otherwise, shall be limited to an amount equal to the total of (a) your then current WME Electronic Money Balance and (b) any Fees you have paid to us during the 12 months immediately preceding your Claim;
9.5.2 neither party shall be liable to the other for any loss of profit, goodwill, reputation, business, business opportunity, data, or any special, indirect or consequential damage or loss of any kind whatsoever arising under or in connection with this Agreement;
9.5.3 Neither party shall be liable to the other as a result of any delay or failure to perform its obligations under this Agreement as a result of an event beyond its reasonable control (“Force Majeure Event”).

9.6 We shall not be liable for any operational failures preventing the use of the platform, interruptions preventing you from accessing the platform, and/or any liability arising from the use of the internet as a means of communication, and/or any damage or loss caused by matters relating to your own smartphone or other electronic device. We reserve the right to suspend, at any time, the Services provided on our platform. We will endeavour to inform you in advance of any anticipated and/or routine service or system interruptions on our part.

9.7 Nothing in this Agreement shall limit or exclude the liability of either party for death or personal injury resulting from its negligence, fraud or any other liability that cannot be excluded under Applicable Law.

9.8 Should a request or instruction for a transaction be incomplete or erroneous, any loss arising as a result thereof will be borne by you.

9.9 Where an order for a payment transaction is initiated by you, we shall, without prejudice to process for notification of unauthorised or incorrectly executed payment transactions and the following clauses, be liable to you for correct execution of the payment transaction, unless we can prove to you and, where relevant, to the Payee’s payment service provider, that the Payee’s payment service provider received the amount of the payment transaction, in which case, the Payee’s payment service provider shall be liable to the Payee for the correct execution of the payment transaction. Where we are liable under this clause, we shall, without undue delay, refund you the amount of the non-executed or defective payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. The credit value date for your Account shall be no later than the date on which the amount was debited.

9.10 Where you are the Payee and it is proven that we received the amount of the payment transaction from the Payer’s payment service provider, we will be liable to pay you for the correct execution of the payment transaction. We shall immediately place the amount of the payment transaction at your disposal and, where applicable, credit the corresponding amount to your Account. The credit value date for your Account shall be no later than the date on which the amount would have been value dated had the transaction been correctly executed.

9.11 Where you are the Payee, and the payment transaction is executed late, we shall ensure, upon the request of the Payer’s payment service provider acting on behalf of the Payer, that the credit value date for your Account is no later than the date the amount would have been value dated had the transaction been correctly executed.

9.12 In the case of a non-executed or defectively executed payment transaction in instances where you are acting as the Payer, we shall, on request, make immediate efforts to trace the payment transaction and notify you of the outcome. This shall be free of charge for you.

9.13 Where an order to execute a payment transaction is initiated by or through you as Payee, we shall, without prejudice to the contents of these Terms and Conditions, be liable to you for correct transmission of the order to the payment service provider of the Payer. Should we be found liable under this Clause, we shall immediately re-transmit the order to the payment service provider of the Payer.

9.14 In the case of a late transmission of an order to execute a payment transaction, the amount of the order shall be value dated on the Payee’s payment account no later than the date the amount would have been value dated had the transaction been correctly executed.

9.15 When you are acting as Payee, we shall, without prejudice to any other clauses included within these Terms, be liable to you for handling the payment transaction in accordance with these Terms. We shall ensure that the amount of the payment transaction is at your disposal immediately after that amount is credited to our account. The amount shall be value dated on your Account no later than the date the amount would have been value dated had the transaction been correctly executed in the event of a non-executed or defectively executed transaction for which we are held liable.

9.16 When you are acting as the Payer and in instances where we are held liable for the non-execution or defectively executed payment transaction, we shall, as appropriate and without undue delay, refund to you the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. The credit value date for your Account shall be no later than the date the amount was debited.

