Terms and Conditions
Terms and Conditions
1. INTRODUCTION
Welcome to the Omega Bank (the "Omega" or the "Company"), is a corporation licenced as a Banking Institution with Anjouan Offshore Finance Authority in Autonomies Island of Anjouan Union of Comoros, holding registration number L15910/TOB.
Omega is authorised to perform the following activities: accept cash deposits of any kind; provide loans and borrow funds; conduct currency and exchange transactions; issue securities and credit cards; provide securities safekeeping services, including purchase and sale; issue guarantees of any type (including guarantee business); effect payments, including the opening of accounts for legal entities; and hold assets such as capital, precious metals, bonds, and shares. Omega is also authorised to engage in foreign exchange dealing, money transmission, virtual currency transactions, and the provision of payment services.
These Terms and Conditions (the "Terms") govern your use of our technology platform, which facilitates access to banking services, foreign exchange services, and virtual currency exchange services (the "Services"). By accessing or using our Services, you agree to comply with and be bound by these.
2. TERMS
Omega is a banking service provider regulated by the Anjouan Offshore Finance Authority in Autonomies Island of Anjouan Union of Comoros. The Company operates as an intermediary between its clients and third-party qualified banks, custodians, and financial institutions (the "Intermediary Counterparties"). Omega does not accept deposits, issue loans, or provide traditional banking services. \
3. SERVICES AND TERMS
Omega will deliver the Services to the customer (the “Customer”) in accordance with these Terms. Omega will host, maintain, and support the platform in its current form, or any future form deemed appropriate by the Company. The Customer will have access to the platform to facilitate the Services. The use of these services will be governed by the general terms and any specific pricing terms applicable to each service.
Certain services may be governed by specific terms and conditions outlined in the applicable pricing terms. If a particular service is not described within these specific terms, it will be governed by the general terms in this agreement.
By accessing or using any service described in the pricing terms, the Customer agrees to comply with all applicable terms outlined therein. Omega may periodically update these terms or the specific pricing terms. Such updates may be announced and implemented through the platform. The Customer must accept these updated terms before continuing to use the platform or any related services. If the terms related to a specific service are updated, those updated terms will override any conflicting terms in this agreement or the applicable pricing terms.
Omega may amend the terms of this Agreement, including its fee structure or service terms, by providing the Customer with no less than two (2) months’ prior written notice where such changes may negatively affect the Customer. During this notice period, the Customer shall have the right to terminate the Agreement without penalty. If the Customer does not object in writing before the changes take effect, the amended terms shall be deemed accepted.
In the event that a change is required by applicable law or relates solely to enhancements or technical updates that do not adversely affect the Customer’s rights or obligations, Omega may implement such changes without advance notice, but will notify the Customer as soon as reasonably practicable.
Where a platform update is necessary for continued use of Omega’s services, Omega shall provide reasonable notice, and the Customer must implement the update by the specified deadline in order to maintain uninterrupted access.
The Customer acknowledges and agrees that the VIBANs associated with their account are issued through RYVYL EU EAD. Furthermore, the Customer understands, accepts, and explicitly consents that RYVYL EU EAD executes all the incoming payments related to their VIBAN account. By accepting these the Terms, the Customer grants their irrevocable consent for RYVYL EU EAD to handle, process, and execute all such payments related to their VIBAN account, and further acknowledges that RYVYL EU EAD shall not be liable for any issues arising from the execution of such transactions, provided they are executed in accordance with the operational procedures set forth by RYVYL EU EAD. The Customer agrees that any payment-related transactions conducted via the VIBAN account, will be subject to the operational procedures, terms, and conditions established by RYVYL EU EAD. These procedures may include, but are not limited to, security measures, compliance checks, transaction limits, and processing times as determined by RYVYL EU EAD. The Customer further acknowledges that RYVYL EU EAD shall have the discretion to refuse or delay any transaction that does not meet their internal compliance and operational standards, including, but not limited to, legal and regulatory requirements, fraud prevention policies, or issues concerning the sufficiency of funds. The Customer agrees to indemnify and hold harmless RYVYL EU EAD, its officers, director, employees, and agents from any claims, losses, damages, or expenses arising out of or in connection with the execution of payments, including disputes related to fraud claims arising from the Customer’s actions or omissions. This indemnity shall not apply to claims resulting from gross negligence or wilful misconduct by RYVYL EU EAD.
Omega will provide support to resolve general issues related to the Services through resources and documentation available on the platform or via designated support channels. Customers can contact support at help@theomegabank.com.
