Terms and Conditions

You acknowledge and agree that by checking the “Agree” box when opening your MiFinity Account, you agree to abide by the following Terms & Conditions, as amended from time to time (“Terms & Conditions”) concerning your use of the service provided by MiFinity. If there is any part of the Terms & Conditions you do not understand or wish to clarify, please contact our Client Services.

1. About MiFinity

1.1 MiFinity is a trading name of MiFinity Malta Limited, a company incorporated under the laws of Malta whose company Registration Number is C64824.

1.2 MiFinity is authorised by the Malta Financial Services Authority under the Malta Financial Institutions Act (Registration Number C64824) for the issuing of electronic money.

2. Scope of these Terms

2.1 These Terms govern the opening, use and closure of your MiFinity Account and other related payment services as referred to herein. Together with our Privacy Notice, and any other Terms & Conditions referred to therein, they constitute the legal relationship between you and us. For the use of additional services, you may have to accept additional Terms & Conditions as notified to you when you are ordering or using such services. You are advised to print or download and keep a copy of these Terms for future reference. You can always view the current Terms & Conditions on our Website.

2.2 Depending on the type of MiFinity Account you have, additional Terms & Conditions may apply as communicated to you at the appropriate time.

3. Your MiFinity Account

3.1 Your MiFinity Account is an electronic money account which enables you to send and receive electronic payments.

3.2 The electronic money on your MiFinity Account is issued in accordance with the European Electronic Money Directive (Directive 2009/110/EC, originally 2000/46/EC) and the Financial Institutions Act 1994 (Chapter 376 of the Laws of Malta).

3.3 Your MiFinity Account is denominated in a currency of your choice, as selected by you from the available currencies. You cannot change the currency of your MiFinity Account once you have attempted to process a payment.

3.4 The electronic money held on your MiFinity Account does not expire and it should be noted that interest is not earned at any stage on any monies held on account.

3.5 You have the right to withdraw funds from your MiFinity Account at any time. Your account is not subjected to a minimum withdrawal amount, but you should ensure there is enough funds on your MiFinity Account to take into account any withdrawal fee. You can select the method of withdrawal when submitting your actual withdrawal request. Note you may be required to confirm your identity prior to completion of the request.

3.6 The electronic money on the MiFinity Account remains in the sole ownership of the person or legal entity which is registered as the MiFinity Account holder. No other person has any execution rights in relation to the funds held, except in cases of succession. Therefore, the MiFinity Account cannot be assigned or transferred to a third party nor can you grant any third party a legal or equitable interest over it.

3.7 Depending on your country of residence, you may be subject to upload, payment and withdrawal limits which will be determined, from time to time, at our sole discretion.

3.8 For both the initial registration of your MiFinity Account and any subsequent access via a merchant’s website the country of residence registered on your MiFinity Account must be identical to the country of residence you have registered with the merchant. Your MiFinity Account will be closed upon failure to comply with this requirement.  

Electronic money accounts are not bank accounts in any shape or form. It is therefore important to note that you are not protected by the Depositor Compensation Scheme (DCS). In the unlikely event that we become insolvent, you may lose the electronic money held in your MiFinity Account, however, we strictly adhere to the legal requirements under the European Electronic Money Directive 2009/110/EC and the Maltese Financial Institutions Act 1994 and associated regulations which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts.

4. Opening Your MiFinity Account

4.1 In order to use our payment services you must first open a MiFinity Account by registering your personal details on our Website Application form. As part of the signing up process, you will need to accept these Terms & Conditions and Privacy Notice and you must have legal capacity to accept the same. If you order additional services, you may be asked to accept additional Terms & Conditions.

4.2 All persons must be at least 18 years or older to use our services and by opening a MiFinity Account you declare that you are 18 years or older. This age limitation does not apply to products for which we set a different age limit. We exercise the right to request at any given time that you provide documentary evidence of your age.

4.3 You may only open one MiFinity Account unless we explicitly approve in writing the opening of additional accounts.

4.4 You may open a maximum of nine e-wallets within your MiFinity Account. This limit is inclusive of a combination of your e-wallet categories – Gaming, E-Commerce and Travel; and e-wallets held within theses categories which are of a different currency.

