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Payments terms and conditions

Introduction

Use of this website and Bro Fintech Ltd. payment services is subject to the present Payments Terms and Conditions (“Terms”) and our Privacy Policy (“Privacy Policy”). By visiting our website, you confirm that you have read, understood and agreed to these terms. We may update our policies from time to time, and it is your responsibility to check for updates on this page.

Terms

The present Terms cover the terms on which we provide payment and currency exchange services to you or your company. Please read the Terms attentively before opening a payment account with Bro Fintech Ltd. The Terms state who we are, how we will provide services to you, how you and Bro Fintech Ltd. can change or terminate the contract, what to do in the event of a problem, and other important information. Please contact us if you think there is a mistake in the Terms.

These Terms, the Privacy Policy and any other terms and conditions applicable to our services, form a legal agreement (“Agreement”) between by you and us, Bro Fintech Ltd.

Information about us and our contacts

We are Bro Fintech Ltd. a company registered in British Columbia, Canada. Our company registration number is BC1285520 and our registered office is at 319-400 W Hastings Street, Vancouver, BC, Canada V6B1H6. Our company is a Money Services Business (MSB) registered in Canada under the registration number M21308809. We are authorized to provide payment services by the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”).

FINTRAC is a supervisory authority for Bro Fintech Ltd. You can find more about Bro Fintech Ltd., how it is regulated, check the full record of any regulated activities following this link: https://www10.fintrac-canafe.gc.ca/msb-esm/public/msb-search/search-by-name/

You can contact us by calling our customer service tel: +17786540278 or by writing to us at info@brofinance.net

You must immediately notify us of any circumstances related to this Agreement such as:

  1. changes in name;
  2. changes in address;
  3. changes in contact details, etc.

Also, you must immediately notify us of any loss or theft of your personal identity document or other means of identification, or of the loss or theft of your account or credentials for the Client’s credentials or Payment Instrument, or loss of possession of them against the will of the Client in any other way. You must notify us even if any of the above information has been or may be released to the public (for example, a court decision, notice in government registries or publication in the media etc.).

If we need to contact you, we will do so by phone, SMS or by writing to you at the email address, postal address that you have provided to us, or through our online portal.

“Writing” includes emails and messages through our online portal. When we use the words “in writing” or “written” in these Terms, this includes emails and communications through our online portal.

Any notice or other message provided in accordance with this agreement will be deemed received: if sent by first class mail or other delivery service on the next business day, on the second business day after being sent; or if they are sent by SMS, e-mail or our online portal, during transmission, or, if this time falls outside of business hours at the place of receipt, when business hours resume.

Any communication we make with you, including this agreement, will be in English. You can also request a copy of the Terms, and we will send it to you.

Information about our services

Bro Fintech Ltd. has been given permission to provide payment services by the FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which are:

  1. Foreign exchange dealing;
  2. Money transferring;
  3. Dealing in virtual currencies.

A detailed list of the payment and currency exchange services we offer is available on the Bro Fintech Ltd. home page at https://brofinance.net.

We provide our services to legal entities and individuals. Please note that we do not provide banking services. Funds in the client’s payment account are not a deposit and can only be used to carry out payment transactions. Customer payment accounts are not insured by the Canada Deposit Insurance Corporation (CDIC) or protected by other similar deposit guarantee instruments. Instead, customer funds are held in transit in protective accounts with reputable credit and payment institutions.

Our rights to make changes

We may unilaterally change these Terms and Conditions and the Service Agreement, including the Fees, at any time. These changes will be disclosed at our Website and be effective upon such disclosure. 

We may, or may choose not to, notify you of such changes. You should check our Website regularly. 

If you are not in agreement with the changes to these Terms and Conditions or the Service Agreement, including the Fees, you will have the right to terminate the Service Agreement and request the closing of the Account. In such case, no termination Fees will be charged.

Providing payment services

According to our AML Policy, Bro Fintech Ltd. enters into a business relationship with a client whether a legal entity or individual when it enters into a service agreement with an entity to provide any of the following services:

  1. foreign exchange dealing;
  2. remitting or transmitting funds by any means or through any person, entity or electronic funds transfer network;
  3. issuing or redeeming money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named person or entity; or
  4. dealing in virtual currencies.

