Terms & Conditions
1. Acceptance of Terms of Use
The Done.com website, its derivative or related pages and its mobile site or mobile application (together, the “Site”) are owned and operated by Done.com Inc. (“Done.com”, “us”, “we” or other similar terms). By using the Site and the services available to you through the Site (the “Services”), you agree to be bound by all terms and conditions contained in these Terms of Use (the “TOU”) with respect to your use of the Site and the Services.
Please read the TOU carefully before accessing the site.
If you do not agree with the terms and conditions of the TOU at any time, please do not access the Site and discontinue your use of the Services.
We reserve the right to update or revise the TOU at our discretion and without notice. You are responsible for checking the TOU periodically for changes. If you continue to use the Site following the posting of any changes to the TOU, you agree to be bound by these changes.
The material that appears on the Site is for informational purposes only. Despite our efforts to provide useful and accurate information, errors may appear from time to time. We are not responsible, nor do we make any warranty or endorsement regarding any third party products or services listed on this website.
2. Privacy Policy
Registration data and certain other information about you are subject to our Privacy Policy. For more information, see our full privacy policy
3. Authority
Minors under the age of eighteen are not eligible to access the Site. You are fully responsible for your child’s online conduct and the consequences of any misuse of the Site by your child.
If you access the Site on behalf of a corporation or other business entity, you hereby confirm that you are entering into the TOU on behalf of such corporation or other business entity, you represent and warrant that you have the legal authority to bind such corporation or other business entity to the terms and conditions contained in this Agreement, in which case the terms "you" or "your" shall refer to such corporation or other business entity. You further agree to be bound by the terms of this TOU for transactions entered into by you on the Site, anyone acting as your agent and anyone who uses your Account or the Services, whether or not authorized by you.
Done.com shall be entitled to act on any instructions which it believes, in good faith, to be initiated by you without any obligation to verify such instructions. You are responsible for: (i) safeguarding your user identification (“User ID”) and password(s) (“Password”) to your Account; and (ii) all activity relating to your Account.
4. Viruses
The downloading of content is done at your own risk. We cannot and do not guarantee or warrant that the Site or the content on the Site are compatible with your computer systems or that the Site or the content will be free of viruses, worms, trojan horses or disabling devices or other code that manifests contaminating or destructive properties. You are responsible for implementing safeguards to protect the security and integrity of your computer system and you are responsible for the entire cost of any service, repairs or connections of and to your computer system which may be necessary as a result of your use of the Site.
5. User Account
All fiat currency (“Funds”) and Crypto Assets held by Done.com on your behalf will be allocated to you in the records of Done.com (your “Account”). Your Account may be separately denominated in Canadian Dollars and any form of Crypto Assets that are available on the Done.com Platform.
You will receive your unique Account designation, along with its associated User ID and Password, upon registration. You are responsible for safeguarding and maintaining the confidentiality of your User ID and Password as you are fully responsible for all activities that occur relating to your Account.
You agree to immediately notify us of any unauthorized use of your Account or any other breach of security and to ensure that you exit from your Account at the end of each session. We cannot and will not be liable for any loss or damage arising from your failure to comply with this Section 5.
You authorize Done.com to facilitate the process of purchasing, storing, and selling Crypto Assets on your behalf. We are authorized to open or close your Account, cancel or correct any order for the purchase, sale or transmission of any Crypto Assets on the Done.com platform, and to take such other steps as are reasonably required to carry out your instructions, enforce these TOU or comply with applicable law.
Done.com may in its absolute discretion and without any obligation to do so, hold Funds and Crypto Assets allocated to your Account separately from other Funds and Crypto Assets that are not allocated to your Account. In the alternative, Done.com may in its absolute discretion, hold Funds and Crypto Assets allocated to your Account in one or more mixed accounts maintained by Done.com at its financial and Crypto Asset counterparties. Done.com does not represent or warrant that any Funds or Crypto Assets allocated to your Account will be separately held on your behalf in any identifiable manner. Done.com is not a trustee and Done.com hereby disclaims any representation or warranty that Done.com acts as a trustee on your behalf in respect of Funds, Crypto Assets or any other assets, whether electronic or otherwise, of any kind.
