Munify Terms and Conditions
1. Acceptance of Terms
These Terms and Conditions (“Terms”) constitute a legally binding agreement between you (“Customer,” “Client,” “you,” or “your”) and Munify Corporation (“Munify,” “we,” “us,” or “our”), governing your access to and use of Munify’s global instant payment platform, including all related services, applications, and technologies (collectively, the “Services”).
By accessing, registering for, or using our Services, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms, you must immediately discontinue use of our Services.
2. Description of Services
Munify provides a global instant payment platform that enables consumers and businesses to make, receive, and manage payments. Our Services include:
2.1 Virtual Cards
Issuance and management of virtual payment cards for secure digital transactions, with real-time transaction tracking and customizable spending controls.
2.2 Payment Collection and Disbursement
Facilitating the collection of payments from customers and the ability to send payments, utilizing various payment rails and technologies.
3. Eligibility and Account Requirements
3.1 Eligibility
You must be either:
- A legally registered business entity in good standing in your jurisdiction, or
- An individual consumer who meets the legal age and residency requirements of your jurisdiction,
to use our Services.
3.2 Compliance Requirements
You must comply with all applicable laws, regulations, and industry standards in your jurisdiction, including but not limited to anti-money laundering (AML), know your customer (KYC), and counter-terrorism financing (CTF) requirements.
3.3 Identity Verification
You agree to provide accurate and complete identity verification information, including personal or business documentation and other details as required.
4. User Responsibilities and Obligations
4.1 Account Security
You are responsible for maintaining the confidentiality of your account credentials and implementing appropriate security measures to protect your account. You must notify us immediately of any unauthorized access.
4.2 Compliance Obligations
You must:
- Implement necessary AML/KYC procedures if applicable to your business use
- Monitor transactions for suspicious activity and report as required by law
- Maintain accurate records of transactions and customer information
- Comply with data protection laws including GDPR, CCPA, and other applicable privacy laws
4.3 Prohibited Activities
You may not use our Services for:
- Money laundering, terrorist financing, or other illegal activities
- Transactions involving sanctioned parties or prohibited jurisdictions
- Gambling, adult content, or other restricted business categories as determined by our risk assessment
- Any activity that violates applicable laws or regulations
In addition to the above, Munify maintains a list of other business types, industries, or activities that are prohibited or subject to additional restrictions. We review these during onboarding and may update this list from time to time based on our risk assessment, legal requirements, or regulatory obligations. You agree that your use of our Services is subject to our approval and ongoing compliance checks, and we reserve the right to refuse, suspend, or terminate Services if your business or activities fall into prohibited or restricted categories.
5. Financial Terms and Conditions
5.1 Fees and Charges
You agree to pay all applicable fees as outlined in your service agreement or our published pricing. Fees may include transaction fees, service fees, and other charges as specified.
5.2 Payment Processing
Payments are processed through our licensed financial partners and payment providers. Processing times may vary based on payment method and destination.
5.3 Fund Segregation
Customer funds are held in segregated accounts with licensed financial institutions in accordance with applicable regulations.
6. Data Protection and Privacy
6.1 Data Collection and Use
We collect and process personal and business data as described in our Privacy Policy, including identity verification information, transaction data, and technical information.
6.2 Data Security
We implement industry-standard security measures, including encryption, access controls, and regular security assessments, to protect your data.
6.3 Data Sharing
We may share your information with service providers, regulatory authorities, and other parties as described in our Privacy Policy and as required by law.
6.4 International Data Transfers
Your data may be processed in countries outside your jurisdiction with appropriate safeguards in place.
7. Compliance and Regulatory Requirements
7.1 Licensing and Authorization
Munify operates under appropriate financial licenses and partnerships with licensed financial institutions to provide regulated financial services.
7.2 Regulatory Reporting
We maintain compliance with applicable financial regulations, including reporting requirements to relevant authorities.
7.3 Sanctions Compliance
We screen transactions against applicable sanctions lists and may block or reverse transactions involving sanctioned parties.
7.4 Prohibited Countries and Jurisdictions
You acknowledge and agree that our Services are not available to individuals, entities, or businesses located in, organized under the laws of, or ordinarily resident in the following prohibited countries and jurisdictions (“Prohibited Jurisdictions”):
- Afghanistan
- Albania
- American Samoa
- Anguilla
- Antigua and Barbuda
- Aruba
- Bahamas
- Barbados
- Belarus
- Belize
- Bermuda
- Bosnia and Herzegovina
- Bosnia
- Cayman Islands
- Central African Republic
- Congo, Democratic Republic of the
- Congo
- Cook Islands
- Costa Rica
- Croatia
- Cuba
- Curaçao
- Cyprus
- Dominica
- Eritrea
- Fiji
- Guam
- Guinea
- Guinea-Bissau
- Haiti
- Iran (Islamic Republic of)
- Iran
- Iraq
- Kosovo
- Lebanon
- Liberia
- Libya
- Macedonia
- Mali
- Marshall Islands
- Moldova
- Montenegro
- Myanmar (Burma)
- Nicaragua
- Niger
- North Korea (Democratic People's Republic of Korea)
- North Korea
- Palau
- Palestine, State of
- Panama
- Puerto Rico
- Russian Federation
- Russia
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
- Samoa
- Serbia
- Seychelles
- Somalia
- South Sudan
- Sudan
- Syrian Arab Republic
- Syria
- Trinidad and Tobago
- Turks and Caicos Islands
- Ukraine
- Vanuatu
- Venezuela (Bolivarian Republic of)
- Venezuela
- Vietnam
- Virgin Islands (British)
- Virgin Islands (U.S.)
