Terms of Use &

KYC/AML Policies

Terms of Use &

KYC/AML Policies

AXIA Capital Bank Ltd.

Terms of Use Agreement / KYC-KYB Policy / AML Policy

 

Last Updated – May 2021

 

Introduction

Welcome to the AXIA Capital Bank Ltd. (“AXIA Bank”) website (the “Website”). By using our website, connected applications (web/mobile) and other services, you are agreeing to comply with and be bound by this Clients’ Terms of Use Agreement and, specifically, the following Terms of Use.

Please review the following terms carefully. If you do not agree to these terms, you should not use this Website, nor should you do business with AXIA Bank. The terms, “AXIA Bank”, “ACB”, “us”, “we”, or “our” all refer to AXIA Capital Bank Ltd., the legal name of the owner of this Website. The term “you” or “Users” refers to the user or viewer of our Website. Either you or us may also hereinafter be referred to respectively as a “Party” or collectively as the “Parties” to this Terms of Use Agreement.

Governing Law: in using this website, connected application and other services You hereby submit to the exclusive jurisdiction of the laws of Commonwealth of Dominica and represent unequivocally and absolutely that the governing law is the law of the Commonwealth of Dominica.

 

Acceptance of Agreement

Your use of our website constitutes, and is accepted as your unequivocal declaration, representation and warranty that you agree to the terms and conditions outlined in this Clients’ Terms of Use Agreement (“Agreement”) . This Agreement constitutes the entire agreement between you and AXIA Bank, and supersedes all prior or contemporaneous agreements, representations, warranties and understandings with respect to the Website, the content, products or services provided by or through the Website, and the subject matter of this Agreement.

You further declare your understanding, acceptance and consent that this Agreement may be amended by us from time to time without specific or prior notice to you. The latest Agreement will be posted on the Website, and you consent to review all revisions and amendments prior to using the Website. The accounts, which you may have with AXIA Bank and affiliated companies are governed by the respective account agreements, which are executed prior to account opening.

AXIA Bank utilizes your acceptance as the consideration for providing the requested products and services to you.

 

Governing Law and Related

This Terms of Use Agreement is deemed and declared to be  executed and performed in the Commonwealth of Dominica, and shall be governed by and construed in accordance with the laws of the Commonwealth of Dominica (without regard to conflict of law principles).

It is expressly agreed that any and all causes of action by you with respect to the Website (and/or any information, documents as specifically defined below, products or services related thereto) must be instituted within one (1) year after the cause of action arose, and failing this shall be waived and accordingly barred. All actions shall be subject to the limitations set forth in the Section herein entitled “Limitation of Liability”.

The language in this Agreement shall be interpreted as to its fair meaning and not strictly for or against any party. The contra preferentum rule is incorporated into this agreement accordingly and it is expressly agreed and declared that in interpreting this Agreement any and all ambiguities are to be resolved against the Party that is seeking to rely on it.

This Agreement, all incorporated agreements together with all and any personal, business or other information you provide by virtue of this agreement may be automatically assigned by us, in our sole discretion, to a third party in the event of an acquisition, sale or merger or pursuant to an Order of a Court.

If any provision of this Agreement is held illegal, invalid or unenforceable for any reason, that provision shall be enforced to the maximum extent permissible, and the other provisions of this Agreement shall remain in full force and effect. In such circumstances the said provision shall be replaced, to the extent possible, with a legal, valid, and enforceable provision that is similar in tenor to the said  provision but which shall have legal effect.

To the extent that anything in or associated with the Website is in conflict or inconsistent with this Agreement, this Agreement shall take precedence.

It is expressly agreed that AXIA Bank’s failure to enforce any provision of this Agreement shall not be deemed a waiver of such provision nor of the right to enforce such provision.

The Bank’s rights under this Agreement shall survive any termination of the same. The title, headings and captions of this Agreement are provided for convenience only and shall have no effect on the construction of the terms of this agreement.

 

Information Purposes Only

This Website is for informational purposes only and shall not constitute or be construed as an offer to sell or a solicitation of an offer to buy any securities of whatever nature whatsoever nor solicitation of any other financial transaction whatsoever. This Website does not purport to provide, nor does it provide, any advice or invitation to anyone to enter into any financial transaction or arrangement whatsoever. AXIA Bank expressly disclaims all liability for any use or misuse of the contents hereof. 

 

Forward-Looking Statements

This Website may include statements concerning the operations, prospects, strategies, financial condition, future economic performance and demand for certain companies and/or their future financials, products or services, as well as their intentions, plans and objectives (particularly with respect to product and service offerings and revenue and profit projections), that are forward-looking statements. These statements are not intended for financial advice, consultancy or any decision making, accordingly the reader must consult their own advisor or consultant prior to making any decisions based on the same.  Further, it is expressly declared that these statements are based upon a number of assumptions and estimates which are subject to significant uncertainties, many of which are beyond AXIA Bank’s control. When used on our Website, words like “anticipates,” “expects,” “believes,” “estimates,” “seeks,” “plans,” “intends,” “will” and similar expressions are intended to identify forward-looking statements designed to fall within securities law safe harbors for forward-looking statements. It is reiterated that the Website and the information contained herein does not constitute an offer or a solicitation of an offer for sale of any securities. None of the information contained herein is intended to be, and shall not be deemed to be, incorporated into any of our securities-related filings or documents. 

 

For Citizens and Residents of the USA

All the visitors to this website and in particular the citizens and residents of the United States of America and/or any of its overseas jurisdictions expressly confirm that neither AXIA Bank nor any of the affiliates and/or associates of AXIA Bank have in any way, written, oral or otherwise, approached them with any solicitations, caused them to access this website and/or solicited any financial and/or securities-related transaction, including but not limited to: opening a bank account, buying and/or selling any securities or offered any other services related to any securities and/or financial transactions whatsoever.