9.17 In the event of a non-executed or defectively executed payment transaction for which we are liable to you (when you are acting as the Payer), we shall, as appropriate and without undue delay, refund to the Client the amount of the non-executed or defective payment transaction and restore the debited account to the state in which it would have been had the defective payment transaction not taken place. The credit value date for your Account shall be no later than the date the amount was debited. This obligation shall not apply in instances where we prove that the Payee’s payment service provider has received the amount of the payment transaction, even if execution of the payment transaction is merely delayed.

9.18 In the case of a non-executed or defectively executed payment transaction where the order to execute a payment transaction is initiated by or through you as the Payee, we shall, regardless of liability under these Terms, on request, make immediate efforts to trace the payment transaction and notify you of the outcome. This shall be free of charge for you.

9.19 We shall be liable to you for any charges for which we are responsible, and for any interest to which you are subject to as a consequence of non-execution or defective execution of the payment transaction.

9.20 Where an order to execute a payment transaction is initiated by you through a Payment Initiation Service Provider, we shall, without prejudice to any other Clause contained in these Terms, refund you the amount of the non-executed or defective payment transaction and, where applicable, restore your Account to the state in which it would have been had the defective payment transaction not taken place.

9.21 We shall not, to the extent permittable by law, be held liable for any damages or losses incurred (including loss of money, goodwill or reputation or other intangible losses) resulting directly or indirectly from the following situations:
9.21.1 A suspension of your Account or any other action taken with respect to the Account;
9.21.2 Your loss or inability to do business as a result of any changes made to these Terms or any policy issued by us; and
9.21.3 Illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data.

9.22 Liability in accordance with these Terms shall not apply in cases of abnormal and unforeseeable circumstances beyond the control of the party pleading for the application of those circumstances, the consequences of which would have been unavoidable despite all efforts to the contrary, or where we are bound by other legal obligations covered by national or EU legislation.

9.23 You shall indemnify us and hold us, our third-party service providers, our employees or agents who are authorised to act on our behalf harmless against all losses whatsoever which may be suffered by us as a result of, or in connection with, the following:
9.23.1 Your breach of the Terms;
9.23.2 Us entering into any transaction on your behalf; or
9.23.3 Us taking any of the steps which we are entitled to take in the event of default by you.

9.24 You shall remain liable under these Terms in respect of all charges and other amounts incurred through the use of the Account. This clause shall apply irrespective of any termination, suspension or closure of your Account.

10. Cancellation of this Agreement
10.1 You may cancel this Agreement within 14 days after the day you agree to it by sending to us an email at cancellation@webmoney.eu stating that you wish to do so, in which case Clause ‎12 applies.

11. Termination of this Agreement
11.1 The relation between you and us is indefinite and shall remain in force until it is terminated in accordance with these Terms.

11.2 You may terminate this Agreement at any time by giving us one (1) month’s notice under Clause ‎17.

11.3 We may terminate this Agreement at any time by giving you two (2) months’ notice under Clause ‎17.

11.4 We may terminate this Agreement (in whole or in part) immediately by notice in writing if you breach the provisions of Clause‎1.1and/or Clause ‎6.1 of this Agreement or if:
11.4.1 We are unable to verify your information in the manner set out in these Terms;
11.4.2 You die;
11.4.3 We have reason to believe that your use of the Services is damaging, corrupting, degrading, destroying, and/or otherwise adversely affecting the Services or any other software, firmware, hardware, data, systems or networks accessed or used by you;
11.4.4 there is significant fluctuation (whether positive or negative) in the aggregate number of transactions entered into by you;
11.4.5 we have reason to believe that you have acted or omitted to act in such a way which diminishes our business operations and/or reputation and/or goodwill and/or which we reasonably determine or suspect will give rise to any offence or any increased liability to us;
11.4.6 we are unable to provide the Services due to the inability of any third party to provide us with any good and/or service that we require to provide the Services.

