5. Use of Our Site
5.1. You may only use our website for lawful purposes.
5.1.1 You must not, and you must not allow another person to, use our website (including any content or materials on it):
- In any way that breaches any applicable local, national or international law or regulation;
- In any way that is fraudulent, or has any fraudulent purpose or effect (including by misrepresenting your identity or account information);
- To access or interfere with another person’s records, impersonate another person or create or use a false identity or email address;
- To transmit any unsolicited or unauthorised advertising or promotional material or any other form of similar solicitation (“spam”);
- To obtain or attempt to obtain unauthorised access to or interfere with, damage or disrupt any part of our website, any computer systems, equipment, software or networks on or through which our website is stored or operated;
- To modify, adapt, decipher, decompile, disassemble or reverse engineer any of the software comprised in or in any way making up a part of our website or services provided by our website;
- To scrape, reproduce, duplicate, copy, modify, distribute, publish, resell or transmit any element comprised in our website, including any software comprised in it, the content or the services provided through it;
- To use any technology or processes of any kind to access, acquire, copy, monitor, navigate or search our website or any portion of it (including the use of data mining, robots or similar data gathering and extraction tools); or
- In any way that is not authorised by us or is detrimental to us or our third party service providers.
6. Consequences of a Breach of the Acceptable Use Terms
6.1 We may monitor and log user activity, and any material contributed by users, for security purposes and in order to identify any actual or potential misuse of our website.
6.1.1 Failure to comply with our acceptable use terms constitutes a material breach of these Terms.
6.1.2. If we have reason to believe that you have, or you are likely to, use (or allow another person to use) our website in breach of our acceptable use terms, we may take such action as we reasonably deem appropriate including:
- Immediate, temporary or permanent withdrawal of your right to use our website or associated services;
- Immediate, temporary or permanent removal of any material contributed by you to our website;
- Legal proceedings against you; and/or
- Disclosure of such information to law enforcement authorities or regulators as we reasonably consider is appropriate.
7. Verification of Identity
7.1 In accordance with Applicable Law, we are required to apply due diligence measures aimed at the prevention of money laundering and terrorist financing before you can open an Account. Among other measures, we are required to identify and verify your identity and collect information about you, your use of the services provided to you and any suspicions of money laundering or terrorist financing which we may develop with regard to you or use of the services provided to you.
7.2 You are required to provide us with all information and documents which we demand from you in order to apply the due diligence measures or to perform any other obligations under Applicable Law and/or this Agreement.
At a minimum, you must provide the following as part of your application to us to provide Services:
If you are an Individual:
7.2.1 your full name, address, date of birth, and nationality;
7.2.2 your email address;
7.2.3 your mobile phone number and, in certain circumstances, your mobile phone device’s identification number;
7.2.4 as a proof of your identity, a copy of any of the following documents:
- a valid passport; or
- a valid EU member state national identification card;
7.2.5 as a proof of your address, a copy of any of the following documents:
- a valid UK driving licence;
- lease contract;
- recent bank statement;
- recent government issued tax statement;
- recent council tax bill;
- recent utility bill excluding mobile bill.
7.3 We may request, in our sole discretion:
7.3.1 You to provide one or more answers to security questions that will be used as part of any Authorisation under this Agreement; and
7.3.2 Any additional information or documents we or Modulr deem necessary and appropriate in line with our assessment of risks relevant to you as clients, both in course of our review of your application and during the whole period of validity of this Agreement.
7.4 You undertake that all information and documents which you present to us are true, accurate and up to date. If, at any point during the term of the Agreement, any of the information and documents presented to us should change or you identify that they were false, inaccurate and / or incorrect in any form, then you shall promptly present us with the respective updated information and documents. You can update the information and documents presented to us by email at firstname.lastname@example.org. We may ask you at any time to confirm the accuracy of your information and / or provide additional supporting documents.