By accessing this website, citizens and residents of the United States of America and/or any of its overseas jurisdictions expressly acknowledge that they found this website as the result of their own proactive search initiated without any solicitation by AXIA Bank and are accessing this website on their own proactive free volition after thoroughly evaluating themselves and/or in consultations with their legal, tax and accounting advisers and were neither directed to the website nor invited by AXIA Bank to consider nor act on any information contained on the website. The risks and legal, tax and other disclosure requirements and consequences of involving yourself in financial transactions with a financial institution based outside of jurisdiction of the United States of America resides solely with the individual and not the bank.

By accessing this website citizens and residents of the United States of America and/or any of its overseas jurisdictions further expressly acknowledge their full understanding that AXIA Bank is not an FDIC insured bank, not a FINRA member securities broker dealer, is not a member of SIPC, is not regulated by the US SEC, cannot offer any securities services on the territory of the United States of America and its overseas jurisdictions and will not provide any securities-related services to any citizens or residents of the USA while on the territory of the United States.

For that purpose, AXIA Bank may have implemented an IP-tracking and other similar services, which will automatically track the location of the user of this website. By accessing this website you expressly consent to the possibility of IP-tracking service being applied to your usage of this website and indemnify AXIA Bank from any claims and damages whatsoever, which may occur as the result of such denial of service and/or contact.

In cases where AXIA Bank establishes that an individual client or the ultimate beneficial owner of a client is a citizen or resident of the United States of America or one of its jurisdictions AXIA Bank reserves the right to report to the United States Internal Revenue Service and/or other respective US regulators the personal and financial information related to that client or the beneficiary owner of the client as from time to time required by the respective laws and regulations of the USA, and you expressly consent to such reporting.

You further hereby acknowledge that it is your personal obligation to file all the tax and other reports required by your local laws and regulations and any reporting by AXIA Bank to the United States Internal Revenue Service and/or any other regulators does not in any way interfere with or relinquish your personal obligation to file Federal, State and Local tax reports and other required forms, including but not limited to your obligation to disclose your beneficial ownership and/or control of accounts at financial institutions located outside of the USA. You further acknowledge that you have had sufficient opportunity to consult with your US-based licensed legal, tax, investment and accounting advisors prior to accessing this website, and have completely understood this Terms of Use Agreement.

 

Limited License; Permitted Uses

You are granted a non-exclusive, non-transferable, revocable license

(a) to access and use the Website strictly in accordance with this Agreement;

(b) to use the Website solely for internal, personal, non-commercial purposes; and

(c) to print out discrete information from the Website solely for internal, personal, non-commercial purposes and provided that you strictly observe and comply with  all copyright and other policies contained therein. No print out or electronic version of any part of the Website or its contents may be used by you in any litigation or arbitration matter whatsoever under any circumstances.

Your license for access and use of the Website and any information, materials or documents (collectively defined as “Content and Materials”) therein are subject to the following restrictions and prohibitions on use: You may not

(a) copy, print (except for the express limited purpose permitted by as set forth herein), republish, display, distribute, transmit, sell, rent, lease, loan or otherwise make available in any form or by any means all or any portion of the Website or any Content and Materials retrieved from it;

(b) use the Website or any materials obtained from the Website to develop, of as a component of, any information, storage and retrieval system, database, information base, or similar resource (in any media now existing or hereafter developed), that is offered for commercial distribution of any kind, including through sale, license, lease, rental, subscription, or any other commercial distribution mechanism;

(c) create compilations or derivative works of any Content and Materials from the Website;

(d) use any Content and Materials from the Website in any manner that may infringe any copyright, intellectual property right, proprietary right, or property right of AXIA Bank or any third parties;

(e) remove, change or obscure any copyright notice or other proprietary notice or terms of use contained in the Website;

(f) make any portion of the Website available through any time sharing system, service bureau, the Internet or any other technology now existing or developed in the future;

(g) remove, decompile, disassemble or reverse engineer any Website software or use any network monitoring or discovery software to determine the Website architecture;

(h) use any automatic or manual process to harvest information from the Website;

(i) use the Website for the purpose of gathering information for or transmitting

  1. unsolicited commercial email;
  2. email that makes use of headers, invalid or nonexistent domain names, or other means of deceptive addressing; and
  3. unsolicited telephone calls or facsimile transmissions;

(j) use the Website in a manner that violates any State or Federal law regulating electronic communication , facsimile transmissions or telephone solicitations; and

(k) export or re-export the Website or any portion thereof, or any software available on or through the Website, in violation of the laws or regulations of the Commonwealth of Dominica.

 

Confidential Information; Information Sharing Policy

For the purposes of this Agreement “Confidential Information” means information or materials provided by either Party to the other Party, whether directly or through any agent and including by or to each Party’s respective officers, directors, employees and agents, that either Party treats as confidential. Notwithstanding the foregoing, Confidential Information does not include information or materials that (A) were, at the time of disclosure, generally known to the public; or (B) become generally known to the public after disclosure, other than as a result of the act or omission of either Party; or (C) were rightfully known by either Party prior receiving the information, or that are thereafter received from a third party entitled to disclose the same; or (D) are or were disclosed by the either Party to a third party generally without restriction on disclosure (E) are disclosed by either Party in good faith in carrying out its duties with regard to the Proposed Transactions. Confidential Information shall in all events include the fact that the Parties may be interested in entering into a Transaction, and the fact that the Parties desire to engage in discussions regarding a Proposed Transactions, and any of the terms, conditions or other facts with respect to any such Proposed Transaction.

When you register on our website as a subscriber in order to receive information on future news or opportunities, AXIA Bank may share the information provided by you to third parties who may then contact you about bank service related opportunities. Such information may include, but is not limited to, your name and email address.