11.5 Either party may terminate this Agreement (in whole or in part) immediately by notice in writing if:
11.5.1 the other party is in material breach of any of its obligations under this Agreement and fails to remedy the breach (if capable of remedy) within thirty (30) days after receiving written notice to do so; or
11.5.2 the other party repeatedly breaches the Terms to reasonably justify the opinion of the party that this conduct is inconsistent with the other party having the intention or ability to give effect to the Terms; or
11.5.3 the other party in any jurisdiction enters into, applies for, or calls a meeting of members or creditors to consider a moratorium, administration, liquidation, or composition or arrangement with its creditors; or is the subject of appointment of a receiver, enforcement of security, distress, or execution of a judgment; or
11.5.4 as a result of any changes to the law, regulations or guidance governing these Terms or any change in interpretation or application thereof, that makes it unlawful or contrary to such law, regulation or guidance to perform or give effect to any obligation in terms of these Terms and such obligation cannot be severed from these Terms.

11.6 Wherever this Agreement confers a right on us to terminate this Agreement, we may choose to suspend the Service without prior notice to you. Such suspension shall not affect our ability to later terminate the Agreement. We will notify you if we exercise our rights under this Clause, the reasons for doing so and the procedure for rectifying any factual errors that led us to suspend the Service, unless we are prohibited from doing so under the Applicable Law. We may charge you the reasonable costs of any such notification.

11.7 If a Force Majeure Event prevents us from providing any of the Service for more than 4 weeks, we shall, without limiting its other rights or remedies, have the right to terminate this Agreement immediately by giving written notice to you.

11.8 Termination of this Agreement shall not prejudice any of the parties' rights and remedies which have accrued as at the date of termination.

11.9 Upon the death of a client, we will demand the production of evidence of entitlement to the Account by the heir/s of the deceased or legatee/s in such form as we shall require from time to time. Until such time as such evidence as we may consider satisfactory to establish the lawful heir/s or legatee/s is supplied, the Account shall be operated in the manner considered most appropriate by us. We will retain all payments on Account until the heir/s or legatee/s entitled thereto is/are established. We will have the right to offset any amounts due by the deceased client or otherwise in respect of the Account, prior to any liquidation.

11.10 Upon termination of this Agreement, we shall provide you, free of charge, on paper or on another durable medium with the latest available yearly statements and an interim statement covering the period from the last date of the final yearly statement until the date of termination.

11.11 Charges for Services levied on a regular basis shall be payable by you only proportionally up to the termination of the contract. If such charges are paid in advance, they shall be reimbursed proportionally.

11.12 The termination of these Terms shall be without prejudice to the relevant local legislation, including the Credit Institutions and Financial Institutions (Payment Accounts) Regulations (S.L. 371.18), governing the rights of the parties to declare the framework contract unenforceable or void.

11.13 Termination of this Agreement shall not affect the coming into or the continuance in force of any provision of this Agreement which is expressly or by implication to come into effect or to continue in effect after such termination.

11.14 If, upon termination of these Terms, you hold funds in your Account, we will provide you or your heir, as the case may be, with a reasonable time period within which you must withdraw the remaining balance. Once the time period specified has elapsed, you will no longer be able to access your Account and you must contact customer services to withdraw the remaining balance within a period of two (2) years from the date of termination of these Terms. Upon the lapse of the two (2) year period, the remaining balance will be deposited with the Courts in Malta.

11.15 Termination of these Terms by you pending an investigation conducted by us may result in us freezing your Account. You will remain liable for any obligations related to your Account even after it is closed.

12. Obligations on Cancellation or Termination
12.1 On cancellation, termination or expiry of this Agreement for any reason:
12.1.1 Each party shall pay to the other all amounts owed by it to the other party under or in connection with this Agreement;
12.1.2 we will Redeem any outstanding WME Electronic Money Balance in accordance with Clause ‎2.4, subject to Clause ‎4.4; and
12.1.3 any Clause reasonably intended to survive the termination or expiry of this Agreement shall do so.

13. Intellectual Property Rights
13.1 All Intellectual Property Rights in the Service, as well as the Transaction Data in our computers and systems, shall vest and remain vested in us or our licensors.

