CAPITAL INTERNATIONAL BANK LIMITED

1 INTRODUCTION

11.1 Your relationship and agreement with us and the law that applies to your account 

Unless otherwise stated, these Terms apply to all your Accounts with us through which we provide banking, fiduciary deposit and currency conversion (foreign exchange) servicest o you.  Your legal relationship with us is governed by these Terms, together with:

• Conditions for the use of VELTA as amended from time to time. View;
• All information entered on our systems as part of the account opening process or as may be amended thereafter from time to time to include new or additional information provided to us by you, and upon which you expect us to rely;
• the Product Schedules that apply to your Accounts as amended from time to time. View
• our Privacy Notice as amended from time to time. View;
• any specific terms as may be set out and accepted by you together with all declarations or other affirmations as to accuracy of information and all other positive authorisations made by you as part of the online account opening process;
• the terms set out in any other documents which we may agree with you from time     to time,

and together these documents comprise ‘the’, ‘this’ or ‘our’ Agreement.

In entering into this Agreement with us you certify that you are eligible to open an Account with us and that you meet the criteria for being a restricted depositor. As a restricted depositor you undertake to inform us if at any time you cease to qualify as a restricted depositor. In addition, if you are an individual you must be aged 18 years or over.

In entering into this Agreement with us you certify that you understand that no deposit placed with Capital International Bank Limited has protection under any depositor compensation scheme.

These Terms and associated documentation are available on our Website (or upon request).  

These Terms (as amended from time to time) supersede and replace any other terms or agreements which may have previously been in force between us.

These Terms and our Agreement are governed by Isle of Man law and the courts of the Isle of Man have exclusive jurisdiction over any disputes between us.  

1.2. Definitions - Bank services

In these Terms the following words have the following meanings:

You or your - means any client operating one or more Accounts with us. Where you’ve authorised anyone else to operate your CCA, you or your refers to any one, both or all of you depending on the context.  In the case of entities, you or your(s) also refers to directors, officers and employees or trustees.

We, us or our - means Capital International Bank Limited (“CIB”), a company incorporated in the Isle of Man, which is licensed by the Isle of Man Financial Services Authority (“FSA”) for the provision of restricted deposit taking services (class 1(2)) and whose registered office and principal place of business is Capital House, CircularRoad, Douglas, Isle of Man, IM1 1AG

and together you and we are the parties to this Agreement. 

Account(s) – means any CCA together with any, Fixed Term and Notice Accounts

Acting On Behalf Of (AOBO) – refers to a concession described in the Isle of Man Anti Money Laundering & Countering the Financing of Terrorism Code “Persons in a regulated sector acting on behalf of a third party”

BACS – means the Bankers Automated Clearing System, which is a system that provides for the clearing and settlement of 3-day value sterling credits within the UK, the Channel Islands, the Isle of Man and Gibraltar.

Beneficiary Bank - means the bank holding the bank account of the receiver of a payment.

Business Day – a weekday (Monday to Friday), excluding UK bank holidays.  Note bank or public holidays in the jurisdiction in which your currency is maintained may determine the value date for a transaction. Some services may be used on non-business days, but instructions given by you on such days will be treated as carried out on the next business day.

Business Hours - 08.30 to 17.30GMT (BST) on a business day or such other hours as may be communicated to you by us from time to time.

CCA – is the abbreviated term for a Capital Call Account, see section 2.1.

CHAPS - means the Clearing House Automated Payments System which is a system that provides for the clearing and settlement of same day value sterling credits within the UK, the Channel Islands, the Isle of Man and Gibraltar.

Cleared Funds - means those funds standing to the credit of your Accounts which are available for transactional purposes or which will be included when calculating interest.

Correspondent Bank(s) – means any bank and/or payment service provider with whom we contract for the purposes of providing foreign exchange or clearing services.

Credit Interest – is the interest amount applied to a credit balance on your account, in the currency of that account at the then prevailing interest rate (as detailed in the relevant Product Schedule from time to time) or as otherwise agreed between us.

Cut-Off Times - means the latest times for receipt of your foreign exchange instruction, payment instruction, internal transfers or receipt of incoming funds by us in respect of the provision of the payments on a certain business day and as specified in the Product Schedules from time to time.

Debit Interest – is the interest amount applied to a debit balance on your account, in the currency of that account at the then prevailing interest rate (as detailed in the relevant Product Schedule from time to time) or as otherwise agreed between us.

Deposit Limit – means the maximum amount of funds you may have across all of your combined CCA and Fixed Term and Notice Accounts during and at the end of a Business Day.

Domestic Payment - means an outgoing payment made in sterling by BACS, Faster Payment or CHAPS, where the Beneficiary/Receiver Bank is located within the UK, the Channel Islands, the Isle of Man or Gibraltar.

The European Economic Area (EEA) – comprises the member states of the European Union together with Iceland, Liechtenstein and Norway.

Faster Payment - means a payment made in sterling, of an amount no more than the current limit imposed by our Correspondent Bank, which is a system that provides for same day clearing and settlement of sterling credits within the UK, the Channel Islands, the Isle of Man and Gibraltar.

Fixed Term Account - means a deposit account with a predetermined maturity date.

Foreign Exchange Instruction - means the foreign exchange instruction authorised by you via VELTA (or otherwise as agreed) to enable a foreign exchange trade to be processed across your defined accounts.

FSA – means the Isle of Man Financial Services Authority. The address of the FSA is PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT.

