Terms & Conditions
This web site ("Site") is owned and provided by NESO BANK INC. (together with its parent, subsidiaries and related companies "NESO" and also referred to in these terms as "We" and "Us". The terms and conditions set out herein ("Terms and Conditions") shall apply to your access and use of this Site and all accounts, services, programs, information and products (collectively "Accounts") that you may use, open or otherwise access from time to time on or through this Site. Additional terms and conditions applicable to specific areas of this Site or to particular content or transactions are posted in particular areas of the Site and, together with these Terms and Conditions, govern your use of those areas, content or transactions. These Terms and Conditions, together with applicable additional terms and conditions, are referred to as this "Agreement.
IF YOU DO NOT AGREE WITH ANY OF THESE TERMS AND CONDITIONS, DO NOT ACCESS OR OTHERWISE USE THIS SITE OR ANY INFORMATION CONTAINED ON THIS SITE. YOUR USE OF THIS SITE SHALL BE DEEMED YOUR AGREEMENT TO ABIDE BY EACH OF THE TERMS AND CONDITIONS SET FORTH HEREIN.
You acknowledge that you are at least 18 years of age when accessing our site or any other site that is integrated with our platform. You agree that this Agreement may be formed by electronic means and enforced pursuant to applicable law. Neither you nor NESO may challenge the validity of this Agreement. NESO may modify this Agreement at any time, and such modification shall be effective immediately upon either posting of the modified Agreement on this Site or notifying you. You agree to review this Agreement periodically to be aware of such modifications, and your continued access or use of this Site shall be deemed your acceptance of the modified Agreement.
In addition to the foregoing, you ("Client", also referred to as "You") accept and agree each of the following Terms and Conditions:
Client Acceptance/Account Opening Requirements
We require a fully completed application form including acceptance to these Terms & Conditions before an account is opened for you and Instructions may be accepted in connection with your account. You must complete an Application Form via our Website. When you sign in to your account you are agreeing to abide by these terms and conditions and requesting us to accept you as a client.Prior to accepting you as a client we will require you to complete certain documents and provide evidence of your identity in line with the law to prevent money laundering. Such information may contain but not be limited to electronic identification and/or the provision of copies of photographic identification and copies of documentation verifying your address. If you do not provide the appropriate documents or we are not satisfied with them, we may:
delay accepting your application for an account
refuse to accept your application for an account
suspend your account
You agree to supply information reasonably requested by us promptly. You warrant that the information you give in relation to your identity and the reasons for your intended Instruction is accurate and that the Instruction does not breach any laws or regulations. If at any time, we are not satisfied as to the accuracy of any information that you have provided to us we may, at our absolute discretion, suspend or close your account.When you apply to become a client, and after you have satisfied our security verification procedures, we will approve your application and your account will be opened.
You will receive an email with a link to set your password and authorization code, and then operate your account. If we reasonably believe that you are using the account for illegal purpose or if it is brought to our attention that there is a disagreement about who owns or has authority to deal on the account held for you, we may suspend your account. This means that we will not allow anyone to deal or carry out a transaction until we are satisfied that you are not using your account for illegal purposes or that the disagreement is settled.
Acting on Instructions
Any reference in this Agreement or this Site to "Instructions" or "Client instructions" includes, without limitation, letter, e-mail, telephone or fax instructions, information, requests, and orders.
We may accept Instructions in relation to your account:
from the person nominated by you, to be the signatory on your Account ("the Signatory"), where you warrant that you have the right to operate the account and that no other person has any rights or interests in the account that prevents you from operating the account in line with these terms and conditions. Any instructions that we accept in good faith from the Signatory will form a legally binding contract between you and us. In particular, you authorise us as your agent for the express purposes of following your instructions in line with these conditions
from a person who has a legal right to give us instructions (for example, your trustee if you are made bankrupt; your personal representative in the event of your death; your receiver, liquidator or administrator in the event of corporate insolvency);or
from a person that you have authorised in writing to give us instructions (for example, someone who has a Power of Attorney for you)
NESO may engage or appoint agents on such terms as NESOdeems fit and can delegate any of its functions under these conditions. NESO will satisfy itself that any person to whom it delegates any functions under these terms is competent to carry out those functions.
In the event that NESO decides to act upon or carry out any Instruction, or is otherwise under an obligation to act upon or carry out any Instruction, NESO shall be allowed such amount of time to act and carry out any Instruction as may be reasonable and shall not be liable for any loss arising from any delay or failure on the part of NESO in acting on any such Instruction.