 

Forms Agreements and Documents

We may make available through our Website or through other Websites sample and actual forms, checklists, business documents and legal documents (collectively, “Documents”). All Documents are provided on a non-exclusive license basis only for your personal one-time use for non-commercial purposes, without any right to re-license, sublicense, distribute, assign or transfer such license. Documents are provided for a charge and without any representations or warranties, express or implied, as to their suitability, legal effect, completeness, currentness, accuracy, and/or appropriateness. THE DOCUMENTS ARE PROVIDED “AS IS,” “AS AVAILABLE,” AND WITH “ALL FAULTS,” AND AXIA BANK AND ANY PROVIDER OF THE DOCUMENTS DISCLAIM ANY WARRANTIES, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. The Documents may be inappropriate for your particular circumstances. Furthermore, your local laws may require different or additional provisions to ensure the desired result. You should consult with legal counsel to determine the appropriate legal or business documents necessary for your particular transactions, as the Documents are only samples and may not be applicable to your particular situation. Some Documents are public domain forms or available from public records.

 

Indemnification and Limitation of Liability

You agree to indemnify, defend and hold AXIA Bank and its partners, agents, officers, directors, employees, subcontractors, successors, assigns, third party suppliers of information and documents, advertisers, product and service providers, and affiliates (collectively, “Affiliated Parties”) harmless from any liability, loss, claim and expense related to your violation of this Agreement or use of the Website. 

With the purpose of limitation of liability:

(a) AXIA Bank and any Affiliated Party shall not be liable for any loss, injury, claim, liability, or damage of any kind resulting in any way from (1) any errors in or omissions from the Website or any services or products obtainable therefrom, (2) the unavailability or interruption of the Website or any features thereof, (3) your use of the Website, (4) the content contained on the Website, or (5) any delay or failure in performance beyond the control of a Covered Party.

(b)(1) THE AGGREGATE LIABILITY OF AXIA BANK AND THE AFFILIATED PARTIES IN CONNECTION WITH ANY CLAIM ARISING OUT OF OR RELATING TO THE SITE AND/OR THE PRODUCTS, INFORMATION, DOCUMENTS AND SERVICES PROVIDED HEREIN OR HEREBY SHALL NOT EXCEED $100 AND THAT AMOUNT SHALL BE IN LIEU OF ALL OTHER REMEDIES WHICH YOU MAY HAVE AGAINST AXIA BANK AND ANY AFFILIATED PARTY.  In no event shall AXIA Bank or its affiliated persons or entities be liable for any special, consequential, indirect, incidental or punitive damages or lost profits, however caused and on any theory of liability (including negligence and strict liability) arising in any way out of this Agreement, whether or not you or AXIA Bank has been advised of the possibility of such damages.

By accessing AXIA Bank’s website and/or interacting with any associated applications (web/mobile), you irrevocably certify and confirm the following:

  1. That you have requested AXIA Bank to open an account(s) (the Account), in which you intend to deposit and withdraw funds; trade and exchange currencies, including convertible virtual currencies; deposit, withdraw and custody funds and virtual currencies (the “Assets”); and conduct various other financial transactions as permitted by AXIA Bank and in accordance with the Terms and Conditions governing account-holding at and operations of AXIA Bank.
  2. That you acknowledge and declare that neither AXIA Bank nor any of its shareholders, directors, officers, employees or agents (collectively “AXIA Bank”) are registered to transact in cash, securities, or act as a bank, broker-dealer or investment advisor, in the jurisdiction in which you reside. Accordingly, you understand that before submitting an application to open and maintain an Account, you acknowledge that AXIA Bank will not be liable for reason of such non-registration and that all your dealings with AXIA Bank are on the basis of their foreign corporate status.
  3. That you acknowledge that AXIA Bank is only prepared to open the Account, and to act as your agent and under your instructions and directives for accepting your orders to deposit and withdraw Assets in and perform any operations on the Account, on the condition and basis of  the acknowledgments, covenants and agreements set out below.
  4. That  you have located AXIA Bank on your own as the result of proactive search undertaken on your own initiative, and not as the result of any advertising and/or any solicitation or inducement by AXIA Bank or its associates.
  5. That you applied to open the Account on your own volition and self-directed initiative, and acknowledge to and agree with AXIA Bank that neither it nor any person acting directly or indirectly on its behalf, have:
    1. solicited the Account nor have they solicited the depositing or withdrawing Assets in the Account in person or via general advertising media of any sort;
    2. made any representations, nor have offered any inducements of any kind;
    3. encouraged you to engage AXIA Bank to open the Account, nor to deposit and withdraw Assets in the Account.
  6. That You acknowledge to and agree with AXIA Bank that any depositing or withdrawing Assets in your Account and any operations therein will be undertaken on your own initiative and that all operational decisions in respect of such depositing and withdrawing and/or operations will be made by you or by your duly appointed and authorized representative, and will not be made as a result of any recommendations made in relation thereto by AXIA Bank or any inducement by the same.
  7. That You covenant and agree with AXIA Bank to rely solely on the protections of the Laws of the Commonwealth of Dominica, and on the rules and regulations of the banking and financial markets of Dominica on or through which the Transfer of Assets in or out of your account are made. You further covenant and agree with AXIA Bank not to resort to any of the protections, which may be afforded by the laws of your jurisdiction of residence in regards to the Account. You further covenant and agree with AXIA Bank that the laws of your jurisdiction of residence will not apply to the Depositing and withdrawing Assets or any operations in the Account therewith and that all such depositing and withdrawing and operations will for all purposes be treated as, and deemed to be, banking transactions under the laws and regulations of Commonwealth of Dominica applicable to AXIA Bank as a licensed and regulated international bank incorporated there.
  8. That the acknowledgements, covenants and agreements contained herein may not be assigned and are by their very nature non assignable.
  9. That the acknowledgements contained herein shall continue in full force and effect and shall be binding on you and your agents, heirs, assigns, executors and administrators.
  10. That you covenant and affirm that prior to applying for an account with AXIA Bank that you had sufficient opportunity to consult with your financial and legal advisors and other respective professionals and you fully and completely understand the risks involved in transacting financial business over the Internet, as well as the risks involved in having accounts with Assets held by banks, such as AXIA Bank, which are registered in offshore jurisdictions, that any insurance protections on your accounts, which may be offered by AXIA Bank, is voluntary and that any and all financial transactions with the Assets deposited to or withdrawn from your account at AXIA Bank, when and if such account has been approved at the sole discretion of AXIA Bank, are subject to a variety of risks, which may not be mitigated or avoided by AXIA Bank that provides its services to its customers on the best effort basis.