Group – means the Capital International Group of companies comprising Capital International Group Limited (“CIG”) and each of its subsidiaries. Capital International Bank is a wholly owned subsidiary of CIG.

IBAN - means the International Bank Account Number which is an internationally recognised code which identifies a particular bank account in the banking system.

Intermediary Bank - means any bank other than a Beneficiary Bank/Receiver Bank which is involved in the execution of a Payment.

Internal Transfer or Account Transfer - means a movement of funds from one account held by you with us to another account held by you with us in respect of the same legal entity. Internal transfers do not include transfers to other accounts held with us by other clients.

International Payment - means an Outgoing Payment made by SWIFT in any currency where the Beneficiary Bank/Receiver Bank is located outside the UK, the Channel Islands, the Isle of Man and Gibraltar, or in a currency other than Sterling.

Inward Payment - means a receipt to be credited to any account of yours identified as the Beneficiary or Receiver of the payment.

Loss - means any loss, damage, charge, cost, payment or expense, including any arising out of a claim by a third party.

Notice Account - means a deposit account with a prerequisite notice of withdrawal period.

Outgoing Payment - means a payment where you instruct us to debit the corresponding funds from your Account(s) held with us in order to remit to a Payee / Beneficiary.

Payment Instruction - means the payment instruction authorised by you via VELTA (or otherwise as agreed) to enable us to make an Outgoing Payment.

Payee / Beneficiary - means the entity or person identified in your payment instruction as the payee, beneficiary or the recipient pursuant to your Payment Instruction.

Payer / Remitter - means the entity or person identified in the inward payment as the sender or the remitter of the inward payment and from whose account the corresponding funds have been debited.

Player Protected Account - a specific designation within the gaming sector required as part of licensing.

Pooled Client Account - enable Licensed Firms to hold the Client Money of more than one Client in a single (pooled) Client Account. Clients are not able directly to instruct the bank to carry out transactions.

Product Schedule - means the schedule of accounts and services provided by us from time to time to include details of any fees, charges, interest rates and other rules applicable to those accounts.

Remitter Bank - means the originating bank which is identified as the sending or remitting bank from which the incoming funds have been sent.

SEPA - is the Single European Payments Area in which you can make and receive payments in Euro under the same basic conditions, rights and obligations regardless of your location in the European Union. (Please note that SEPA payments are not available, unless otherwise advised. Payments received via this scheme will be rejected by our agents).

Sort Code - means a bank identifier code which is a code consisting of 6 digits and which identifies a particular bank branch in the UK, the Channel Islands, the Isle of Man or Gibraltar.

SWIFT - means the Society for Worldwide Interbank Financial Telecommunication.

SWIFT ID/Bank Identifier Code (BIC) - means the internationally recognised code consisting of 8 or 11 alphanumeric characters which identifies a particular bank in the SWIFT system.

Transaction - any payment, receipt or foreign currency conversion.

Transactional Account - means any CCA used by you for day-to-day banking transactions (please note that Inward Payments and Outgoing Payments can only be transacted through a CCA account or CTA if held).

UK - means United Kingdom of Great Britain and Northern Ireland.

Value Date - means:

• in respect of outgoing payments, the date on which your account will be debited and funds are no longer available to you; or
• in respect of inward payment, the date on which funds are applied to your account and are made available to you.

VELTA - means the online portal system by which we provide access to our products and services

VELTA Secure Messages – a secure communication channel used to allow those authorised to send and receive messages and provide instructions;

Website -  www.capital-iom.com

2 YOUR ACCOUNT

2.1 Your CCA    

a)  On successful completion of our onboarding process you will become a client of ours. Within the onboarding process you will designate the currency of your first CCA which will be regarded as your Primary CCA, and this account will be opened for you. We will debit the Primary CCA with the agreed onboarding fee for establishing your relationship with us.  Once you have settled the onboarding fees you will be able to operate your Account with us and request the opening of further Accounts.  The US Dollar CCA and all other US Dollar deposit products, as well as US Dollar transactional services are not available to clients in the e-gaming sector or to facilitate any e-gaming transactions either as a primary account or as an additional account.  We are also unable to provide banking services for AOBO or Pooled Client Account structures. 

b)  We will debit all monthly maintenance fees (as detailed in the Product Schedules) from the Primary CCA monthly in advance on the 1st Business Day of each month.  Commissions when charged will be debited monthly in arrears on the last Business Day of each month.   We will charge you VAT or comparable sales taxes where law or regulations require us to do so.

c)  The Product Schedules are available on the Website.  Our fees and charges are quoted in GBP and if the Primary CCA is not a GBP account the fee will be charged in the currency of the Primary CCA at our prevailing exchange rate on the day the fee is applied.

d)  Any transaction costs or charges incurred in connection with transactional activity will be levied in the transaction currency and applied to the currency account from which the transaction was initiated on the day that they are incurred.

e)  In order to manage our regulatory capital requirements you understand and agree that there is a limit (the Deposit Limit) to the amount of funds which you can maintain with us and as a result receive into your CCAs from time to time.  If you hold more than one Account in the same or different currencies, the Deposit Limit will apply across the aggregate GBP equivalent balance of all CCAs and Notice Accounts.  

f)  The Deposit Limit, will be agreed with us at the opening of the Primary CCA, will be set out in the Product Schedules (or as otherwise agreed) from time to time and will apply at all times of the day.  We reserve the right to vary the Deposit Limit whenever necessary. We will notify you of any such change via VELTA.

g)  It is your responsibility to ensure that your relevant CCA and Notice Account balances do not exceed the Deposit Limit at any time.  We reserve the right to reject the receipt of any inward payments that will cause the Deposit Limit to be exceeded and return the funds to the remitter. You will be notified of any such rejected inward payments via VELTA.  You should note that if this happens you may not receive same day value at the remitting bank because of timing differences.

h)  Cut-off times for inward and outgoing payments are shown in the Product Schedules.  In the event of inward payments received after the cut-off time, we reserve the right to apply the funds the next available day. Outgoing payments will be debited on the same day if processed before the cut-off time for that currency. Outgoing payments processed after the cut-off time will be sent and value dated the next available day in that currency.

