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Anti-Money Laundering (AML) Policy
Effective: 01 January 2020
Updated: 01 January 2020
BPAY operates a payment service platform that allows its users or customers to purchase, pay or get paid using blockchain networks as payment rails. BPAY sets high standards for compliance with financial service regulations, including Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT) laws and regulations. Systems are being implemented to continuously monitor and prevent against fraud, money laundering, terrorist-financing, corruption and sanctions evasion.
The nature of BPAY’s blockchain-based payment services require a heightened awareness and understanding of money laundering risks and BPAY’s statutory and regulatory obligations, to prevent or mitigate the risk that BPAY’s services may become a target for misuse by criminals.
BPAY acknowledges that a digital settlement system in which payments are processed, validated and secured by permissioned distributed ledger technology poses some level of risk of illicit use. Indeed, all financial systems are susceptible to criminal abuse. However, BPAY believes that the legitimate uses of blockchain networks far outweigh these risks. To fully enjoy the advantages of blockchain and leverage the efficiencies brought by the technology, BPAY has outlined this Policy on AML, Know Your Client (KYC), CFT as well as sanctions monitoring.
By enforcing a strict policy on AML, KYC, CFT and sanctions monitoring, BPAY will be able to assess and manage the peculiar risks associated with remittance, cross-border payments and cryptocurrencies, enabling BPAY to focus on building a robust platform and delivering innovative financial services. BPAY have established control mechanisms to manage AML and CTF risks, which are consistent with local laws and regulations as well as international standards set forth by the Financial Action Task Force (FATF), including the Guidance for Virtual Assets (VA) and Virtual Asset Service Providers (VASPs).
BPAY is fully committed to comply with the relevant laws and regulations to prevent money laundering and terrorist financing, identify and verify the users of the BPAY. BPAY uses special analytics software to monitor, detect and prevent the use of the platform for money laundering or terrorist financing. BPAY respects and protects the privacy of its users, yet it will not allow its services to be used to launder money, or to commit terrorist financing, fraud, financial crimes or any other illegal or nefarious activities.
BPAY’s operator, Bexpress Inc. (“Bexpress”) is registered with the Bangko Sentral ng Pilipinas (BSP) as an Operator of Payment System. Bexpress is also registered with the Anti-Money Laundering Council.
Money Laundering and Terrorist Financing Prevention Program
As a guide in implementing this Policy, BPAY’s operator, Bexpress, maintains an internal AML KYC Framework embodied in its Money Laundering and Terrorist Financing Prevention Program (MTPP). The MTPP is fundamentally designed to prevent criminal abuse by adhering to international standards set forth by the FATF including the need to have adequate systems and controls in place that would mitigate the risk of being used in facilitating financial crimes. The MTPP takes in consideration the best practices for KYC in Mobile Payments and Internet-based Payments Services according to the FATF Guidance on Risk-Based Approach (RBA) issued in 2013, the FATF Guidance on RBA for Virtual Currencies issued in 2015, and the recent Guidance for Virtual Assets (VA) and Virtual Asset Service Providers (VASPs) published in June 2019. The MTPP is updated periodically to take incorporate the latest typologies report and other relevant guidance notes published by the FATF.
As a basic principle of its KYC policy, BPAY strictly requires minimum identity information received from users to be corroborated by official documents such as passport or other government IDs, and to be verified by online searches for adverse media, along with the use of other ID verification tools and techniques. Users are then assigned their respective risk profiles to determine whether Enhanced Due Diligence (EDD) should be undertaken and to manage risks associated with high-risk clients.
BPAY strictly prohibits individuals, companies and countries that are named on prescribed sanctions lists from using the BPAY platform. In particular, BPAY will screen users against US Office of Foreign Assets Control (OFAC), United Nations, European Union, and other sanctions lists in jurisdictions where BPAY’ services are available. Screening is implemented through online searches and by using special screening software solutions that will track prospective users who are included in major and relevant sanctions lists.