Additionally, that you declare and affirm that  such risks may cause the loss of a part or the whole of the so deposited or withdrawn Assets;  and that there may be continuous periods of time during which the Assets will not be available due to holds and other actions or inaction by third-party intermediary banks, AXIA Bank Compliance Department or various government financial regulators of the Commonwealth of Dominica, or for other causes.

 “AXIA Capital Bank” is our service mark or registered service marks or trademarks. Other product and company names mentioned on the Website may be trademarks of their respective owners.  The content, organization, graphics, design, compilation, magnetic translation, digital conversion and other matters related to the Website are protected under applicable copyrights, trademarks and other proprietary (including but not limited to intellectual property) rights. The copying, redistribution, use or publication by you of any such matters or any part of the Website, except as allowed by the Section titled “LIMITED LICENSE; PERMITTED USES”, above is strictly prohibited. You do not acquire ownership rights to any content, document or other materials viewed through the Website. The posting of information or materials on the Website does not constitute a waiver of any right in such information and materials.

You further acknowledge that some of the content on the Website is the copyrighted work of third parties. 

 

Miscellaneous Provisions

ADVERTISERS. The Website may contain advertising and sponsorships. Advertisers and sponsors are responsible for ensuring that material submitted for inclusion on the Website is accurate and complies with applicable laws. We are not responsible for the illegality or any error, inaccuracy or problem in the advertiser’s or sponsor’s materials.  

 

LINKING TO OUR SITE.

You may provide links to the Website, provided:

(a) that you do not remove or obscure advertisements, the copyright notice, or other notices on the Website by framing or otherwise; 

(b) that your website does not engage in illegal activities, and

(c) that you discontinue providing links to the Website immediately upon request by us.

 

LINKS TO OTHER WEBSITES.

The Website contains links to other Websites. We are not responsible for the content, accuracy or opinions expressed in such Websites, and such Websites are not investigated, monitored or checked for accuracy or completeness by us. Inclusion of any linked Website on our Website does not imply approval or endorsement of the linked Website by us. If you decide to leave our Website and access these third-party sites, you do so at your own risk. 

 

REGISTRATION.

Certain sections of, or offerings from, the Website may require you to register. If registration is requested, you agree to provide us with accurate, complete registration and/or purchase information. Your registration must be done using accurate information. Each registration is for your personal use only. We do not permit (a) any other person using the registered sections under your name, or (b) access through a single name being made available to multiple users on a network. You are responsible for preventing such unauthorized use. 

 

ERRORS, CHANGES AND CORRECTIONS.

We do not represent or warrant that the Website will be error-free, free of viruses or other harmful components, or that defects will be corrected. We do not represent or warrant that the information available on or through the Website will be correct, accurate, timely or otherwise reliable. We may make changes to the features, functionality or content of the Website at any time. We reserve the right in our sole discretion to edit or delete any documents, information or other content appearing on the Website. Accordingly your use of the website is at your own risk and you assume responsibility to verify or validate any information obtained through the website prior to making any decision based on that information.

 

THIRD PARTY CONTENT.

Third party content may appear on the Website or may be accessible via links from the Website. We are not responsible for and assume no liability for any mistakes, misstatements of law, defamation, omissions, falsehood or deficiency in the statements, opinions, representations or any other form of content on the Website. You understand that the information and opinions in the third party content represent solely the thoughts of the Third Party  authors and are neither endorsed by nor do they necessarily reflect our belief.  You further understand that we take no responsibility for any third Party Content on our website.

 

CERTAIN CONTENT.

Certain content on this Website may be copyrighted by other third parties. This content is provided “as is” without warranty of any kind. Neither we, nor any data suppliers make any warranty whatsoever as to the accuracy or completeness of the content or the results to be obtained from using the information contained therein and neither we nor any data suppliers will be responsible for any claims attributable to errors, omissions, or other inaccuracies in the information contained in the content. The entire risk for the results and performance of the content is assumed by the user. Further, neither we nor any of our data suppliers make any representations or warranties, either express or implied, with respect to the content, including, but not limited to, the quality, performance, return on investment, merchantability or fitness for a particular purpose of the content or any information contained therein. In no event will we or any data suppliers be liable for direct, indirect, special, incidental, or consequential damages arising out of the use of or inability to use the content or for any loss or damage of any nature caused to any person as a result of that use. Material contained in the content may not be duplicated or redistributed without the prior written consent of us and the copyright holder, except that one print copy of search output is permitted for use within the user’s organization and that search output may be stored temporarily in electronic media for editing or reformatting and subsequent printing of one print copy of search output for internal use. Advertising and sponsored links found on content pages from third party providers are not provided by those content providers and are not endorsements. 

 

UNLAWFUL ACTIVITY.

We reserve the right to investigate complaints or reported violations of this Agreement and to take any action we deem appropriate, including but not limited to reporting any suspected unlawful activity to law enforcement officials, regulators, or other third parties and disclosing any information necessary or appropriate to such persons or entities relating to your profile, email addresses, usage history, posted materials, IP addresses and traffic information. 

 

NON-TRANSFERABLE.

Your right to use the Website is not transferable or assignable. Any password or right given to you to obtain information or documents is not transferable or assignable.