4.4 You may only open a MiFinity Account if it is legal to do so in your country of residence. By opening a MiFinity Account you represent and warrant to us that the opening of a MiFinity Account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.

4.5 All information and details you provide during the registration process or any time thereafter must be accurate and truthful.

4.6 You may only add payment instruments (such ascredit cards, debit cards and Pre-Paid cards) to your MiFinity Account on the explicit understanding you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act. MiFinity reserves the right to take the appropriate action to address this violation.

4.7 By linking debit card and/or credit card as a payment instrument, you are providing MiFinity with continuous authority to automatically charge that card for the amount selected. You can stop this continuous authority in respect of any card by removing the card as a funding source in your account profile.

4.8 If you have any intention to use your MiFinity Account for commercial purposes, you must tell us, even if you use it also for private purposes. If you have stated that you will use your MiFinity Account for private purposes only, you must tell us immediately before, at any point in the future you use it for commercial purposes by contacting Client Services. You are using your MiFinity Account for commercial purposes if you are receiving payments for or in connection with any business activity. We reserve the right to determine whether, in our reasonable opinion, you are using your MiFinity Account for commercial purposes. If you are using your MiFinity Account for commercial purposes, in addition to these Terms & Conditions, you shall be bound by our Merchant Agreement. If you are in any doubt about whether or not an activity amounts to a commercial activity, you should contact Client Services.

4.9 Within 14 days of the date of opening your MiFinity Account, you may close your MiFinity Account at no cost by contacting Client Services. However, if you have uploaded funds into your MiFinity Account, you may be required to provide supporting identification documents before being able to withdraw funds. Transactions and fees for transactions undertaken before you close your MiFinity Account (including those transactions that are not revocable and have been initiated but not completed before closure of your MiFinity Account) will not be refunded.

5. Maintaining Your MiFinity Account

5.1 It is your sole responsibility to ensure that the information recorded on your MiFinity Account is always up to date and accurate. We shall not be liable for any loss arising out of your failure to do so. We may ask you at any point in time to confirm the accuracy of your information or to provide documents or other supporting evidence.

5.2 We may communicate with you by email or in other ways described in section 18 with information or notices regarding your MiFinity Account. It is your responsibility to routinely check the proper functioning of your email account or other methods of communication that you have registered with your MiFinity Account and to retrieve and read messages and correspondence relating to your MiFinity Account promptly. We shall not be held liable for any loss arising out of any negligence on your part to perform this duty.

5.3 Fund uploads, payments received, payments sent, and fund withdrawals are displayed in your online transaction’s history screen together with the applicable fees charged. Each transaction is given a unique transaction reference ID and shown in the transaction history. In order to deal promptly with any transaction related query, it is recommended that you quote this transaction reference number. You should check and validate your MiFinity Account balance and transaction history regularly. You should report any irregularities, discrepancies or clarify any questions you have as soon as possible by contacting Client Service.

5.4 Subject to the provisions of section 8 below and without prejudice to the provisions of section 9.3, in order to claim a refund for an unauthorised or incorrectly executed payment transaction on your MiFinity Account you must notify us in writing without undue delay after becoming aware of the unauthorised or incorrect transaction and in any event no later than thirteen (13) months after the debit date of the transaction.

6. Keeping Your MiFinity Account Safe

6.1 You must exercise all reasonable steps to keep your MiFinity Account password safe at all times and never disclose it for any reason to anyone. MiFinity will never ask you to provide your password to us or to a third party. Any message you receive or website you visit that asks for your password, other than the MML Website or a MiFinity payment gateway on a merchant website, should be reported immediately to us. If you are in doubt whether a website is genuine and legitimate, you should contact Client Services. It is best practice to change your password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to your MiFinity Account. We also strongly advise you not to choose a password that is easily guessed from information someone might know or gather about you or a password that has a meaning. You must never allow anyone to access your MiFinity Account or watch you accessing your MiFinity Account.

6.2 If you have any indication or suspicion of your MiFinity Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorisation or otherwise compromised, you are advised to change your password immediately. You are strongly advised to contact Client Services without undue delay on becoming aware of any loss, theft, misappropriation or unauthorised use of your MiFinity Account, login details, password or other security features. Any undue delay in notifying us may not only affect the security of your MiFinity Account but may result in you being liable for any losses as a result. If you suspect that your MiFinity Account was accessed by someone else, you should also contact the police and report the incident.