Suspicious Transactions Reporting (STR)
A Suspicious Transaction refers to a transaction, regardless of the amount involved, where any of the following circumstances exists: (a) there seems to be no underlying legal or trade obligation, purpose or economic justification; (b) client is not properly identified; (c) amount involved is not commensurate with the business or financial capacity of the client; (d) taking into account all known circumstances, it may be perceived that the client's transaction is structured in order to avoid being the subject o Covered Transactions Reporting (CTR) requirements (e.g. “smurfing” or dividing a transaction to multiple small transactions); (e) other circumstance relating to the transaction which is observed to deviate from the profile of the customer and/or the customer's past transactions; (f) The transaction is in any way related to an unlawful activity or any money laundering activity or offense, that is about to be committed, is being or has been committed; or (g) other transaction that is similar, analogous or identical to any of the circumstances mentioned above. Procedure On high level, the STR shall include a reporting chain under which a suspicious transaction will be processed and the designation of a board-level or approved committee 4 who will ultimately decide whether or not the covered person should file a report to the relevant Financial Intelligence Unit (FIU).
In the case of BPAY, a committee composed of the Chief Executive Officer, Chief Operations Officer and Compliance Officer (who is also appointed as AML Officer) will determine whether an STR should be submitted to the relevant Financial Intelligence Unit.
All issues, suspicious users and transactions are immediately reported, together with recommended solutions to the Compliance Officer upon its occurrence or discovery by the operations and compliance team. The Compliance Officer will determine if the transaction is indeed suspicious and make the appropriate recommendations to the Company. All suspicious transactions and users are immediately flagged and transactions held until the severity and proper course of action of the case is determined.
Electronic AML KYC System
BPAY adopts a comprehensive electronic AML KYC monitoring system. The system is capable of generating timely, accurate and complete reports to lessen the likelihood of any reputational and compliance risks, and to regularly apprise the board of directors and senior management on KYC and AML/CFT compliance.
Special notice shall be addressed to persons, companies and other entities from countries which: a. Do not or insufficiently apply the FATF recommendation; b. Do not or insufficiently apply the Anti-Money Laundering measures required by the relevant AML law and regulations; c. Listed in various sanctions lists such as the Office of the Foreign Assets Control.
Effective: 01 January 2021
Updated: 01 January 2020
BPAY, a payment service platform operated by Bexpress Inc., ensures continued protection of your personal information with our organizational, physical, and technical measures for data protection, including policies for evaluation, monitoring, and review of operations and security risks.
Personal Identification Information
We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address, mailing address, phone number. Except for minimum Know Your Client information which are listed below, we will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.
When using the Bpay and other associated financial services, we may collect and use the
following data about you:
1. Complete name;
2. Address, including country of residence;
3. Email address;
4. Mobile phone number;
5. Date and Place of birth;
6. Proof of identity (e.g., driver’s license, passport, or government-issued identity card);
7. Official Identification issued by a government; and 8. Other Personal Information or commercial and/or identification information that Bpay, in its sole discretion, deem necessary to comply with its legal obligations under various Anti-Money Laundering (AML) obligations, such as those under the Anti-Money Laundering Act of 2001 (as amended), European Union’s 4th AML Directive and the U.S. Bank Secrecy Act (BSA).
How We Use Collected Information
Bpay may collect and use Users personal information for the following purposes:
1. To Process Account Verification
We may use the information Users provide about themselves for verification purposes for the Users account. We do not share this information with outside parties except to the extent necessary to provide the service.
2. To Send Periodic Emails We may use the email address
to respond to their inquiries, questions, and/or other requests as well as to send periodic emails that will inform users on the latest updates on the services and features of Bpay. When you create a Bpay Account you are agreeing to opt-in to all communications from us. We will provide you with an opportunity to opt-out of newsletter communications. We will never provide your Personal Information to third parties for direct marketing or other unrelated purposes without your written consent. Unfortunately, we are unable to allow you to opt-out of the emails we send you for certain legal, compliance or administrative purposes.