2.2 Fixed Term and Notice Accounts

a)  The terms in this section apply to all Fixed Term and Notice Accounts.  

b)  Full details of the accounts and any specific terms which apply to them from time to time including any fees to be charged are to be found in our Product Schedules which are available on the Website.     

c)  The following terms apply to all Fixed Term and Notice Accounts:  

• These accounts cannot be used as Transactional Accounts –that is you cannot use these accounts to facilitate direct day to day outgoing payments to or inward payment from third parties – this can only be done via your CCAs.
• To place funds into a Fixed Term deposit, you must do so by requesting such via VELTA, you must approve the deposit terms and have the necessary funds in your CCA.
• To place funds into a Notice Account, you must do so by initiating an internal transfer via VELTA.
• To make a withdrawal from a Notice Account you must complete a withdrawal request instruction via VELTA Secure Messages. Upon providing the withdrawal request, the amount of the withdrawal will be moved to a Fixed Term account with a maturity date in line with the notice period of the Notice Account (e.g a 45 day Fixed Term if a withdrawal request is submitted to withdraw part or all funds currently held in a Notice 45 Day Account).  At the end of the notice period, the funds will mature and be credited into an associated CCA.
• Subject to notice periods, deposit maturity dates and cut-off times of Recipient Banks, funds will be returned to your CCA upon the completion of the notice or maturity period.
• Fixed term deposits cannot be broken or cancelled once placed.
• Interest, where applicable, will be applied on the last Business Day of each month for Notice Accounts or at maturity for Fixed Term accounts.
• Funds held on Fixed Term deposit or Notice Account are not readily realisable and you will not be able to access your funds until expiry of the term or notice period. This may not be suitable for you if you need to access any of your funds during the term.  Details can be found in the Product Schedule.

3 OPERATING YOUR ACCOUNT

3.0 Permissions (Mandates)

a)  You will be responsible for assigning permissions within Velta for the creation and authorisation of payments, undertaking of foreign exchange transactions, placement of deposits and all other service requests.  

b)  You are responsible for ensuring that the Mandate Administrator(s) you assign only operate in accordance with permissions granted to them, by those with the power to direct the activities of the customer.

c)  We will not be liable for any losses or claims arising from the granting of such permissions.   

3.1 Cash & Cheques

a)  We do not:

• support cash deposits and withdrawals, in any currency, direct debits or standing orders or the deposit of cheques into your account;
• issue cheque books or provide a cheque or draft issuing service.

3.2 Electronic transfers

a)  If we receive an inward payment of funds before cut-off on a Business Day, the funds will be applied to the Account on the same day.  Funds received after the cut off time will be credited on the next available Business Day.

3.3 Transfers between your foreign currency CCAs

a)  Where you wish to transfer funds between foreign currency CCAs you hold with us in different currencies this must be submitted as a buy / sell foreign exchange transaction within VELTA. You will be informed of the settlement date in the foreign exchange trade details prior to authorising the trade.  The sell currency will be debited on the same day as the trade; however, the buy currency will be applied to your account on the settlement date quoted in the trade details.  Note all foreign currency payments or currency conversion can only take place via VELTA in your CCAs.

3.4 Payments

a)  Payment Instructions must be given via VELTA, or by any other method for giving payment instructions as may be made available by us from time to time. You can only make payments if the available balance on the relevant CCA (including any associated costs and charges) is sufficient. If you instruct a ‘scheduled payment’, it is your responsibility to ensure there are sufficient funds on the relevant day to support the payment and any associated costs and charges.

b)  You are responsible for completing Payment Instructions and for the accuracy and completeness of any Payment Instruction. If you provide inaccurate information and the payment does not reach its intended destination as a result, we will provide such assistance as we reasonably can to recover the funds and reserve the right to levy an additional charge to cover our costs in doing so. Any additional charges will be notified to you.

c)  It may be that you will have to contact a receiving bank for a refund.  If you request it we will provide you with relevant information regarding the payment to help you recover it.

d)  We may apply financial and other limits to Payment Instructions. We will tell you what these limits are and may change them as long as we give you notice under clause 7.3 (Variations to our Agreement) of these Terms. To manage our risk, we may also apply internal controls, including limits, to certain types of payment. We change these as necessary but, for security purposes, we do not disclose them. We may also require you to make payments over certain limits by particular payment types (for instance CHAPS, BACS or Faster Payments) and may charge for those transactions.

e)  In order to meet legal and regulatory obligations both we and our Correspondent Banks are required to perform monitoring over client payment transactions. As a result, we may at times request information in respect of the payment before it can either;

• be sent; or
• if an inward payment applied to your account.