7.5 We may also contact third parties to collect and / or verify the information and documents presented by you under this Agreement. We may limit your account and your access to funds held in your E-Wallet / account until such collection of information and / or verification is completed.
7.6 If your application to open an Account is successful, we will open an E-Wallet in your name and send you a confirmation through the App.
7.7 In order to use your account, you must also provide us with details of a payment account opened in your name with a bank or payment account provider established in the EEA or in a third-party country which imposes equivalent anti money laundering and terrorist financing laws (a “Nominated Account”). This is in addition to any other information requested by us.
7.8 If, after being accepted by us, you wish to change your Nominated Account, you must notify us by submitting the new Nominated Account details via the App or by email at email@example.com. We will review the new Nominated Account details and will confirm if the change is accepted. The change of Nominated Account will only be effective following the express confirmation from us.
7.9 Once we have activated the full functionality of your Account, you may login to access your E-Wallet via the App.
8. Keeping Your Account Safe
8.1 You must take all reasonable precautions to keep any security information relevant to your E-Wallet and your Account linked to your E-Wallet safe and to prevent fraudulent use of them. You must use reasonable endeavours to prevent any unauthorised access to, or use of, your E-Wallet and should notify us immediately by email at firstname.lastname@example.org of any such unauthorised access or use, or any suspicion of access or use.
8.2 Your login for your Account should not be disclosed to anybody or kept in written form to prevent fraud and misuse of its E-Wallet. We also recommend that obvious passwords, such as your name or the phase “password”, are not used.
8.3 You should also:
8.3.1 take care to ensure that no one hears or sees your login details when you use it;
8.3.2 not disclose your full login details or password to anyone, including the police and us;
8.3.3 never write your password down, nor keep a record of it;
8.3.4 comply with all reasonable instructions we issue regarding keeping your login details and password;
8.3.5 change your login details and / or password immediately and telling us as soon as possible if you know, or even suspect, that someone else knows any of those details, or if we ask you to;
8.3.6 keep any computer / device you use to access the App secure and use up to date virus checking software and personal firewall software.
8.3.7 never access the App from any shared device (or any public internet access device or access point) or any device connected to a local area network;
8.3.8 make sure you always log out of the App, and never leaving your device unattended when you are logged in; and
8.3.9 never share any Account details or payment details on social media or any website.
8.4 If your Account login details are lost or stolen, or if you suspect that someone else knows your login details or your verified mobile phone and / or e-mail are compromised, you must contact us by email at email@example.com without undue delay.
8.5. Kuda shall not be liable for any loss you suffer as a result of any unauthorised transactions carried out in respect of your E-Wallet / Account by a third party that obtains your log-in or other personal details for your E-Wallet / Account, as a result of your negligence.
9. Types of Transactions
9.1 The following transaction are currently permitted on your E-wallet / Account;
- “Electronic Money Exchange” that is, using Electronic Money in one currency to purchase Electronic Money in another currency using our Exchange Rates; and
- “Bank Transfer” – that is, redeeming Electronic Money from your Electronic Money Account, with or without an associated Monetary Exchange taking place, and transferring the equivalent amount of money to the beneficiary designated account / e-wallet.
10. Electronic Money Exchange
10.1 You can exchange Electronic Money in your Electronic Money Account to Electronic Money in another currency by using the exchange function on the App.. The currencies of Electronic Money which you are able to purchase and store in Electronic Money Account are limited to those set out on the App and are subject to change from time to time without us being required to provide you with notice.