We will continue to provide payment services to you or your company until this Agreement is terminated or the services are suspended for any reason set forth in this Agreement. We are responsible for the correct execution of the payment transaction, unless we can prove to you or, if applicable, your recipient’s payment institution that the recipient’s payment institution received the correct amount in accordance with applicable regulation.

You may request us and we will immediately and without charge make efforts to trace any non-executed or defectively executed payment transaction and notify you of the outcome.

We are not responsible for delays outside our control. If our payment service is delayed because of an event beyond our control, we will contact you as soon as possible to let you know and we will take steps to minimize the effect of the delay. If we do so, we will not be responsible for delays caused by the event, but if there is a risk of significant delay, you can contact us to terminate the Agreement and receive a refund for any services you paid but did not receive.

We may limit payment services we provide you and set limits on outgoing and incoming transfers. We take all the actions on limits according to our AML Policy.

Registration of a payment account with us

You may open only one payment account unless we confirm in writing otherwise. If we detect duplicate accounts, we may in our sole discretion suspend provision of our services, merge or close duplicate accounts or terminate this Agreement.

By registering an account with us, you confirm that laws and regulations of your country do not prohibit you from entering into an agreement with us. You also confirm that you are the only beneficial owner. If you are not, you must tell us immediately. In such circumstances, you cannot open an account with us unless we confirm in writing otherwise.

We may terminate this Agreement immediately and without notice if you are in breach of the present section.

Identification

To provide you or your company with payment services we will need certain information from you. The information we require will depend on the nature of your business, where you are located, and any other requirements as set forth in applicable regulation. By submitting such information, you represent that all information you provide is complete, accurate and true.

We may request any information and documents related to your identification and verification from any credit or financial institution that has already identified you or has a business relationship with you. We may also require additional documents from you to enable us to request and receive such information or documents from other institutions.

If we have a reason to doubt the completeness or accuracy of the information you provide, we may ask you to provide additional information or documents and, if necessary, repeat the identification process.

From time to time, we may request additional identification to verify your identity. You agree to provide us with all the information and documents necessary to verify your identity, or any other information that we may require.

You must inform us if any information provided or any circumstances relating to provision of services to you change. Such information includes the change of your representative, the beneficial owner of the Client, their identity, residential address/location, nature of business, tax residence and taxpayer number.

If you use our portal and/or payment tool, we will verify your identity when you provide your credentials (e.g. username and password; one-time OTP/MAC token).

Authorized persons

You can authorize other persons to use our services on your behalf and access any information we have that is related to you or your account. You are responsible for each authorized person performance of this Agreement. An authorized representative having appropriate powers (the User) shall be entitled to use and operate the Account on behalf of you and enter into transactions in your name. The User’s authority to represent you must be confirmed by the relevant document, including, but not limited to, a power of attorney.

 If you have authorized a person to act on your behalf, the person must register an account with us and this person will be bound by this Agreement.

Fees

We will charge you fees for the payment services we provide.

Fees shall mean any fees, rates and charges levied by Bro Fintech Ltd. for provision of Services and which we may amend from time to time in accordance with the Terms. Fees are applicable to the Customer and are an integral part of the Terms. In case in relation to the Customer exist some special Fees and additional agreements, it should prevail over these Terms and general Fees in the frame and in relation to certain services provided by Bro Fintech Ltd.

You expressly agree to duly pay for any Services provided, e.g., for international payment transfers and currency conversions, withdrawals or amendments of payment transactions, searching and preparing printouts and documents, for performing any outstanding services for you by us and sending reminders. You remunerate the Bro Fintech Ltd. for opening, maintenance and closing of Accounts, execution of the Transactions and other services in accordance with the Fees. You are obligated to get yourself acquainted with the Fees and/or exchange rates. You expressly agree to pay all the applicable Fees.

You are required to keep sufficient amount of money on your payment account for us to deduct any fees or any money you owe us. We debit any monthly fee once per month in advance for the upcoming fee period, which is 30 calendar days. You agree that Bro Fintech Ltd. shall withdraw any Fees that are due by you to us directly from the Customer’s account at any time.

You cannot borrow money from us and if your balance becomes negative, you must immediately top up your account to remedy this.

If you owe us money and do not top up your account, we may without notice:

  1. suspend your account;
  2. deduct the money from your payment account once it has funds (this can be in parts);
  3. deduct money from your card;
  4. exercise a right of set-off;
  5. take any other legal steps to recover the money, e.g., instruct debt collectors or take you to court.