Done.com shall is hereby granted a general lien on all Funds and Crypto Assets allocated to your Account (the “Lien”). Done.com may, at its absolute discretion and at any time and from time to time, apply any and all Funds and Crypto Assets allocated to your Account, the selection of which being in Done.com’s absolute discretion, to set-off or otherwise satisfy any amounts that you may owe to Done.com.
In respect of your Account, you may use the Services to place an order to buy, sell or transfer a Crypto Asset or transfer Funds (each, an “Order”). Subject to these TOU, you may not place an Order unless you have sufficient Funds or Crypto Assets allocated to your Account to satisfy payment for the Order. If you place an Order with insufficient Funds or Crypto Assets allocated to your Account, we may cancel the entire Order or fill only a partial amount of such Order. Done.com may, in its absolute discretion, execute an order notwithstanding that you have insufficient Funds or Crypto Assets allocated to your Account to satisfy payment for such Order and in such case, Done.com shall be entitled, in its absolute discretion, to: (i) repossess and foreclose upon any Crypto Assets that were purchased by such Order, regardless of any increase in their value; (ii) liquidate all or any other Crypto Assets allocated to your Account, the selection of which being in Done.com’s absolute discretion, in order to satisfy the payment for such Order; (iii) deduct any amounts from the Funds allocated to your account to satisfy any deficiency for any Order; and/or (iv) consider any deficiency in payment for such Order to be an extension of credit to you by Done.com and your Account shall be subject to the Lien in respect of the repayment of such credit.
You agree to examine, from time to time, all entries and the balance recorded in respect of your Account and undertake to forthwith notify Done.com in writing of any errors or omissions in respect of the Funds or Crypto Assets allocated to your Account or any other errors or omissions relating to your Account. If any Funds or Crypto Assets are erroneously allocated to your Account, even if such error is the fault of Done.com, you shall be responsible for immediately returning such Funds or Crypto Currency to Done.com. Until such Funds or Crypto Currency are returned by you to Done.com, such Funds or Crypto Currency shall be treated as an extension of credit to you by Done.com and your Account shall be subject to the Lien in respect of the repayment of such credit.
Unless otherwise agreed by you and Done.com in writing, all amounts owing by you, whether Funds or Crypto Currency, shall bear interest at the rate of 2% per month, or a pro-rated amount in respect of partial months (“Interest”). Interest shall be calculated in the denomination of Funds or Crypto Currency in which the credit is extended. Done.com shall be entitled to claim against you for any and all amounts owing by you to Done.com, including but not limited to the extension of credit by Done.com to you. Done.com shall not be limited by the Funds or Crypto Assets allocated to your Account in respect of its rights to recover against you and Done.com shall be entitled to all remedies available to it at law or in equity in respect thereof.
6. No Suitability Determination
You acknowledge and agree that, while providing the Services to you, neither Done.com nor its representatives provide any advice or recommendations regarding the purchase or sale of any Crypto asset available on the Site (each, a “Crypto Asset”). You are responsible for your investment decisions and transactions and the profits or losses resulting therefrom. It is your responsibility to report any taxable gains, losses or other tax reporting in respect of your use of the Services.
Done.com is not an advisor to you. Information on the Site is not intended to be advice of any kind and your use of the Services does not, and should not, be considered to be a subscription for any advice of any kind. Neither Done.com, nor its representatives, provide you with any legal, tax, or accounting advice regarding the profitability of any Crypto Asset. You agree that neither Done.com nor its representatives shall have any liability to you, or any other party that you are associated with, for any claim in respect of the foregoing.
However, Done.com reserves the right to review any of your trades prior to entry to the exchange or market. You understand that Done.com has the right to reject, change or remove any order entered by you or to cancel any trade resulting from an order entered by you. You acknowledge that Done.com does not give investment advice or recommendations to you and does not accept any responsibility to advise you on the suitability of any of your investment decisions or transactions. You acknowledge that you are responsible for your investment decisions as well as for any profits or losses that may result.
7. Indemnity
You agree to indemnify and hold us, and our subsidiaries, affiliates, officers, agents, co-branders or other partners, and employees, harmless from any claim or demand, including reasonable legal fees, made by any third party due to or arising out of content you submit, your use of the Services, your violation of the TOU, or your violation of any rights of another.
