Terms & Conditions​

 

Terms and Conditions for FX Master Limited 

Last Updated: 26/01/2025 

These Terms and Conditions (“T&C”) govern the relationship between FX Master Limited, registered under company number 05248673, with its registered address at 30 Churchill Place, Canary Wharf, London, E14 5RE, UK (hereinafter referred to as “FX Master Limited”, “Company”, “we”, or “us”) and its Clients (individuals or entities). FX Master Limited is authorized and regulated by the Financial Services Authority (“FSA”) in the United Kingdom as a Payment Institution (FRN 538425). 

By using our services, you agree to comply with and be bound by these T&C. Please read these carefully. 

1. General Provisions

1.1. FX Master Limited provides payment services, including but not limited to wire transfers, foreign exchange, and other related services, in compliance with applicable UK regulations. 

1.2. These T&Cs, together with any agreements, onboarding forms, and applicable tariffs, constitute a Framework Agreement within the meaning of The Payment Services Regulations 2017. 

1.3. By signing the onboarding form or by using our services, you confirm that you have read, understood, and accepted these Terms and Conditions (T&Cs).  

1.4. FX Master Limited reserves the right to amend these T&Cs at its sole discretion. Notice of changes will be provided at least two months in advance unless otherwise required by law or for security reasons. Continued use of services after changes come into effect constitutes acceptance of the amended T&C. If a Client does not agree with the changes, they have the right to terminate the agreement and cease using FX Master Limited’s services without incurring any additional taxes or penalties. Clients must notify FX Master Limited of their decision to terminate the agreement before the changes take effect. 

1.5. All communication and notices related to these T&Cs will be conducted in English. 

2. Definitions

2.1. Client: Refers to an individual or entity that uses FX Master Limited’s services. 

2.2. Payment Services: Includes, but is not limited to, payment transfers, foreign exchange, and the provision of payment accounts as defined by The Payment Services Regulations 2017. 

2.3. Framework Agreement: The agreement between FX Master Limited and the Client, encompassing these T&Cs, any signed agreements, and other relevant documents. 

2.4. IBAN: International Bank Account Number issued to Clients for payment transactions. 

2.5. Business Days: Monday to Friday, excluding public holidays in the United Kingdom. 

3. Onboarding Requirements

3.1. To access our services, Clients must complete the onboarding process, which includes: 

• Submission of the Corporate Onboarding Form or Individual Onboarding Form. 

• Provision of all requested documentation, including but not limited to: 

• Certificate of Incorporation. 

• Memorandum and Articles of Association. 

• Proof of Address and Identity for shareholders, directors, and authorized signatories. 

• Ultimate Beneficial Ownership (UBO) details. 

• AML compliance documents where applicable (e.g., AML policy, risk assessment documents). 

3.2. Clients must disclose accurate and truthful information. Any false or misleading information provided may result in the suspension or termination of services or legal action. The client may use the services only after being identified, respectively – after the identification of the persons authorized by him/her and following the signing of a Framework Agreement for the provision of payment services.   

3.3. High-risk Clients, as determined by FX Master Limited (e.g., exposure to certain jurisdictions or involvement in restricted activities), may be subject to enhanced due diligence measures, including but not limited to the provision of additional documentation. 

3.4. FX Master Limited reserves the right to reject any application without providing reasons. 

3.5. Updates to Client information, including any changes in ownership, business activity, or contact details, must be communicated to FX Master Limited promptly. Failure to notify FX Master Limited of such changes in a timely manner may result in disruptions to services or other consequences. FX Master Limited is not responsible for any issues, losses, or liabilities that may arise as a result of the Client’s failure to submit these updates. It is the Client’s responsibility to ensure that FX Master Limited is kept informed of all relevant changes. 

3.6. Every client shall be informed that after the conclusion of a Framework Agreement for the provision of payment services, he/she shall be obliged to update the submitted identification documents in the event of them being changed.   