6.3 We reserve the right to suspend your MiFinity Account or otherwise restrict its functionality on reasonable grounds relating to the security of the MiFinity Account or any of its security features or if we reasonably suspect that an unauthorised or fraudulent use of your MiFinity Account has occurred or that any of its security features have been compromised. We will notify you of any suspension or restriction and of the reasons for such suspension or restriction in advance or, where we are unable to do so, immediately after the suspension or restriction has been imposed, unless notifying you would be unlawful or compromise our reasonable security interests. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

6.4 If we think your MiFinity Account is at risk of fraud or a security threat, we will use the fastest and most secure way of contacting you using the details you have provided to tell you what you need to do to help deal with that risk.

6.5 You must take all reasonable care to safeguard and protect your email account(s) and only accessed by you personally, as your email address may be used to reset passwords or to communicate with you about the security of your MiFinity Account. In case any of the email addresses registered with your MiFinity Accounts are compromised, you should without undue delay after becoming aware of this contact Client Services and also contact your email service provider.

6.6 Irrespective of whether you are using a public, a shared or your own computer to access your MiFinity Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows login details or passwords to be stored by the computer and / or device you are using.

6.7 Additional products or services you use may have additional security requirements and you must familiarise yourself with those as notified to you.

7. Closing Your MiFinity Account

7.1 You may close your MiFinity Account at any time by contacting Client Service.

7.2 If your MiFinity Account holds a remaining balance at the time of its closure, we will request you to withdraw your funds within a reasonable period of time, during which your MiFinity Account will be accessible for the purpose of withdrawing the remaining balance only. Upon expiry of this time period you will not be in a position to access your MiFinity Account. However, you may withdraw any remaining funds by contacting Client Services and requesting that the funds are sent to you in a manner that is deemed reasonably acceptable for us. Although you may do so for a period of six years from the date of closure of your MiFinity Account we recommend that you withdraw your remaining funds as soon as possible as they will not earn any interest while being deposited in your MiFinity Account. Your obligations and duties with regards to keeping your MiFinity Account safe as set forth in section 6 shall continue to apply.

7.3 We reserve the explicit right to undertake any necessary money laundering, terrorism financing, fraud or other illegal activity checks before authorising any withdrawal of your funds, including in relation to returning any funds to you after you have closed your MiFinity Account.

8. Depositing Funds

8.1 You can deposit and top up funds by accessing your e-wallet, and logging into your MiFinity Account and following the relevant deposit instructions. You may be presented with a number of different deposit methods, depending on which payment instruments you have added to your MiFinity Account and which payment methods are specifically available in your country of residence. Deposit methods are payment services provided by third party financial institutions (for example, the issuer of the payment card you use to deposit funds or third-party direct banking service providers) and are not part of our service. We do not guarantee the use of any particular deposit method made available, and may make changes to or discontinue the acceptance of any particular deposit method at any time without following the procedure set out in section 17. Notwithstanding section 8.5 below, we shall not be responsible for the upload payment until the uploaded funds are received by us.

8.2 You may be asked to answer security questions, validate account details or to complete other security related activities that we may reasonably require to ensure proper authorisation of an upload transaction.

8.3 If you choose an upload method using a payment instrument that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, you declare that you will not exercise such chargeback right other than for unauthorised use of the payment instrument or for a breach by us of these Terms & Conditions which would result in you having a right to a refund of the uploaded amount. Otherwise, you may not charge back any upload transaction or allow a chargeback of any upload transaction for reasons for which we are not responsible including (but not limited to) disputes with merchants for non-delivery of goods or services or insufficient balance on the payment instrument account. We reserve the right to charge you fees and expenses we incur in connection with such chargeback and any action undertaken to challenge the same. We may also charge you a chargebacks fee of €25 EUR.

8.4 If a chargeback or reversal of an upload transaction results in a negative balance in your MiFinity Account, you will be required to repay immediately without notice such negative balance by uploading sufficient funds into your MiFinity Account. Failure to do so is a breach of these Terms & Conditions. We reserve the right, at any time, to send you reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection agencies or enforcement efforts.