If in doing so, we have to hold back or hold up payments respectively while you provide the required information or we complete a review and that results in the delay of a payment, we accept no liability for any loss, future loss, liability or claim in connection with any such delay.  

f)  If the required information is not provided at all we reserve the right to not process the transaction, which may result in rejection of an outward payment or return of funds to the remitter of an inward payment. Where a payment is returned, this will be subject to our manual payment fee. We then accept no liability for any loss, future loss, liability or claim of any such delay.

3.5 Timescales for making payments

a)  Payments will be processed on a best endeavour’s basis in line with our published cut-off times and value date rules. Where you instruct us to make a payment, you authorise us to use any payment or clearing system or intermediary bank necessary to facilitate the instruction.

b)  In order for us to process payments on the same day your Payment Instructions must be received by us on a Business Day and before published cut off times. If we receive an instruction before the published Cut-Off Time on any Business Day (subject to specific currency cut-off times), we will endeavour to process it on that day unless you have asked us to process it on a future date specified in your instruction, in which case we will process it on that date.

c)  Instructions or payments received after the Cut-Off Time or on or for a non-Business Day will be processed on the next available Business Day.  

d)  In the case of all payments, your account will be debited as soon as your instruction is processed, including in the case of BACS payments. Future dated payments will be debited on the date requested. It is your responsibility to ensure sufficient funds are available in the account or these instructions will be rejected on that date.  

3.6 Cancellation of a payment

a)   Unless a payment is intercepted in the normal course of business (such as where a payment is held due to a need for additional information or insufficient funds) we can’t stop a payment you’ve asked us to make.

3.7 Return of a payment

a)   If a payment you’ve instructed is returned, it will be paid back into the account you made the payment from. The returned funds may be less than what was sent, if any transaction fees have been debited from it. If the amount returned is not in the same currency originally sent we will not be responsible for any losses that arise should you choose to convert back into the original currency or any delays should you not hold an account in the currency of the returned payment.

b)   If a remitter bank tells us that a payment was sent to you incorrectly, we may take a payment from your account.  If this happens, we will contact you to tell you what’s happened. If you confirm payment was sent to you in error, we will return it to the remitter. If you tell us that the payment was not sent incorrectly the funds will remain in your account, but we may have to pass your contact details on to the remitter’s bank.

3.8 Suspending operation of your Account

a)  We may at any time suspend, restrict or stop access to, or use of, your Account(s) or any part of our service or its functionality to you without liability on our part, without being under any obligation to inform you of our reason for doing so and without giving any prior notice if:

• You have not used your account for a period of 24 months; or
• you have broken or not met any term of this Agreement to include those terms relating to the use of our online services generally via VELTA; or
• you fail to respond to, or co-operate with, any request for an update to the information you have given us; or
• you have told us of a problem; or
• we reasonably suspect or believe the instruction was not given by you or is fraudulent or without your permission and it’s prudent to reject the instruction in the interest of crime prevention; or
• we reasonably believe that following your instruction would mean that we breach a law or regulation that we must comply with; or
• you have failed to pay any fees due to us; or
• you cease to qualify as a Restricted depositor; or
• we or any Correspondent Bank consider that there is a security threat to any part of our or their systems; or
• any Correspondent Bank is of the opinion that it is necessary or desirable to do so because of volatility or disruption in foreign currency exchange markets or because trading in any currency pair has been suspended in the markets generally; or
• we are told about conflicting claims of any kind concerning the ownership of the funds in your Account whether solely or jointly held or a dispute between joint account holders (for example, partners on a partnership account, divorce or other marital disputes).  This means the Account can’t be used until the dispute is resolved or in the meantime, we may require the authority of all joint account holders for any transactions. Further we may in our absolute discretion take such legal advice or action as we see fit to resolve or deal with the dispute or to protect our interests in this regard. We may charge you with the costs incurred by us in taking any such steps and may take payment of such costs from your Account(s).  You agree that we shall not be liable for complying with any court order arising out of such process.    

b)  If we have any concerns about the activity on your Account such as any unusual transactions that we notice or if we suspect or become aware that your Account may be subject to fraud or security threats, we will do our best to contact you via the most recent details we hold on record for you. This may include your mobile number, landline number, postal address or email address.  

c)  We may put a block on your Account to prevent any further activity until we can contact you to confirm what action you would like to take to protect your account or until such time as we have conducted a cyber-security investigation.

d)  Any action we take under this clause may also mean that we suspend or cease your use of VELTA.

3.9 Foreign Exchange / Currency Conversion (FX)

a)  Foreign Exchange Instructions must be given in VELTA, or by any other method for giving payment instructions as may be made available by us from time to time.

b)  We will offer live FX rates in VELTA on Business Days up to the daily set Cut-Off Times.   The FX rates for our offered currencies are refreshed at the date and time when an FX rate is requested by you.

c)  When an FX rate is offered to you via VELTA and you want to accept the FX rate, you must do so within the limited time specified from time to time in VELTA.  If you do not accept the FX rate within the specified time, you must request a new FX rate in VELTA. When you do accept an FX rate within the specified time, the Foreign Exchange Instruction will be executed at the accepted FX rate and the instruction cannot be reversed, recalled or cancelled.

d)  If you submit a Foreign Exchange Instruction after Cut-Off Times on a Business Day or on any day other than a Business Day, no FX rate will be quoted to you in VELTA. You will have the choice to either submit your own instruction on the next Business Day or submit the Foreign Exchange Instruction for execution by us on the next Business Day at the best rate that we can reasonably obtain at the time of executing the instruction. Your submission of the Foreign Exchange Instruction on that basis will be an authority to us to execute such instruction without confirming the FX rate with you.  We accept no liability for loss occasioned by currency fluctuation between the time of submission of your Foreign Exchange Instruction and the FX rate executed by us.

