GENERAL TERMS AND CONDITIONS
Please read these terms and conditions carefully before using any of DNBC Accounts. These Terms and Conditions (T&Cs) shall govern the availability and use of the various services provided by DNBC Financial Hong Kong Limited and its affiliated entities (“DNBC Services”). By accessing or using any or part of the DNBC Services, you (the “Client”, “you”/“your”, “any authorized user”) agree to become bound by the terms and conditions of this T&Cs. If you do not agree to all the terms and conditions of this T&Cs, please do not access or use any of DNBC Services.
Notwithstanding the foregoing, you shall regularly review the terms and conditions. You may access the latest version of this at any time on our website (dnbcgroup.com/en-hk/).
These Terms and Conditions are effective and legally binding on the date when the Client applies for a DNBC Account or otherwise uses the DNBC Services. Your acceptance of these T&Cs and your use of the DNBC Services serve as confirmation that you fully understand and accept these terms and conditions. If you do not understand any of these terms and conditions, please contact [email protected] for more information.
You acknowledge that you and your use of the DNBC Services are subject to the mandatory provisions of Applicable Law. You are solely responsible for understanding and complying with any and all laws, rules, and regulations that may be applicable to you in connection with your use of the DNBC Services, including, but not limited to, laws and regulations governing payment services, anti-money laundering or terrorist financing requirements, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency exchange.
We may close, suspend, or limit your access to your use of the DNBC Services in the event that you breach any of the terms and conditions you enter into with DNBC or pursuant to any proprietary monitoring used by DNBC when assessing the risk associated with your transaction activity. We may also limit your access to funds per the instructions of law enforcement or our regulators.
1.1. Authorized Person – a person authorized by the Client to give instructions for execution on the Client's Account.
1.2. Business day – a day other than a Saturday, Sunday, or public holiday in Hong Kong when financial institutions in Hong Kong are open for business. Please note that the business days of DNBC, the Intermediary bank, and the Provider of payment services of the Recipient may differ.
1.3. Confidential Information – any information, data, document, process, technique, program, non-published copyrighted and trademark materials, technology, know-how, technical solutions, trade secrets, research, pricing, work in process, marketing, servicing, financing or personnel matter held in confidence by the other party, either in tangible or intangible form.
1.4. Data subject – an individual who is the subject of Personal Data.
1.5. DNBC Account – the DNBC Financial Hong Kong Limited account of the Payer indicated in the Payment transfer.
1.6. DNBCnet – refers to the payment services platform in which users log in to execute their payment transfer or withdraw the funds received.
1.7. DNBC Services – Services provided by DNBC Financial Hong Kong Limited
1.8. "DNBC", "We", "us", or "our" – DNBC Financial Hong Kong Limited
1.9. Fees – The charges arising from the Client’s transactions or other relevant fees for the Client’s requested service from DNBC Financial Hong Kong Limited.
1.10. Intermediary bank – an institution which is neither DNBC Financial Hong Kong Limited, nor the Provider of payment services of the Recipient, but which participates in the execution of the Payment order.
1.11. International payment transfer – a transfer of monetary funds of the Payer initiated by the Payer to the account of the Recipient indicated by the Payer and opened in an institution of a provider of payment services in any other country apart from Hong Kong Special Administrative Region of the People's Republic of China (HK SAR), or a transfer of monetary funds in a currency other than HKD to an account opened in an institution of another provider of payment services in HK SAR.
1.12. International payment order – a Payment order submitted by the Payer for the execution of the International payment transfer.
1.13. Legal agreement – General payment service agreement concluded between the Client and DNBC Financial Hong Kong Limited, conditions of which are applied to the Client and under which DNBC Financial Hong Kong Limited has opened the Account for the Client.
1.14. Terms and Conditions – The terms and conditions set forth herein regulate the use and responsibilities between the Client and DNBC Financial Hong Kong Limited and shall be amended from time to time.
1.15. "The Client", "You" or "your" – you, the person who is contracting with DNBC for the provision of the Services
1.16. The transfer is standard (non-urgent) or urgent.
1.17. Provider of payment services of the Recipient – the provider of payment services indicated in the Payment order, contracting with the Recipient to accept and process payment transactions on behalf of the Recipient.
1.18. When using the service indicated in the present Conditions, the Payer is applied with all terms and conditions of the General Agreement and additionally with terms and conditions set forth in the present Supplement. Terms in the present Supplement are used in the meaning defined in the General agreement if the present Supplement does not indicate otherwise.
2. General Provisions
2.1. When submitting the Payment order, the Client undertakes all responsibility for the accuracy and completeness of information in the Payment order submitted to DNBC and agrees with the terms and conditions. We shall not be responsible for any delays, or losses incurred due to incomplete or inaccurate information provided.
