DISCLAIMERS

DISCLAIMERS

Anti-Money Laundering and Trade Sanctions Disclaimer

Legal Notice: This website and all services offered by NIBank comply with the legal framework of Antigua and Barbuda regarding Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and trade sanctions. NIBank is committed to adhering to national laws and the Recommendations of the Financial Action Task Force (FATF).

Key Applicable Laws:

  • Money Laundering (Prevention) Act of 1996 (as amended).

  • Proceeds of Crime Act of 1993. The Office of National Drug and Money Laundering Control Policy (ONDCP) oversees compliance with these regulations, including the freezing of suspicious accounts.

Fees for Deposits Under Suspicion of Money Laundering and/or Frozen Due to International Sanctions

1. Definitions:

  • 1.1. Deposit under suspicion of money laundering: Any deposit identified by NIBank as potentially linked to illicit activities, in accordance with applicable regulations.

  • 1.2. Deposit frozen due to international sanctions: Funds whose availability is restricted due to economic or financial sanctions imposed by international organizations or governments.

2. Applicable Fees:

  • Investigation and Monitoring Fee: The bank may charge a percentage established in the bank’s fee schedule, ranging between 0.5% and 2% of the balance, every 30 days.

  • Freezing Fee: The bank may charge a percentage established in the bank’s fee schedule, ranging between 1% and 3% of the monthly frozen balance for every 30 days.

3. Application of Fees: Fees shall be applied while deposits are subject to investigation or freezing as required by national and international regulations.

4. Right to Amendment: NIBank reserves the right to modify fees following regulatory changes, notifying customers through the bank’s information channels, such as the website.

5. Limitation of Liability: NIBank shall not be liable for damages resulting from investigations or freezing actions carried out in compliance with applicable legislation.

Card Services Disclaimer (Visa® & MasterCard®)

NIBank is not a direct issuer of Visa® or MasterCard® cards. Any Visa or MasterCard branded product or service available through NIBank is issued and managed by third-party financial institutions duly licensed and authorized to operate under the respective international payment networks.

By applying for or using these cards, the Customer expressly acknowledges and agrees that NIBank acts solely as a facilitator and not as the primary issuer. The Customer further agrees to comply with all rules, requirements, and obligations imposed by (i) the authorized issuing institution, (ii) Visa Inc. and/or MasterCard International Incorporated and their affiliates, and (iii) all applicable legal and regulatory authorities.

NIBank shall not be liable for claims, losses, or liabilities arising from the use or misuse of Visa® or MasterCard® products issued by such third-party institutions.

Digital Asset Services Disclaimer

NIBank is not a licensed or authorized provider of digital asset services, cryptocurrencies, tokens, or blockchain-based services. Any access to digital asset or cryptocurrency operations through the NIBank platform is facilitated exclusively through independent third-party providers that are not owned by, controlled by, or affiliated with NIBank.

The Customer acknowledges and agrees that: (i) all risks, liabilities, and obligations regarding these operations are governed solely by the third-party provider’s terms and conditions; (ii) NIBank bears no responsibility for the performance, availability, legality, or security of such services; and (iii) the Customer must accept any present or future modifications, fees, or restrictions imposed by said providers without recourse to NIBank.

Wind-down of Operations and Administrative Liquidation – Terms and Conditions

1. Acceptance of these Terms By holding, using, or maintaining a balance on any card issued by NIBank Ltd. (“NIBank”), the cardholder (“End Holder”) expressly acknowledges and agrees to be bound by these Wind-down of Operations and Administrative Liquidation Terms and Conditions (the “Terms”). These Terms form an integral part of NIBank’s global card agreement and its regulatory compliance framework.

2. Purpose and Scope These Terms establish the rules, powers, and procedures applicable to the operational termination (wind-down), prolonged inactivity, and subsequent administrative liquidation of balances for products, services, and cards issued by NIBank, in accordance with applicable laws and international AML/CFT standards.

3. Parties and Exclusivity of Application These Terms apply to all parties involved directly or indirectly in any card program; however, the wind-down and/or administrative liquidation process shall be executed exclusively with respect to the End Holder. Under no circumstances shall these Terms be deemed applicable to, nor generate rights or obligations for, any ISO, Program Manager, Partner, Sponsor, or other intermediary, who are expressly excluded from the scope of these Terms. The processes regulated herein are intuitu personae (personal in nature) exclusively with respect to the End Holder and shall not create any joint, several, or transferred liability to third parties.