e)  If you submit a Foreign Exchange Instruction in VELTA in excess of the FX limited as shown in the Product Schedules, we will not offer an FX rate to you in VELTA.  We will contact you to offer an FX rate.  If you accept the FX rate offered, you must thereafter finalise the submission of the Foreign Exchange Instruction in VELTA. 

f)  You are responsible for the accuracy and completeness of any Foreign Exchange Instruction transaction instructed by you and you will be responsible for any cost or loss incurred in connection with any Foreign Exchange Instruction submitted by you in error.  

g)  You must not use the exchange rates we provide for the purpose of entering into or enabling speculative foreign exchange transactions or arbitraging FX rates and acknowledge that we may suspend your access to our FX service in the event that we become aware of any such speculation or arbitrage.

3.10 Interest

a)  Interest, if applicable, will be applied to your Account in line with the specific interest terms which apply to the type of account you hold.  For CCA, Fixed Term and Notice Accounts, we will inform you of that rate when you open your Account and thereafter as agreed between us or set by us (and notified to you) from time to time. For more information please see our Product Schedules which detail the account specific terms on when and how interest will be applied. You can view details of your current interest rate at any time on the VELTA.

b)  We reserve the right to apply a negative rate of interest on balances held. These will be published in the current interest rates on the Website. 

c)  If you hold foreign currency balances, interest may not be paid or may cease to be paid during periods of currency instability.

d)  Interest will be calculated daily, usually based on a 365-day year. If you hold foreign currency balances, Interest may be calculated on a 360-day year (or otherwise) depending on the market practice of the currency concerned.  

e)  We do not offer overdraft facilities however, your Account may be taken overdrawn due to the application of fees or negative interest. Interest will be charged on this overdrawn balance in line with our published rates. You will be notified of this overdrawn account and will have up to 2 Business Days to clear it, after which, under section 6 of these terms, we will exercise our right of offset to transfer funds from other Accounts in your name, which may result in a foreign exchange transaction being carried out in a different currency (including from CCA, Notice Accounts and Fixed Term Accounts). In the event you hold insufficient funds to clear overdrawn positions, we will inform you that you have 20 Business Days to clear the overdraft, after which we reserve the right to suspend or close your Account if it is not cleared. 

3.11 Reporting and statements

a)  All reporting in respect of your Accounts and the transactions which you undertake is available via VELTA.  We will not provide paper statements.

3.12. No reliance          

a)  You represent to us in respect of each Transaction (on the date on which you submit the applicable Transaction instruction) and your use of our services that you:

• are acting for your own account, and have made your own independent decisions to enter into that Transaction; or
• are not relying on any communication (written or oral) from us as investment or financial advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment or financial advice or a recommendation to enter into that Transaction.  No communication (written or oral) received from us shall be deemed to be an assurance or guarantee as to the expected results of that Transaction and your use of our services; or
• are capable of assessing the merits of and understanding (on your own behalf or through independent professional advice), and understand and accept the terms, conditions and risks of that Transaction and your use of our services; or
• are capable of assuming, and assume, the financial and other risks of that Transaction and your use of our services.

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4  YOUR OBLIGATIONS AND RESTRICTING THE USE OF YOUR ACCOUNT

a)  Your Account must be used for the purpose outlined in your Account application. Any deviation from this activity must be discussed with and agreed by us in advance.

b)  You must not use your Account for any illegal or criminal purpose, either directly or indirectly, and in this connection specifically, but not by way of limitation, this includes money laundering or financing terrorism, bribery and corruption, human trafficking, breach of customs, exchange control, trade or financial sanctions and tax evasion.

c)  If there are any changes to your circumstances or those of any director or ultimate beneficial ownership e.g. your residency or citizenship status changes, your contact details change or if there is any other material change to the information you have given us at account opening or subsequently, as this may affect the services we provide you must inform us immediately and, wherever possible, via VELTA.   If you do not, the security of your Account could be at risk and you might not receive communications which could be important, including notices about changes to this Agreement. 

d)  You must give us any information we reasonably require about your identity or affairs.

e)  To prevent fraud and protect your Account, you must:

• take all reasonable steps to keep all your security details safe (including any passwords or log-in details for online banking). This means that you must not give these details to any person; and
• take all reasonable care to prevent fraud or unauthorised use and be aware that if you give your online banking password and log in details to a third-party, we’re not responsible for what they do with your details or account information; and
• if you suspect that someone knows your security details or that an unauthorised or incorrect payment has been made from your Account, in the first instance you should raise this with you own administrators and only if the matter is outside their or your control then contact us immediately.

f)  Some third-party providers might ask you for your online banking log in details and password to provide their service to you. If you decide to give them this information, this means that they will be able to see and may be able to do anything you can on your Accounts.  We are not liable for any loss caused by any instructions given to us by such third parties.