- Yemen
- Zimbabwe
7.5 Prohibited Jurisdiction Restrictions
You represent, warrant, and covenant that:
a) You are not located in, organized under the laws of, or ordinarily resident in any Prohibited Jurisdiction;
b) You will not use our Services to facilitate transactions involving any person, entity, or jurisdiction that is subject to sanctions administered by any Sanctions Authority;
c) You will not access or use our Services while physically present in any Prohibited Jurisdiction;
d) None of your beneficial owners, directors, officers, or controlling persons are located in, organized under the laws of, or ordinarily resident in any Prohibited Jurisdiction;
e) You will immediately notify us if any of the foregoing representations cease to be true.
7.6 Transaction Restrictions
We reserve the right to:
a) Block or reject any transaction that involves a Prohibited Jurisdiction or sanctioned party;
b) Freeze funds or suspend accounts where we reasonably suspect a connection to a Prohibited Jurisdiction;
c) Terminate your account immediately if you violate these geographic restrictions;
d) Report suspicious activities to relevant authorities as required by law.
7.7 Ongoing Compliance Monitoring
We continuously monitor transactions and accounts against updated sanctions lists and may update our Prohibited Jurisdictions list in accordance with:
a) Sanctions imposed by the United Nations Security Council;
b) Sanctions imposed by the United States Office of Foreign Assets Control (OFAC);
c) Sanctions imposed by the European Union;
d) Sanctions imposed by the United Kingdom Office of Financial Sanctions Implementation (OFSI);
e) Other applicable sanctions authorities in jurisdictions where we operate.
7.8 Customer Due Diligence
You agree to provide accurate information regarding your geographic location, business operations, and beneficial ownership, and to update this information promptly if any changes occur.
7.9 Sanctions Authority Compliance
This section supplements and does not replace your obligations to comply with all applicable sanctions laws and regulations. You remain responsible for ensuring your own compliance with all applicable legal requirements in your jurisdiction.
7.10 List Updates
We may update the list of Prohibited Jurisdictions at any time without prior notice to reflect changes in applicable sanctions regimes or our risk assessment. Continued use of our Services after such updates constitutes acceptance of the revised restrictions.
8. Limitation of Liability
8.1 Service Availability
While we strive for high availability, we do not guarantee uninterrupted service and are not liable for service interruptions, maintenance, or technical issues.
8.2 Third-Party Risks
We are not liable for issues arising from third-party service failures beyond our reasonable control.
8.3 Limitation of Damages
Our total liability to you for any claims arising from these Terms or your use of our Services shall not exceed the fees paid by you in the twelve (12) months preceding the claim.
9. Intellectual Property
9.1 Munify Property
All intellectual property rights in our platform, technology, and services remain our property or that of our licensors.
9.2 Limited License
We grant you a limited, revocable, non-exclusive, non-transferable, and non-sublicensable right to access and use our Services solely for your own lawful purposes and strictly in accordance with these Terms. We reserve all rights not expressly granted.
10. Termination
10.1 Termination Rights
Either party may terminate this agreement with appropriate notice as specified in your service agreement. We may suspend or terminate your account immediately for violations of these Terms.
10.2 Effect of Termination
Upon termination, you must cease using our Services, and we will facilitate the return of your funds in accordance with applicable regulations.
11. Dispute Resolution
11.1 Governing Law
These Terms are governed by the laws of Delaware without regard to conflict of law principles.
11.2 Dispute Resolution Process
Disputes should first be addressed through our customer support. Unresolved disputes may be subject to binding arbitration as specified in your service agreement.
12. Updates and Modifications
12.1 Terms Updates
We may update these Terms from time to time. Material changes will be communicated with reasonable advance notice.
12.2 Continued Use
Your continued use of our Services after Terms updates constitutes acceptance of the modified Terms.
13. Miscellaneous
13.1 Severability
If any provision of these Terms is found invalid or unenforceable, the remaining provisions shall continue in full force and effect.
13.2 Force Majeure
We are not liable for delays or failures in performance due to circumstances beyond our reasonable control.
13.3 Entire Agreement
These Terms, together with our Privacy Policy and any applicable service agreements, constitute the entire agreement between you and Munify.
14. Contact Information
For questions regarding these Terms or our Services, please contact us at:
Email: info@munify.ai