3. Profiling and Automated Decision Making
We may use Automated Decision Making (ADM) to improve your experience or help fight financial crime. For example, so that we can provide you with a fast and efficient service, we may use ADM to verify your identity documents, or to confirm the accuracy of the information you have provided to us. None of our ADM processes will adversely affect the privacy of your personal information.
4. Data Retention
As Bpay is subject to various legal, compliance and reporting obligations, including AML requirements, we are required by law to store some of your personal and transactional data beyond the closure of your account with us. Your data is only accessed internally on a need to know basis, and it will only be accessed or processed if absolutely necessary. We will delete data that is no longer required by any relevant law or jurisdiction in which we operate.
How We Protect Your Information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.
We restrict access of your Personal Information only to Bpay employees, affiliates, and subcontractors who have a legitimate business need for accessing such information. We continuously educate and train our employees about the importance of confidentiality and privacy of customer information. We maintain physical, electronic, and procedural safeguards that comply with the relevant laws and regulations to protect your Personal Information from unauthorized access.
We employ security products, such as firewall and data encryption, and other internal controls which are meant to safeguard all our servers and information systems, including the data stored in these systems. Sensitive and private data exchange between the Site and its Users are held safely and securely over a minimum of 128-bit SSL encryption.
Where we have a legal obligation to do so, we have appointed Data Protection Officers (DPOs) to be responsible for Bpay’s privacy program. If you have any questions about how we protect or use your Personal Information, you can contact our DPOs by email at email@example.com.
Sharing Your Personal Information
We do not sell, trade, or rent Users personal identification information to others. We never collect or maintain information at our Site from those we actually know are under 18, and no part of our website is structured to attract anyone under 18.
It is Bpay’s policy that all systems and storage medium or repositories that store customer data shall have completed the appropriate information security, risk, legal compliance, and privacy impact assessments. Your personal information shall only be stored in the environment that we can manage. Physical copies of documents containing your personal information shall be stored in physical vaults in a sealed and secure manner.
Personal Data Breach Management
Personal Data Breach refers to a breach of security leading to the accidental or unlawful
destruction, loss, alteration, unauthorized disclosure of, or access to, personal data
4 transmitted, stored, or otherwise processed. A Personal Data Breach shall be subject to
notification requirements under the following conditions:
1. Compromised data involves personal data that may be used to enable identity fraud;
2. There is reason to believe that the information may have been acquired by an unauthorized person; and
3. The unauthorized acquisition is likely to give rise to a real risk of serious harm to any affected data subject.
Bpay shall notify the National Privacy Commission and affected customers in case of breach within 72 hours upon knowledge of or reasonable belief by the Bank or our third party processor that a personal data breach has occurred. If such event occurs, we shall notify you, through a secure means of communication, of the nature of the breach, your personal information possibly compromised, measures taken to address the breach and reduce negative consequences, contact details of government authorities concerned and our Data Protection Office who can assist you in mitigating the possible ramifications that can compromise you and your right to privacy.
We use both session and persistent Cookies. Session Cookies expire when you log out of your account or close your browser. Persistent Cookies remain on your computer or mobile device until deleted or otherwise expire. Most web browsers are set to accept Cookies by default. You are free to decline most of our session Cookies if your browser or browser add-on permits but choosing to remove or disable our Cookies may interfere with your use and functionality of the Bpay Services.
Right of Rectification
You have the right to correct any personal information We hold on you that is inaccurate, incorrect, or out of date.
Right of Erasure
You have the right to ask us to delete your data when it is no longer necessary, or no longer subject to a legal obligation to which Bpay is subject to.
You may have the right to transfer certain of your personal data between data controllers, for example, to move your account details from one online platform to another.
You may be able to stop the collection of location information through your device settings or by following the standard uninstall process to remove our applications from your device; however, because such data is used by us to optimize Bpay’s Services, meet legal requirements, as well as for ongoing fraud and risk monitoring purposes, choosing to remove or disable location services may interfere with your use and functionality of the Bpay Services.