NESO shall be entitled to verify the identity of the persons or entities purporting to give any Instruction, the source and origin of any Instruction, NESO may defer acting upon any Instruction until NESO is satisfied as to the matters on which NESO sought verification.
In the event any Instruction that is ambiguous or inconsistent with any other Instruction, NESO shall be entitled to rely and act upon any Instruction given by Client which NESO believes in good faith to be the correct interpretation or refuse to act until Client issues new Instructions in such form and manner required by NESO.
NESO reserves the right to close an account at any time without providing reasons for doing so. Any account opening fees pre-paid will be refunded at a pro-rated rate.
If we cannot perform any of our services under these conditions due to circumstances beyond our reasonable control, then we will take all reasonable steps resolve the issues, but we will not be liable for our non-performance.
We do not accept any liability either for any consequential loss arising from error or omission.
We are not responsible for any loss incurred as a result of the actions or omissions of any third party.
We cannot be held responsible for any fees levied by or any delay caused by an intermediary bank or a beneficiary bank. We agree to perform our obligations with reasonable care and skill but providing that we do so, we shall not be liable to the Client or any third party for any damages, costs, expenses, taxes, liabilities or losses resulting from our failure to execute any Instruction.
Time shall not be of the essence for the processing of any Instruction.
You shall indemnify and keep NESO indemnified against all damages, costs, expenses, taxes, liabilities or losses of any nature suffered by NESO through your failure to observe any Terms in respect of any Instruction agreed with NESO. You shall indemnify and keep us indemnified against all liabilities incurred by us in the proper performance of our services, including any liabilities incurred by us as a result of us performing actions to perform your instructions (or acting on requests which reasonably appear to NESO to be from you or your authorised representative).
You shall keep all passwords and authorisations whether issued to you by us, or set by yourself confidential and secure and we shall be entitled to rely on all instructions or requests received by us using those passwords and authorisations as if they were received from you, without conducting any further checks as to the identity of the person making the instruction or request.
Neither party shall be liable to the other party in contract, tort, negligence, breach of statutory duty or otherwise for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered by that other party of an indirect or consequential nature, including without limitation any loss of profits, business or goodwill, anticipated savings, loss caused by any third party, even if such loss was reasonably foreseeable.
We do not purport to limit our liability for death or personal injury or fraudulent misrepresentation.
The operation and maintenance of all Accounts, the execution of all Instructions and the provision of all services shall be subject to applicable laws. NESO may take or refrain from taking any action whatsoever, and Client shall do all things required by NESO, in order to procure or insure compliance with applicable laws.
Client shall promptly examine and verify all Account information identified in its Accounts, on this Site or otherwise and shall give NESO notice of any inaccuracy, error or omission immediately after Client receives or is deemed to have received such Account information and, upon receipt of such notice, NESO shall revise the Account information in accordance with the Client's instructions All Account information shall be deemed to be accurate.
Client shall promptly notify NESO from its designated email address of any changes in Account information provided after being opened and NESO shall be entitled to assume that there has been no change until NESO has received notice thereof.
Client Representations and Warranties
Client represents and warrants that:
Client has the full capacity and authority to accept and agree to these Terms and Conditions and this Agreement, to open and maintain all Account(s) from time to time opened with NESO, and to provide any Instructions that are necessary to open and maintain such Accounts.
All authorizations, consents, licenses or approvals required to accept and agree to these Terms and Conditions to open and maintain all Accounts from time to time opened with NESO, and to give NESO any Instructions have been obtained and will be maintained in full force and effect.
Except for any security or encumbrance created in favor of NESO, no person other than Client will have or acquire any beneficial or other interest in or security or other rights over any Account(s) or assets held by NESO for Client, without the prior written consent of NESO.
Client is acting as principal, not agent or representative.
Client will not be contravening any laws or regulations by seeking the services of NESO or entering into a transaction in accordance with these terms.
The Signatory is authorized by the Client to act on behalf of the Client in accordance with these terms and conditions. In the event that the Signatory is no longer authorized to act on behalf of the Client, the Client will immediately notify NESO and will nominated a new Signatory.
The Client will notify NESO immediately in the event of a change in the beneficial ownership of the Client.
Fees and Other Expenses
The fees of NESO are outlined on the NESO Fee Structure section of this Site.