4. Governing Law and Regulatory Framework These Terms are governed exclusively by the laws of Antigua and Barbuda, banking regulations, AML/CFT regulations, international compliance standards, and any other regulations that may replace or supplement them from time to time.

5. NIBank’s Absolute Right to Initiate Wind-down and Administrative Liquidation NIBank reserves the absolute, sovereign, discretionary, and irrevocable right to initiate, execute, and conclude at any time:

  • Wind-down processes, and/or

  • Administrative liquidation of balances derived from prolonged card inactivity,

exclusively with respect to the End Holder, even when the card has been issued under BIN Sponsor, co-branded, or third-party programs. Without limitation, card inactivity for a period equal to or exceeding twelve (12) consecutive months shall constitute sufficient and independent cause for administrative liquidation. The commencement of the process may be based on commercial, operational, regulatory, risk, or AML/CFT compliance reasons, instructions from card networks (including Visa, Mastercard, and UnionPay), competent authorities, or prolonged program inactivity, without giving rise to any right to compensation.

6. Notification NIBank may notify the End Holder of the applicable process through electronic means, mobile applications, web portals, registered contact data, or any other method NIBank deems appropriate. Immediate notification shall not be required when regulatory, security, or risk considerations so justify.

7. Operational Measures NIBank may immediately apply, without any liability, one or more of the following measures exclusively to the End Holder:

  • Card blocking (total or partial).

  • Suspension of transactions.

  • Closure of linked accounts.

  • Freezing of funds (total or partial).

  • Reversal or cancellation of pending transactions.

  • Final deactivation of functionalities. When a card has remained inactive for a prolonged period, NIBank may reclassify the process as an administrative liquidation of balances, maintaining segregated custody of the funds until their return under these Terms.

8. Verification, Documentation, and Cooperation The End Holder shall, upon request by NIBank and without limitation, provide any documentation, information, or support required for verification, regulatory compliance, risk prevention, and administrative liquidation, such as, but not limited to:

  • Valid identification documents.

  • Proof of life or biometric validation.

  • Evidence of the source and destination of funds.

  • Updated personal and economic activity information.

  • Financial statements or sworn affidavits. Failure to provide satisfactory documentation shall entitle NIBank to suspend, defer, or temporarily deny the return of funds without the right to any compensation.

9. Retention of Funds and Segregated Custody Funds may be temporarily retained when AML/CFT obligations, audits, investigations, requirements from authorities, disputes, inconsistencies, or unusual activities exist. During administrative liquidation, funds shall remain under segregated accounting custody. Retention shall last for the period reasonably necessary according to the risk level of each case, without accruing interest or compensation.

10. Fees and Costs NIBank may apply administrative, verification, transfer, custody, and compliance fees in accordance with its fee schedule in effect at the time of execution.

11. Chargebacks and Disputes Legitimate chargebacks shall be governed exclusively by the applicable card network rules. The End Holder shall not initiate abusive, bad-faith, or fraudulent disputes. Such conduct may constitute a breach of contract.

12. Regulatory Priority, Card Networks, and Absence of Joint Liability NIBank may execute the wind-down or administrative liquidation immediately upon instruction or decision by regulatory authorities, financial intelligence units, judicial authorities, international bodies, or card networks, including Visa, Mastercard, and UnionPay, as well as for prolonged program inactivity exceeding twelve (12) months. The End Holder expressly accepts that such measures:

  • Do not create joint or several liability with any ISO or third party.

  • Do not transfer legal or economic effects to said entities.

  • Do not affect any contractual relationship between NIBank and third parties.

13. Finality, Private Conciliation, and Jurisdiction All decisions made by NIBank under these Terms are final and binding. Any dispute must first be submitted to mandatory private conciliation for a period of thirty (30) calendar days from the written notice of the dispute. If no agreement is reached, the parties irrevocably submit to the exclusive jurisdiction of the competent courts of Antigua and Barbuda, waiving any other jurisdiction. Such decisions shall not be subject to negotiation or challenge, except where required by public policy law.

14. Survival of Obligations All obligations which by their nature should survive termination, wind-down, or liquidation shall remain in effect for the maximum period permitted by law.

15. Amendments and Effective Date These Terms come into effect on the date determined by NIBank and may be unilaterally modified by NIBank with prior or subsequent notice through any available communication channel.