Access to Information
Subject to applicable laws, you may have the right to access information we hold about you. Your right of access can be exercised in accordance with the relevant data protection legislation. For further information, please contact firstname.lastname@example.org.
Your Acceptance of these Terms
By using this Site, you signify your acceptance of this policy and Bpay’s Terms of Service. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes
TERMS OF SERVICE
Effective: 01 January 2021
This Terms of Service (“Agreement”) is a contract between you and Bpay and applies to your use of Bpay Services. You must read, agree with and accept all of the terms and conditions contained in this Agreement. This is an important document which you must consider carefully when choosing whether to use Bpay Services. When using the Bpay’s payment Services, you shall be bound by this Terms of Service.
In some cases, a merchant may be required to execute a special payment service agreement. In case of conflict between this Terms of Service and a special payment agreement, the latter shall prevails
Bexpress Inc.: A company duly registered with the Bangko Sentral ng Pilipinas (BSP) as an Operator of Payment Systems (OPS). It offers payment Services under the BPAY brand.
BPay: refers to the Payments platform owned and operated by Bexpress Inc., and its ancillary Services, including, but not limited to, the payments platform, the application programming interface (hereinafter, the “API”), and the point-of-sale terminal system (hereinafter, the “PoS System”).
Customer/User: A natural or legal person, the identifying information of whom and/or by whom was provided to Bpay to enable access to Bpay’s Services. This also includes any persons using a Bpay account on behalf of a Bpay Customer, any unauthorized users of a Bpay Account, and any person(s) otherwise controlling a Bpay account.
Bpay Account: Refers to an account that is linked to any Bpay Customer identifying information.
1.2. CONTACT DETAILS.
Bpay Customer Service Hotline No. (02) 8815-7712.
BSP – Financial Consumer Protection Department (Tel. No.: (632) 708.7325; Fax No.: (632) 708.7345)
1.3. By signing up to use the Bpay account through the Site “http://bpay.ph/” website and/or Bpay mobile application, the Bpay API, and/or any associated websites or mobile applications (collectively the “Bpay site”), you agree to comply with and be legally bound by this Agreement, as revised from time to time. If you do not agree to any of the terms set forth in 1 this Agreement, or any subsequent modification to the Agreement, you may not access or use any of the Bpay Services.
1.4. We may amend or modify this Agreement by posting on the Bpay site or emailing you the revised Agreement, and the revised Agreement shall be effective at such time. We may (a) modify or discontinue any portion of the Bpay Services, and (b) suspend or terminate your access to the Bpay Services, at any time, and from time to time, without notice to you in certain, limited circumstances described herein. You agree that we shall not be liable to you or any third party for any modification or termination of the Bpay Services, or suspension or termination of your access to the Bpay Services, except to the extent otherwise expressly set forth herein.
1.6. Bpay is duly registered with the Bangko Sentral ng Pilipinas (BSP) as an Operator of Payment Systems, and such activity is subject to the rules and regulations of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council (AMLC). As a regulated business, BPay is required to comply with the Anti-Money Laundering Act, which requires BPay to verify merchant identities, maintain records of currency transactions for up to five and report certain covered and suspicious transactions. In the event that a merchant account is closed by BPay or at the request of the merchant, even without completing the onboarding process or performing a transaction, records must be held as prescribed by law.
1.7. Access to the Service. Depending on your country of residence, you may not be able to use all the functions of the Site. It is your responsibility to follow those rules and laws in your country of residence and/or country from which you access this Site and Services. As long as you agree to and comply with these Terms of Service, Bpay grants you the personal, non-exclusive, non-transferable, non-sublicensable and limited right to enter and use the Site and the Service.