3.7. FX Master Limited (the “Company”) may, in certain circumstances, provide its services to clients based on reverse solicitation. Reverse solicitation refers to situations where the client independently and proactively seeks the Company’s services without any direct or indirect solicitation by the Company, its employees, agents, or representatives. The Company acknowledges that, under UK financial services regulations, including the Financial Services and Markets Act 2000 (FSMA) and the rules of the Financial Conduct Authority (FCA), it is only permitted to offer financial services in the UK if those services are solicited by the client or if the client meets certain regulatory conditions. In cases where the Company serves a client based on reverse solicitation, the client acknowledges that they are seeking services voluntarily and without reliance on any representations or actions by the Company. The Company will not be liable for any claims or damages arising from the client’s decision to request services based on reverse solicitation. 

4. Opening of Payment Accounts

4.1. Payment accounts are opened following the successful completion of the onboarding process and the signing of the Framework Agreement. 

4.2. FX Master Limited assigns a unique IBAN to each account. Clients may request additional identifiers if applicable, such as virtual IBANs, subject to applicable fees. 

4.3. Clients are fully responsible for ensuring the confidentiality and security of their account details, login credentials, and any other access information associated with their account. It is essential that Clients take all necessary precautions to protect their accounts from unauthorized access or misuse, including safeguarding their passwords and access codes. Clients are encouraged to regularly monitor their accounts and report any discrepancies or suspicious activity as soon as possible. 

4.4. FX Master Limited does not open or maintain anonymous accounts or accounts under fictitious names. 

5. Use of Services

5.1. Clients must use FX Master Limited’s services solely for lawful purposes. Prohibited activities include but are not limited to: 

• Money laundering or terrorist financing. 

• Transactions involving entities or individuals under sanctions. 

• Activities listed as restricted in the onboarding form (e.g., gambling, arms trading). 

5.2. FX Master Limited reserves the right to monitor transactions and suspend or terminate services if prohibited activities are suspected or confirmed. 

5.3. Transactions must include accurate and complete details. FX Master Limited is not liable for delays or non-execution resulting from incomplete or inaccurate information. 

6. Processing of Payment Orders

6.1. Payment orders are processed during business hours and subject to cut-off times. 

6.2. FX Master Limited reserves the right to reject payment orders if: 

• The account balance is insufficient. 

• The payment order lacks required information. 

• The payment violates applicable laws or these T&C. 

6.3. Clients may not revoke a payment order once it has been executed unless otherwise agreed upon. 

6.4. FX Master Limited provides Clients with transaction confirmations and account statements via online channels. 

6.5. Fees for payment transactions are outlined in the applicable tariff schedule. Additional fees may apply for specific services, such as currency conversions. If a special fee arrangement is applicable to a specific Client, the terms of that special arrangement shall prevail over the provisions in the common tariff schedule. 

7. Fees and Charges

7.1. All fees are detailed in FX Master Limited’s published tariff schedule, available on request or via our website. 

7.2. Fees are deducted directly from the Client’s account. In cases of insufficient funds, FX Master Limited may debit other accounts held by the Client. 

7.3. Currency conversions are performed at the prevailing exchange rate at the time of transaction, as determined by FX Master Limited. 

7.4. FX Master Limited reserves the right to amend its fees and charges. Clients will be notified of changes at least two months in advance. 

8. Compliance and Monitoring

8.1. FX Master Limited complies with applicable UK anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. 

8.2. Transactions may be subject to monitoring, and additional documentation may be requested to ensure compliance. 

8.3. Non-compliance with these T&C or applicable laws may result in immediate suspension or termination of services. 

8.4. FX Master Limited cooperates with regulators and law enforcement agencies as required by law. 

9. Limitation of Liability

9.1. FX Master Limited is not liable for losses arising from: 

• Incorrect or incomplete information provided by the Client. 

• Delays caused by third-party systems, force majeure events, or regulatory requirements. 

9.2. FX Master Limited’s total liability to a Client for any claim is limited to the fees paid for the specific transaction in question. 

9.3. While fulfilling its duties under the present General Terms and Conditions, FX Master Limited shall not be held responsible in the cases of extraordinary and unforeseen circumstances which are beyond the control of FX Master Limited, with the consequences of these circumstances being unavoidable despite the efforts made to prevent them, nor shall FX Master Limited be held responsible if it has acted in compliance with a regulatory imposed requirement.  