The Services and platform are provided on an "AS IS" and "AS AVAILABLE" basis. Except as expressly stated as a warranty in this agreement, Omega disclaims all express and implied warranties, including warranties of fitness for a particular purpose, merchantability, and noninfringement. Omega is not liable for any losses arising from unauthorized access, hacking, or the Customer's failure to implement security measures.
Omega and its affiliates are not liable for any losses, damages, or costs resulting from: (a) the Customer’s improper use of the Services; (b) unauthorized access to the Company's servers or data; (c) service interruptions or stoppages; (d) bugs, viruses, or harmful code transmitted through the Services; (e) errors, inaccuracies, or omissions in data; (f) content; (g) defamatory, offensive, or illegal conduct by others.
4. ELIGIBILITY
The Services are only available to Customers that meet the following criteria:
Business Entities: must be a validly subsisting business entity in its country of incorporation, including corporations, partnerships, joint ventures, sole proprietorships, non- profit organizations, and other entities used to conduct business.
Natural Persons: must be a natural person not resident in Russia or other prohibited jurisdiction as maybe listed by Omega who has reached the age of majority, is legally permitted to enter into contracts, and possesses the legal capacity to do so.
The Customer represents that they are acting on their own behalf as a principal and not on behalf of any other person or entity unless prior written approval has been provided by Omega in its sole discretion.
5. RESTRICTIONS
The Customer agrees not to, and not to enable any third party, directly or indirectly, to: (a) circumvent technical limitations of the Services, enable prohibited functionality, or access non-public systems, programs, data, or services; (b) act as a service bureau or pass-through agent for the Services without adding value; (c) reverse engineer the Services or platform; (d) engage in illegal, fraudulent, deceptive, or harmful activities; (e) interfere with the normal operation of the Services or platform, or affect other users’ use; (f) copy, reproduce, republish, upload, post, transmit, resell, or distribute any part of the Services or platform, except as expressly permitted by Omega.
By entering into this agreement, the Customer acknowledges the eligibility requirements and restrictions, andalways represents and warrants compliance with them.
6. CUSTOMER RESPONSIBILITIES
The Customer acknowledges that it is solely responsible for ensuring compliance with all applicable laws in relation to the use of the Services, regardless of the intended use, and for refraining from engaging in or attempting any prohibited transactions. To facilitate the provision of Services by Omega, the Customer shall adhere to the following:
(a) Due Diligence and Operating Procedures: The Customer shall: (i) Provide all information requested by Omega for purposes such as account setup, onboarding, and compliance with anti-money laundering (AML), know your customer (KYC), know your business (KYB), counter-terrorism financing, sanctions screening, or any other legal requirements as determined by Omega or its suppliers. (ii) Conduct reasonable due diligence on each recipient before submitting a payment transaction request, including verifying the intended use of funds. (iii) Promptly respond to any requests for information from Omega, particularly when such information is necessary for Omega to fulfil its obligations under this agreement. (iv) Provide all documentation, data, and other information as reasonably requested by Omega to enable the performance of its obligations. (v) Understand that Omega may be required to perform its own due diligence on the Customer or the recipient as part of the transaction processing, and shall provide all requested due diligence information accordingly.
(b) Security and Fraud Policy: The Customer agrees to comply with Omega' security and fraud policies, which may be updated from time to time. The Customer must adhere to any policy changes within a commercially reasonable period, and no later than 90 days from receiving notice of the changes. (c) Customer Credentials: The Customer is responsible for maintaining the confidentiality and security of user IDs, passwords, or other access credentials (the "Credentials") used to access the platform or any other system provided by Omega. The Customer will be held accountable for all activities conducted using these Credentials and must immediately notify Omega if the Credentials are lost, compromised, or misused. (d) Record Keeping: Omega shall maintain records related to all payment transactions and recipients associated with these transactions. These records may include copies of relevant due diligence documents and data, such as KYC, KYB, and AML information, in various formats (hardcopy, electronic, or otherwise).
If the Customer is a regulated financial institution or a regulated intermediary, the Customer is solely responsible for filing any suspicious activities reports (SARs) or equivalent filings with their respective regulators. Omega assumes no responsibility for such regulatory obligations.
7. FEES
The fees for the Services shall be in accordance with the terms set out in this agreement. The Customer is required to pay Omega the fees applicable for the Services.
The Customer is obligated to pay all fees owed to Omega under this agreement, regardless of any other provisions contained herein. Omega reserves the right to modify the fees at any time. If the fees for a Service currently in use by the Customer are revised, Omega will provide at least 30 days' notice before the new fees take effect. The Customer is responsible for covering all costs associated with the implementation, integration, and use of the Payment Technology Services, including but not limited to costs related to fulfilling the Customer’s responsibilities under this agreement.