8.5 Uploaded funds will be credited to your MiFinity Account after the funds have been received by us. Some upload transactions, such as those by credit or debit card, direct debit or direct online banking will be credited to your MiFinity Account immediately, but are subject to reversal in case the actual funds do not reach us within a reasonable time or in the event the amount received from the 3rd party provider is different to what was credited to the user in which case we will deduct such reversed transaction from the balance of your MiFinity Account. If your MiFinity Account balance is insufficient, we reserve the right to require repayment from you.

8.6 For the purposes of an upload transaction through a Payment Method, we are an e-money issuer and will issue e-money in exchange for the uploaded funds. We will not be acting as a payment service provider when receiving such funds.

8.7 You must not make a deposit through a payment instrument if you are not the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds uploaded from a payment instrument that is not in your name, we may charge an administration fee of €10 EUR per upload return.

8.8 Deposits may be subject to upload limits due to security and legal requirements. These limits are set dynamically depending on your verification status and the upload method you want to use. You should be aware that depending on your verification status your upload limits may be higher than your withdrawal or spending limits. These limits can be viewed at any time in the relevant section of your MiFinity Account profile.

8.10 Uploads are subject to upload fees and corresponding currency conversion fees depending on which upload method and payment instrument is chosen. Please see section 13 for details.

8.11 The Belgian Gaming Commission have banned the use of credit cards to fund gaming wallets within Belgium. Unfortunately, this means that from the 14th June 2021 Mifinity Malta Limited will no longer be authorized to accept credit cards as a deposit method for our gaming wallets. Debit and pre-paid cards are still acceptable.

9. Sending Payments

9.1 Each payment recipient must have a valid means that we can use for their identification. For most of our services that means of identification will be a valid bank account, credit and debit card.

9.2 There are payment limits in place due to security and legal requirements. These limits are automatically assigned depending on your verification status which can be validated at any stage by accessing and checking your MiFinity Account profile. It is your responsibility to ensure that your limits are sufficient to cover the payment you intend to make which should also take into account any applicable fees including service fees and currency conversion fees. It is important to note that the recipient of a payment may also be subject to spending and withdrawal limits and that this may affect the recipient’s access to the funds you intend to send.

9.3 Payment transfers are subject to fees and currency conversion fees depending on the type of payment you make and the type of MiFinity Account you hold. Please see section 13 for details.

10. Receiving Funds

10.1 Upon receipt of funds into your MiFinity Account we will send you a notification email and display the payment message to Sender as a “Transfer Money” transaction in your transaction’s history. It is recommended that you regularly reconcile incoming payments with your own records.

10.2 You should be aware that receipt of funds to your MiFinity Account does not necessarily mean that these transactions cannot be reversed. We reserve the right to reverse a payment in case the payer or the payer’s bank or payment service provider has charged back or otherwise reversed (or is reasonably likely to charge back or otherwise reverse) an upload or other payment which was used to fund the payment to you.

10.3 The receipt of payments is subject to fees and currency fees, depending on the type of payment you receive and the type of MiFinity Account you have. Please see section 13 for details.

11. Prohibited Transactions

11.1 It is strictly forbidden to send or receive payments as consideration for the sale or supply of: tobacco products, prescription drugs, drugs and drug paraphernalia, weapons (including without limitation, knives, guns, firearms or ammunition), satellite and cable TV descramblers, pornography, adult material, material which incites violence, hatred, racism or which is considered obscene, government IDs and licences including replicas and novelty items and any counterfeit products, unlicensed or illegal lotteries or gambling services (including without limitation the use of or participation in illegal gambling houses), unregistered charity services, items which encourage or facilitate illegal activities, prepaid debit cards or other stored value cards that are not associated with a particular merchant and are not limited to purchases of particular products or services, third party processing or payment aggregation products or services, multi-level marketing, pyramid selling or Ponzi schemes, matrix programmes or other “get rich quick” schemes or high yield investment programmes, goods or services that infringe the intellectual property rights of a third party, un-coded/miscoded gaming, timeshares or property reservation payments (On and Off Plan). We reserve the right, in our sole discretion, to add categories of prohibited transactions by adding such categories either to these Terms & Conditions.