13.2 Except as expressly provided in this Agreement, no rights or obligations in respect of a party's Intellectual Property Rights are granted to the other party or are to be implied from this Agreement.

13.3 You must not rent, lease, sublicense, distribute, transfer, copy, reproduce, download, display, translate, reverse engineer, decompile, disassemble, modify or otherwise exploit the Service or information or materials in which the Intellectual Property Rights are owned by us or a Business.

13.4 To the extent that the Service includes any software, computer program or code, including any application programming interfaces (“Software”), you agree:
13.4.1 not to copy or otherwise reproduce Software except where such copying is incidental to the use of Software in accordance with this Agreement, or where necessary for the purpose of back up or operational security;
13.4.2 not to sublicense, translate, merge, adapt, vary or modify Software, or any part of it;
13.4.3 not to make alterations to, or modifications of, Software or any part of it, or permit Software or any part of it, to be combined with, or become incorporated in, any other materials, programs or software;
13.4.4 not to disassemble, decompile, reverse-engineer or create derivative works based on the whole or any part of Software or attempt to do any such thing except to the extent that such actions cannot be prohibited under Applicable Law.

14. Complaints Handling
14.1 If you wish to make a complaint about the Service, you can email us at complaints@webmoney.eu, with brief details of your complaint and the email address associated with your Personal Account.

14.2 If the complaint is not resolved by the end of 3 business days after the complaint is received, we initiate a formal complaints handling procedure. We will acknowledge your complaint by email within 5 business days. The email will contain details of the Complaints Procedure and your right to refer the complaint to the Office of the Arbiter for Financial Services if you are dissatisfied with our assessment and ruling.

14.3 Within 15 days after a complaint, we will send you a final response.

14.4 In exceptional situations, if the decision cannot be given within fifteen (15) business days, we will inform you accordingly, clearly indicating the reasons for a delay in finalising our response to the complaint and specifying the deadline by which you will receive the final reply. In any event, the deadline for receiving the final reply shall not exceed thirty-five (35) business days. Whether your complaint is accepted or rejected, our final reply will confirm closure of investigation and the decision resulting from it.

14.5 If your complaint is not ultimately handled to your satisfaction after being dealt with in accordance with our internal complaint handling procedures, you may subsequently refer the complaint to the Office of the Arbiter for Financial Services, First Floor, St. Calcedonius Square, Floriana, FRN1530, Malta. Further details may be found at: http://financialarbiter.org.mt. The Office of the Arbiter for Financial Services may be contacted on 80072366 (freephone) or by sending an email to complaint.info@financialarbiter.org.mt.

14.6 You must fall within the definition of an “eligible customer” in terms of the Arbiter for Financial Services Act (Chapter 555 of the laws of Malta) in order to be able to resort to the Office of the Arbiter.

14.7 If you do not fall within the definition of an “eligible customer” in terms of the Arbiter for Financial Services Act (Chapter 555 of the laws of Malta) and therefore you are unable to refer your complaint to the Office of the Arbiter for Financial Services, you have the right to refer your complaint to the Central Bank of Malta.

14.8 Other interested parties, including consumer associations, also have the right to refer their complaints to the Central Bank of Malta in the event that their complaint is not ultimately handled to their satisfaction after being dealt with in accordance with our internal complaint handling procedures.

15. Assignment and Sub-contracting
15.1 You may not assign or transfer or sub-contract any of your rights, benefits or obligations under this Agreement.

15.2 We may assign and transfer its rights and obligations under this Agreement to:
15.2.1 any person to which we transfer the part of our business to which this Agreement relates; and
15.2.2 we may sub-contract the performance of any of our obligations under this Agreement to any party subject to compliance with Applicable Law.

15.3 If we assign or transfer any of our rights or obligations under this Agreement, we will promptly notify you.

16. Governing law
16.1 This Agreement shall be governed by, and construed in accordance with Maltese law. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to the non-exclusive jurisdiction of the courts of Malta.