1.8. To use Bpay’s Services, you must open a BPay account. When you open an account, we will ask you for contact information such as your name, phone number, email address, and information relating to the ultimate beneficial owner or the most senior individual from the organization. We will also ask you for information on your business, including your business’s legal name or DBA, physical address of the business, and your company's website. The information that you provide at the time of account opening must be accurate and complete and you must inform us within ten business (10) days of any changes to such information. We may require additional information from you (including any person signing below or otherwise agreeing to the Terms on behalf of the merchant) to help verify your identity and assess your business risk, such as your date of birth, tax identification number, or government-issued identification. We may also obtain information about you from third parties, such as credit bureaus and identity verification services. We have the right to reject your account registration or to later close your BPay account, if you do not provide us with accurate, complete, and satisfactory information
1.9. Risk Disclosure. Please note the following risks associated with the use of Bpay
● Bpay uses blockchain technology to process payment transaction. It is possible for a blockchain transaction to remain unconfirmed for a period of time. In such case, the cryptocurrency or blockchain transaction shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction;
● Cryptocurrencies are not legal tender, is not backed by the government, and accounts and value balances are not subject to deposit insurance;
● Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency;
● transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
● there is no assurance that a person who accepts cryptocurrency as payment today will continue to do so in the future;
● the volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time;
● The software protocols that underlie cryptocurrencies and blockchains are typically open source projects, which means that (i) the development and control of blockchains is outside of BEXPRESS’ control and (ii) such software protocols are subject to sudden and dramatic changes that might have a significant impact on the availability, usability or value of a given cryptocurrency.
● BEXPRESS may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the Services. YOU UNDERSTAND THAT THE SERVICES MAY EXPERIENCE OPERATIONAL ISSUES THAT COULD LEAD TO DELAYS. YOU AGREE TO ACCEPT THE RISK OF TRANSACTION FAILURE RESULTING FROM UNANTICIPATED OR HEIGHTENED TECHNICAL DIFFICULTIES, INCLUDING THOSE RESULTING FROM SOPHISTICATED ATTACKS.
2. OUR RELATIONSHIP WITH YOU.
2.1 Bpay helps you process payments using blockchain technology. Bpay is an independent contractor for all intents and purposes. Bpay does not have control of, or liability for, the products or Services that are paid for with Bpay Services.
2.3 Privacy of Others; Marketing. If you inadvertently receive information about another user through the Bpay Services, you must keep the information confidential and only use it in connection with Bpay Services. You may not disclose or distribute a user’s information to a third party or use the information for marketing purposes unless you receive the user’s express consent to do so. You may not send unsolicited email to a user through the Bpay.
2.4 Intellectual Property. “Bpay” and all logos related to the Bpay Services and/or Bpay Services are either trademarks, or registered marks of Bpay, their registered owners or its licensors. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
2.5 Password Security and Keeping Your Email and Address Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access Bpay Services. You are responsible for keeping your email address up to date in your Account Profile. You are responsible for maintaining the confidentiality and security of any and all account names, User IDs, passwords and any other security feature that you use to access the Services. You are responsible for (i) keeping your email address up to date in your Account profile and (ii) maintaining the confidentiality of your User information and the security of your Account, which includes the enabling of all relevant security features. You agree to notify Bpay immediately if you become aware of any unauthorized use of the Services or any other breach of security regarding the Services. BEXPRESS will not be liable for any loss or damage arising from your failure to protect your Account or your User information.
2.6 Notices to You. You agree that Bpay, via Bpay platform, App and/or Web Portal may provide you communications about your Account and Bpay Services electronically.
2.7 Notices to Bpay. We prefer receiving notices electronically through our support system at email@example.com. Paper notifications can also be sent. See our contact page for our mailing address.
2.8. Third Party Applications. If you grant express permission to a third party to connect to your Bpay account, either through the third party’s product or through Bpay, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. Further, you acknowledge and agree that you will not hold Bpay responsible for, and will indemnify Bpay from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant. You may change or remove these permissions at any time from the Account Settings (API) page.