2.2. DNBC executes the Payment order submitted by the Client according to the terms and conditions, the Legal agreement, and the legislation of the Hong Kong Special Administrative Region of the People's Republic of China.
2.3. All requests for Cancellation, Specification, or Alteration of payment orders must be submitted to DNBC in writing (via email in the relevant “Contact” section of our Website form part of the Legal Agreement or other methods acceptable by DNBC Financial Hong Kong Limited).
3. Terms and Procedure of Execution of the Payment Order
3.1. When using DNBC Financial Hong Kong Limited to transfer funds, if the fund sent is in a different currency, DNBC reserves the right to charge users additional fees and rates for the conversion of currency.
3.2. When using DNBC Financial Hong Kong Limited to receive funds, if the fund received is in a different currency, DNBC reserves the right to charge the relevant fees and rates for the conversion of currency.
3.3. DNBC does not undertake the responsibility if the Payment order is not executed due to false or non-exhaustive requisites of the Payment order. DNBC also does not hold the responsibility for errors committed by the Provider of payment services of the Recipient and/or delayed crediting of funds to the account of the Recipient by the Provider of payment services of the Recipient, or when the Payer in the Payment order does not indicate all data required by the Provider of payment services of the Recipient, which are necessary to credit funds to the account of the Recipient.
4. Cancellation and Specification of the Payment Order
4.1. Users must submit a request in writing if they wish to cancel an order to DNBC Financial Hong Kong Limited,
(i) under the circumstances where the order has yet to be executed, the amount in the Payment order together with the fees shall be refunded to your issued account
(ii) where the payment order has been executed, while the funds have yet arrived in the beneficiary’s account, DNBC shall take reasonable efforts to contact the Intermediary bank or the Provider of payment services of the Recipient to request for the cancellation of that Payment order. DNBC however, does not guarantee the cancellation. Kindly note that additional fees may apply for the repatriation of amounts.
4.2. Users must submit a request in writing if they wish to make alterations to their payment order in writing to DNBC.
(i) under the circumstances where the order has yet to be executed, you may proceed to make the necessary amendments.
(ii) where the payment order has been executed, while the funds have yet arrived in the beneficiary’s account, DNBC shall make reasonable efforts to contact the Intermediary bank or the Provider of payment services of the Recipient to request the necessary amendment to be made. DNBC does not guarantee that amendments will be made. Kindly note that additional fees may apply for the amendments of payment orders under such circumstances.
5.1. For execution, Cancellation, and Specification of the Payment order and also for other services provided and other operations executed by DNBC, the Client pays fees set in the Pricing and valid at the moment of the provision of the DNBC services or execution of the operation. All prices provided at the time of order are valid and fixed upon confirmation of order. We will not process your payment order until we have received the applicable fees from you.
5.2. All fees provided by DNBC are time-sensitive and may be subjected to changes that are affected by currency exchange fluctuations, and changes in fee structure. For clarity, the fees applicable to you in the relevant “Account fee” section of our Website form part of the Legal Agreement and are subject to change.
5.3. If the Payment order is returned due to reasons beyond the control of DNBC (e.g. due to errors of the Intermediary bank selected by the Provider of payment services of the Recipient or the Recipient or any other Intermediary bank, or due to inaccurate or insufficient requisites in the Payment order and in similar cases), the amount of money indicated in the Payment order is returned to the Account, whereas fees paid by the Client are not returned and/or the fine for delay of execution of the Payment order is not paid, and all costs related to the return of the funds are debited from the Account.
5.4. What do the charge options BEN/SHA/OUR mean?
BEN: Charges are borne by the Beneficiary
Your Beneficiary bears all charges in the transfer of the payment. You only pay the remittance amount. All charges (including charges on our end as well as those of the Intermediary and Beneficiary banks, etc.) will be deducted from the remittance amount and your Beneficiary will receive the remaining balance.
SHA: Charges are shared
You pay for the Remitting charges and the remittance amount. Your Beneficiary bears the charges of all the other banks (the Intermediary and Beneficiary banks, etc.), which will be deducted from the remittance amount. Your Beneficiary will receive the remaining balance. This is the most common type of charge, where each party bears their respective charges.
OUR: Charges are borne by the Remitter
You bear all charges of the payment, i.e. the remittance amount and remitting charges, as well as all the other banks' (Correspondent, Intermediary, and Beneficiary banks, etc.). The charges will be debited from your indicated account after the exact amount has been identified. For cases where we have "OUR" arrangement with our correspondents, we will debit the agent charges upfront.
DNBC Financial Hong Kong Limited shall not be liable if the correspondent or the Beneficiary's bank does not follow the instructions and lifts their fees from the remittance amount or charges additional fees on the amount remitted
5.5. Currency Conversion Rates
Where a payment order is initiated with a currency different from the recipient’s bank account, DNBC Financial Hong Kong Limited reserves the right to call for the differences in rates (if any) for the conversion of currency to execute your payment order and we will notify you.