8. Proprietary Rights
You acknowledge and agree that the Site and any necessary software used in connection with the Site ("Software") contain proprietary and confidential information that is protected by applicable intellectual property and other laws. You further acknowledge and agree that content contained in or information presented to you through the Site which are either ours or licensed to us by third parties is protected by copyrights, trademarks, service marks, patents or other proprietary rights and laws. Except as expressly authorized by us, you agree not to modify, rent, lease, loan, sell, distribute or create derivative works based on the Software, in whole or in part.
9. Third party sites and software
Done.com offers links to other third-party websites that may be of interest to our website visitors. The links provided in our website are provided solely for your convenience and may assist you in locating other useful information on the Internet. When you click on these links you will leave Done.com’s website and will be redirected to another site. These sites are not under the control of Done.com.
Done.com is not responsible for the content of linked third party websites. We are not an agent for these third parties, nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites. We suggest that you always verify the information obtained from linked websites before acting upon this information.
Also, please be aware that the security and privacy policies on these sites may be different than Done.com’s policies, so please read third party privacy and security policies closely.
Some third-partywebsites that may be of interest include websites that provide you withwallets, programs, platforms, applications, exchanges or other services(collectively, the “Wallets”) that allow you to store Crypto currency which arenot under the control of Done.com and are unrelated to Done.com. Youacknowledge and agree that your download and use of the Wallet is at your ownrisk and that Done.com has made no implied or express representations,representations or guarantees and conditions of merchantability of any kind inconnection with the Wallets. Any and all damage, destruction or loss of theWallets or the contents of the Wallet are at your sole risk.
10. Trademark & Copyright Information
Done.com and other brand names and logos which are derived of Done.com are trademarks of Done.com. All other company names, brand names and logos used on the Site are the trademarks of their respective owners. You agree not to display or use in any manner any of the trademarks without express written permission from us or the trademark owner.
Done.com and other brand names and logos which are derived of Done.com are trademarks of Done.com. All other company names, brand names and logos used on the Site are the trademarks of their respective owners. You agree not to display or use in any manner any of the trademarks without express written permission from us or the trademark owner.
11. Disclaimer
Except where prohibited by applicable laws and regulations or any other provision of these TOU, you expressly acknowledge and agree that Done.com will otherwise have no liability or responsibility whatsoever, whether pursuant to the laws of contract, tort, any theory of equity or any other theory of law, for any direct, indirect, special, punitive, or consequential damages or loss, however caused, arising out of your accessing the Site or your use of the Services, including, but not limited to: (a) losses resulting from fraudulent or unauthorized transactions; (b) losses related to the installation, use, or maintenance of a personal computer, equipment, or software, or caused by any worms, bugs, viruses, trojan horses, data bombs, defects, time bombs, or other items of a destructive nature which may be transmitted to or using the Site or Services; (c) any third-party claims or losses of any nature, including lost profits, punitive, or consequential damages; (d) losses related to any errors, mistakes, inaccuracies, or omissions in the Services; (e) losses relating in any way to taxes that you owe, including as a result of errors in the reporting thereof; (f) losses relating in any way to a variation in an Order caused or induced by the market price variation of any Crypto Asset for any reason; or (g) losses resulting from scheduled or unscheduled outages or disruptions that delay or prevent Orders or the use of the Services or Site generally.
Done.com does not control the trading value of Crypto Assets and by using the Services you agree to keep Done.com free of any liabilities or losses, direct, indirect, special or consequential damages, however caused, induced by the market price variation of any asset for any reason.
Although Done.com tries to deliver you up to date market data such as quotes, order books, and charts the data is provided ‘as is’ without any guarantee of being the latest. The data may also have typographical errors, be incomplete and inaccurate. Done.com will try to correct those mistakes on a best effort basis but do not necessarily commit to do so.
THE SERVICES AND CRYPTO ASSETS PURCHASED VIA THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. Done.com CANNOT AND DOES NOT GUARANTEE, AND DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES, AND, TO THE FULLEST EXTENT PERMITTED BY LAW, EXPRESSLY DISCLAIM ALL REPRESENTATIONS, WARRANTIES, COVENANTS, AND CONDITIONS OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING (1) ANY WARRANTY OF MERCHANTABILITY; (2) FITNESS FOR A PARTICULAR PURPOSE; (3) NON-INFRINGEMENT; (4) THAT THE SERVICES OR ANY CRYPTO ASSETS PURCHASED VIA THE SERVICES, WILL MEET YOUR REQUIREMENTS; (5) THAT THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE; AND (6) THAT ANY DEFECTS WITH THE SERVICES, IF ANY, WILL BE CORRECTED. YOU UNDERSTAND THAT ANY USE OF, MODIFICATION TO OR RELIANCE ON THE SERVICES, OR ANY CRYPTO ASSETS PURCHASED VIA THE SERVICE, IS AT YOUR OWN DISCRETION AND RISK.