All fees paid under this agreement are non-refundable, except when a payment transaction is cancelled by the Customer before the processing of the transaction begins. Omega reserves the right, acting reasonably, to liquidate any and all assets in the Customer’s account(s) to cover any unpaid fees and expenses.
8. TERM
Initial Term This agreement takes effect on the Effective Date and shall have an initial term of one (1) year (the "Initial Term") unless terminated by either Party in accordance with the terms herein.
This agreement shall automatically renew for additional one (1) year terms unless terminated in accordance with Section
9. TERMINATION AND SUSPENSION
Omega reserves the right to modify, suspend, or discontinue all or part of the Services at any time, with or without notice, for reasons including: (a) regulatory changes; (b) technical or technological changes; (c) availability of third-party service providers.
Either party may terminate this agreement for any reason by providing written notice at least 20 business days before the effective termination date. The provisions of this agreement shall continue to apply until the end of the notice period.
Upon termination, the following obligations apply: (a) Omega shall complete all authorized payment transactions before the termination becomes effective; (b) The Customer shall pay all fees associated with completed Payment Transactions; (c) Omega shall return any remaining Customer funds held by qualified partners, less any fees owed, within 10 business days after the completion of the payment transactions, provided that the Customer has provided a valid account or digital wallet address for the return of such funds.
Omega may immediately suspend Services if:
(a) The Customer’s use violates any applicable law or regulation;
(b) Continued provision of the Services may result in legal violations or non-compliance with regulatory requirements;
(c) A government authority or third-party service provider requires or directs Omega to do so;
(d) The Customer fails to update to the latest version of the platform as recommended or required by Omega;
(e) The Customer fails to provide timely responses to requests for information, including but not limited to, Customer Information, user information, or any other information deemed relevant by Omega;
(f) The Customer breaches any provision of this agreement or any other agreement between the parties;
(g) The Customer enters into any insolvency proceeding, including but not limited to, bankruptcy, reorganization, receivership, or liquidation;
(h) Omega believes that the Customer is engaged in business practices or activities that present an unacceptable risk to Omega or any third party, in Omega’s sole discretion;
(i) Omega believes, in its sole discretion, that the Customer’s use of the Services: (i) is or may be harmful to Omega or any third party; (ii) presents an unacceptable level of credit risk; (iii) increases, or may increase, the rate of fraud observed by Omega; (iv) degrades, or may degrade, the security, stability, or reliability of the Services, the platform, or any third party’s systems (e.g., the Customer’s involvement in a distributed denial of service attack); (v) facilitates, or may facilitate, illegal or prohibited transactions; or (n) is or may be otherwise unlawful.
In the event of a suspension of Services, Omega may, at its sole discretion, reinstate access to the Services once the underlying cause of the suspension has been resolved to Omega' satisfaction. However, Omega is not obligated to reinstate Services or lift the suspension if it deems the risk to be ongoing or unresolved.
Upon termination of this agreement, all provisions that by their nature should survive termination, including but not limited to, confidentiality, indemnification, limitation of liability, and governing law, shall remain in effect. In the event of any dispute, claim, question, or disagreement arising from or relating to these Terms or the breach thereof, the parties shall use their best efforts to settle the dispute, claim, question, or disagreement. To this end, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to both parties.
If the parties do not reach such a solution within a period of 30 days, then, upon notice by either party to the other, all disputes, claims, questions, or differences shall be finally settled by the competent courts in England and Wales, conducted in English.
10. CONFIDENTIALITY
Each party acknowledges that during the term of this agreement, it may receive or have access to confidential and proprietary information (the "Confidential Information") of the other party. Each party agrees to maintain the confidentiality of such information and not to disclose it to any third party without the prior written consent of the disclosing party, except as required by law or as necessary to perform its obligations under these Terms.
Confidential Information does not include information that: (a) is or becomes public knowledge through no breach of this agreement; (b) is received from a third party who lawfully acquired it and made it available without any obligation of confidentiality; (c) was already known to the receiving party before receipt from the disclosing party; or (d) is independently developed by the receiving party without use of or reference to the disclosing party's Confidential Information.
All intellectual property rights in and to the platform, the Services, and any related software or documentation are and shall remain the exclusive property of Omega or its licensors. Nothing in this agreement shall be construed as transferring any rights or ownership in or to any intellectual property from Omega to the Customer.