10.2 You will be informed, prior to sending your request to enter into the Electronic Money Exchange (where "Electronic Money Exchange" means using Electronic Money in one currency to purchase Electronic Money in another currency using our Exchange Rates), of:
10.2.1 the amount of Electronic Money you will use to purchase the amount of Electronic Money in your required currency;
10.2.2 the amount and currency of the Electronic Money you wish to purchase; and
10.2.3 the exchange rate of the Electronic Money Exchange
11. Bank Transfer and Monetary Exchange
11.1 You can make a request to enter into a Bank Transfer by logging onto the Kuda App and following the on-screen instructions. You will need to enter the Counterparty Bank Account details. It is your responsibility to make sure that the details of the Counterparty and the Counterparty Bank Account (the ‘unique identifiers’) are entered correctly. Any error in information may result in the Bank Transfer being unsuccessful or delayed. We shall not be liable for any losses you incur from entering incorrect Counterparty Bank Account details.
11.2 You will be informed on the Kuda App, prior to confirming your request to enter into the Bank Transfer, of:
11.2.1 the details of the Counterparty Bank Account;
11.2.2 the amount and currency of money you wish to send to the Counterparty; and
11.2.3 the fees for the Kuda Bank Transfer (if any).
11.3 Where the payment is denominated in;
11.3.1 Sterling or Euro, we shall ensure that the amount of the Bank Transfer is credited to the Counterparty’s payment service provider’s account by the end of the Business Day following that on which your request to enter into the Bank Transfer was deemed to have been received;
11.3.2 a currency other than Euro or Sterling but the account of the Counterparty’s payment service provider is located within the European Economic Area (‘EEA’), we shall ensure that the amount of the Bank Transfer is credited to that account no later by the end of the fourth Business Day following that on which request to enter into the Bank Transfer was deemed to have been received; and
11.3.3 a currency other than Euro or Sterling and the account of the Counterparty’s payment service provider is located outside the EEA, we shall endeavour to ensure that we action the Bank Transfer as soon as is reasonably practicable.
11.4 Except where provided otherwise under applicable law, you may not revoke your request to enter into the Bank Transfer.
11.5 Once the Bank Transfer has been completed, you will be able to view the completed Transfer on the Kuda App.
12. Exchange Rates
12.1 You will be informed of the exact Exchange Rate for each Transaction. It is your responsibility to ensure that you are comfortable with the Exchange Rate we offer you, prior to entering into each Transaction. If you are not comfortable with the Exchange Rate, you are at liberty to discontinue the Transaction.
13. Your Balance and Negative Balances
13.1 You acknowledge that balances and available funds reported on the App are only approximate real time balances rather than the settled balances in your Electronic Money Account. A real time balance may not take into account pending debits and credits. Kuda will provide you with information on pending debits and credits as soon as it has that information.
13.2 If for any reason (including, but not limited to, any technical errors on our behalf or on behalf of our third-party providers) you have a balance in your Electronic Money Account which is below the minimum balance applicable (as communicated by us to you) to your Electronic Money Account, you agree to immediately Top-Up the required amount to correct the negative balance, such amounts being due without the need for previous notification.
14. Restrictions on the Use of Kuda’s Services
14.1 Where possible, Kuda 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.
14.2 If Kuda, in its sole discretion, believes that you may have breached the provision of this Clause, we may take action to protect ourselves, other Users and third parties. The action we may take includes but is not limited to:
14.2.1 closing, suspending, or limiting your access to your Electronic Money Account or any or all of the Kuda Services;
14.2.2 contacting other users who have transacted with you; contacting your bank or credit card issuer; and/or warning other users, law enforcement, or impacted third parties of your actions;
14.2.3 updating inaccurate Information, you have provided to us;
14.2.4 taking legal action against you;
14.2.5 terminating these Terms or access to the Website;
14.2 6 fully or partially reversing a Transaction; and/or
14.2.7 blocking your access to your Electronic Money Account or Kuda App temporarily or permanently.