6. Filling in the Payment Order
6.1. The Payment order shall be filled in according to the instructions given in the DNBCnet.
6.2. The currency code is indicated by selecting a standard used in the DNBCnet.
6.3. Field "charge options":
You are to select between BEN, SHA, and OUR
If neither of the above options is selected, we shall proceed with the default option of SHA, where You pay for the Remitting charges and the remittance amount. Your Beneficiary bears the charges of all the other banks' charges which will be deducted from the remittance amount.
6.4. In the field "Payment type" the Client indicates the payment type according to the options indicated in the Pricing, by selecting one of the following: "Standard", "Urgent" or "Very urgent". If neither of the options is selected, we shall proceed with the default option of "Standard".
6.5. In the field "Purpose" the Client indicates the purpose of the Payment order and other additional information about the Payment order.
6.6. If the instructions provided in DNBCnet in a specific case (e.g. in case of account top-up) require to indicate specific information, the Client shall comply with the instructions and indicate the information required according to the instruction (e.g. DNBC Financial Hong Kong Limited Account number). Otherwise, DNBC will not be able to execute the payment order.
6.7. The Client is recommended to fill in the field "Recipient’s correspondent bank" if the transfer is performed to the country of the recipient (except for Hong Kong) in a currency of the Recipient account (e.g. when executing a transfer in US dollars to a USD account in Singapore)
6.8. The Payment order shall be submitted by you or any persons appropriately authorized by you. If you discover or suspect any unauthorized or erroneous transactions from or to your Account, you must immediately contact us ([email protected]). Upon such discovery, you agree to take such steps to protect your Account, including changing any Security Codes, or passwords to your accounts and reporting such incidents to us immediately. DNBC shall not be responsible for any losses if it is found that you did not take reasonable steps to ensure that your account is secure.
7. Review and assessment
DNBC Financial Hong Kong Limited is regulated by the Hong Kong Customs and Excise Department and is subject to the regulations under the Money Service Operators licensing system. As part of our efforts to ensure the robustness of our systems as well as to ensure that we stay compliant with the laws and regulations, DNBC has to conduct annual assessments on the customer's due diligence process.
This however will not affect the efficiency of our service provision and the standards of our service quality.
7.1. Customer Due Diligence Requirements
This is an important step in our business process. Customer Due Diligence is an important process in which we develop an understanding of our customer's business and personal profiles. From time to time, we may require additional documents or information for the conduct of the review, you agree to comply with any request from us for any further information or document made available to us in a format agreeable to us. You also authorize us to conduct due diligence checks on you, including checking the commercial database or obtaining reports for us to update our records and to continue providing our services to you. DNBC may make, directly or through any third party, any inquiries we consider necessary to validate the information that you provide to us, including checking commercial databases or credit reports.
7.2. Restriction of use
DNBC reserves the right to close your account if you are found to have used our services for improper purposes. Such includes but is not limited to the following:
(i) Using our services for unlawful purposes under the laws of the Hong Kong Special Administrative Region of the People's Republic of China or international law or regulation, or causes DNBC to breach any applicable law or regulation.
(ii) Using our services to conduct businesses listed on our restricted list of business activities, which is listed on our website in the relevant “Prohibited Business Activities” section forms part of the Legal Agreement and is subject to change.
(iii) Using our services to facilitate transactions of regulated or illegal products or services under the laws of the Hong Kong Special Administrative Region of the People's Republic of China and products or services that are illegal in the jurisdiction they are being offered in.
8. Termination and Suspension
This T&C shall remain in effect so long as you agree with our Legal Agreement, or for as long as we are providing any Services to you.
If you wish to terminate DNBC Services and your account, you may do so by sending an Email to customer support ([email protected]).
After your account is terminated, any payment received on your account will be rejected. You are solely responsible for any fees incurred in connection with the rejected payments.
DNBC is entitled to suspend your Account and/or your or Authorised Persons’ access to DNBCnet and/or otherwise restrict functionality if you are in breach of these terms. In all such cases, we will, to the extent permitted under applicable laws, provide you with reasonable notice in advance of taking these steps. However, we may suspend your Account and/or your or Authorised Persons’ access to DNBCnet and/or otherwise restrict functionality without notice if:
(i) you are using your Account or the Services in a manner that could cause us legal liability, committing any material breach of these T&Cs
(ii) we believe that your Account has been compromised or for other security reasons
(iii) we have reason to believe you are engaged in fraud, money laundering, or terrorist financing
(iv) we have reason to believe you are in violation of any applicable law or regulation
Any suspension or restriction shall continue for such a period as we shall reasonably determine to be necessary.