 

DISCLAIMER. THE INFORMATION, CONTENT AND DOCUMENTS FROM OR THROUGH THE SITE ARE PROVIDED “AS-IS,” “AS AVAILABLE,” WITH “ALL FAULTS,” AND ALL WARRANTIES, EXPRESS OR IMPLIED, ARE DISCLAIMED (INCLUDING BUT NOT LIMITED TO THE DISCLAIMER OF ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE). THE INFORMATION AND SERVICES MAY CONTAIN BUGS, ERRORS, PROBLEMS OR OTHER LIMITATIONS. WE AND OUR AFFILIATED PARTIES HAVE NO LIABILITY WHATSOEVER FOR YOUR USE OF ANY INFORMATION OR SERVICE, EXCEPT AS PROVIDED IN THE SECTION ENTITLED LIMITATION OF LIABILITY, BELOW, PARAGRAPH (b). IN PARTICULAR, BUT NOT AS A LIMITATION THEREOF, WE AND OUR AFFILIATED PARTIES ARE NOT LIABLE FOR ANY DAMAGE OF WHATEVER NATURE, WHETHER DIRECTLY RESULTING, INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING DAMAGES FOR LOSS OF BUSINESS, LOSS OF PROFITS, LITIGATION, OR THE LIKE), WHETHER BASED ON BREACH OF CONTRACT, BREACH OF WARRANTY, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE NEGATION AND LIMITATION OF DAMAGES SET FORTH ABOVE ARE FUNDAMENTAL ELEMENTS OF THE BASIS OF THE BARGAIN BETWEEN YOU AND AXIA BANK. THIS SITE AND THE FINANCIAL PRODUCTS, SERVICES, DOCUMENTS AND INFORMATION PRESENTED WOULD NOT BE PROVIDED WITHOUT SUCH LIMITATIONS AND OUR SERVICES ARE PROVIDED TO YOU ONLY UPON YOUR EXPRESS ACCEPTANCE OF THIS DISCLAIMER. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM US THROUGH THE SITE OR OTHERWISE SHALL CREATE ANY WARRANTY, REPRESENTATION OR GUARANTEE NOT EXPRESSLY STATED IN THIS AGREEMENT. ALL RESPONSIBILITY OR LIABILITY FOR ANY DAMAGES CAUSED BY VIRUSES CONTAINED WITHIN THE ELECTRONIC FILE CONTAINING A FORM OR DOCUMENT IS DISCLAIMED.  

 

USE OF INFORMATION.

We reserve the right, and you authorize us, to the use and assignment of all information regarding Website uses by you and all information provided by you in any manner consistent with our Privacy Policy. All remarks, suggestions, ideas, graphics, or other information communicated by you to us (collectively, a “Submission”) will forever be our property. We will not be required to treat any Submission as confidential, and will not be liable for any ideas (including without limitation, product, service or advertising ideas) and will not incur any liability as a result of any similarities that may appear in our future products, services or operations. Without limitation, we will have exclusive ownership of all present, existing and future rights to the Submission of every kind and nature everywhere. We will be entitled to use the Submission for any commercial or other purpose whatsoever, without compensation to you or any other person sending the Submission. You acknowledge that you are responsible for whatever material you submit, and you, not us, have full responsibility for the message, including its legality, reliability, appropriateness, originality, and copyright. 

 

PROTECTION OF CHILDREN.

AXIA Bank does not do business with minors or persons incapable of entering into legal relations; accordingly AXIA Bank does not accept registrations or form submissions from persons under 18 years of age or persons devoid of contractual capacity. By registering with AXIA Bank, you represent that you are at least 18 years old and have full contractual capacity. 

 

THIRD-PARTY SERVICES.

We may allow access to or advertise certain third-party product or service providers (“Merchants”) from which you may purchase certain goods or services. You understand that we do not operate or control the products or services offered by Merchants. Merchants are responsible for all aspects of order processing, fulfillment, billing and customer service. We are not a party to the transactions entered into between you and Merchants. You agree that use of or purchase from such Merchants is AT YOUR SOLE RISK AND IS WITHOUT WARRANTIES OF ANY KIND BY US, EXPRESSED, IMPLIED OR OTHERWISE INCLUDING WARRANTIES OF TITLE, FITNESS FOR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT. UNDER NO CIRCUMSTANCES ARE WE LIABLE FOR ANY DAMAGES ARISING FROM THE TRANSACTIONS BETWEEN YOU AND MERCHANTS OR FOR ANY INFORMATION APPEARING ON MERCHANT SITES OR ANY OTHER SITE LINKED TO OUR SITE.

 

THIRD-PARTY MERCHANT POLICIES.

All rules, policies (including privacy policies) and operating procedures of Merchants will apply to you while on any Merchant sites. We are not responsible for information provided by you to Merchants. We and the Merchants are independent contractors and neither party has authority to make any representations or commitments on behalf of the other. 

 

PRIVACY POLICY.

Our “Privacy Policy,” as it may change from time to time, is a part of this Agreement. PLEASE READ THIS DOCUMENT CAREFULLY.

 

COOKIES.

Our ”Cookies” policy, as it may change from time to time, is a part of this Agreement. PLEASE READ THIS DOCUMENT CAREFULLY.

 

IMPORTANT DISCLOSURES.

The Important Disclosures in the footer section of our website, as they may change from time to time, are an integral part of this Agreement. PLEASE READ THESE DOCUMENTS CAREFULLY BEFORE YOU DEAL WITH US.

 

PAYMENTS.

You represent and warrant that if you are purchasing something from us or from Merchants that (i) any credit information you supply is true and complete, (ii) charges incurred by you will be honoured by your credit card company, and (iii) you will pay the charges incurred by you at the posted prices, including any applicable taxes. 

 

INFORMATION AND PRESS RELEASES.

The Website may contain information and press releases about us. We disclaim any duty or obligation to update this information or any press releases. Information about companies other than ours contained in the press release or otherwise, should not be relied upon as being provided or endorsed by us.

 

LEGAL COMPLIANCE.

You agree to comply with all applicable domestic and international laws, statutes, ordinances and regulations regarding your use of the Website and the Content and Materials provided therein.