5 OUR LIABILITY TO YOU AND YOUR INDEMNITY TO US

a)  Nothing in these Terms or our Agreement will exclude or limit any duty or liability:

• we may have to you under regulatory requirements; or
• that applicable law does not allow to be excluded or limited.

b)  We are not otherwise liable to you for any Loss unless directly caused by our negligence, wilful default or fraud.  We will not be responsible for indirect or consequential loss.

c)  We will not be responsible for any loss caused if we or any Correspondent Bank delay or refuse to process a Payment Instruction or foreign currency transaction:

• as a result of checks carried out as part of the proper operation and monitoring of our or their payment processing systems; or
• where we or they reasonably believe it’s prudent to do so in order to prevent a crime or comply with any regulatory requirement or market practice; or
• due to planned or unplanned system outages; or
• for any other reason beyond our control or as a result of legal or regulatory requirements.
• Where we have suspended, restricted, or stopped access to or use of your Account(s) under clause 3.8.

d)  To the extent there is any conflict between these Terms and our duties under any regulatory requirement or market practice, we will act in a way we reasonably consider necessary to comply with such regulatory require mentor market practice. We will not be treated as having breached our Agreement as a result.

e)  We are never liable to you for:

• any Loss arising from any cause beyond our reasonable control and the effect of which is beyond our reasonable control to avoid; or
• any Loss arising from or caused by the actions of you or any person authorised by you for the purpose of operating or accessing your Account(s); or
• any Loss arising from or caused by the failure to act by you or of any person authorised by you for the purpose of operating or accessing your Account(s) to include notifications of change under clause 4 c) above; or
• any Loss that we could not reasonably have anticipated when you gave us an instruction;
• any Loss arising from suspending operation of your Account pursuant to the Terms of this Agreement; or
• any Loss arising from exercising our right of set off pursuant to the Terms of this Agreement; or
• any consequential Loss to include, but not limited to loss of business, loss of goodwill, loss of opportunity or loss of profit.

f)  We and other members in the Group are each separately responsible for their own services and any actions or omissions undertaken in the course of providing them. This responsibility is several which means that neither we nor any other Group company referenced in these Terms will be, or will be taken to be, jointly responsible with the other for or liable to you under this Agreement for Loss not caused by itself.

g)  You shall take all reasonable steps to mitigate any losses, damages, costs, expenses or other liabilities incurred under, arising from or in connection with this Agreement (whether for negligence, breach of contract, misrepresentation, under any indemnity or otherwise). 

h)  You will indemnify us against all costs claims liabilities damages legal fees and expenses, including experts’ fees, which we incur as a result of:

• successfully bringing or defending any claims demands or proceedings as a result of any act omission or breach of this Agreement by you or your agents or of us exercising our rights under this Agreement; or
• the taking of legal advice which we consider reasonably necessary to obtain arising from or in connection with the operation of your account or the activities of you or any agent of yours which relate to the operation of the account or in respect of any dispute arising between joint account holders; or
• any third party bringing any proceedings, or threat of proceedings against us in relation to your Account(s) – to include but without limitation freezing orders, disclosure orders through to third party proprietary claims over the funds in the account.
• We will notify you of any order or notice served on us relating to your Account(s) or their operation unless we are prevented or restricted by law from doing so.  You acknowledge and agree that we will not be liable for complying with any such order or notice.

6  SECURITY AND RIGHT OF SET-OFF

6.1 Our rights of “set off”

a)  Where we hold your funds, under this Agreement or another agreement with us and you have failed to pay us any amount you owe us under any agreement you have with us, we may, where regulatory requirements allow, use the funds we hold to reduce or repay the amount you owe us. This is called a “set off right”. 

b)  We may use our set off right even if the amount you owe us is dependent on another event or has not yet become due, if we reasonably think you will be unable to pay us when the amount does become due.

c)  We may use our set off right without telling you in advance if we reasonably think you will do something to prevent us from obtaining repayment by set off, or we have otherwise agreed with you that we can do so.

d)  Where permitted we may use our set off right where you have Accounts which are only in your name, as well as joint Accounts.

e)  We may also set off amounts we owe you against amounts you owe other companies in the Group and set off amounts other companies in the Group owe you against amounts you owe us, unless prevented by insolvency law.

f)  If any Account is designated as a Player Protected Account we won’t exercise any right of set-off or counterclaim against funds in that account in respect of any money you owe us against any money in that account. The opening and designation of such an account will be subject to separate written agreement from us and may be subject to a separate fee. 

6.2 Our security interest over your funds

a)  As long as you owe us any funds under this or any other agreement with us, we may retain possession of your funds as security (this right is known as a “lien”).

b)  Where appropriate, we may require you to enter into a separate security agreement in relation to any assets, funds or margin that we require from you.

7  GENERAL TERMS

7.1 Contacting you

a)  We will contact you and provide communications to you (which will be in English) via VELTA Secure Messages.  In the unlikely event VELTA Secure Messages is not available we may contact you by phone or email at the number or email address you gave us or by such other mobile app as we may choose or agree to use.

b)  Wherever possible we will provide information to you via VELTA Secure Messages or as agreed between us either in this Agreement or otherwise. We will notify you electronically when such information is accessible and when such information is revised. In accordance with your separate specific consent to receive information via VELTA Secure Messages you agree that we may in particular provide the following to you via VELTA Secure Messages:

• our Terms in relation to our services as varied from time to time;
• any notice issued in accordance with this Agreement;
• our Product Schedule and any other information on our fees and charges.

c)  Any communication sent to you via this format will be assumed to have been read      

d) Any documentation we send you by email, VELTA Secure Messages or through a mobile app may be sent as an electronic attachment (for example, as a PDF). You should make sure that your electronic device(s) are set up to receive our communications (for example, they have the correct hardware, software, operating system and browser). In order to protect any data we reserve the right to encrypt or password protect any document we send to you and will provide guidance on how to retrieve or decrypt the document(s) as required.

e)  There is no guarantee that all means of communication outside of VELTA Secure Messages will be secure, virus free or successfully delivered. We are not liable to you, and we accept no responsibility if, due to circumstances beyond our reasonable control, communications are intercepted, delayed, corrupted, not received or received by someone else. If we think this has happened, we will try to contact you.

f)  We may record or monitor telephone calls and electronic communications for the purposes of training, checking instructions, verifying your identity, ensuring that we are meeting our service standards and regulatory requirements and in the provision of cyber security defences. These recordings may be used as evidence if there is a dispute.  

g)  If we send correspondence by post, we will assume it has been received by you:

• no later than four Business Days after posting if sent to an address in the IOM and UK; or
• no later than ten Business Days after posting, if sent internationally.  

