Terms of Use
Agreement on acceptance of PhoneCash Transfer payments
You can use PhoneCash Transfer to pay your clients in compliance with the Agreement on Property Rights Transfer by Means of Digital Units that you accept when you install PhoneCash Keeper and register with the System. In addition to this information, please view the other legal documents and sample agreements.
Anti-money Laundering and Anti-financial Fraud Compliance
Being neither a financial institution nor a money services business providing transfer of money, but being a company performing the processing of the Phonecash Transfer hardware and software system and the operating company of PhoneCash Transfer, PhoneCash Transfer Ltd (hereinafter the “Operating Company”) together with PhoneCash Transfer members, who have joined the system and accepted the agreements regulating the terms of use (hereinafter “Users”), is due to comply with certain requirements regarding the anti-money laundering and anti-financial fraud prevention imposed by international and federal laws. In order to comply with these laws and requirements the Operating Company and all PhoneCash Transfer Users agree to accept the following:
1.Definitions:
Illegal trade is sale and distribution of illegal goods or services that are harmful, morally abusive, infringing copyright and intellectual property rights, hateful, or racially, ethnically, sexually, socially or otherwise objectionable.
Financial pyramid is a fraud-based structure whose builders promise investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public, and in fact use the funds received from investors in their own interests.
Money Laundering is the attempt to conceal or disguise the nature, location, source, ownership, or control of illegally obtained money.
2. The Operating Company and Users are obliged to:
3. The Operating Company is obliged to take necessary measures to prevent illegal trade, financial fraud and money laundering through PhoneCash Transfer, including but not limited to:
· reporting of requested information regarding the processing of transactions in PhoneCash Transfer to competent law enforcement agencies for compliance with applicable laws;
· termination of processing of PhoneCash Transfer transactions initiated by a PhoneCash User under the order of law enforcement agents as well as under the sole discretion of the Operating Company, if the Operating Company has enough information on illegal or suspicious transactions of this PhoneCash User;
· further development of both the PhoneCash Transfer system itself and its additional services to prevent direct or indirect use of PhoneCash Transfer for actions violating anti-money laundering and anti-financial fraud laws and requirements
4. By accepting the terms and conditions of this Agreement, the Operating Company and Users acknowledge that its conditions help prevent their businesses from being victimized by money launderers, financial swindlers and traders of illegal goods or services and help comply with the law.
5. Parties to this Agreement should demonstrate their understanding of the necessity for complying with anti-financial fraud and anti-money laundering laws and regulations. Moreover, each PhoneCash Transfer user bears sole responsibility for activities he or she carries out using the PhoneCash Transfer system. Neither the Operating Company nor other Users may be responsible for actions of a particular User.
6. You accept this Agreement by registering with PhoneCash Transfer, and thereby you agree to comply with requirements and conditions of this Agreement as a User of PhoneCash Transfer.
Security and Confidentiality.
A technology, implemented by PhoneCash Transfer offers various security measures necessary to perform transactions online safely.
The key point in providing authenticity of any data, circulating through the System is the verification of the information.
PhoNecash Transfer offers 3 types of authentication:
System architecture prevents any unauthorized access to the users’ PhoneCash purses and doesn't allow to make transactions using PhoneCash purses with no funds left in there.
All operations — storing the funds at PhoneCash Purses, issuing Invoices, transactions between users, instant messaging, are carried out in encrypted mode, using a 1024-bit RSA-like encryption algorithm. For each session the System uses unique session keys to provide and guarantee complete confidentiality of the transaction and data exchange.
The System as well provides protection against connection breaks. When any transaction is performed funds are either at the sender's Purse or at the Recipients's Purse - there exists no intermediate state. Thus, the funds can never be lost "on the way".
For more details, please go to the Security Page.
Verification and KYC
During registration, the System gives every user a unique identification number - so called PhoneCash -Identifier, consisting of 12 digits and serving as an account number. To verify customer's identity, standing "behind" his/her WMID, PhoneCash has implemented its own PhoneCash Verification. The System as well offers various automated tools for KYC procedures. For details please go to Developers section.
Privacy and Confidentiality
A customer can hide his personal details (for example name, last name, e-mail, postal address, etc) from public view. This however doesn't mean that this information was not provided to the system. When checking the WMID Passport details, you will see a green check for details supplied and verified and red cross for non-verified data. A customer can open or close his personal information himself via PhoneCash Keeper menu.
Each customer can open as many accounts in the System, as he wants. His purse numbers are never revealed without prior request from the correspondents/invoice payee.