 

 

KYC/KYB Policy – Client Identification Program

In all cases, AXIA CAPITAL BANK (ACB) identifies the Bank’s customers (“Customer” encompasses terms such as “client” or “depositor”) using ACB’s Customer Identification Program (CIP), as well as records specific information about the customer, which composes ACB’s Customer Due Diligence (CDD) and Know Your Client (KYC) processes. This is not negotiable, due to the legislative obligations on ACB holding a banking license issued by the Ministry of Finance of the Commonwealth of Dominica and regulated by Dominica’s Ministry of Finance,  Financial Services Unit. If the Bank is not able to identify the client, ACB must decline the relationship, until such time that fulsome CIP, CDD and KYC requirements have been met.

In cases where ACB cannot identify a customer, the Bank must document the reasons that the customer could not be identified and the efforts made to identify them. These customers will be considered higher risk and Enhanced Due Diligence (“EDD”) measures will be applied by the Compliance Officer. In some cases, the Compliance Officer may ask a staff member to contact the customer to request additional information/documentation.

 

Restrictions on Conducting Banking — Sanctioned Entities and Individuals

Using a risk-based approach, ACB has a responsibility to reasonably ensure the Bank will not knowingly conduct business with the following:

  • Individuals or entities domiciled or resident in the Commonwealth of Dominica, or subject to regional or international sanctions;
  • Terrorists or terrorist organisations;
  • Persons involved in narcotics, money laundering or human trafficking;
  • Anonymous Relationships;
  • Shell Banks; and
  • Holder of Bearer Shares.

Moreover, ACB at the time of establishing a business relationship with a customer, must conduct verification to determine whether or not the potential customer is a Politically Exposed Person (PEP).

Pursuant to Dominica’s statutory rules and orders, this has been defined to mean in pertinent part:

 

any individual who is or has been entrusted with prominent public functions in Dominica or in any country or territory, including Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials including family members or close associates of the politically exposed person.

 

If so, enhanced due diligence will need to be conducted as PEPs are considered high risk customers. Unlike a match to a terrorist list, a PEP may be approved and may become a customer; however, they will be flagged and treated as higher risk and monitored accordingly.

Additionally, ACB must freeze any funds or other assets held for individuals or organisations listed on the United Nations list of persons connected to terrorism in line with the United Nations Resolutions on terrorist financing, and submit a report to the Financial Intelligence Unit (“FIU”).

This information should be escalated to the Compliance Officer immediately. The contents of these referrals or reports (or the fact that you are filing a report) should not be disclosed to the customer. These reports are submitted as soon as possible by the Compliance Officer to the FIU.

 

Customer Risk Factors and Enhanced Due Diligence Activity

These are sample EDD activities. Additional risk factors and EDD activities may be considered at the Compliance Officer’s discretion.

 

 

Customer Account Opening Process: Organisations

Organisation Process: Confirming Existence

The Commonwealth of Dominica’s compliance regulations, require ACB to collect an “identification record” containing certain information about the Bank’s customer, and in some circumstances, verify specific pieces of the information provided. When conducting typical Customer Information Program (“CIP”) and Customer Due Diligence (“CDD”) during the account opening process, the Bank is required to confirm the following information about the organisation or entity applying, specifically:

  • That they exist;
  • That they have a physical location; and
  • Who the ‘Key Person(s)’ are.

The typical process that is followed for confirming the customer’s details, is to obtain proof by requesting the documents from the appropriate list below. The type of document that the Bank requires, will depend on the type of organisation being confirmed. Any discrepancies between the original information provided and the additional documentation collected, must be clarified, and deemed acceptable by the Compliance Department.

 

Incorporated Company

  • Form W-9 or W-8 Series (as appropriate); and:
  • Articles of Incorporation; or
  • Certificate of Incorporation; and
  • Most recent annual return registration (except in respect of International Business Companies), and
  • Documentary evidence regarding an officer of the corporation proving “that the person is who the person claims to be,” and one of the following:
    • If Non-U.S.:
      • Confirmation of the organisation’s ‘Active’ status from the country’s regulatory authority;
      • Foreign EIN certification from the country’s tax authority; or
      • Business Permit/License from an issuing authority; or
      • Sales Tax Certificate from the country’s tax authority.
    • If U.S.:
      • Confirmation of the organisation’s ‘Active’ status from a Secretary of State; or
      • EIN certification from the IRS; or
      • Business Permit/License from an issuing authority (City, County or State); or
      • Sales Tax Certificate from the IRS.

 

Partnership

  • Form W-9 or W-8 Series (as appropriate); and
  • Partnership Agreement; and one of the following:
    • If Non-U.S.:
      • Certificate of Existence from the country’s regulatory authority;
      • Foreign EIN certification from the country’s tax authority; or
      • Business Permit/License from an issuing authority; or
      • Sales Tax Certificate from the country’s tax authority.
    • If U.S.:
      • Certificate of Existence from a Secretary of State; or
      • EIN certification from the IRS; or
      • Business Permit/License from an issuing authority (City, County or State); or
      • Sales Tax Certificate from the IRS.

 

Limited Liability Company (LLC) or Limited (Ltd.)

  • Form W-9 or W-8 Series (as appropriate); and:
  • Articles of Organisation; and one of the following:
    • If Non-U.S.:
      • Confirmation of the organisation’s ‘Active’ status from the country’s regulatory authority;
      • Foreign EIN certification from the country’s tax authority; or
      • Business Permit/License from an issuing authority; or
      • Sales Tax Certificate from the country’s tax authority.
    • If U.S.:
      • Confirmation of the organisation’s ‘Active’ status from a Secretary of State; or
      • EIN certification from the IRS; or
      • Business Permit/License from an issuing authority (City, County or State); or
      • Sales Tax Certificate from the IRS.

 

Cooperative

  • Form W-9 or W-8 Series (as appropriate); and:
  • Articles of Incorporation; or
  • Confirmation of the organisation’s ‘Active’ status from an appropriate regulatory authority; and
  • EIN certification from the competent tax authority; or
  • Business Permit/License from an issuing authority; or
  • Sales Tax Certificate from the country’s tax authority.