You are solely liable and responsible for any and all claims and demands made by any other person arising out of, in connection with, or relating to your use of the Services, your breach of these TOU, your violation or infringement of the rights of others, or your violation of any applicable laws and regulations. Done.com and its representatives disclaim any and all responsibility and liability regarding all such matters. You further agree that you are solely responsible for actions and communications undertaken or transmitted during your usage of the Services, and that you will comply with all applicable laws and regulations in respect of same. We may investigate occurrences which may involve violations of such laws, and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations. We always reserve the right to disclose any information (including your Personal Information) regarding your usage of the Services in each case as may be permitted or required by applicable laws and regulations, including as necessary to satisfy any request authorized by applicable laws and regulations. Certain links on the Services may take you to other websites. We are not responsible for the content of any such linked pages, and we make no representation or warranty regarding, and do not endorse or approve, any linked websites, the information appearing thereon or any of the products or services described. Your use of any such linked website is at your own risk.
No data transmission over the internet can be guaranteed to be 100% secure and as a result, we cannot ensure or warrant the security of any information you transmit to us.
12. Limitation of Liability
UNDER NO CIRCUMSTANCES, INCLUDING NEGLIGENCE, AND REGARDLESS OF A CLAIM UNDER CONTRACT, TORT OR ANY THEORY OF EQUITY, SHALL Done.com OR ITS REPRESENTATIVES BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, EXEMPLARY, SPECIAL OR CONSEQUENTIAL LOSS OR DAMAGES, RESULTING FROM (1) THE USE OR THE INABILITY TO USE THE SERVICES; (2) THE USE OR THE INABILITY TO USE ANY CRYPTO ASSET PURCHASED VIA THE SERVICES; (3) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; (4) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (5) LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES, EVEN IF Done.com HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING SHALL NOT APPLY TO THE EXTENT PROHIBITED BY APPLICABLE LAWS AND REGULATIONS.
13. Exclusions and Limitations
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations of sections 11 and 12 may not apply to you.
14. International Use
Recognizing the global nature of the Internet, you agree to comply with all local rules regarding online conduct and acceptable content. Specifically, you agree to comply with all applicable laws regarding the transmission of technical data exported from Canada or the country in which you reside.
The Services do not constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unauthorized or unlawful.
The Services are intended for use from locations where such Services are legal. Any use by you of the Services from a location where the services are illegal is expressly prohibited.
15. Client Reporting
Communications
Done.com does not provide physical reports to you. You agree and consent to receive electronically all communications, agreements, documents, notices and disclosures (collectively, "Communications") that we provide in connection with your Account and your use of the Services. Communications include:
• Account details, history, transaction receipts, confirmations, and any other Account or transaction information;
• Legal, regulatory, and tax disclosures or statements we may be required to make available to you; and
• Responses to claims or customer support inquiries filed in connection with your Account.
We will provide these Communications to you by posting them on the Done.com website, emailing them to you at the primary email address listed in your profile, communicating to you via instant chat, and/or through other electronic communication such as text message or mobile push notification.Communications include notices, demands, reports, statements and confirmations. Communications may be sent to you at the address given in your application as a mailing address, or at such other address as you may designate. All communications sent, whether by prepaid mail, e-mail or otherwise, will be considered delivered to you personally, whether you actually receive them or not.
You authorize and direct Done.com to accept all transactions, orders and instructions for your Account based on instructions received from you or any other person who has been properly authorized to give instructions in respect of your Account. You will be solely responsible for the accuracy of any instructions and associated communications given. All Transactions, orders and instructions are subject to Done.com’s prior approval. Transactions, orders and instructions will only be processed or acted upon if your Account is in good standing, and you have sufficient funds to complete the Transaction. Done.com may request additional confirmation of any transaction, order or instruction before executing or acting on same. For our mutual protection, Done.com keeps records of all transactions, orders and instructions received from you.