Client shall indemnify NESO from and against all loss in relation to acting on Instructions received from the Client and irrevocably authorizes NESO to debit any Account for all amounts chargeable to Client as a result of NESO acting upon such Instruction.NESO shall be entitled to charge interest on any sum or payment past due to it from Client at the rate of 1.5% per month.
Restrictions on Use
Client is authorized to view, copy and print the materials appearing on this Site, subject to the following:
The materials may be used for internal and non-commercial purposes only and Client may not copy, distribute, modify, transmit, reuse, repost or otherwise display the content on this Site for public or commercial purposes.
Client may not use this Site or any related Accounts or services for any purpose that is unlawful or prohibited by this Agreement, or conduct any other activity that creates a liability for NESO or otherwise may harm the goodwill of NESO.
Client may not use any device, software or action, including but not limited to, bots, spiders, viruses, Trojan horses, worms or time bombs, designed to damage or otherwise interfere with the Site or to intercept or expropriate any system, data or personal information contained on this Site. Client will not use this Site or related services for chain letters, junk mail, or spamming.
NESO reserves the right to reject hard copies of forms or material printed from this Site. NESO agrees to be bound only by the provisions as they appear on this Site and will not be bound by any agreement that has been altered, modified, or amended.
NESO may immediately terminate any or all of your rights to use this Site at any time for any reason or no reason whatsoever.
Disclaimer of Warranties
NESO MAKES NO EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER WITH RESPECT TO THE SITE OR ITS CONTENT OR ANY PRODUCT OR SERVICE FURNISHED OR TO BE FURNISHED VIA THE SITE. NESO EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT, WITH REGARD TO THE SITE AND ITS CONTENT OR ANY PRODUCT OR SERVICE FURNISHED OR TO BE FURNISHED VIA THE SITE. NESO DOES NOT WARRANT THAT THE FUNCTIONS PERFORMED BY THE SITE OR NESOPRODUCTS OR SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE, OR THAT DEFECTS IN THE SITE OR NESOPRODUCTS OR SERVICES WILL BE CORRECTED. NESO DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE SITE, OR THAT ANY ERRORS IN THE CONTENT WILL BE CORRECTED. THE SITE AND NESOPRODUCTS AND SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS.
Client shall indemnify, defend and hold harmless NESO, its parent companies, subsidiaries, affiliates, joint ventures, business partners, licensees, officers, members, directors, employees, consultants, agents, and any third-party information providers from and against all claims, losses, expenses, damages and costs (including, but not limited to, direct, incidental, consequential, exemplary and indirect damages), and reasonable attorneys' fees, resulting from or arising out of Client's use, misuse, or inability to use the Site, Accounts, or any of our related products or services, or any violation by Client of this Agreement.
NESO reserves the right, at our expense, to participate in the defense or settlement process of any claim arising pursuant to this paragraph. NESO further reserves the right to report any wrongdoing that we become aware of to any government agency.
This Site may contain links to other web sites which are not under the control of NESO. These links are provided only for Client's convenience and NESO is not responsible for the contents or transmission of any web site to which a link is provided. NESO does not endorse any such web sites and does not make any representation that they are error or virus free. The disclaimer of warranties above also applies to any linked web site.
Intellectual Property Rights
The copyrights, trademarks, service marks, other intellectual property, and content on this Site are the property of NESO and may not be used without permission from NESO. Client shall not reproduce, reverse engineer, disassemble, modify or create derivative works from this Site.
The waiver by NESOof a breach of any portion of this Agreement by Client shall not operate or be construed as a waiver of any subsequent breach.
Other conditions applying to communications between us
E-mails will be treated as arriving immediately upon sending by us.
If you change your name, address, e-mail address or other contact details, you must inform us through your on-line account straight away. You should make sure that you can receive e-mail from us at the designated e-mail address that you have notified to us. When we receive returned e-mails, or do not get a response to our emails, we will attempt to contact you by telephone to verify your details. We reserve the right to not send furthercommunications to the old e-mail address. In the event that we are unable to contact you by telephone, we will suspend your account until we hear from you. We may keep any e-mails sent to or from us. We do this to keep a record of communications and also to help train our staff. We do not accept instructions by email or phone.
If you have a complaint about your account or the service we provide or you would like details of our complaints procedures, please email us at firstname.lastname@example.org we have internal procedures for handling complaints fairly and promptly. A copy of this complaints procedure is available upon request and will be sent to you should you lodge a complaint.We will investigate your complaint in accordance with out terms and conditionsrequirements and our complaints procedures. Upon resolution of your complaint, we will send you a final response letter which sets out the nature of that resolution. If for any reason, you are dissatisfied with our final response and provided you are classified as an eligible complainant underour terms, you will be entitled to escalate your complaint.