14.3 It is not permitted to;
14.3.1 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, the funding of terrorist organizations, the unlawful purchase or sale of tobacco, firearms, prescription drugs, other controlled substances or other products prohibited by law. Kuda will report any suspicious activity and cooperate with any relevant law enforcement agency or regulator to the extent required by applicable law or rules of the relevant law enforcement agency or regulator;
14.3.2 use the Kuda Services in breach of any applicable law, including but not limited to any laws, regulations, governmental orders, directives, rules, licences or requirements of the European Union, the United Kingdom, the United States of America, or any other country relating to sanctions, anti-money laundering or counter terrorist financing legislation or any other applicable law;
14.3.3 use Kuda Services in a way which would result in an economic benefit to a Designated Person or in any way which we consider would or might give rise to a risk of Kuda or any other person violating any sanctions, anti-money laundering or counter terrorist financing legislation or any other applicable law;
14.3.4 use Kuda services to, directly or indirectly, contribute or provide funds, goods, services by, to, or for the benefit of a Designated Person or in any way which we consider would or might give rise to a risk of Kuda or any other person violating any sanctions, anti-money laundering or counter terrorist financing legislation or any other applicable law;
14.3.5 use the Kuda 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;
14.3.6 breach these Terms or any other agreement or policy that you have agreed with Kuda;
14.3.7 create more than one Kuda Account without our prior written consent;
14.3.8 use Kuda’s Services to violate any law, statute, ordinance, or regulation;
14.3.9 use Kuda’s Services for any illegal purposes including the purchase or sale, or the facilitation of the purchase or sale of, illegal goods or services;
14.4.10 use Kuda’s Services to conduct activities pertaining to adult entertainment/pornography, military, chemicals and allied products, dating and escort services, binary options, and business claiming to trade in prime bank guarantees, debentures, letters of credit or medium term notes;
14.4.11 infringe Kuda’s or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
14.4.12 act in a manner that is defamatory, libellous, threatening or harassing when using Kuda Services;
14.4.13 provide us with false, inaccurate or misleading information;
14.4.14 use Kuda Services to engage in debt-collection activities;
14.4.15 instruct us to send or receive what we reasonably believe to be potentially fraudulent funds on your behalf;
14.4.16 attempt to intentionally or knowingly receive or attempt to receive funds from both Kuda and a merchant for the same Transaction;
14.4.17 control a Kuda Account that is linked to another Kuda Account that has engaged in any of these Restricted Activities;
14.4.18 conduct your business or use Kuda 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 Kuda, other Users, third parties or you;
14.4.19 allow any of the currencies in your Electronic Money Account to have a negative balance or have a minimum balance applicable to your account;
14.4.20 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 Kuda’s Services;
14.4.21 take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers;
14.4.22 circumvent any Kuda policy or determinations about your Electronic Money Account including, but not limited to, attempting to create a new or additional Account when a Electronic Money Account has a negative balance or a balance below the minimum balance applicable to such account or has been restricted, suspended or otherwise limited; creating new or additional Electronic Money Accounts using Information that is not your own (e.g. name, address, email address, etc.); or using someone else’s Kuda Electronic Money Account;
14.4.23 harass our employees, agents, or other Users;
14.4.24 refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;
14.4.25 use the Kuda Services in a manner that we believe may be a violation of any applicable electronic payment network rules, card association or network rules, or applicable law;
14.4.26 use the Kuda Services to trade FX for speculative purposes or for FX arbitrag
14.4.27 refuse or fail to provide further information about you or your business activities that we may reasonably request;
14.4.28 conduct your business or use Kuda Services in a manner that leads us to receive a disproportionate number of claims or chargebacks; or
14.4.29 have a credit score provided by a third-party provider of Kuda choosing which indicates a higher level of risk, associated with your use of Kuda service.
15. Transaction Limits
15.1 We reserve the right to impose at our sole discretion limits on Transactions, based on criteria determined by us which we do not not have to disclose.
16. Suspending Your Use of Kuda Services
16.1 We reserve the right without liability to change, suspend or discontinue any aspect of Kuda’s Services at any time, including hours of operation or availability of Services or Features and this could be for various reasons including security, downtime, system upgrades amongst others. We would, however, as much as is reasonably practical, we would provide you with prior notice.