Omega grants the Customer a non-exclusive, non-transferable, revocable license to access and use the platform and the Services solely for the purpose of conducting business in accordance with these Terms. This license does not include any rights to modify, copy, distribute, reverse engineer, or create derivative works of the platform or the Services.
Any feedback, suggestions, or ideas provided by the Customer regarding the platform or the Services may be used by Omega without any obligation to compensate the Customer. Omega is free to use, disclose, reproduce, license, or distribute such feedback as it sees fit.
13. DATA PROTECTION
Omega may collect and use data related to the Customer's use of the Services in accordance with Omega's Privacy Policy. The Customer consents to such data collection and use and agrees to comply with all applicable data protection laws and regulations.
Omega shall implement reasonable technical and organizational measures to protect the Customer's data against unauthorized access, loss, or disclosure. However, the Customer acknowledges that no security measures are completely foolproof and that Omega cannot guarantee absolute security.
In the event of a data breach that affects the Customer's data, Omega shall promptly notify the Customer and take appropriate steps to mitigate the breach and prevent further unauthorized access.
The Customer acknowledges that Omega has no control over the blockchains and markets where digital assets are bought, sold, or traded. Consequently, Omega makes no representations or warranties regarding potential losses incurred during the trading of Digital Assets or the privacy of such transactions. Omegaassumes no liability for any funds sent to an incorrect wallet. Digital Assets held by Omega' qualified custodians on behalf of the Customer will be segregated from those held on behalf of other Customers, and they will not be reflected on Omega's balance sheet as assets of Omega. Omega will maintain detailed records of all Digital Assets sent and received through the Customer's Digital Asset account.
14. COMPLIANCE
Omega, being based outside of the European Union and the United Kingdom, is not required to comply with the Markets in Crypto-Assets Regulation (MICAR) or with the Consumer Duty. Furthermore, Omega does not provide digital asset services as defined by the Financial Conduct Authority (FCA) in the United Kingdom.
15. ACCOUNT MANAGEMENT
Omega reserves the right to decline, delay, freeze, or reverse an account transaction, restrict access to the Customer’s account, or remove funds from the Customer’s account pending an investigation to protect the Customer, Omega, or its affiliates, or to comply with applicable laws. This may occur under circumstances such as: (a) The Customer’s account having a zero balance for 90 consecutive days; (b) The Customer’s account being inactive for 12 months; (c) The Customer breaching these terms; (d) The Customer’s account being involved in legal proceedings; (e) Omega receiving conflicting information about the ownership, control, or activity of the Customer’s accounts; (f) Omega suspecting that the Customer is a victim of fraud, scam, or financial exploitation; (g) Omega suspecting that the transaction or account activity may involve illegal activity or fraud.
Omega may transfer the Customer’s account information to a replacement financial institution, resulting in the creation of a new account. Omega may also request the current financial institution to cancel and replace the Customer’s account if Omega believes it is necessary for the Customer’s security. Omega will not be liable for any costs, losses, or damages incurred by the Customer as a result of such actions.
Services provided by a designated financial institution, including direct customer accounts, are the responsibility of the financial institution, not Omega. Omega does not make any representations or warranties regarding these services and shall not be liable for any expenses, losses, or damages related to the financial institution or the services it provides.
Use of Intermediaries: Depending on the transaction, the Customer may send funds either to a custodial account or a direct account at a designated financial institution. In either case, the Customer’s funds will be held by the designated financial institution on the Customer’s behalf. Custodial Accounts If the Customer utilizes a custodial account provided by Omega or its licensed subsidiaries or third-party partners, Omega will create a separate notional account for the Customer, and the terms applicable to such accounts will govern. The Customer agrees to be bound by these terms. If a custodial account cannot be used for any reason, the Customer will set up a direct account at a designated financial institution approved by Omega.
The Customer acknowledges and agrees that: (a) The Customer will enter into necessary agreements with the designated financial institution to authorize Omega to act as the Customer’s agent for completing payment services. (b) The Customer may not use payment services until the direct account is open and the necessary agreements are executed. (c) The Customer will ensure that the agreements remain in effect throughout the term of this agreement. (d) If any agreement expires or is terminated, the Customer will cease using the payment services until the agreement is reinstated or an alternative arrangement is made. (e) Omega is not responsible for the account services provided by the designated financial institution or for any related actions, except as described in this agreement.
If the Customer requests a payment transaction in a foreign currency, Omega will determine the required amount of local currency, including conversion rates and fees, and will require the Customer to provide sufficient funds in local currency. Omega may, through intermediaries, exchange local currency into foreign currencies or digital assets to achieve the best exchange rate and delivery time.
