Global transactions

Terms and conditions

1. GETTING STARTED

1.1 We will provide the Service to you subject to the terms and conditions set out in the Agreement, which includes these Service terms and conditions (Service T&Cs) and the General T&Cs.

1.2 Please refer to the glossary of terms at the end of the document.

2. THE SERVICE

2.1 The Service enables you to access and conclude transactions for foreign exchange, money market, information services and any other service or function that we may add.

2.2 In addition to complying with our internal governance requirements, we comply with applicable local and international laws, regulations and policies, including those related to anti-money-laundering, counterterrorist financing and sanctions.

2.3 Therefore, we may continuously screen, verify, process and monitor all your and any related information, including instructions and transactions that you, or anybody else acting on your behalf, give or make.

2.4 This may result in your transactions or the use of any of your accounts being prohibited, delayed, withheld, limited or declined, your money being confiscated and our relationship with you being terminated.

2.5 We will notify you if a payment is prohibited, confiscated, embargoed, withheld or otherwise prevented from being processed as soon as we become aware of the fact (if the law allows us to do so).

2.6 We will not be liable for any damages or loss you may suffer as a result of any prohibitions, delays, withholding, limitations, refusals, confiscations or embargoes.

2.7 You must always comply with all applicable local and international laws, regulations, policies and requirements, including South African exchange control legislation, regulations, orders and rules.

2.8 You must pay any money due to us in accordance with the instructions you have given us in terms of this Service, including any obligations resulting from your instruction, as well as capital and costs that we may recover from you by way of automatic debits against any of your accounts.

2.9 You must notify us of any obvious error or reasonable inaccuracy in any confirmation that we give you for a transaction that we have executed. We reserve the right to then withdraw that confirmation.

2.10 You must open a settlement, current or other account that we may require to use this Service and to process your transactions.

2.11 A transaction using this Service will be effective only once we have completed it.

2.12 We will notify you when we have completed a transaction.

2.13 If you want to cancel an instruction or transaction after we have completed it and to the extent that we are able to cancel the instruction or transaction, you will be liable for any losses or damages that you may suffer as a result.

2.14 If we do not execute your instructions or part thereof for whatever reason, we will have no obligation other than to notify you as soon as possible and to provide you with reasons why we did not execute your instructions (if the law allows us to do so).

2.15 You must give us correct and valid contact details, as well as other information that we may ask for to use this Service. If you provide incorrect contact details, you indemnify us and hold us harmless from any liability if we have sent notifications through any means to these contacts.

2.16 We will not be responsible or liable for any miscommunication, duplication, loss, omission or consequential damage that may occur as a result of any delays in our receiving the required information and/or your non-compliance with the requirements of SARB.

2.17 We will use any information that we may receive for a transact ion as we deem appropriate to comply with our legal requirements.

2.18 Any quotation, indication, communication or notification about an exchange rate that we provide to you will not be binding on us unt il you have accepted and we have confirmed it.

2.19 Any rate, quotation, indication, communication or notification about the exchange rate from a third party is for information purposes only. The third party may change the rate, quotation, indication, communication or notification and it is therefore not binding and we are not responsible for its correctness.

2.20 We will use any information that we receive in relation to any payment transaction (not limited to information appearing on the transaction) and will use any mechanism that we deem appropriate to adhere to applicable international legal requirements.

2.21 SARB exchange control regulations require that all incoming payments received in a foreign currency must be converted within 30 days of the value date or dealt with according to the rules that apply to client foreign currency accounts. Exceptions may apply if the exchange control regulations allow it or if SARB approves.

2.22 You must action incoming payment notifications you receive via the Service within 28 days from the value date of the incoming payment.

2.23 On the 28th day from the value date, the incoming payment will be retracted from the Service automatically. If this happens, we undertake to contact you for instructions. If we cannot obtain instructions from you or if we cannot complete your instructions for any reason, we will return the payment to the sender on the 30th day from the value date.

2.24 Despite an incoming payment being available and us receiving your instructions, we will complete an instruction and credit your account with the money only once we have verified that we have received the money, that
there are no restrictions from the sender and that all our requirements have been met.

2.25 In respect of each outgoing payment transaction, you acknowledge that SARB requires that the sender and the accountholder (if they are separate persons or entities) keep the related documentary evidence of the relevant transaction available for inspection for five years.

2.26 We must report balance of payment (BoP) information to SARB. The category of payments that relate to BoP reporting is explained on SARB’s website at resbank.co.za.

3. DECLARATION

By executing any transact ion on this Service, you accept and declare the following:

3.1 You have not applied and will not apply to other authorised dealers to execute the same foreign exchange transact ion that you have instructed us to do.

3.2 The information you present when you give us an instruction will be true and correct in all respects.

3.3 The currency you apply for will be used only for the specific purpose stated.

3.4 Any documents required in terms of SARB exchange control legislation, regulations, orders and rules, the Currency and Exchanges Manual for Authorised Dealers or for any authority that SARB grants that are presented in support of any transaction, will be authentic in all respects.

3.5 The execution of a single transaction, alone or together with similar transactions, will not result in exceeding the overall limit that SARB exchange control legislation, regulations, orders and rules impose.

3.6 You are aware that we may give the information of any transaction to SARB, the South African Revenue Service, the Financial
Intelligence Centre and the Financial Sector Conduct Authority.

GLOSSARY