You can ask us not to contact you by post, where there is a risk to the security or integrity of information in documents sent by post in a particular country. We can also refuse to send documents or other materials by post to certain countries for this reason. If we do this, we will send any documentation electronically.

7.2 Tax Reporting

a)  Based upon the information you give us during the Account opening process and as amended thereafter if you (or a person with whom you hold a joint Account) are subject to tax or tax reporting obligations in another country or jurisdiction, we and other companies in the Group may be required by legislation, regulation, order or by agreement with tax authorities of that country or jurisdiction to report on an ongoing basis certain information about you and your Account on an individual or aggregated basis:

• to a relevant tax authority which may then pass that information to the tax authorities where you are subject to tax; or
• directly to the tax authorities in that country.

b)  If we are required to report information about you, this may include (but is not limited to) information about you, your Account, for example your Account number(s), the amounts of payments including interest paid or credited to the Account(s), the account balance(s), your name, address and country of residence and your social security number/taxpayer identification number or similar. You may need to provide us with further information, if we ask for it, about your identity and status.  If you fail to do so we reserve the right to suspend or close your Account. 

c)  If you are not an individual, we may also have to report information about your direct and indirect shareholders or owners or interest holders and, if you are a trust, your beneficiaries, settlors, trustees or other parties. 

d)  If some of your income is reportable and some is not, we will report all income unless we can reasonably determine the reportable amount.

e)  To the greatest extent permitted by applicable law, we will not be liable to you for any losses you may suffer as a result of our complying with legislation, regulations, orders or agreements with tax authorities in accordance with this condition, or if we make an incorrect determination as to whether or not you should be treated as being subject to tax or tax reporting obligations where the incorrect determination results from our reliance on incorrect information provided to us by you or any third party, unless that loss is caused by our gross negligence, wilful default of this clause or fraud.

f)  We are not legal or tax advisers and we do not provide legal or tax advice. We recommend that you obtain your own independent advice, tailored to your particular circumstances. You cannot rely on our information as a substitute for taking your own independent advice. You confirm that you have been and are compliant with all tax declaration and reporting obligations relating to the funds held in your Account and any income or gains they produce.

7.3 Variations to our Agreement

a)  We may change these Terms at any time (this includes changing or introducing new fees and interest rates) if in our reasonable opinion we have a valid reason for doing so.

b)  We may change our charges or introduce a new charge if there is a change in (or we reasonably expect that there will be a change in):

• the costs we incur in carrying out the activity for which the charge is or will be made; or
• regulatory or legal requirements.

c)  If we provide a new service or facility in connection with an Account or service we may introduce a new charge for providing you with that service or facility.    We may also change our charges for a valid reason which is not set out in this clause. 

d)  We may upgrade your Account or enhance the services we provide to you if we reasonably consider that this is to your advantage and there is no increased cost to you. 

e)  We may also change any of the other terms of this Agreement for any of the following reasons:

• where we reasonably consider that:

     (i) the change would make the Terms easier to understand or fairer to you; or
     (ii) the change would not be to your disadvantage;

• to cover:

    (i) the improvement of any service or facility we supply in connection with the Account; or
    (ii) the introduction of a new service or facility; or
    (iii) the replacement of an existing service or facility with a new one; or
    (iv) the withdrawal of a service or facility which has become obsolete, or has ceased to be widely used, or has not been used by you at anytime in the previous year.

• to enable us to make reasonable changes to the way we look after your Accounts or provide services as a result of changes in the banking, investment or financial system; technology; the systems we use to run our banking; or
• as a result of a regulatory requirement (or where we reasonably expect that there will be a change in a regulatory requirement).

f)  Where reasonably possible will give you advanced notice of any change made under this clause where regulatory obligations require us to do so. Where we do so:

• we will tell you the date the change comes into effect; and
• if notice is given to you at the most recent contact details we have for you, you will be treated as accepting to be bound by that change from that date unless you terminate this Agreement under clause 7.3(g).

g)  Where we give you advanced notice, if you do not want to be treated as accepting a change, you must, before it comes into effect, tell us that you want to terminate this Agreement with us and you can terminate your Account at any time during this period. We will not make any termination charge in relation to your Account if you terminate this Agreement in this case. The Account which is to be terminated will be closed on giving you notice, subject to payment of any outstanding fees or charges and the notice period of any fixed or notice accounts.

h)  No provision of this Agreement will be deemed waived, altered, modified or amended unless:

• this Agreement provides otherwise; or
• we otherwise agree with you in writing.

7.4 Delegation

a)  Subject to regulatory requirements we may delegate any of our functions under this Agreement to a member of the Group (with or without a power further to sub-delegate), if we reasonably consider such member of the Group capable of discharging those functions and operational responsibilities without further notice or consent. Where we delegate or allow sub-delegation:

• it may be to persons or agents outside the jurisdiction where we provide the services to you;
• it will not affect our liability to you for the matters delegated;
• it will be undertaken in accordance with applicable regulatory requirements.