If a payment is declined or cannot be completed due to factors beyond Omega' control, the Customer may: (a) Request a refund, and Omega will attempt to recover the funds from the recipient’s financial institution. (b) Direct Omega to deliver the funds to an alternate recipient, with the terms of this agreement applying to the new transaction. In either case, the Customer is responsible for all related transaction fees. If a refund is successful after the payment funds have been converted into a foreign currency, Omega will facilitate the conversion back into local currency at the prevailing exchange rate. The Customer is responsible for any conversion fees.
The Customer is responsible for providing documentation and assisting Omega in fulfilling tax relatedobligations, including filing, reporting, and disclosure requirements imposed by governmental authorities. This may include providing tax identification forms, filing necessary documents, and ensuring compliance with applicable tax laws.
If Omega determines that the Customer is subject to tax withholdings or if Omega becomes aware of inaccurate information, Omega may cooperate with financial institutions and governmental authorities to withhold and remit the required amounts. The Customer agrees that Omega is authorized to withhold and remit these amounts and to file any necessary reports.
The Customer is responsible for determining their tax liability related to their account and for timely reporting and remitting all taxes due. The Customer must promptly notify Omega of any changes related to their tax affairs and provide all information requested to comply with applicable laws. The Customer is not entitled to earn interest on funds held in their account, and no interest will be paid by Omega.
16. REVERSALS AND ACCOUNT NUMBERS
The Customer may request the reversal of an erroneous or duplicate transaction by contacting Omega. Omegawill make reasonable efforts to process the reversal in accordance with applicable laws and regulations.
When sending or receiving wire transfers, Omega will provide specific bank account details for use with third parties. Funds will not be available to the Customer until Omega receives them into the specified account.
The Customer acknowledges that funds received via wire transfer may be subject to reversal or chargeback. Omega may deduct the received amount from the Customer’s account if the transaction is cancelled or reversed by the payor or any relevant service provider. If the transaction is cancelled or refused, Omega will return the funds to the originating bank account.
17. ACCESS TO SERVICES AND SUPPORT
The Customer can access Omega services through the www.theomegabank.com. The Customer is responsible for ensuring adequate access to these portals and must notify Omega if access issues arise. The Customer can communicate with the Omega team through various electronic means, including encrypted messaging, email, and other secure channels.
Scheduled maintenance will not exceed 24 hours in any calendar month unless previously agreed. Omegareserves the right to conduct unscheduled maintenance if necessary to protect system security or integrity. Omega will provide 24 hours’ notice when possible and will restore service as quickly as feasible. Unscheduled maintenance will be counted as maintenance downtime.
18. PAYMENT OF FEES
Fees quoted by Omega include all fees charged by Omega' parties, including foreign exchange fees. However, additional fees may be charged by recipient parties. The Customer is responsible for these fees, as well as any fines imposed by intermediaries or recipient parties.
The Customer acknowledges that intermediaries, recipient parties, or governmental authorities may confiscate payment funds if legally authorized. Omega is not responsible for such actions or any resulting losses.
19. MISCELLANEOUS
These Terms, together with any documents incorporated by reference, constitute the entire agreement between the parties and supersede all prior or contemporaneous agreements, understandings, negotiations, or representations, whether oral or written.
Omega reserves the right to modify these Terms at any time. Any changes will be communicated to the Customer through the platform or via email. The Customer's continued use of the Services following such modifications constitutes acceptance of the new terms.
The Customer may not assign or transfer any rights or obligations under this agreement without the prior written consent of Omega. Omega may assign its rights and obligations under this agreement without the Customer's consent, provided that such assignment does not affect the Customer's rights under this agreement.
No waiver of any term or condition of these Terms shall be construed as a further or continuing waiver of such term or condition or any other term or condition. Any failure to enforce any provision of these Terms shall not constitute a waiver thereof.
If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. The invalid or unenforceable provision shall be deemed modified to the minimum extent necessary to make it valid and enforceable.
Omega shall not be liable for any delay or failure to perform its obligations under this agreement due to causes beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, strikes, government actions, or interruptions in power, communications, or transportation systems.
All notices under this agreement shall be in writing and shall be deemed given when delivered personally, sent by certified mail, or emailed to the respective party's address specified in this agreement or as updated by written notice to the other party.
Omega reserves the right to amend these Terms and Conditions at any time. Omega will inform the Customer of such amendments within 30 calendar days from the date of the amendment.
Acknowledgment
By using the Services, and/or signing-up to use the Services through signing our Terms and Conditions you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.