11.2 It is strictly forbidden to make payments to or to receive payments from persons or entities offering illegal gambling services, including (but not limited to) illegal sports betting, casino games and poker games. We may suspend or terminate your MiFinity Account at any time or refuse to execute or reverse a transaction if we believe that you directly or indirectly use or have used your MiFinity Account for or in connection with illegal gambling transactions. Countries where online gambling is illegal include the United States of America, Turkey, China, Malaysia and Israel. This list is not exhaustive and it is your responsibility to ensure that you do not use our services for transactions that may be considered illegal in your jurisdiction.

11.3 You may not use our services if you are residing in certain countries. These countries are displayed on our website and can may be updated from time to time. This list is not exhaustive and we may in our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice. We reserve the right to suspend or terminate your MiFinity Account at any time if we reasonably believe to be required to do so by law or in order to comply with recommendations issued by a relevant government authority or recognised body for the prevention of financial crime.

11.4 It is strictly forbidden to use your MiFinity Account for any illegal purposes or for purposes tantamount to the incorrect use of your MiFinity Account, including but not limited to fraud and money laundering. The definition of fraud in this case includes funds incorrectly credited to the your Mifinity Account in error. If you receive funds or an overpayment of funds in error from Mifinity into your eWallet or via remittance or any other method, Mifinity is entitled to recover those funds from you. If a payment is made to you by mistake you cannot keep it as these funds remain the ownership of Mifinity. If you refuse to return it or spend it you may face criminal charges. If you notice an unexplained payment in your account you are legally obliged to contact Mifinity immediately to investigate it and have it reviewed.

We will report any suspicious activity to the relevant law enforcement agency. You are prohibited from using your MiFinity Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.

11.5 You may only accept payments for certain categories of business after approval from us in our sole discretion. Such business categories include but are not limited to: money exchange or remittance businesses, including but not limited to bureaux de change, currency exchanges and purchase of travel money; the collection of any form of donations or payments to charitable or not-for-profit organisations; dealing in natural resources such as jewels, precious metals or stones; live streaming the sale or supply of alcoholic beverages; the sale of supply of dietary supplements and alternative health products; any other business category published in an acceptable use policy on the website from time to time. In case you are in doubt whether your business falls under any of the above categories, you must contact Client Service. We reserve the right in our sole discretion, to add business categories requiring approval by adding such categories either to these Terms & Conditions or an acceptable use policy published on the website.

11.6 If you conduct or attempt to conduct any transaction in violation of the prohibitions contained in this section 11 or without the necessary approval under section 11.5, we reserve the right to: reverse the transaction; and/or close or suspend your MiFinity Account; and/or report the transaction to the relevant law enforcement agency; and/or claim damages from you; and charge you an administration fee of up to €150 EUR in case we apply any of the above.

11.7 It is your and not our responsibility to ensure that you only send payments to or receive payments from persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through us is not an indication of the legality of the supply or provision of their goods and services. If you are in doubt as to the legality of a supply or purchase, you should not continue with your payment.

12. Withdrawing Funds

12.1 You can request a withdrawal of all or part of the funds held in your MiFinity Account at any time. To do this you must log into your MiFinity Account and select a withdrawal method and enter the amount to be withdrawn. Withdrawal methods are payment services provided, at least in part, by third party financial institutions (for example, the bank where you hold a bank account). We do not guarantee the availability of any particular withdrawal method and may make changes to or discontinue a particular withdrawal method at any time without following the procedure set out in section 17 as long as there is at least one withdrawal method available to you. Where the withdrawal payment is received by you through the involvement of a payment service provider (such as the bank where you hold a bank account), we shall not be responsible for the withdrawal payment once the withdrawn funds are received by your payment service provider.

12.2 Your MiFinity Account is subject to withdrawal limits. These limits are adjusted in accordance with on the type of identification documentation we hold on you. You can view your withdrawal limits at any time in your MiFinity Account profile. Before uploading any funds into your MiFinity Account, you must ensure that your current withdrawal and spending limits meet your withdrawal and spending requirements as we legally cannot allow you to exceed these limits.

12.3 If your withdrawal request exceeds the current limit, we may decline your request and instead require you to send us documents verifying your identity and address prior to allowing a withdrawal of funds or to otherwise cooperate with us to verify your identity.