17. Notices and communication
17.1 This contract is in English and we shall communicate with you in English. Any translation into another language shall be for information purposes only and for the purpose of the interpretation of this Agreement the English language version shall prevail. Any notice or other communication required to be given to a party under or in connection with this Agreement shall be sent:
17.1.1 to us by e-mail at notice@webmoney.eu; or
17.1.2 to you via your Personal Account or by email to the address given by you in your Personal Account.

17.2 Any notice or other communication shall be deemed to have been duly received the next Business Day following the notice being communicated.

17.3 It is your responsibility to ensure that all communications received from us have been reviewed and addressed (where necessary).

17.4 We shall have no liability to you for any direct, indirect or consequential loss arising from breach of confidentiality or otherwise if any other person has sight of or obtains access in any manner to any communication sent to your email address. Internet communications cannot be guaranteed to be timely, secure, delivery error free or virus free. We shall not accept any liability for any errors, non-delivery or omissions which may arise with e-mail communications. Proper receipt by us of any e-mail communication shall be conclusive evidence of any instructions transmitted by you.

17.5 We will act upon any instructions given by phone or email if it reasonably appears to us that the communication was sent by you and we shall not be liable for acting in good faith on such communication. In the event that the communication was not sent by you, we shall not accept liability for any loss you may incur. We shall not be liable for any loss you incur if either you or we do not receive an email which is sent to the last e-mail address notified to the other party or if an e-mail, which is so addressed, is received or seen by any third party.

17.6 We shall not be under any duty to verify the identity of the person or persons giving instructions by phoneor e-mail and any transaction made pursuant to any communication received by us and reasonably believed to have been sent to us by you shall be binding upon you.

17.7 You agree to hold us harmless and to indemnify us at all times from and against all actions and/or losses incurred by us which shall have arisen directly or indirectly out of or in connection with us and acting in reliance on any such phone or e-mail communication from time to time notwithstanding that any such instructions may not have emanated from you.

18. Waiver
18.1 A waiver of any right under this Agreement is only effective if it is in writing and shall not be deemed to be a waiver of any subsequent breach or default. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or any other right or remedy. Unless specifically provided otherwise, rights arising under this Agreement are cumulative and do not exclude rights provided under Applicable Law. No failure or delay by a party in exercising any right or remedy under this Agreement or under Applicable Law shall constitute a waiver of that or any other right or remedy, nor preclude or restrict its further exercise.

19. Severance
19.1 If a court or any other competent authority finds that any provision of this Agreement is invalid, illegal or unenforceable, that provision shall, to the extent required, be deemed deleted, and the validity and enforceability of the other provisions of this Agreement shall not be affected. If any invalid, unenforceable or illegal provision of this Agreement would be valid, enforceable and legal if some part of it were deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable.

20. No partnership
20.1 Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between any of the parties, nor constitute any party the agent of another party for any purpose. No party shall have authority to act as agent for, or to bind, the other party in any way.

21. Third parties
21.1 This Agreement is not intended to confer any benefit on any person who is not a party to it, and a person who is not a party to this Agreement has no right under the Agreement to enforce any terms of this Agreement.

21.2 You may explicitly choose to allow third party providers to access information on your Account for the purposes of combining and displaying this information with information on other accounts you have with other payment service providers, and, to have access to your account in order to make payments. The third-party provider must be an entity authorised to conduct this service by the MFSA or by another European regulator. You must check with the applicable regulator whether the third-party provider is authorised to conduct the service before subscribing.

21.3 When you explicitly give consent for a third party provider to have access to information from your Account, we must be kept informed of any incorrect or unauthorised transactions for us to be able to take action and arrange for a refund, in accordance with these Terms.

21.4 We reserve the right to refuse or stop a third-party provider’s access to your Account if we believe that the third-party provider is acting/has acted fraudulently or is not authorised to conduct the services. We undertake to inform you in instances where a third-party provider is refused access or has its access stopped and reasons will be provided as to why such action has been taken unless this would compromise our security or if it would be unlawful to do so.