7.5 Severability

a)  If any provision of this Agreement is or becomes invalid or unenforceable, the provision will be treated as if it were not in this Agreement, and the remaining provisions of this Agreement will still be valid and enforceable. 

7.6 Third party rights

a)  Unless a term of this Agreement provides otherwise (and subject to regulatory requirements), a person who is not a party to this Agreement will have no rights to enforce any of its terms.

7.8 Waiver

a)  Our failure to insist on you strictly complying with this Agreement or any act or omission on our part will not amount to a waiver of our rights under this Agreement.

7.9 Joint Accounts

a)  Where more than one person has entered into our Agreement:

• each of you is individually and jointly liable for funds owed to us, unless we have agreed otherwise in writing and we have the right to demand repayment from all or any of the account holders for all or part of such funds;
• any of you can give instructions or receive notices on behalf of the others, including instructions to withdraw funds from your Account, except that, if we know or suspect that there may be a dispute or conflict of interest between you, we may seek instructions from each of you;
• any of you may give us an effective and final discharge in respect of any of our obligations under this Agreement;
• we may contact and otherwise deal only with the Account holder named first in our records, subject to any legal requirements or unless you request otherwise; and
• on the death of one of you’, our Agreement will continue and we may treat the survivor or survivors as the only party or parties to the Agreement as entitled to the funds in your Account.

b)  You may ask us to remove a person (or persons) from a joint Account, including by converting it to a sole Account. We may require authority from all Account holders before doing so. Any person removed from your Account will continue to be liable for all obligations and liabilities under our Agreement relating to the period before they were removed from the Account.

7.10 Dealing with personal representatives and insolvency practitioners

a)  In the event of your death, this Agreement will continue to bind your estate until terminated by, or us giving notice to, your validly appointed Personal Representative. Your estate must provide us with such information as we may reasonably require confirming your death and the appointment of the Personal Representative.

b)  If we have received a death certificate for you but not the grant of representation, we may (but will not be obliged to) act on an instruction given on your behalf if we are satisfied that the instruction has come from an appropriate person and the beneficiaries of your estate have confirmed to us that acting on the instruction will not adversely affect the interests in your estate and your estate is not in solvent and your creditors have been or will be paid.

c)  Once we have received the grant of representation for your estate (or such other formal appointment, as applicable in your jurisdiction), we will act in accordance with your Personal Representative’s instructions where regulatory requirements allow, but:

• we may agree that funds can be withdrawn on the instruction of the executor before the grant of representation for the purposes of payment of taxes or other disbursements in connection with your estate. We will be unable to take instructions until we are satisfied of the identity of your executor and we may require undertakings from them or from a lawyer;
• funds cannot be released from your account for any other purpose until any re-registration process is completed with any fees, charges and expenses owed to us accounted for;
• if we have not received any instructions within three months of our receipt of the grant of representation, we may re-register your Account into your Personal Representative’s name.

d)   Regardless of anything in this Agreement, if this Agreement is not terminated within two years of the date of your death, we may, where regulations allow, take such action as we reasonably consider appropriate to close your Account. Your estate or your Personal Representative will be liable for all reasonable costs associated with us taking this action, or considering taking action, except to the extent that costs arise because of our negligence, wilful default or fraud. 

e)   If you are an individual and we receive notice of an event of your bankruptcy or incapacity or if you are anon-natural person and we receive notice of your winding up or similar procedure in any jurisdiction, we will only act on the instructions of those persons we determine to be your proven representatives. 

7.11  Transferring rights or obligations under our Agreement

a)   We may transfer our rights or responsibilities under this Agreement to another suitable organisation in the future. You may not transfer your rights or responsibilities under this Agreement without our prior written agreement.

7.12 Closing your Account

a)  You can request closure of your Account at any time via VELTA. You can only do this after you have arranged for credit balances to be transferred to another bank or repaid any money you owe to us.

b)  We can close your Account as long as we give you at least 30 days’ notice. We can also close your Account and cease your use of VELTA immediately if:

• you do not provide information to us which we reasonably believe is needed to maintain the operation of your Account; or
• we reasonably suspect that you’ve given us false information, which was a significant factor in our decision to open your Account (or to continue to provide it to you); or
• we reasonably suspect that your Account (or any other account you hold with us) is being used or is planned to be used for an illegal purpose; or
•  you behave in an abusive, threatening or violent manner towards our staff;
• we are required to do so by law or regulation; or
• your Account is being used for purposes which were not communicated either when you opened your Account or subsequently; or
• changes to the nature of your business or how you use your Account, if this does not meet our requirements; or
• your Account no longer meets the requirements imposed by our Correspondent Banks.

7.13 Making a Complaint

a)  If you’re not completely happy with our service, please let us know in order that we can resolve your complaint as quickly as possible. You can contact us:

• by calling us – 00 44 1624 654200; or
• via VELTA; or  
• by writing to us at Capital International Bank Limited, Capital House, Circular Road, Douglas, Isle of Man, IM1 1AG.

b)  We will acknowledge and respond to your complaint within regulatory required timelines and endeavour to resolve it as soon as we can.      

7.14 How we use your information

a)  Your information is made up of all the financial and personal information we hold about you and your transactions.  

b)  For full details relating to that information, our collection, retention and use of it together with your rights in that regard please refer to our Privacy Notice which can be found on our Website.