9.4. FX Master Limited will not be held responsible for any loss, damage, or unauthorized activity that occurs as a result of the Client’s failure to maintain the confidentiality of their account information. In the event of any suspected or actual unauthorized access, misuse, or security breach, Clients must immediately report the incident to FX Master Limited. Prompt notification allows us to take appropriate action, such as suspending access to the account, investigating the issue, and mitigating potential risks. 

9.5. FX Master Limited is not liable for any losses, financial or otherwise, that result from the Client’s failure to secure their account details or to report unauthorized activity in a timely manner. The Client remains fully responsible for all actions taken using their account credentials, including those made by third parties who gain unauthorized access. 

10. Termination

10.1. Either party may terminate the Framework Agreement with one month’s written notice. 

10.2. FX Master Limited reserves the right to terminate services immediately under the following circumstances, with the aim of protecting the integrity and security of our operations, clients, and compliance with applicable laws and regulations: 

10.2.1 Breach of Terms and Conditions (T&Cs): 
FX Master Limited may terminate services without prior notice if the Client is found to be in breach of any of the Terms and Conditions outlined in the agreement. This includes, but is not limited to, failure to comply with the provisions related to conduct, use of services, payment obligations, or any other terms agreed upon. Breaches may result in immediate suspension or termination of the Client’s access to our services. 

10.2.2.Prohibited Activities: 
FX Master Limited may immediately suspend or terminate services if we suspect or confirm that the Client is involved in any activities that are prohibited under our T&Cs, applicable laws, or any relevant regulatory frameworks. This includes but is not limited to, illegal activities such as money laundering, fraud, terrorist financing, or any other activities that contravene national or international law. We may also terminate services if the Client engages in activities that may damage the reputation, operation, or legal standing of FX Master Limited or its partners. 

10.2.3.Failure to Provide Requested Information or Documentation: 
FX Master Limited requires all Clients to provide complete and accurate information and documentation when requested, particularly for regulatory compliance purposes. If the Client fails to provide the requested documentation, verification, or other necessary information within the specified timeframe, FX Master Limited may suspend or terminate services. This includes failure to provide Know Your Customer (KYC) documentation, Anti-Money Laundering (AML) information, or any other documentation required by law or our internal policies. The Client’s failure to cooperate may result in an inability to maintain the business relationship. 

10.2.4. Suspicion of Fraudulent or Risky Behavior: 
If FX Master Limited has reasonable grounds to suspect fraudulent, malicious, or other risky behavior, the Company reserves the right to immediately terminate services without prior notice. This may include, but is not limited to, activities such as identity theft, account manipulation, unauthorized access, or any other actions that compromise the safety, security, or reputation of FX Master Limited or its clients. 

1. Compliance with Laws and Regulatory Requirements: 
   FX Master Limited may terminate services immediately if required to do so in order to comply with legal or regulatory obligations, whether domestic or international. This includes, but is not limited to, compliance with the Financial Conduct Authority (FCA) regulations, anti-money laundering (AML) laws, the General Data Protection Regulation (GDPR), and other relevant financial and data protection laws. 

1. Non-Payment or Insolvency: 
   FX Master Limited may terminate services if the Client fails to meet payment obligations or if the Client is deemed insolvent or unable to fulfill their financial obligations. If the Client is in arrears, we reserve the right to suspend or terminate access to services until the issue is resolved. In cases of insolvency or bankruptcy proceedings, services will be terminated immediately. 

10.3. Consequences of Termination 
Upon termination of services, FX Master Limited may restrict or revoke the Client’s access to accounts, platforms, or other resources associated with the services. Any outstanding fees, charges, or liabilities may still be payable. Additionally, FX Master Limited may take further legal action to recover any unpaid debts or to address any breach of contract. 

10.4. Notification of Termination 
Where possible, FX Master Limited will notify the Client in writing of the termination, outlining the reason(s) for the decision. However, in cases involving suspected fraud, illegal activity, or urgent regulatory compliance issues, we may suspend services without prior notice to prevent potential harm or legal violation. 