12.4 Withdrawals are subject to withdrawal fees and currency conversion fees depending on which withdrawal method and payment instrument is chosen. Please see section 13 for details.

12.5 For the purposes of a withdrawal transaction, we act as a payment service provider.

12.6 You must not make a withdrawal to a bank account or other payment instrument if you are not the named holder. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to investigate a withdrawal to a payment instrument that is not in your name, we reserve the right to may charge an administration fee of up to €10 EUR.

12.7 You must ensure that the payment details you enter when withdrawing funds are correct and complete. We will not be liable for withdrawn funds being sent to the wrong payment instrument where this is due to you providing incorrect payment details. When withdrawing to a bank account, you must ensure that the account number, sort code, IBAN and/or BIC/SWIFT are correct. If you have withdrawn funds to the wrong payment instrument, you may request that we assist you in reclaiming the funds. However, we will charge you an administration fee of up to €25 EUR for doing so and we cannot guarantee that the reclaim efforts will be successful.

13. General Fees

13.1 Our Fees may vary depending on the type of MiFinity Account you have, the verification level of your MiFinity Account, and whether you use your MiFinity Account for personal or commercial use.

13.2 Transaction related fees can be viewed at any time in the “Fees” section of our Website.

13.3 Certain transactions may incur fees from your bank or third-party financial institution, including but not exclusively, if currency exchange takes place. Such transactions may include loading and withdrawing money. Any such fees are applied by your bank and we are not responsible for the application of such fees to you are advised to declare your bank’s currency correctly and exchange the money to this currency before you withdraw. Currency exchange performed in the Wallet will be subject to fees from MiFinity.

13.4 Our fee structure will be made available to you during the registration process of your business. Thereafter, you are requested to engage directly with our business team if you wish to negotiate these conditions. We reserve the right to change the Fees structure or the Fees at any point that we deem appropriate.

13.5 Our Fees may appear as set fees or percentage fees depending on your transaction. Our fixed fees are displayed in Euro and percentages may have a maximum cap. Transaction fees will be applied to your current balance. If you do not have enough balance to cover the transaction and the Fees you will not be able to complete the transaction.

13.6 We will always display the fee for each transaction or product before you confirm anything. Without prejudice to Mifinity’s right to recover any funds in terms of any provision within these terms, if you agree to finalise the transaction, the fees will be deducted immediately.

13.7 An exchange fee will be applied to all exchange transactions. These fees will be clearly identified in the exchange fee screen along with the resulting balance in the new currency. We do not guarantee to be or to match any lower exchange rates from third party sites. If rates change while you are preparing your exchange fee transaction we will inform you with a pop-up message and you will need to retry the exchange transaction with the new rates. We will not apply a foreign exchange fee on currency conversion of Fees.

14. Privacy

14.1 You explicitly consent to us accessing, processing, and retaining any information you provide to us, for the purposes of providing payment services to you. This does not affect our respective rights and obligations under the relevant data protection legislation. You may withdraw this consent by closing your MiFinity Account. If you withdraw consent in this way, we will cease using your data for this purpose, but may continue to process your data for other purposes where we have other lawful grounds to do so, such as where we are legally required to keep records of transactions.

14.2 The processing of your data is governed by our Privacy Notice (which can be found on the Website) and forms part of these Terms & Conditions. You should review this policy prior to agreeing to these Terms & Conditions.

14.3 You acknowledge and accept that: (i) when speaking to our Client Service agents, your call may be monitored and/or recorded for quality assurance, training and security and fraud protection purposes; (ii) for fraud and security purposes your records are kept by us even after your MiFinity Account is closed; and (iii) for identity validation and verification purposes, the following information may be provided to Merchants with whom you make a Transaction: name, Account number, jurisdiction, country of residence, nationality, residential address, postal code, email address, date of birth, and/or IP address.

15. Liability

15.1 In the case of a payment that was incorrectly executed due to an error by us, that has resulted in a financial loss to you, we shall, as soon as practicable, refund the payment amount including all fees deducted therefrom, subject to 15.3 below.

