Welcome to IBANFIRST. We developed the IBANFIRST Core Service, an online platform that gives you an easy access to the basic financial services needed by a company: a professional IBAN account, receive and execute SEPA transfers with your business counterparties (the “IBANFIRST Service”, the “Service”).
We have tried to draft these General Terms & Conditions (“Agreement”, “Service Agreement”) in a clear and simple manner. Unfortunately, the realities of the legal world make it a very difficult task. So, should you have any questions or concerns or if you would simply like to better understand how we do things at IBANFIRST, please do not hesitate to contact us.
Below is a quick description of the main sections of this Agreement, but there are important details in the whole document, so you should read it.
You provide us with basic information about your organisation: director(s), owner(s) and user(s). We will seek to verify the information provided (we may work with third parties to do so) and approve your service account unless your request is not approved for risk or compliance considerations (by us or our payment processors). You give us permission to perform these verifications and to periodically update the information, otherwise we must decline to offer you the Service. [if you do not agree with these terms we will not be able to provide you the Service]
We may ask you to send us at any time more information about your company. This additional information is required to perform our controls and abide by all laws, rules and regulations that apply to us as a regulated entity. Your services may be interrupted if we are not able to gather sufficient information.
Considering the major risk related to identity thefts, as exposed by the national supervisors (NBB and FIU), IBANFIRST will require a first SEPA transfer of funds emanating from the client’s bank account opened in a recognized credit institution. This first transaction will also be analyzed regarding anti-money laundering and terrorism financing laws.
We provide you with a Service to open a professional IBAN account, receive and execute SEPA transfers; we will respect and protect your privacy, data and personal information. You run your business, service your customers, protect your customers’ data, report & pay taxes, and observe all laws, rules, and regulations.
We can terminate this Agreement for any reason with a two months’ notice and immediately in certain circumstances (in the case you breach this Agreement for instance). You can terminate at any time effective immediately. Termination does not alter your liability for processed transactions.
These General Terms and Conditions constitute a legal agreement between the sole proprietor or business entity or business organisation listed as the “Company” on the registration page (sometimes referred to as “you”, “your”, “User”, “Client”) and IBANFIRST. You may request a copy of this Agreement, and the other terms or documents incorporated in it by reference, at any time during the duration of this Agreement.
IBANFIRST’s client support email address is email@example.com.
The IBANFIRST Service is only made available to persons or entities that operate a business and for payment purpose only, and the IBANFIRST Service is not made available to persons to receive or execute payments for private purposes.
To use IBANFIRST for your business, you will first have to register your company. When you register your company, we will collect basic information including your name, business name, location, email address, business identification number, copy of ID and phone number. For regulatory reasons, we are required to identify (i) all beneficial owners of your business, (ii) the main shareholder(s) (that own or control the business through the possession or direct or indirect control of more than 25% of the company’s share or voting rights), (iii) if one of the beneficial owners is a politically exposed person, has a politically exposed family member or is closely associated with a politically exposed person. A politically exposed person means a natural person who is or who has been entrusted with prominent public functions and includes the following: heads of State, heads of government, ministers and deputy or assistant ministers; members of parliament or of similar legislative bodies; members of the governing bodies of political parties; members of supreme courts, of constitutional courts or of other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances; members of courts of auditors or of the boards of central banks; ambassadors and high-ranking officers in the armed forces; members of the administrative, management or supervisory bodies of State-owned enterprises; directors, deputy directors and members of the board or equivalent function of an international organisation. No public function referred to before shall be understood as covering middle-ranking or more junior officials. A family member politically exposed can be the spouse, or a person considered to be equivalent to a spouse, of a politically exposed person; the children and their spouses, or persons considered to be equivalent to a spouse, of a politically exposed person; the parents of a politically exposed person. A close associate of a politically exposed person can be: natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a politically exposed person and natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person. It is also necessary to identify the (iv) principle of the business. As a User, you must be authorised to act on behalf of the business and have the authority to bind the business to this Agreement. In order to sign up a business to use the Service, you must agree to this Agreement on behalf of the business. If you have so agreed, the term “you” will mean you, the natural person, as well as such business.
Once you have signed the Service Agreement, we will send you an access to IBANFIRST (your “IBANFIRST Account credentials”). You must take all reasonable steps to keep the personalised security features of your IBANFIRST Account (including your password) safe, for example keep them secret and do not share them with anyone, other than appropriately authorised personnel within your business. You must notify us by sending an email to IBANFIRST support (using the details set out above) without undue delay if you discover that any of your personalised security features have been lost or stolen or that someone else has used or attempted to use your IBANFIRST Account without your authority.e effective immediately. Termination does not alter your liability for processed transactions.