10.3. Upon termination, the Client remains liable for any outstanding fees or obligations. 

10.4. Where a Client-legal entity has ceased its activity or has been transformed, the assets in its accounts shall be paid to its legitimate successors upon the presentation of documents that shall identify and legitimize them. FXMaster Limited shall not be held responsible for properly processed payments until the receipt of a notice confirmed by the legally required documents and certificates evidencing the client’s cessation of activity or transformation. 

10.5.The Client shall owe commissions and fees for the payment services provided until the closing of the payment account, and the paid fees and commissions shall not be refundable. 

11. Dispute Resolution

11.1. Clients may raise complaints directly with FX Master Limited’s compliance department. Complaints will be acknowledged within five business days and resolved within 15 business days. 

11.2. If unresolved, disputes may be referred to the UK Financial Ombudsman Service or the courts of England and Wales. 

12. Data Protection

12.1. FX Master Limited processes personal data in strict compliance with the General Data Protection Regulation (GDPR) 2018, the Data Protection Act 2018, and any other applicable laws and regulations in the United Kingdom governing data protection and privacy. 

12.2. By using our services, Clients consent to the processing and sharing of their data as required for regulatory and operational purposes. 

12.3. Data is stored securely and only shared with third parties as required by law or for service provision. 

13. Representation and Warranties

13.1. Each Party represents and warrants to the other Party that: 

 13.1.1. it is duly organized, validly existing, and in good standing under the laws of its country of incorporation; 

13.1.2. it has and will maintain all required rights, powers, and authorizations to enter into the Framework Agreement and to fulfill its obligations; 

13.1.3. it will perform its obligations with reasonable skill and care; 

13.1.4. it has in place and will maintain adequate facilities to comply with its obligations under the applicable laws and regulations and the Framework Agreement, including data protection and confidentiality obligations;  

13.2. The Client represents and warrants that he will: 

13.2.1. maintain its legal entity active and solvent within the duration of the Framework Agreement; 

13.2.2. comply with the Framework Agreement; 

13.2.3. there are no pending actions by third parties, legal suits, or proceedings at law or in equity against the Client that would substantially impair the Client’s right to carry on its business as contemplated herein or adversely affect its financial condition or operations;  

13.3. The Client represents and warrants that all information provided in connection with the Framework Agreement is true, accurate, and complete.  

14. Confidentiality and Intelectual property

14.1. Each party shall treat as confidential all Confidential Information and will not, without the prior written consent of the other, disclose or use such Confidential Information except for the purposes of the Framework Agreement. 

14.2. Each party may disclose the Confidential Information to its professional advisers, employees, officers, sub-contractors, and agents (“Personnel”) who need to know it for the purpose of performing its obligations under the Framework Agreement and only where such Personnel agrees to act in compliance with the confidentiality requirements of this clause. 

14.3. For the avoidance of doubt, the obligation set in this clause shall not apply if and to the extent that any Confidential Information is required to be disclosed to any governmental or other regulatory authority, by any order of any court of competent jurisdiction or any regulatory, judicial, governmental or similar body or taxation authority of competent jurisdiction, by the rules of a recognized stock exchange on which a party’s shares are listed or by law.   

14.4. On termination of the Framework Agreement for whatever reason, each party shall forthwith cease to use any Confidential Information of the other and shall return on demand, or at the request of the other, destroy or permanently erase all copies of that Confidential Information in its possession or control, save that either Party will be permitted to retain one copy of such part of the Confidential Information for the purposes of and for so long as required by any law or by judicial or administrative process or its legitimate internal compliance issues. 

14.5. These Terms and Conditions do not transfer and are not intended to transfer, to the Client any of the intellectual property rights that the Company owns at the date of the commencement of the Terms and Conditions or any intellectual property rights that the Company creates, acquires or develops during the term of the Framework Agreement. 

14.6. The Company owns and will continue to own all rights, titles, and interest in intellectual property rights, that the Company owned prior to the Framework Agreement.  

15. Miscellaneous

15.1. These T&Cs, together with the onboarding form and other applicable agreements, constitute the entire agreement between FX Master Limited and the Client. 

15.2. If any provision of these T&C is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. 

5.3. The Framework Agreement is personal to the Client and the Client cannot assign it or transfer it or transfer or pledge any of their rights ensuing from the Framework Agreement.