3.1. Taxes. It is your responsibility to determine what, if any, taxes apply, it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. Bpay is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
3.2. Limitations. Bpay may delay an order if customer has not provided personal identifying information, if it reasonably suspects that customer is in violation of the User Agreement, or if further personal identifying information is necessary to establish the identity of the customer (“KYC”). Until completion of such verification procedures, customers may experience delayed processing of digital currency Transactions or Conversion Service transactions. Bpay will designate any such delayed transaction as “pending,” and funds will not be available until the pending transaction is completed. Bpay reserves the right to refuse to process, cancel, or to reverse any customer transaction (i) as required by law, (ii) in response to a facially valid subpoena, court order, or other government order, or (iii) if reasonably suspects that the transaction is erroneous, or is in violation of the Bpay User Agreement. You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own Cryptocurrencies, and all activity including Transactions that are posted to your Account. IF THERE IS SUSPICIOUS ACTIVITY RELATED TO YOUR ACCOUNT, WE MAY, BUT ARE NOT OBLIGATED TO, REQUEST ADDITIONAL INFORMATION FROM YOU, INCLUDING AUTHENTICATING DOCUMENTS, AND TO FREEZE ANY TRANSACTIONS PENDING OUR REVIEW. YOU ARE OBLIGATED TO COMPLY WITH THESE SECURITY REQUESTS OR ACCEPT TERMINATION OF YOUR ACCOUNT. YOU ARE REQUIRED TO NOTIFY BPAY IMMEDIATELY OF ANY UNAUTHORISED USE OF YOUR ACCOUNT OR PASSWORD, OR ANY OTHER BREACH OF SECURITY, BY EMAIL TO SUPPORT@BEXPRESS.PH. ANY USER WHO VIOLATES THESE RULES MAY BE TERMINATED, AND THEREAFTER HELD LIABLE FOR LOSSES INCURRED BY BPAY OR ANY USER OF THE SITE.
3.3. BPAY RESERVES THE RIGHT TO REFUSE TO PROCESS, OR TO CANCEL OR REVERSE, ANY TRANSACTIONS, EVEN AFTER FUNDS HAVE BEEN DEBITED FROM YOUR ACCOUNT(S), IF BPAY SUSPECTS THE TRANSACTION INVOLVES (OR HAS A HIGH RISK OF INVOLVEMENT IN) MONEY LAUNDERING, TERRORIST FINANCING, FRAUD, OR ANY OTHER TYPE OF FINANCIAL CRIME; IN RESPONSE TO A SUBPOENA, COURT ORDER, OR OTHER GOVERNMENT ORDER; IF BPAY REASONABLY SUSPECTS THAT THE TRANSACTION IS ERRONEOUS; OR IF BPAY SUSPECTS THE TRANSACTION BPAY WILL REVERSE THE TRANSACTION. IN THE CASES OF DIGITAL CURRENCY TRANSACTION, WE ARE UNDER NO OBLIGATION TO ALLOW YOU TO REINSTATE A PURCHASE OR SALE ORDER AT THE SAME PRICE OR ON THE SAME TERMS AS THE CANCELLED TRANSACTION.
3.4 Bpay will make reasonable efforts to ensure that payments are processed in a timely manner within our advertised processing times. But Bpay makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control.
3.5. Suspension and Cancellation. We may suspend your access to Bpay Services in accordance with the suspension and termination terms of this Agreement. Suspension or termination shall not affect the payment of fees or other amounts you owe to Bpay. In the event that your Bpay is suspended or terminated, we will immediately cancel all open orders associated with your Bpay Account, block all withdrawals and bar the placing of further orders until resolution or Account cancellation.
3.6 No Warranty. We do not represent that Bpay and/or the Bpay Services will be available without interruption. Although we will strive to provide you with continuous operations, we do not guarantee continuous access or that there will be no delays, failures, errors, omissions or loss of transmitted information, nor do we guarantee that any order will be executed, accepted, recorded, or remain open. Bpay reserves the right to cancel any open trades and/or suspend Bpay activity in accordance with the below Trading Rules. YOU FURTHER ACKNOWLEDGE THAT INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES MAY BECOME IRRETRIEVABLY LOST OR CORRUPTED OR TEMPORARILY UNAVAILABLE DUE TO A VARIETY OF CAUSES, INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD PARTY PROVIDERS, INTERNET OUTAGES, FORCE MAJEURE EVENT OR OTHER DISASTERS INCLUDING THIRD PARTY DDOS ATTACKS, SECURITY BREACH, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL. YOU ARE SOLELY RESPONSIBLE FOR BACKING UP AND MAINTAINING DUPLICATE COPIES OF ANY INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES.