Every report, confirmation and statement or other communication sent by Done.com to you will be considered final and will be deemed to have been acknowledged as correct, approved and consented to by you unless you:
(i) in the case of confirmations, object to the confirmation on the date of notification by telephone or in writing within 10 days of delivery; or
(ii) in the case of statements, in writing within 45 days of delivery.
Upon receipt from Done.com of any statement, you will examine the statement immediately, and notify Done.com in writing immediately of any errors or objections to the statement.
If you do not notify Done.com of any errors or objections within 45 days from the date appearing on your statement, the information and balances shown in the statement will be accepted by you as correct. Done.com will be released from all claims by you in connection with the statement or any action taken or not taken by Done.com regarding your Account.
If you notify Done.com outside the 45-day period of:
(a) errors or discrepancies in any statement; or
(b) any action taken or not taken by Done.com regarding your Account, and Done.com undertakes an investigation of your claim, we may charge an investigation fee designated by Done.com from time to time plus related expenses.
Consent to Electronic Delivery of Documents
You confirm that you have the technical resources (computer, mobile device, software and any other equipment) needed to receive and read materials sent by Done.com to the e-mail address indicated in the application form or posted on the mobile application.
You acknowledge that it is your sole responsibility to inform Done.com of any changes with respect to the e-mail address where the materials are sent by Done.com and to maintain up-to-date login details to the mobile application.
We do not guarantee the confidentiality of any communications made by you through your Account. We do not guarantee the security of any data you transmit over the Internet or public networks in connection with your use of the Services.
You acknowledge that you are solely liable and that Done.com can in no way be held liable for any equipment failure, disruption of any electronic delivery, computer virus, disruption of internet service or any other means of electronic delivery, or any damages, loss, or expenses that you or a third party may sustain or incur following instructions given by you to deliver the materials by electronic means.
Quebec Residents
It is the express wish of the parties that this Agreement and all documents, notices and other communications relating to the operation of your Account be in English. Il est de la volonté expresse des parties que la présente convention et tous les documents, avis et autres communications qui concernent la tenue du compte soient rédigés en langue anglaise.
Third-Party Service Providers
We have engaged a third-party supplier to provide your identity verification for us. To verify your identity your personal information will be matched with the information contained in your Credit File Report and other third-party sources through what is known as a soft inquiry. Unlike hard inquiries, soft inquiries do not affect your credit score. You also consent to your personal information being compared to records maintained by third parties, including telecom and other service providers, and you consent to having those third parties provide personal information to us and our third-party suppliers for the purpose of identity verification.
By using the Site and submitting your identification information on the Site, you confirm your consent to us collecting, using, disclosing, and storing your personal information for the purpose of your identity verification.
16. Right of Termination
We may at any time and from time to time, without notice or liability, alter, amend, restrict, modify, or terminate the Services or any function or portion of the Services, all in our absolute discretion. There is no guarantee that the Services or any portion or function thereof will be available for your use at any particular time or that they will continue to operate for any period of time, including but not limited to circumstances resulting from the removal, addition, modification, or change of or in the availability of the Services, or any restriction in access thereto, or any imposition of limits on any or all features of, or links to, the Services. We reserve the right, in our absolute discretion, to correct any errors or omissions in any portion of the Services at any time and without notice. This may include, but is not limited to the following: (i) suspending your Account and access to the Services or any part of the Services; (ii) reversing any transaction at any time, including after a transaction has been completed; (iii) rejecting an Order; and/or (iv) such other reasonable measure as we may determine in our absolute discretion in order to enforce these TOU.
We reserve the right to terminate these TOU with you at any time in our absolute discretion. Following such termination and subject to applicable law, we will provide you with an appropriate amount of time to transfer the Funds and Crypto Assets allocated to your Account to another service provider.
Done.com SEEKS TO COMPLY WITH ALL APPLICABLE LAWS. THEREFORE, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THESE TOU, WE MAY SUSPEND OR DELAY YOUR ACCESS TO THE SERVICES INCLUDING YOUR ABILITY TO TRANSFER THE FUNDS AND CRYPTO ASSETS ALLOCATED TO YOUR ACCOUNT TO ANOTHER SERVICE PROVIDER AND Done.com MAY TAKE ANY OTHER ACTION REASONABLY REQUIRED OR ASKED OF US BY APPROPRIATE LAW ENFORCEMENT OFFICIALS IN ORDER TO COMPLY WITH APPLICABLE LAWS OR LAWFUL INVESTIGATIONS BY LAW ENFORCEMENT OFFICIALS.