Termination of these T&Css shall automatically terminate the Legal Agreement and termination of the Legal Agreement shall automatically terminate these Terms and Conditions. Upon the effective date of termination:
(i) you will immediately cease all use of the DNBCnet
(ii) all of your payment obligations under these T&Cs, or under our Legal Agreement with you, will immediately become due and payable
(iii) we will on request return to you any funds of yours
(iv) each party will return all Confidential Information of the other party in its possession and will not make or retain any copies of such Confidential Information except as required to comply with any applicable legal or accounting record-keeping requirement.
9. Representation and Warranties
9.1. You represent and warrant that you are not acting on behalf of, or for the benefit of, anyone else unless in the case of a natural person, opening the account for and under the direction of the company, legal person, or entity that employs such a natural person.
9.2. You hereby undertake, until the term or termination of the Legal Agreement, to communicate promptly to DNBC any change in your business ownership, management structure, business activities, and contact details.
9.3. You shall obtain any necessary authorizations from data subjects for the required transfers of information within the scope of DNBC Services. You are responsible for the legally compliant collation, storage, and transmission of information (in particular personal data) to us. You hereby represent and warrant that the data with respect to third parties that is communicated to DNBC by you or by the relevant platform and for the purpose of being read, kept, or processed by DNBC
(a) with respect to such data you hereby
(i) are deemed to be and
(ii) accept to be controller;
(b) such data has been collected and received from the relevant party in full compliance with applicable data protection laws applicable to such third party as a data subject and
(c) such data has been communicated with the explicit and informed consent of such party to the communication and processing of this data.
9.4. You shall comply with this Agreement and all Applicable Laws and must not cause DNBC to breach any Applicable Law. You shall notify DNBC in the event that you become aware of any breach of Applicable Laws.
9.5. You shall comply with all Applicable Laws to which you may be subject. You undertake that you are not, and will procure that none of your directors, officers, agents, employees, or persons acting on behalf of the foregoing is a Restricted Person and do not act directly or indirectly on behalf of a Restricted Person. You must supply to us with details of any claim, action, suit, proceedings, or investigation against you or such persons with respect to Sanctions by any Sanctions Authority to the extent permitted by law, promptly upon becoming aware.
9.6. In the event of a breach of the above provisions, you shall be liable to DNBC for the resulting damages and indemnify us in the internal relationship from any claims of third parties.
10.1. Amendment to Agreement
Since we keep updating the DNBC Terms and Conditions, we may amend the terms and conditions from time to time. In the event of any major amendment that affects you, we will send you an email notification one (01) month before the changes take effect. If you disagree with our changes, then you should stop using the DNBC Services and terminate the Legal Agreement within the designated notice period. Otherwise, in the absence of such notification before the proposed date of their entry into force, you will be deemed to have accepted those changes if you continue to use DNBC Services. Your continued use of our DNBC Services will be subject to the new terms and conditions. Changes to fees and exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.
10.2. Service Providers
DNBC shall be entitled to involve third parties in providing DNBC Services. We may require that certain processing steps are carried out directly through such third parties, completely or partially.
10.3. Prevention of Money Laundering and Terrorist Financing
DNBC is subject to Applicable Law regarding the fight against money laundering and the financing of terrorism. As a result, we reserve the right to obtain information from you, including, but not limited to, information about your identity, business transactions, business relationships, and/or financial information. In addition, DNBC must take all the steps necessary to identify you and, where appropriate, the beneficial owner of the DNBC Account. You acknowledge that we may terminate or postpone, at any time, the use of login details, access to a DNBC Account, or execution of a transaction in the absence of any sufficient information about its purpose or nature.
Should one or several provisions of this T&Cs be or become invalid or prove to be unenforceable, this shall not affect the validity of the other provisions.
You agree to indemnify, defend, and hold DNBC harmless, including its parent, affiliates, and its respective directors, officers, employees, and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the DNBC Services, including but not limited to your violation of this Agreement.
10.6. Disclaimer of Warranties
We act as a service provider to you under this Agreement. DNBC Financial Hong Kong Limited does not act as a trustee, an escrow agent, or a stakeholder for you or your payer/payee. DNBC assumes no liability to or in respect of any products, services, or any other part of your business.
This Agreement shall be governed by the laws of the Hong Kong Special Administrative Region of the People's Republic of China. Any claim or dispute under this Agreement shall be subject to the exclusive jurisdiction of the Courts of Hong Kong.
If you have any questions, please contact us by email or regular mail at the following address:
DNBC Financial Hong Kong Limited
- Main office: Flat A&B, 18/F Wing Hing Commercial Building No. 139 Wing Lok Street, Sheung Wan, Hong Kong
- Telephone number: +65 6572 8885
- Email: [email protected]