4. DISPUTES WITH BPAY.
4.1 Indemnification. You agree to indemnify and hold Bpay, its parent, the officers, directors, agents, joint venturers, and employees harmless from any claim or demand (including attorneys’ fees) arising out of your breach of this Agreement or your use of Bpay Services.
4.2 Errors. In the event of an error, whether computer or human error, or whether via our Services, in a purchase order confirmation, in processing your purchase or payment, or otherwise, we reserve the right to correct such error and revise your payment transaction accordingly (including charging the correct price) or to cancel the purchase and refund any amount received.
4.3. Release of Bpay. If you have a dispute with one or more users, you release Bpay (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, this release extends to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
4.4. Disputes with Bpay. If you think we have made an error, email us at firstname.lastname@example.org. In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within thirty (30) days after the transaction occurred. Within thirty (30) days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.
4.5. Service Level Commitment on Complaints and Disputes. Within fifteen (15) business days of our receipt of your complaint, a Customer Assistance Officer will address all points raised in your complaint by sending you an email ("Resolution Notice") in which the Officer will: (i) offer to resolve your complaint in the way your requested; (ii) make a determination rejecting your complaint and set out the reasons for the rejection; or (iii) offer to resolve your complaint with an alternative solution. In exceptional circumstances, if the Officer is unable to respond to your complaint within 15 business days for reasons beyond BEXPRESS' control, the Officer will send you a holding reply indicating the reasons for a delay in answering your complaint and specifying the deadline by which the Officer will respond to your complaint (which will be no later than 30 days from our receipt of your complaint. Any offer of resolution made to you will only become binding on us if accepted by you. An offer of resolution will not constitute any admission by us of any wrongdoing or liability regarding the subject matter of the complaint.
5. GENERAL PROVISIONS.
5.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF BPAY OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, BPAY SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES
5.2 No Warranty. BPAY SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. BPAY, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF Bpay OR OUR PARENT SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. Bpay does not have any control over the products or Services that are paid for with Bpay Services and Bpay cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorized to do so. Bpay does not guarantee continuous, uninterrupted or secure access to any part of Bpay Services, and operation of our site may be interfered with by numerous factors outside of our control. Bpay will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts and check issuances are processed in a timely manner but Bpay makes no representations or warranties regarding the amount of time needed to complete processing because Bpay Services are dependent upon many factors outside of our control, such as delays in the banking system.
5.3 Force Majeure. We shall not be liable for delays, failure in performance or interruption of Service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, acts of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet Services or network provider Services, failure of equipment and/or software, blockchain network congestion, contentious hard forks, catastrophic blockchain or smart contract code error and other catastrophes or any other occurrences which are beyond our reasonable control.
5.4 Dispute Resolution; Arbitration. All disputes, issues, controversies or differences arising out of or in connection with this Agreement shall first be resolved amicably within thirty (30) calendar days after written notice thereof has been given by the complaining party to the counterparty. Disputes, controversies or claims arising out of or in connection with this Agreement that are not resolved within 30 calendar days shall be referred to and settled by a tribunal comprised of one (1) arbitrator to be appointed by the Philippine Dispute Resolution Center, Inc. (PDRCI); The seat of arbitration will be Makati City, Philippines, the location determined by the PDRCI, the language of arbitration will be English and the rules established by the PDRCI shall govern the process. The arbitration tribunal will have the right to issue injunctions and its decision will be compulsory, final and strictly mandatory to the parties who in turn waive any other jurisdiction or venue that may apply and agree to be subject to the arbitral decision waiving any appeals of any type.