If we exercise any of the above rights, you may be required to pay our costs.

We may make any amendments to the Tariffs. You will be able to terminate this Agreement without any penalty before the changes take effect. We reserve the right to introduce new services and to, therefore, introduce new charges that you are obliged to pay in accordance with the Terms.

We reserve the right to deduct all the losses resulting your unauthorized actions.

You may also be responsible for paying taxes or costs that apply to payments that we are not responsible for collecting from you. In such case, you must pay the taxes or costs immediately.

Refusal to open an account, suspension or closure of an account, refusal to make payment

We may refuse to open an account, suspend or close an account, or refuse to make a payment.

If we decide not to open an account, we will inform you about our decision.

We may also suspend or close your account or refuse a payment immediately if you break any of the Terms or in the following events:

  1. You do not meet the requirements of the prevention of money laundering and terrorist financing rules and regulations;
  2. We suspect you of money laundering, terrorist financing or other criminal or illegal activity (e.g. fraud);
  3. We suspect that your funds have been obtained by illegal means or their transfer is in any way unlawful or prohibited;
  4. We suspect that you wish to use or are using the services for any restricted or prohibited activities;
  5. You have caused or we have a good reason to believe that you may cause direct or indirect damage to Bro Fintech Ltd;
  6. You have been prosecuted and/or convicted for a financial or economic crime, fraud or another crime with regard to abuse of trust;
  7. You or your activities belong to a risk level or group to which we do not provide services;
  8. You have been declared bankrupt or insolvent;
  9. We have asked you to pay the money you owe us, and you have not done so within a reasonable time;
  10. If we have good reason to suspect that your behaviour is fraudulent;
  11. If you have not given us (or someone acting on our behalf) any information we require, or we have good reason to believe that information you have provided is incorrect or is not true;
  12. If we are required to do so under any regulation or because a court or an ombudsman requires us to do so;
  13. We have become aware of any circumstances which have caused us to require examination of the origin of your funds or assets and verify their legality;
  14. We are notified of your death;
  15. We suspect that your credentials and/or the OTP/MAC token generator have been used without your consent or these have been stolen or used to commit fraud.

You agree that we reserve a right to suspend or close your account for any reason. We will send you a notification before we do so. If we close your account, your Agreement with us is terminated automatically.

Account closure

You can always terminate your Agreement with us. For termination of the Agreement, please contact us.

If there are any outstanding fees or if you owe us money for any reason, you will be required to pay this money to us immediately.

If you have paid your fees and do not owe us any money, we will give you reasonable opportunity to transfer or withdraw your remaining money held on your account.

If you wish to close the account due to any other reason, please contact us as noted above. In this case, your Agreement will terminate no later than one calendar month after the day on which you contacted us or earlier.

Restricted activities

When using our Service, you (the User) must not:

  1. Commit violations of these Terms and Conditions and the Service Agreement, applicable laws and regulations including, but not limited to the legal acts related to prevention of money laundering and terrorist financing;
  2. Infringe our rights and third parties to the trademarks, copyrights, trade secrets and other intellectual property rights;
  3. Provide false, misleading or incorrect information and otherwise circumvent of our procedures;
  4. Refrain from providing the information reasonably requested by us in connection with the Services;
  5. Provide false, misleading or incorrect information about us and cooperation with us to third parties;
  6. Transfer and/or receive money earned as a result of activities or transactions contradicting applicable laws;
  7. Refuse to cooperate with us in investigation of violations;
  8. Refuse to carry out Identification when requested by us;
  9. Use the Account and other Services in such way that may result in losses, liability or other adverse legal consequences to us or other third parties;
  10. Use Services from the jurisdiction, which is not acceptable to us;
  11. Facilitate the spreading of computer viruses and conduct any other activities which could cause system malfunctions, damage or destroy information or result in any other damage to our systems, equipment or information or any third parties;
  12. Undertake any other deliberate actions disturbing provision of the Services or disturb proper functioning of the System;
  13. Be involved in illegal gambling, illegal trafficking of tobacco products, alcohol, prescription medicines, steroids, guns, narcotic substances and the attributes related to narcotic substances, pornographic production, unlicensed lottery, illegal software or any other activities prohibited by applicable laws;
  14. Use our Services to conduct business activities indicated as unacceptable by us;
  15. Log in to the System as an anonymous user (e.g. via public proxy servers);
  16. Disclose Passwords, Identity Authentication Measures and other personalised safety features to third persons and allow unauthorised persons to use the Services in your name;
  17. Carry out transactions with sanctioned counterparties;
  18. Conduct any activity or omission that violates any law, statute, ordinance, regulation or good faith; any activity or omission that violates this Agreement concluded by you and Bro Fintech Ltd.