 

Not-For-Profit/Charity

  • Form W-9 or W-8 Series (as appropriate); and:
  • Articles of Association; or
  • Certificate of Existence from an appropriate regulatory authority; or
  • Certification of Tax Exempt status; or
  • Confirmation of official Charity Registration from the competent tax authority, if they solicit donations from the public.

 

Trust

  • Form W-9 or W-8 Series (as appropriate); and:
  • Trust Charter/Agreement, which sets out the Trustee, Beneficiary and any other related parties; or
  • Trust Ledger, which sets out the Trustee, Beneficiary and any other related parties.

 

Informal Organisation

  • Form W-9 or W-8 Series (as appropriate); and:
  • Board resolutions; or
  • Meeting minutes; or
  • Official attestation from the organisation’s leadership.

 

Organisation Process: Confirming Physical Address

All addresses provided by a customer, must be a physical address (not a P.O. Box or general delivery address). ACB must obtain a proof of address document. The documents required for the confirmation listed below, are all acceptable, regardless of the type of organisation being confirmed. This may be any one of the following items, and the document must be in the organisation’s name (not in the name of an individual):

  • Any of the documents used to confirm the organisation’s existence (where the address is included in the document);
  • A utility bill from a recognized provider;
  • A bank statement or communication from a recognized bank;
  • A tax document, notice or communication from a competent tax authority;
  • A statement or communication from a recognized insurance company; or
  • Correspondence from a government organization.

In most cases, the Bank will be able to confirm the customer’s physical address using the same document that was used to confirm that they exist. If the organisation has recently moved and/or the address in the document collected does not match the address on the corporate application, additional clarification will be required.

 

Organisation Process: Confirming Key Persons

A Key Person is any physical person who has ownership or significant control over an organisation. When collecting the details for an organisation’s Key Person(s) there are a few different types of individuals that qualify, such as:

  • Beneficial Owners;
  • Directors; and
  • Authorized Representatives.

During the application process, the customer provides information about their Key Person(s). ACB does not need to identify all Key Persons, but is required to identify the person submitting the application on behalf of the organisation. ACB will request an identification document and a proof of address document for the identified Key Person(s) of the organisation.

Documentation that is considered acceptable for this purpose by ACB are as follows:

  • A copy of a piece of government issued photo identification (such as a passport or driver’s license) that is valid (not expired); and
  • A proof of address document (such as a utility bill, communication from a recognized bank or insurance company, communication from a competent federal tax authority, or voter registration).

 

Beneficial Owners

In addition, ACB must confirm the beneficial owners of the organisation. Beneficial owners are any individual(s) that own or control 10% or more of the organization, either directly or indirectly. Who is a beneficial owner will vary, depending on the type of organisation.

 

Currently, beneficial owners are confirmed via the information contained in the application, which is signed by the customer. It is expected that ACB will be asked to take additional steps to confirm beneficial ownership via documentation. As with other information about organisations, the Bank will first attempt to confirm the organisation’s beneficial ownership electronically. Where additional documentation is required, ACB anticipates that the following documents will be suitable for this purpose:

 

Incorporated Company:

  • Articles of Incorporation and/or Amendment (where shareholders are listed); or
  • Shareholder registry.

 

Partnership:

  • Partnership Agreement and/or Amendment (where partners are listed); or
  • Partner registry.

 

Limited Liability Entity (LLC or Ltd):

  • Articles of Organisation and/or Amendment (where customers are listed); or
  • Member registry.

 

Cooperative:

  • Articles of Incorporation and/or Amendment (where shareholders are listed); or
  • Shareholder registry.

 

Not-For Profit/Charity:

  • Articles of Association and/or Amendment; or
  • Ratified meeting minutes listing all directors.

 

Trust:

  • Trust Charter; or
  • Trust Ledger.

 

Informal Organisation

  • Ratified meeting minutes listing all controlling persons; or
  • Signed attestation.

 

Customer Account Opening Process: Individuals

Individual Process: Confirming Identity

The compliance regulations of the Commonwealth of Dominica, require ACB to collect and record certain information about the Bank’s customers, and in some circumstances, verify specific pieces of information is to be provided. When conducting typical Customer Information Program (CIP) and Customer Due Diligence (CDD) during the account opening process, we are required to confirm the following information about the individual applying, specifically:

  • That they exist;
  • That they are who they say they are; and
  • That they have a physical location.

ACB must obtain a proof by requesting an additional document that confirms the information in question. Any discrepancies between the original information provided by the customer and the additional documentation collected, must be clarified, and deemed acceptable by the Compliance Department.

Documentation that is considered acceptable by ACB, for the purpose of confirming an individual’s identification, includes an original or certified copy of a valid (not expired) government issued photo identification (such as a passport or driver’s license) .

Documentation that is considered acceptable by ACB, for the purpose of confirming an individual’s physical location, includes:

  • A utility bill in the customer’s name;
  • Communication from a recognized bank or insurance company bearing the customer’s address;
  • Communication from a competent tax authority bearing the customer’s address; or
  • A Voter registration card.

 

Customers That Cannot Be Identified

If a customer is not able, or willing, to be identified, ACB cannot open an account for them. In these cases, the Bank must let the customer know that it is against the law in Dominica to complete certain transactions without identification, and that ACB’s internal policy requires complete customer identification prior to account opening. This internal policy is meant to help ensure compliance with Dominica’s legislative obligations, as well as to protect the Bank’s customers and ACB’s business.

 

Anti-Money Laundering (“AML”) Procedures

Suspicious Indicators and Red Flags

There are a wide variety of factors that can indicate that a customer’s activity may be related to money laundering or terrorist financing. These include behaviours, as well as transaction patterns. When it comes to concerns related to suspicious activity, ACB encourages its team to trust “your” instincts – if something does not feel right (whether or not any of these indicators are present), the ACB team is expected to file a Unusual Activity Form (“UTF”) with the ACB Compliance Officer.