5.5 Time Limitation on Claims. You agree that any claim you may have arising out of or related to your relationship with Bpay must be filed within one (1) year after the date of the relevant transaction, whichever is earlier; otherwise, your claim is permanently barred.
5.6. Export Controls & Sanctions. Bpay Services are subject to the Philippines and international export controls and economic sanctions requirements. By availing of Bpay’s Services, you represent and warrant that you are not a resident of any of the restricted jurisdictions below. Without limiting the foregoing, you may not avail of any of the Bpay Services if: (1) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury’s financial sanctions regime, or if you, or your cryptocurrency wallet address, or the cryptocurrency wallet address of your intended recipient or the source of your cryptocurrency, are on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List, Unverified List, Entity List HM Treasury’s financial sanctions regime; or (2) you intend to supply the acquired digital currency or Bpay Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or UN sanctions (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury’s financial sanctions regime.
5.7. Choice of Law. This Agreement, and its application and interpretation, shall be governed exclusively by the laws of the Philippines, without regard to its conflict of law rules.
6. PROHIBITED BUSINESSES AND PROHIBITED USE
6.1. The following categories of businesses, business practices, and sale items are barred
from Bpay Services (“Prohibited Businesses”). By opening a Bpay account, you confirm that
you will not use Bpay Services in connection with the following businesses, activities,
practices, or items:
1. Operating as an unlicensed payment, money transmitter, money Service, payment Service provider, e-money, or any other financial Services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveler’s checks, and escrow Services
2. Counterfeit products or any product or Service that infringes upon the copyright, trademark, or trade secrets of any third party
3. Stolen goods
4. Narcotics, controlled substances, prescription and pharmaceutical Services, drug paraphernalia, or any substances designed to mimic illegal drugs
5. Prostitution or illegal escort Services
6. Violent acts towards self or others, or activities or items that encourage, promote, facilitate or instruct others regarding the same
7. Funding any of the items included on this Prohibited Businesses list
8. Extortion, blackmail, or efforts to induce unearned payments
9. Unlicensed sale of firearms and certain weapons
10. Engaging in deceptive marketing practices
11. Any business that violates any law, statute, ordinance or regulation
6.2. You may not use Bpay Services to engage in the following categories of activity
(“Prohibited Use”). By opening a Bpay Account operated by Bpay, you confirm that you will
not use your Account to do any of the following:
1. Violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization of which you are or are required to be a member (for example, those laws, rules, or regulations governing financial Services, controlled substances, or consumer protections);
2. Partake in a transaction which involves the proceeds of any unlawful activity; 3. Defraud or attempt to defraud Bpay or other Bpay users;
4. Infringe upon Bpay’s or any third party’s copyright, patent, trademark, or intellectual property rights;
5. Provide false, inaccurate or misleading information;
6. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
7. Interfere with another individual’s or entity’s access to or use of any of the Bpay Services;
8. Defame, abuse, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others;
9. Publish, distribute or disseminate any unlawful material or information;
10. Transmit or upload any material to the Bpay Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
11. Harvest or otherwise collect information from the Bpay Site about others, including without limitation email addresses, without proper consent;
12. Act as a payment intermediary or aggregator or otherwise resell any of the Bpay Services, unless expressly authorized by Bpay in writing;
13. Transfer any rights granted to you under this Agreement;
14. Use the Bpay Account information of another party to access or use the Bpay ecifically authorized by a user to access such user’s Bpay Account and information;
15. Otherwise attempt to gain unauthorized access to the Bpay Site, other Bpay Accounts, computer systems or networks connected to the Bpay Site, through password mining or any other means;
16. Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law;
17. Take any action that Bpay deems as circumventing Bpay controls, including, but not limited to, opening multiple Bpay Accounts or abusing promotions which Bpay may offer from time to time;
18. US Residents are prohibited from using Bpay for money transmission or to conduct any other financial activity requiring licensure or covered by regulations governing financial Services.