15.1.1 In the case of a payment that was incorrectly executed due to an error, of any nature and to any degree, by us, that has resulted in a financial loss to Mifinity, we shall, as soon as practicable, reverse the payment amount(s) including all fees deducted therefrom, subject to 15.3 below. In the event such funds have been moved by you, then Mifinity reserves the right to exhaust all avenues to retrieve said funds. This may include and not be limited to pursuing you, the user of the account, any 3rd party payments partners that were used to transfer the funds out of the platform, Merchants who received said fraudulent funds from you. Mifinity may exhaust all avenues to retrieve incorrectly executed funds (example: incorrect FX rate applied to a currency conversion, where you receive an incorrect, inaccurate and/or in any manner, erroneously converted amount to their account, which is higher than what should have been received). Notwithstanding the aforementioned, Mifinity reserves the right to deduct any such due to it from your Mifinity Account in the event that it and to the extent that it is lawful for Mifinity to do so.

15.2 Subject to 15.3 below, in case of an unauthorised transaction, you are liable for damage caused up to notification but only up to the amount of €50. This shall not apply:

15.1.2 if you fail to notify us without undue delay of any loss of your password or other event that could reasonably be expected to have compromised the security of your MiFinity Account after you have gained knowledge of such event in which case you shall remain liable for losses incurred until you notify us;

15.1.3 if the transaction was unauthorised but you have acted fraudulently or compromised the security of your MiFinity Account with intent or gross negligence including if you failed to keep safe your password or any other security features of your MiFinity Account, in which case you shall be solely liable for all losses; or

15.3 In any case, if you fail to dispute and bring the unauthorised or incorrectly executed transaction to our attention within 1 week from the date of the transaction.

15.4 Unless you have acted fraudulently, section 15.2 shall not apply to transactions made after you have notified us in accordance with section 6.2, where we have failed to provide you with appropriate means for notification or we are required to use strong customer authentication but fail to do so, in which case we shall remain liable and refund any unauthorised transaction to you as soon as practicable.

15.5 Without prejudice to the foregoing, you are asked to check the transactions history of your MiFinity Account regularly and frequently and to contact Client Services immediately in case you have any questions or concerns.

15.6 In the case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and recovering such payments.

15.7 Subject to the foregoing, we shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.

15.8 We shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.

15.9 Nothing in these Terms & Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

15.10 Our obligation under these Terms & Conditions is limited to providing you with an electronic money account and related payment services and we do not make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by a MiFinity customer or intermediary.

15.11 We shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from your use of the MiFinity Account or services provided in these Terms & Conditions.

15.12 Reimbursement. You agree to defend, reimburse or compensate us and hold us and our other companies in our corporate group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that we incur or suffer due to or arising out of your or your agents’ breach of these Terms and Conditions, breach of any applicable law or regulation and/or use of the services. This provision shall survive termination of the relationship between you and us.

16. Termination and suspension

16.1 We may terminate your MiFinity Account, or any payment service associated with it by giving you two months’ prior notice. You may terminate your MiFinity Account with us at any time. Different termination provisions may apply if you use your MiFinity Account for commercial purposes.

16.2 Together with a termination notice or at any time thereafter we may give you reasonable instructions on how to withdraw remaining funds.

16.3 If your MiFinity Account is subject to a reserve, termination of your MiFinity Account will not affect our right to hold the reserve and to make deductions therefrom for the time agreed.

16.4 We may at any time suspend or terminate your MiFinity Account without notice if:

16.4.1 you breach any condition of these Terms & Conditions or any other condition applicable to specific services covered by separate terms and conditions;

16.4.2 you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services; or

16.4.3 we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.

16.5 We may suspend your MiFinity Account at any time if:

16.5.1. we reasonably believe that your MiFinity Account has been compromised or for other security reasons; or

16.5.2. we reasonably suspect your MiFinity Account to have been used or is being used without your authorisation or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.

16.5.3 Mifinity has not been able to recover, recoup and/or in any manner be paid any funds due to it in terms of these Terms & Conditions.

17. Amendments to these Terms

17.1 These Terms and any additional Terms & Conditions that may apply are subject to change. Any changes to the Terms and any additional Terms & Conditions will be made available to you by posting on our website the revised version of the same with an updated revision date (which may include us making the current version of this Agreement available to you as part of the process of when you submit a transaction with us). We will aim to make available changes to our Agreement two months in advance prior to the changes coming into effect by sending an email to the primary email address registered with your MiFinity Account.