Our obligations under the Payment Services Regulations
Money transfers are governed by the Regulations where the destination of the funds and the recipient of those funds are located with the and where the funds are in a currency of a destination state.
How we use your Personal Data
Like other financial organisations, we are legally obliged to collect, verify and record information confirming client identity and to report details of suspicious transactions to the Serious Organised Crime Agency. For more details please contact us. For details of the main credit reference agencies we use please contact us.
We may disclose any information you provide to us to a licensed credit reference agency that may retain a record of the search. We will use the results of the search to check your identity and to determine your creditworthiness, although we will not extend a line of credit to you.
You are entitled to know how we intend to use any information you provide. Organisations must lodge a notification with the information Commission describing the purposes for which they process personal information.Our main use of your personal information is to look after your account or to provide the specific service you require. We may use your details to inform you by telephone or e-mail about any special offers, products or services offered by us and selected third parties, unless you ask us not to do so. If you do not wish to hear about these, please call us or let us know by any means available to you. You agree that we have your permission to contact you on any telephone number or e-mail address that you have provided.Unless you have given us your consent, we will not provide information about you to companies outside NESOto use for their marketing purposes. We disclose personal information only with your consent, or if we are required to do so by law. Sometimes we need to give information to our agents and subcontractors so that they can provide a particular service for us. Sometimes, these companies may be located abroad in countries that do not have data protection laws. In these circumstances we always take great care to ensure that your personal information is kept safe and secure.Certain information we may collect may be classified as sensitive and we can only use such data where we have your explicit consent. This data relates to racial or ethnic origin, political opinions, religious beliefs, physical or mental health, sexual orientation, criminal proceedings and offences and will only be processed in order to provide the service requested.Under the Data Protection Act you have the right of access to information we hold about you on our records. The Act allows us to charge a fee of 10 for this service. If anything is inaccurate or incorrect, please let us know and we will correct it.
Rules applying to Security
You must provide us with identity details before we allow you to open a verified account. You will log into your on-line account using your user-name and password that you have set on-line. In order to authorize a transaction you must use your authorization code also set by you during the account opening process. You can change your password on-line by following the instructions on the screen provided by us. For administration or security reasons, we can require you to change your password at any time.
If you think that someone else knows your password or any of your additional security details or has used any of them to use our online service, you must do the following:
(a) You must contact us as soon as possible
(b) Please request that we reset your password so that we can change it on-line as soon as possible. If you have difficulty changing your password, you must inform us immediately via e-mail. We will reset the password on-line, and you will receive an email with a link so that you may enter a new password. We do not have access to your password or authorization code.
We may suspend your account if we believe that:
Your identity details are being used by someone else or we are otherwise concerned about the security of your account;
We suspect your account is being used in breach of these conditions in an unauthorised or fraudulent manner;
You are not keeping to these conditions or the conditions of any of your accounts.
Where we suspend your account under this condition we will, if practical, notify you immediately before, or where we can not notify you immediately before, after suspending your account and inform you of our reasons for doing so unless it is unlawful for us to do so or it would compromise our reasonable security measures.
2 Factor Authorization Token
We offer our users the ability to protect and secure their account using the 2 Factor authorization. The 2FA app can be downloaded from the Playstore for Android and the Itunes store for iOS. The App provides our users with a time sensitive token to log into their account.
You may not, without our prior written consent, assign or transfer, all or any of your rights or obligations under these terms. It is agreed that these conditions are governed by the law of the Republic Of Panamaand that any dispute will be dealt with by the Panamanian courts.You are responsible for ensuring that all information supplied by you at all times is accurate and up to date. Any changes must be notified by you to us in writing.
Force Majeure: If we are unable to perform any of our obligations under these terms in regard to any Instruction because of factors beyond our control such as, but not limited to, acts of God; fire, flood, earthquake, wind, storm or other natural disaster; war, threat of war, armed conflict, sanctions, terrorist attack; chemical or biological contamination; changes in law in any relevant jurisdiction; explosion or accidental damage, collapse of buildings or structures; failure of computers; labour disputes; non-performance by third parties; interruption or failure of utility services, shall not be in breach of this agreement or any Instruction and shall not be liable for any failure or delay in the performance of its obligations.