17. Dormant Accounts
You agree that Done.com will designate any account that has not had activity during any three hundred and five (365) day period as a “Dormant Account”. Done.com shall not be obligated to notify you that your Account has been deemed a Dormant Account. Done.com shall be entitled to charge to any Dormant Account a monthly fee of $5.00, either in Funds or any form of Crypto Assets, plus any other additional costs as Done.com may, in its absolute discretion, apply. Once a Dormant Account reaches a balance of zero in respect of the Funds or Crypto Assets allocated to it, Done.com reserves the right to terminate the Account without prior notice to you.
18. General Information
The TOU constitute the entire agreement between you and us and govern your use of the Site, superseding any prior agreements between you and us. You also may be subject to additional terms and conditions that may apply when you use affiliate services, third-party content, or third-party software.
The Site is not to be construed as any form of recommendation, promotion, endorsement, or an offer to sell any product or service, by or to enter any transaction with us.
This TOU shall be governed by, construed, and enforced in accordance with the laws of the Province of Ontario and the applicable laws of Canada. You agree to submit to the personal and exclusive jurisdiction of the courts located within the province of Ontario, Canada. Our failure to exercise or enforce any right or provision of the TOU shall not constitute a waiver of such right or provision. If any provision of the TOU is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavour to give effect to the parties' intentions as reflected in the provision, and the other provisions of the TOU shall remain in full force and effect.
Except as otherwise stated in our Client Complaints and Dispute Resolutions policy, you agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use shall be resolved by binding arbitration held in Toronto, Ontario and before a single arbitrator, who is independent of the parties, legally trained and experienced in the field of information technology, in accordance with the Arbitration Act, 1991, S.O. 1991, c. 17.
19. Systems Disclaimer
Account access, and system response may be adversely affected. Interruptions, errors or other insufficiencies in service may befall through factors which are external to the control of Done.com, including: (i) internet service interruptions, (ii) a system downtime in services of a third-party vendor, (iii) market volatility.
20. Conflict of Interest
Actual, potential, and perceived conflicts of interest exist in almost all human interactions. Our relationship with you is no different. We understand our responsibility to identify material conflicts of interest which would be expected to arise between Done.com (including each individual, acting on their behalf) and our clients.
We are susceptible to conflicts of interest since we may regularly represent both sides to a transaction, namely, the buyer and the seller.
The general types of conflicts of interest which can arise are:
- Conflicts of interest between you and us,
- Conflicts of interest between you and our other clients, and
- Conflicts of interest between us and our related and associated companies.
As a Crypto Assets broker, we are a Crypto Assets intermediary – we are the party on the other side of the transaction (referred to as a “principal” trade) where we own the Crypto Assets, we sell to you or buy from you.
Management of Conflicts of Interest
In general, we deal with and manage relevant conflicts as follows:
Avoidance: This includes avoiding conflicts that are prohibited by law as well as conflicts that cannot effectively be addressed.
Control: We manage acceptable conflicts through means such as physically separating different business functions and restricting the internal exchange of information.
Disclosure: By providing you with information about conflicts, you are able to assess independently their significance when evaluating our recommendations and any actions we take.
Our goal is to address conflicts in a fair, equitable and transparent manner, consistent with the best interest of our users. We will try to avoid conflict where possible, and in all other cases either disclose the conflict, or manage it through internal controls and review processes. Conflicts deemed too significant to be addressed through controls or disclosures must be avoided. Disclosures will be made in a timely, meaningful and prominent manner.
Possible conflicts and how they are managed
The following information is intended to assist you in understanding and assessing material potential and actual conflicts of interest, including how we address them.
Conflict of Interest - We earn compensation by selling products and services to you for which you pay us.
Address by - Disclosure, Control.
How we address the conflict - We endeavor to be fully transparent on fees we charge. The latest information about our fees can be found on our website www.Done.com. We have a duty to act fairly and honestly in all dealings with you and the marketplace in general, and to correct any errors that we may make.
Conflict of Interest - Different products and services have differing levels of compensation.