17.2 Please review the Terms and Conditions each time you make a transaction as it may have been updated since you initially registered for our services. By using our services after a new or revised Terms and Conditions has been posted on our website (including if it is made available to you as part of the transaction execution process) or after the end of any change notice period, if you do not notify us otherwise, it means you agree to the revised Agreement. In the event that you do not agree with any change to our Terms and Conditions, your sole and exclusive remedy is to stop, terminate your use of the Services and /or close your Mifinity Account, at no costs, by contacting us.

17.3 Each Amendment shall be effective only in the specific instance and for the specific purpose of which it was given.

18. How We Communicate

18.1 We will communicate to you via email. For this purpose, you must at all times maintain a valid email address in your MiFinity Account. Using your email, we require you to check for incoming messages regularly and frequently. Any communication sent by email will be deemed received by you on the same day unless the communication is returned to us as not being received by your processor.

18.2 Where legislation requires us to provide you with information in a durable medium (format), MML will send you an email (with or without attachment) or directing you to information on our Website. This will allow you to print any documents or information for communication within your organisation and to retain a copy for future reference. We recommend that you keep a record of all MML communications is required.

18.3 We will communicate to you in English and will always accept communications made to us in English. For non-standard communication, we reserve the right to communicate with you in English.

18.4 MML may also contact you by letter or telephone, where appropriate. Communications sent by post will be deemed received three days from the date of posting for Maltese post or within five days of posting for international post. Any communications sent to mobile devices by SMS will be deemed received the same day.

19. Complaints

19.1 Any complaints about us or the services MML provides should be addressed to the Complaints Officer on the following email address [TBC].MML will acknowledge your complaint of dissatisfaction within three (3) Business Days in which time we will hopefully resolve the issue. A final response will be in written format.

19.2 If MML is unable to resolve the complaint by that time, it will write to you promptly to let you know when to expect MML’s full response.

19.4. MML will provide a full response within 15 working days after the day on which MML received the complaint; or in exceptional circumstances, MML send a holding response within 15 working days after the day on which MML received the complaint, indicating the reasons for the delay in answering the complaint and specifying the deadline by which it will send the final response, and then provide a final response within 35 working days after the day on which MML received the complaint.

19.5 If you do not receive a final response within the relevant timeframes set out above, or you are dissatisfied with MML’s full response, you may be able to refer the matter to the Office of the Arbiter for Financial Services. More information about the Office of the Arbiter for Financial Services, including information about how to make a complaint, is available at https://financialarbiter.org.mt/en/Pages/Home.aspx. If you are outside Malta or if you prefer not to deal directly with the Office of the Arbiter for Financial Services, you may be able to submit a claim through the European Online Dispute Resolution Platform (available at http://ec.europa.eu/consumers/odr).

20. Miscellaneous

20.1 These Terms & Conditions are between you and MML and express your rights. As these relate to you solely, any statutory requirements relating to third parties, are expressly excluded.

20.2 In addition to section 20.1, the MML account cannot be assigned to any third party.

20.3 As referred to in section 3 of these Terms, the MML account is operated in Malta in accordance with the laws of Malta and any disputes resulting will be addressed in the courts of Malta, except where prohibited by EU law.

21. Definitions

The following definitions shall have the following meanings in this Agreement (such meanings to be equally applicable to both the singular and plural forms of the terms defined): “MiFinity Account”, means your electronic money account you open and maintain through the Website;

“Business Day”, any weekday (Monday to Friday) but not a Saturday or a Sunday or a public or bank holiday in Malta;

“Fee”, any charge payable by you for any service provided by MML;

“MML” or “MiFinity”, means MiFinity Malta Limited, a limited liability company registered under the laws of Malta bearing registration number C64824, trading as MiFinity whose registered office is LS3, LifeScience Park, Digital Hub, Industrial Estate, San Gwann, Malta.

“Privacy Policy”, MML’s policy governing the processing of personal data, which is available on the Website, which may be amended from time to time;

“Terms & Conditions”, the information contained in this document and published on the Website and as may be amended from time to time;

“We”, “us”, “our”, means MiFinity;

“You”, “your”, means you, the natural person or legal entity whose name the MiFinity Account is opened and maintained.