Terms of Service

1. Terms of Service / User Agreement

NI-EXCHANGE USER AGREEMENT

1. Introduction and Regulatory Framework This User Agreement ("Agreement") is a legally binding contract between you ("User", "Client") and 1001541185 ONTARIO LTD. (doing business as "NI-Exchange"). NI-Exchange is a registered Money Services Business (Pending) regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). By accessing our portal and utilizing our foreign exchange and fund remittance services, you agree to comply fully with these terms and all applicable Canadian laws, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

2. Mandatory Identity Verification (KYC) To comply with federal anti-money laundering (AML) and anti-terrorist financing (ATF) regulations, NI-Exchange mandates identity verification for users.

  • You agree to provide true, accurate, and current information, including but not limited to valid government-issued photo identification, proof of residential address, source of funds, and corporate documentation (for business accounts).

  • NI-Exchange reserves the right to request identity verification at any transaction threshold or volume at our sole discretion.

  • Failure to provide satisfactory Know Your Customer (KYC) documentation will result in immediate suspension or termination of your account.

3. Prohibited Activities and Structuring You are strictly prohibited from using NI-Exchange's services for any illicit activities, including fraud, money laundering, or financing terrorist operations.

  • Prohibition on Structuring: You shall not artificially split or divide a single large transaction into multiple smaller transactions to evade regulatory reporting thresholds (e.g., the $10,000 CAD reporting threshold). Structuring is a federal offense under Canadian law and will result in immediate account closure and a proactive report filed with FINTRAC.

4. Limitation of Liability NI-Exchange shall not be liable for any delays, losses, or damages resulting from compliance-related holds, regulatory reviews, or the rejection of any transaction mandated by law.

🛡️ 2. AML/ATF Compliance Statement

ANTI-MONEY LAUNDERING & ANTI-TERRORIST FINANCING STATEMENT

1. Compliance Commitment 1001541185 ONTARIO LTD. ("NI-Exchange") is fully committed to preventing the abuse of its financial systems for money laundering, terrorist financing, or other financial crimes. We operate under a strict zero-tolerance policy and maintain a comprehensive AML/ATF Compliance Program designed to meet or exceed all statutory requirements set forth by FINTRAC under the PCMLTFA.

2. Our Compliance Program Pillars Our regulatory framework is governed by a designated Chief Compliance Officer and rests upon five core pillars:

  • Written Policies and Procedures: A rigorous, up-to-date internal compliance manual governing all operational risks.

  • Risk Assessment: Regular organizational and technological risk assessments to detect and mitigate transaction vulnerabilities.

  • Ongoing Staff Training: Mandatory AML/ATF training for all personnel engaged in financial operations.

  • Compliance Reviews: Biennial independent effectiveness reviews of our compliance infrastructure.

  • Appointed Compliance Officer: Direct oversight of daily compliance controls by our designated officer.

3. Proactive Reporting Obligations As a regulated financial entity, NI-Exchange is legally bound to monitor, record, and actively report specific transactions to FINTRAC, including:

  • Suspicious Transaction Reports (STRs): Any transaction or attempted transaction where there are reasonable grounds to suspect money laundering or terrorist financing.

  • Large Cash Transaction Reports (LCTRs): Receipt of cash amounts totaling $10,000 CAD or more within a single 24-hour window.

  • Electronic Funds Transfer Reports (EFTRs): Cross-border electronic fund transfers of $10,000 CAD or more within a single 24-hour window.

🔒 3. Privacy Policy

PRIVACY AND DATA RETENTION POLICY

1. Scope of Data Collection To fulfill our legal obligations as a Money Services Business (MSB), NI-Exchange collects highly sensitive personal data from our clients. This includes your legal name, date of birth, residential address, telephone number, email, government-issued ID copies, facial biometrics (for remote verification), bank account information, and source of wealth documentation.

2. Purpose of Collection All personal information is collected solely for the purposes of:

  • Verifying your identity under the PCMLTFA framework.

  • Preventing fraud, identity theft, and money laundering.

  • Executing your authorized foreign exchange and fund transfer orders safely.

3. Statutory Overriding of Data Deletion (5-Year Rule) While NI-Exchange respects your privacy rights in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA), your data rights are subject to regulatory restrictions under anti-money laundering law.

  • Under FINTRAC regulations, NI-Exchange is legally mandated to retain all customer identification records, corporate governance documents, and transaction logs for a minimum period of five (5) years following account closure or the last transaction.

  • Therefore, any customer request for immediate data erasure or deletion ("the right to be forgotten") cannot be honored if it conflicts with our statutory record-keeping duties under the PCMLTFA.

🔄 4. Refund & Cancellation Policy

REFUND, CANCELLATION, AND ANTI-LAYERING POLICY

1. Same-Source Refund Rule (Anti-Layering)

To comply with strict anti-money laundering guidelines and prevent "layering" (the process of moving funds through various accounts to disguise their true origin), NI-Exchange enforces an absolute Same-Source Refund Rule:

  • In the event a transaction is canceled or a refund is authorized, funds will only and exclusively be sent back to the exact bank account, card, or original funding mechanism from which the money originated.

  • Under no circumstances will NI-Exchange issue refunds to a third-party account, an alternative recipient, or a different bank account not matching the original sender's verified legal name.

2. Exchange Rate Fluctuation and Cancellation Risk Foreign exchange rates are highly volatile and move in real-time.

  • Once a foreign exchange deal is locked and confirmed by the user, the rate is fixed.

  • If a user requests a cancellation after a rate has been locked, NI-Exchange reserves the right to charge a cancellation fee or deduct any financial losses incurred due to subsequent market exchange rate movements from the principal refund amount.