Address by - Disclosure, Control.
How we address the conflict - Our fees are disclosed to you and we offer pricing alternatives intended to reduce the conflicts associated with fee-based pricing. The latest information about our fees can be found on our website www.Done.com.
Conflict of Interest - We would like you to use more of our services and buy more of our products as shown in our marketing.
Address by - Avoidance, Control.
How we address the conflict - We cannot and do not provide recommendations or advice solely for the purpose of generating revenue for us without any benefit to you. We have implemented policies and procedures to require the review and approval of marketing materials to ensure, among other things, that our marketing is accurate and not misleading.
Conflict of Interest - We would like you to use more of our services and buy more of our products and so we partner with individuals, organizations, companies and other third parties.
Address by - Control, Disclosure.
How we address the conflict - We have policies and procedures to ensure referral arrangements including the terms of such arrangements are disclosed and operated in accordance with regulatory standards.
Conflict of Interest - We may receive compensation from Crypto Assets issuers and other third parties based on their products we sell to you, such as ‘listing fees’.
Address by - Disclosure.
How we address the conflict - We disclose to you the situations and type of third party compensation we may receive. This information is available on our website at www.Done.com. Securities regulations require issuers to provide specific disclosure in the offering document (e.g. prospectus) of such arrangements- and the compensation we will receive.
Conflict of Interest - We are compensated in other ways as a result of the business you may do with us, including interest spreads on un-invested cash deposits with us and foreign exchange spreads when you convert currencies or trade cryptocurrencies.
Address by - Disclosure.
How we address the conflict - At all times possible, we endeavor to disclose to you various forms of other compensation we may receive. This information is available on our website at www.Done.com.
Conflict of Interest - We may sell you cryptocurrencies that we own (called principal trades) and may profit by doing so.
Address by - Disclosure.
How we address the conflict - In most cases we act as the principle for each transaction you make with us. In cases where we acted as the agent, we will tell you on the trade confirmation screen.
Conflict of Interest - In the case of Crypto Assets forks we may be entitled to received the airdrops of the fork for the Crypto Assets we hold on behalf of our users.
Address by - Disclosure.
How we address the conflict - We will disclose whether the Crypto Assets airdropped as a result of the fork will be made available to our users on a case by case basis.
Conflict of Interest - We may permit certain individuals who are registered with us to be employed by, participate in, or accept compensation from other persons or firms, outside the scope of his/her relationship with us.
Address by - Disclosure, Avoidance.
How we address the conflict - We have adopted internal policies and procedures that involve review and approval of such outside business activities to ensure outside business activities are not in conflict with registrant obligations.
We have adopted internal policies and procedures that supplement the regulatory requirements, including policies on privacy and confidentiality of information.
Conflict of Interest - Individuals may serve on a board of directors or take on other activities that could take time or attention away from your account.
Address by - Avoidance, Control.
How we address the conflict - Securities legislation prohibits an individual from serving as a director of another registered firm that is not an affiliate of our firm. Our employees are prohibited from engaging in activities that would interfere or create conflict with their duties. We have policies and procedures in place to detect and, where applicable, supervise, disclose or prohibit any conflict of interest. When an individual registrant sits on a board of directors of a charity or undertakes other community activities in any substantive way, they are subject to regulatory guidance on the disclosure and approval of the outside business activities.
Conflict of Interest - As a result of business relationships with issuers of cryptocurrencies, we may know confidential information that we cannot disclose to you when we recommend the securities to you, even if that information might lead us not to offer buying the securities.
Address by - Control.
How we address the conflict - Our internal information barriers are designed to ensure regulatory requirements are complied with.
We are obligated to maintain confidential any such non-public information obtained from issuers.
The information and examples contained herein have been compiled to the best of our ability and are not meant to be exhaustive of all possible conflicts of interest but rather a compilation of those conflicts that have been identified to date. We undertake to continue taking the necessary steps to identify and respond to such situations in a fair, equitable and transparent manner and consistent with the best interests of our clients.
21. Risk
Volatility Risk
The market prices of Crypto Assets can be volatile. On any given day the market price of an investment can increase or decrease, sometimes materially. The time duration of such increases and decreases can last for an extended period of time.
Liquidity Risk
You may not be able to sell your Crypto Assets if there are not enough buyers in the market when you want to sell. This can happen even if the Crypto Assets you own is still viable.