How to make a request to perform a transaction

Your requests to provide you with services (transactions) must be unambiguous and executable. You must confirm all transactions with your credentials or in any other way we may request (e.g. by signing a hard copy). Such confirmation shall be deemed as your consent to perform the requested transaction. You must ensure that your request complies with the applicable regulation, these Terms and other relevant requirements or practices applicable to that request.

How we may use your personal information

In order to provide you with our services, we will need to record, store, process and transfer personal data. All of the aforementioned actions are taken in accordance with applicable personal data protection regulation. We will only use your personal information as set out in our Privacy Policy. We act as a “data controller” in accordance with applicable Canadian data protection regulation.

By using our services, you give us consent to use your data to provide you with our services. If you have any queries or comments on the Privacy Policy or how we use your data, please contact us at info@brofinance.net.

If you have any complaints about personal data handling by use, please contact us at info@brofinance.net. Alternatively, you may choose to file a complaint with the Office of the Privacy Commissioner of Canada.

Disputes and complaints

Please contact if you have any issues or have a complaint. We will review the complaint and contact you within 30 business days.

If you are not happy with your complaint resolution and you are a consumer, you may choose to complain about us, our products, services or actions to the Financial Consumer Agency of Canada. For more information on complaints, please visit: https://www.canada.ca/en/financial-consumer-agency.html. In addition, you may choose to file a claim to the Canadian Arbitration Association. For more information, please visit: https://canadianarbitrationassociation.ca/

Liability for loss or damage and limitation of liability

We transfer funds at your expense and risk, unless agreed otherwise. We are liable only for foreseeable loss and damage caused by us to you. If we fail to comply with these Terms, we assume liability for loss or damage you suffer that is a foreseeable result of our material breach of this Agreement or our failing to use reasonable care and skill. Nevertheless, in no way we assume any liability for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the Agreement was made, both parties, e.g., we and you, knew it might happen.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or negligence of our employees for fraud or fraudulent misrepresentation.

We are not liable for business losses. If you use the products and/or services for any commercial, business or re-sale purpose, we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.

You shall be exclusively liable for all losses and expenses (fully and totally, without any limits, limitations and exclusions) relating to any unauthorized use of services, as well as in case(s) where you act fraudulently and/or fail to fulfill one or more of your obligations relating to correct and safe usage and safe keeping OTP/MAC and account tools and parameters. We bear no responsibility for any transactions in the account regardless of who performed said transaction(s), unless we have been duly and timely notified by you of any unauthorized access to the account parameters and tools, and such tools and parameters have been consequently blocked.

Indemnity

In addition and without prejudice to the powers, rights and remedies conferred on us herein and by any applicable law and statutory regulations, you shall hold us free from liability and hereby indemnify us against any loss, damage and expense (including but not limited to legal expenses) which we may sustain or incur as a consequence of:

  1. performing on any of you instruction; and/or
  2. providing any service to you; and/or
  3. any default in payment by you of any sum owing including but not limited to any interest, charge or fees paid or payable in the account.

You shall take every measure necessary in order to keep us indemnified from any responsibility for any your instruction/order given to us, and you shall cover all our losses, expenses and obligations arising out of and/or in connection with and/or as a result of the your negligence, malicious action and/or fault of your obligations, immediately upon our request.

You warrant indemnifying Bro Fintech Ltd. against any losses, costs, liabilities, expenses, including attorneys’ fees arising out of Customer’s failure to fully comply with the Terms. You agree that Bro Fintech Ltd. may deduct at its own discretion all the losses and expenses specified in the Terms.

Unauthorized payments

If an unauthorized payment made by our mistake or error, we will at your request as soon as reasonably practicable refund the amount of the unauthorized payment including all fees deducted by us and where applicable, restore the debited payment account to the state it would have been if the unauthorized payment transaction had not taken place.