22. Definitions
In this Agreement:

Account Access Codes - password, log-in details and other access codes and any security information relating to your Personal Account;
Applicable Law - means the Financial Institutions Act and all other legislation, regulation and related guidance that applies to the Service or the activities or transactions in connection with which the Service is used;
Business - means a person or other legal entity which is permitted to accept WME Electronic Money as payment for the supply of its goods or services;
Business Account - means a Business’s WME Electronic Money account in our systems;
Business Day - means any day other than a Saturday or a Sunday or a public or bank holiday in Malta;
Claims - means complaints, disputes, actions, demands, claims, proceedings, losses, damages or other liability of any kind;
Consumer - means an individual we have registered for a Personal Account;
Data Protection Legislation - means the EU General Data Protection Regulation 2016/679 as well as the Data Protection Act, chapter 586 of the laws of Malta; together with all other applicable legislation relating to privacy or data protection and including any statute or statutory provision which amends, extends, consolidates or replaces the same;
Electronic Money - has the meaning given to it in the Financial Institutions Act, chapter 376 of the laws of Malta and means electronic money issued by us and denominated in Euros;
Electronic Money Balance - means the current balance of Electronic Money in your Personal Account;
Electronic Money Customer Funds Account - means one or more segregated bank accounts in which the funds corresponding to the balance of WME Electronic Money in your Personal Account will be held by us separately from our own funds in accordance with the provisions of the Financial Institutions Act, chapter 376 of the laws of Malta;
Fees - means the fees and charges (if any) listed in Schedule 1;
Intellectual Property Rights - means patents, trademarks, service marks, logos, trade names, internet domain names, copyright (including rights in computer software) and moral rights, database rights, semi-conductor topography rights, utility models, rights in designs, rights in get-up, rights in inventions, rights in know-how and other intellectual property rights, in each case whether registered or unregistered, and all rights or forms of protection having equivalent or similar effect anywhere in the world and registered includes registrations and applications for registration;
Member State – means a member of the European Union and includes an EEA state;
Nobel Financial Limited - means Nobel Financial Limited, a company incorporated in Malta (company number С 66961) whose registered head office is 68, Northfields, Penthouse No. 9, Independence Avenue, Mosta MST 9026, Malta. Nobel Financial Limited is authorised by the Malta Financial Services Authority under the Financial Institutions Act, chapter 376 of the laws of Malta (Firm Ref. No. (C 66961) for the issuing of electronic money;
Payee - means a natural or legal person who is the intended recipient of fund which have been the subject of a payment transaction.
Payer - means a natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order.
Payment Initiation Service Provider - means a payment service provider pursuing business activities as defined in the Financial Institutions Act, chapter 376 of the laws of Malta.
Personal Account - means a WME Electronic Money account in our systems that is one of those listed as available to a Consumer;
Personal Data - has the meaning given to it in the Data Protection Legislation;
Service - means the service described in Clause 1.1;
Transaction - means a Payment, Transfer or a Redemption as defined in Clause 1;
Transaction Data - means the data relating to each Transaction;
Transaction Limit - means a limit on the type or volumes of Transactions that may be entered into using the Service, for example, a maximum total value of all Transactions in respect of any specified period of time or a monetary limit (of which we notify you) above which you must obtain our authorisation prior to completing a Transaction;
WME Electronic Money - means Electronic Money issued by us, denominated in Euros;
WebMoney Transfer System – means the IT platform operated by WM Transfer Ltd., through which you have applied to open a Personal Account with us.

Schedule 1
Fees
The service fee is 0.8% of the total amount being transferred, with a minimum fee of 0.01 WME Electronic Money and maximum 50 WME Electronic Money.
Please note that units of WME Electronic Money refer to units of the currency in which that WME Electronic Money is denominated. So 0.01 WME Electronic Money = EUR 0.01