17. Our Right to Set-Off
17.1 On the happening of any event which entitles us to be compensated by you (including, but not limited to, any technical errors on our behalf or on behalf of our third-party providers), we shall be entitled to recover any sum due to us by retaining part or all of any sum that you have lodged with us under any Transaction or otherwise. You shall have no similar right of set-off. For the avoidance of doubt, this includes if one of the currency balances in your Electronic Money Account shows that you owe us an amount of funds for any reason or has a negative balance, Kuda may set-off the amount you owe us by using funds you maintain in that currency or in a different currency balance or by deducting amounts you owe us from money you receive into your Electronic Money Account, or money you attempt to withdraw or send from your Electronic Money Account, or in a different Electronic Money Account which you control and by deducting funds from any withdrawals you attempt to make.
17.2 If the amount owed to us is in a currency which is different to the money or Electronic Money you hold with us, we shall convert the amount you hold with us to the currency of the amount you owe us by applying our Exchange Rates. We do not need to notify you of this conversion occurring.
18. Our Liability, General Liability
18.1 Except where you have acted fraudulently, you will not be liable for any losses incurred in respect of a Kuda Bank Transfer which was not authorised by you which occurs after you have notified us, without undue delay, on becoming aware of the loss, theft, misappropriation or unauthorised use of the Kuda App.
18.2 We shall not be liable for non-execution or defective execution in relation to a Kuda Bank Transfer we have made in accordance with a unique identifier given to us by you which proves to be incorrect.
18.3 We are not liable to you for the correct execution of a Kuda Bank Transfer, if we can prove to you (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period. We will however, upon your request, make efforts to trace any non-executed or defectively executed payment transactions or any Kuda Bank Transfers which were correctly executed to an account which is deemed fraudulent and notify you of any outcome involving our search.
18.4 Please note any restriction on your liability in relation to an unauthorised or incorrectly executed payment transaction set out in the Payment Services Regulations 2017 does not apply to losses in relation to Electronic Money Exchanges or Monetary Exchanges.
18.5 We shall no be liable to you for any;
18.5.1 delay or failure to perform our obligations under these Terms (including any delay in payment) by reason of any cause beyond our reasonable control including but not limited to any action or inaction by you or any third party, any Force Majeure Event, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of god or any abnormal or unforeseeable circumstances; or
18.5.2 losses as a result of a requirement imposed on us by the Payment Services Regulations 2017 or the Electronic Money Regulations 2011 or our obligations under the laws of any other jurisdiction.
18.6 You are responsible for all liabilities, financial or otherwise, incurred by Kuda, a Kuda User, or a third party caused by or arising out of your breach of these Terms, your use of Kuda Services, and any use of your Kuda Account. You agree to reimburse Kuda, a Kuda User, or a third party for any and all such liability, to the extent not prohibited by applicable law.
18.7 You remain liable under these Terms in respect of all charges and other amounts incurred through the use of your Kuda Account at any time, irrespective of termination, suspension or closure.
18.8 You alone are responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of Kuda Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. You are liable to the state and other subjects for fulfilment of all tax obligations independently. Kuda shall not be responsible for the execution of tax obligations, or calculation and transfer of taxes applied to you.
18.9 To the extent permitted by applicable law, Kuda is not liable, and you agree not to hold it responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:
18.9.1 your inability to use Kuda Services for whatever reason;
18.9.2 delays or disruptions in Kuda Services;
18.2.3 viruses or other malicious software obtained by accessing the Website or any associated site or service;
18.2.4 glitches, bugs, errors, or inaccuracies of any kind in the Kuda Services;
18.2.5 the content, actions, or inactions of third parties;
18.2.6 a suspension or other action taken with respect to your Kuda Account;
18.2.7 your need to modify practices, content, or behaviour, or your loss of or inability to do business, as a result of changes to these Terms or Kuda policies;
18.2.8 illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data.