This situation as mentioned above does not apply in the cases as follows:

  1. You have acted fraudulently, in which case we will not refund you in any circumstances and you will be solely liable for all losses;
  2. You did not notify us in a timely manner of any security issues with your payment account, in which case you will remain liable for any losses incurred up to the time when we receive the notification unless you have acted fraudulently;
  3. You have either intentionally or due to gross negligence compromised security of your payment account or failed to comply with your obligations when using the account or have used it in a manner contrary to these terms;
  4. You did not notify us about the unauthorized or incorrectly completed transaction within 13 months from the date of the payment. In such a case, you shall be solely responsible for all losses.

It is your responsibility to regularly monitor your payment account and inform us of any unauthorized transactions, inconsistencies or concerns.

Other important provisions

Bro Fintech Ltd. has a right but is not obliged to provide the reason for non-entering into business relations with you and/or provision of a service.

You or any of your successors may not assign this Agreement or any rights hereunder, directly or by operation of applicable regulation, without the prior written consent of Bro Fintech Ltd. which consent may be withheld for any reason at Bro Fintech’s Ltd. sole discretion. Bro Fintech Ltd. may assign any of its rights or obligations hereunder without prior notice to you or your consent.

The present Agreement and the provisions hereof shall ensure to the benefit of and be binding upon the parties and their respective successors and permitted assigns.

You shall be liable for and shall reimburse Bro Fintech Ltd. for any and all reasonable attorneys’ fees and other costs and expenses paid or incurred by Bro Fintech Ltd. in the enforcement of this Agreement, or in collecting any amounts due from you hereunder, or resulting from any breach of any of the provisions of this Agreement by you. You shall also be responsible for any and all costs, fees or expenses of Bro Fintech Ltd. in relation to or arising from responding to third party requests for Data or your information by third parties including but not limited to subpoenas or court orders for the same.

Until all funds owed are paid or discharged in full, you shall not, by paying off any sum recoverable by Bro Fintech Ltd. or by any other means or on any other ground, claim any set-off or counter claim against Bro Fintech Ltd. in respect of any liability of Bro Fintech Ltd. towards you or any third party. You agree that nothing in the arrangements between Bro Fintech Ltd. and you and/or any third party shall be treated as constituting an implied agreement restricting or negating any lien, charge, pledge, right of set-off or other right for Bro Fintech Ltd.

Bro Fintech Ltd. is entitled to exercise a lien over any and all of your assets, funds and properties which (for any reason) are in or which howsoever come into the possession or control of Bro Fintech Ltd. Bro Fintech Ltd. may dispose of or sell such assets, funds and properties and apply the proceeds of sale after deduction of expenses to satisfy any obligations, indebtedness and liabilities owed by you to Bro Fintech Ltd.

If any provision, term or condition herein in the Terms and/or in any other document, procedure and the like incorporated herein by the reference respectively is or becomes illegal, void, invalid, prohibited or unenforceable in any respect, the same shall be ineffective to the extent of such illegality, voidness, invalidity, prohibition or unenforceability without invalidating in any manner whatsoever the remaining provisions of these Terms or any other document, procedure and the like incorporated herein by a reference respectively, as the case may be.

Terms and the business relations regulated by these Terms shall be governed by and construed in all respects in accordance with the laws of the Province of British Columbia, Canada.

Any dispute and complaint between Bro Fintech Ltd. and you shall be resolved by way of negotiations.

In case Bro Fintech Ltd. and you fail to resolve a dispute or complaint in an amicable way in 30 (thirty) days’ time, any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be taken to courts of Canada.

You agree to waive any right you may have to commencement of or participation in any class action against Bro Fintech Ltd. related to the services. You also agree to opt out of any class proceedings against Bro Fintech Ltd. or its licensors.

In enforcing its rights, Bro Fintech Ltd. may initiate and take actions or proceedings or otherwise against you and any third party and/or elsewhere as Bro Fintech Ltd. may deem fit.

The parties hereto agree that this Agreement is drafted and executed in the English language.

The division of the Terms into sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of the Terms. In the Terms, words importing the singular number include the plural and vice versa, words importing gender include all genders, and words importing persons include individuals, sole proprietors, partnerships, corporations, trusts, other entities and unincorporated associations.

The following Sections shall survive termination of this Agreement: Terms, Refusal to open an account, suspension or closure of an account, refusal to make payment, Fees, Liability for loss or damage and limitation of liability, Indemnity, Other important provisions.