The provisions of these terms are severable and the invalidity or unenforceability of any provision herein shall not affect the validity or enforceability of any other part of these terms.
The type of personal information NESO collects depends on the Accounts opened or services requested but may include contact information such as names, addresses, telephone numbers or e-mail addresses, financial information including bank account information, or credit card information, other identifying information such as dates of birth, and such other information NESOmay collect or as permitted or required by law.
How NESO obtains your personal information
Information provided by you or given to us on your behalf via transaction forms, telephone, our website, money transfers, and the activation, use, and servicing of your Account.
Information NESOobtains from reference sources, vendors and clearing-house services.
NESO conforms to the legal requirements and guidelines for the processing and controlling personal information
Use of Information Collected
NESO uses information collected for a variety of reasons, including, without limitation, opening, maintaining and servicing Accounts, completing and administering transactions, analysing Accounts and transaction information, managing its Client relationships, preventing fraud and abuse, and as otherwise permitted or required by law.
NESO utilizes physical, electronic and procedural security measures to protect against loss, misuse, and alteration of information under our control. NESO offers industry standard practices and security measures to safeguard and secure the personal information we collect.
Preventing Identity Theft
NESO will never initiate a request for personal information or request your Account or transaction reference number from you by fax or email. Please do not send confidential personal information or account numbers to NESO via an unsecured e-mail message.
As a licensed financial institution NESO BANK INC. tries to better industry standards in compliance matters whilst making every effort to understand the client's needs.
The size of our operation allows us to be very specialized and build strong relationships with all our clients. We are proud to deal with clients who wish to maintain a good reputation in their marketplace, so that having an account with NESO BANK INC. is, in itself, a reference within their community. This ensures not only that we comply with anti-money laundering legislation but also that we can better safeguard your assets whilst providing exceptional customer service.
So for this to work, there is some essential documentation to provide. For every corporate account we need to have certified ID and proof of residence for the account signatory, directors and shareholders. ID must have a reference number, a photo, a signature, a date of birth and an expiry date. Proof of residence should be a utility bill or equivalent. We also need proof that the signatory has the right to open the account and to manage the funds of the corporation, such as a power of attorney or a board resolution. As must be expected we also need the registration document, the statutes and a document showing the tax ID of the corporation. These documents must also be certified. Certification can be done by a notary, qualified accountant, lawyer, bank officer or police officer - and we must have sufficient details to be able to contact the certifier to confirm that they are qualified and have carried out the certification.
For every personal account we require certified ID and proof of residence as above. With a Personal account you may only receive and send funds from an account with your own name. To receive funds from third parties please apply for a corporate account which may suit your needs better for those transactions.
For Merchant Services accounts, we will often ask you to justify why transactions are being made and this may be done by telephone or by email. You should be prepared to provide us with invoices, purchase orders, contracts or other documentary evidence that the transactions you are making are legitimate. We reserve the right to contact the other parties involved for confirmation of the legitimacy of the transaction.
We will notify you by email, to your designated email address, every time your account is debited. We will also randomly, or when there is no response to an email when required, call the telephone number you have given us to ensure that we know at all times who is using the system. It is therefore imperative that you maintain a dialogue with our office should any changes be made to your personal or corporate profile. To avoid certain types of fraud, passwords can only be modified after approval by our office.
Commitment of NESO BANK INC. to prevent money laundering and terrorism
Taking into account that the Money Laundering and Terrorism Financing generate great social and economic problems to the whole world, NESO BANK INC., reaffirms the ethical commitment of its Shareholders, Board of Directors, the Chief Executives and of all the personnel to keep the necessary diligence and care to prevent that the operations of NESO BANK INC. made with funds or on funds originated from illicit activities provided in Law 41 that amends the Panamanian Penal Code of October of 2000: the drug traffic, qualified swindle, illegal arms traffic, traffic of persons, abduction, extortion, embezzlement, corruption of public officials, acts terrorism, robbery or international traffic of automobiles and crimes against copyright in general (the latter added according to Law No. 1 of January 1, 2004), adopt the regulations issued by the regulators and other authorities, the 48 New Recommendations of the Financial Action Task Force (FATF) and the best banking practices that may contribute with the achievement of the objective of this policy.
We make emphasis in our obligation to collaborate with the authorities, as provided in the laws in force, which include submitting information to the Finance Analysis Unit and to law enforcement agencies, among others.
Our institution has always followed the principle of keeping a high morality in the job based in the ethical, honest and integral performance of its whole personnel.