The indicators provided below, are a sample contained on the FIU website, the FIU’s STR Guidelines 2014 and generally accepted red flags, which will be augmented regularly by the Compliance Officer, based on trends observed in banking, trade financing, and/or the financial services industry.

 

Suspicious Indicators and Red Flags Related to Money Laundering

  1. Unwillingness or Inability to Provide Required Information
    • Information provided by a customer is insufficient or their behaviour seems unusual;
    • A customer provides unusual or altered identification documents that cannot be readily verified;
    • A customer uses a different Taxpayer Identification Number with variations of their name;
    • A business customer is reluctant, or unable, to provide complete information about the nature and purpose of anticipated funds transfer activity, its key personnel or its physical location;
    • A customer’s home or business telephone is disconnected;
    • The customer’s transaction activity differs from that which would be expected on the basis of their business/occupation;
  2. Efforts to Avoid Reporting or Recordkeeping Requirements
    • A customer tries to persuade an employee not to file the required regulatory or internal reports, in order to avoid the maintenance of required records;
    • A customer is reluctant to provide information needed to file a mandatory report, to have the report filed, or to proceed with a transaction after being informed that the report must be filed;
    • A customer asks to be exempted from regulatory reporting, identification or recordkeeping requirements; or
    • A customer sends funds to several different foreign beneficiaries, usually in amounts of less than USD 10,000, particularly to, or through, a location of specific concern (e.g., countries designated by national authorities on money laundering or the Financial Action Task Force as non-cooperative countries and/or territories).
  3. Electronic Fund Transfers
    • Many Electronic Fund Transfers (EFTs) that are sent in large, round dollar amounts;
    • EFT activity related to a financial secrecy haven, or a high-risk jurisdiction, without an apparent purpose;
    • EFT activity that is inconsistent with the customer’s history or what is expected, given what we know about the customer;
    • EFT activity that is unexplained, repetitive, or shows unusual patterns;
    • Large, outgoing EFTs that are sent on behalf of a third party, with no apparent affiliation with the Bank’s customer, who is unable to provide a rational explanation; or
    • Unusually complex series of transactions indicative of layering activity involving multiple accounts, banks, parties, jurisdictions.
  4. Activity Inconsistent with the Customer’s Business
    • A lack of evidence of legitimate business activity, or any business operations at all, undertaken by many of the parties to the transaction(s);
    • An unusual financial nexus and transactions occurring among certain business types (e.g., food importer dealing with an auto parts exporter);
    • A customer’s transaction patterns show a sudden change, which is considered inconsistent with normal activities and cannot be adequately explained;
    • A large volume of EFTs sent, but the customer’s typical activity does not align with the total or velocity;
    • A business has dramatically different transaction patterns from similar businesses, in the same general industry and location; or
    • The beneficiary of EFTs, sent by a customer who is a business, do not align with the expected transaction patterns or business activities.
  5. Other Unusual or Suspicious customer Activity—Trade Based
    • Over invoicing;
    • Under invoicing;
    • Multiple invoicing by issuing more than one invoice for the same goods;
    • Short shipping – seller ships less than the invoiced quantity or quality of goods;
    • Over shipping – seller ships more than the invoiced quantity or quality of goods;
    • Deliberate obfuscation of the type of goods by simply omitting information from relevant documentation or deliberately disguising or falsifying it; or
    • Phantom shipping – no goods are shipped and all documentation is completely falsified.
  6. Other Unusual or Suspicious Customer Activity
    • Correspondent accounts being utilized as “pass-through” points by foreign jurisdictions with subsequent outgoing funds to another foreign jurisdiction.
    • EFTs that are structured through multiple beneficiaries by the same customer, or groups of customer, simultaneously;
    • EFTs that are requested in amounts just below the identification and/or reporting thresholds;
    • A customer who is not concerned with the associated costs of the transaction, but is more focused on immediate execution or avoiding reporting requirements;
    • A customer who is clearly attempting to use personal funds for business purposes, such as providing personal bank account details, for a payment that is specifically related to their business;
    • customer makes multiple and/or frequent transactions to various beneficiaries, or destinations, without a reasonable explanation;
    • A customer conducts high-value transactions that do not align with the customer’s expected income volume; or
    • Beneficiaries maintaining accounts at foreign banks that have been subject to previous STR filings.

 

Suspicious Indicators and Red Flags Related to Terrorist Financing

  1. Activity Inconsistent with the Customer’s Business
    • The stated occupation, or nature of business, of a customer is not consistent with the type or volume of activity stated;
    • Persons involved in transactions who share a common address or phone customer particularly when the address is also a business location or does not seem to correspond to the stated occupation (e.g., student, unemployed, or retired); or
    • In regards to a non-profit or charitable organisation, EFTs are conducted where there appears to be no logical economic purpose or commonality between the stated activity of the organisation and the beneficiaries of the funds being transferred.
  2. Electronic Fund Transfers
    • A large number of outgoing EFTs where there does not appear to be a logical business or other economic purpose for the transfers, particularly when this activity involves high-risk jurisdictions;
    • EFTs requested in small amounts in an apparent effort to avoid triggering reporting requirements;
    • EFTs requested by a customer who is unable or unwilling to provide information on the beneficiary or the person on whose behalf the transaction is being conducted; or
    • In regards to a non-profit or charitable organisation, multiple EFTs which are all sent to a specific foreign beneficiary, particularly when there appears to be no logical economic purpose for the transaction and/or a high-risk jurisdiction is involved.
  3. Other Transactions That Appear Unusual or Suspicious
    • Multiple transactions within a short period of time, that involve high-risk jurisdictions;
    • Multiple customers simultaneously request EFTs to a foreign beneficiary in high- risk jurisdiction; or
    • A customer engages in transactions involving the movement of funds to a high- risk jurisdiction, when there appears to be no logical economic purpose and/or an explanation cannot be provided.

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