Foreign Currency Risk
Crypto Assets you buy may be traded in a foreign currency, in this case you may be paid in that currency when you sell. If the foreign currency has declined in value relative to the Canadian dollar you may suffer a loss when you exchange the currency into Canadian dollars. If Done.com cannot hold an account in the foreign currency you will be forced to convert your investment to Canadian dollar at the time you buy and sell these cryptocurrencies.
Crypto Assets & Crypto Contract Risks
Trading in Crypto Assets and Crypto Contracts may not be suitable for you. You should carefully consider whether trading is appropriate for you considering your knowledge, experience, financial objectives, financial resources and other relevant circumstances.
There are a number of associated risks when engaging in a crypto contract. It is important that you familiarize your self with these risks before entering into agreement with Done.com in this regard. You can read the full list of risks here: https://Done.com/crypto-risks
22. Airdrops, Forks
Airdrops
An airdrop is a distribution of a Crypto Assets token or coin to numerous wallet addresses. Airdrops are primarily implemented as away of gaining attention and new followers, resulting in a larger user-base and a wider disbursement of coins. We may receive airdrops of Crypto Assets tokens or coins into wallet addresses controlled by us that may hold Crypto Assets belonging to you. By using Done.com you forfeit any profit, loss or voting right claims to Crypto Assets tokens or coins airdropped into our cryptocurrency wallets.
Forks
A fork is a rule change such that the software validating according to the old rules will see the blocks produced according to the new rules as invalid. In case of a fork, all nodes meant to work in accordance with the new rules need to upgrade their software and will no longer be compatible with old rules. This may impact the value, functionality, and other characteristics, such as the name of the Crypto Assets. We are not responsible for any consequences arising from a fork, including any perceived, or actual, losses or missed gains. It is in our sole discretion to decide whether or not to support the cryptocurrencies subject to a fork or whether or not to distribute the forked Crypto Assets to our users, with our without prior notification. By using Done.com you forfeit any profit, loss or voting right claims to any cryptocurrencies forked on the platform.
23. Non-Solicitation
The description of products and services offered on our website does not constitute solicitation or an offer to purchase or sell any products of services to you. Know that Done.com will never present you with unexpected webpages or send you unsolicited emails asking for your password, your PIN, credit card etc. Report any suspicious request to Done.com immediately at fraud@Done.com
Further ensure you are not creating an account with Done.com at the request of any third-party individual or organization. If a third-party or organization not related to Done.com has instructed you to open an account, please contact your local law enforcement agencies to report such incident.
Privacy Policy
Done.com Inc, may be referred to in this Privacy Policy as "we," "us," "our" or other similar pronouns. This privacy policy ("Policy" or "Privacy Policy") outlines, in general, the Personal Information (as defined herein) and other information that is collected by us from consumers and how we use and protect it. This Policy governs your use of our consumer-directed websites (the “sites” or “websites”) and collection of data through both online means and offline means.
Introduction
At Done.com, we take data security very seriously. Safeguarding your data and privacy is at the top of our priority list having been established as one of our key pillars to success. You have entrusted us with your personal information, and we intend to use every tool at our disposal to keep it out of the hands of bad actors.
To start, we limit the use, disclosure, and retention of your information. That means we only collect data that is absolutely necessary to comply with Anti-Money Laundering and Know-Your-Customer requirements set out by FINTRAC and always ensuring PIPEDA guidelines are incorporated into policies and procedures that come in contact with your information. We utilize best-in-class encryption protocols for both data-at-rest and data-in-transit. We employ routine penetration tests and dynamic threat models to get ahead of and defend against new vulnerabilities and cyber-attacks.
Our initiatives are underpinned by a firm belief that there are no shortcuts in cyber security. Being a successful business to us means your data is as secure as your funds.
You May be Contacted
Should you contact us in any form for the purpose of ordering our products, we consider such an inquiry for a return contact. As such, we may contact you via telephone to follow up with you and help you complete you order. Accordingly, even if your contact information appears on any state or federal Do Not Contact lists, you acknowledge in such a case that you may receive a telephone call or other contact from us pursuant to your express business inquiry or transaction. You may stop us from calling you at any time by simply asking us to refrain from further calls to you. We maintain an internal no-call list and abide by all applicable laws relating to such.
Your Consent to This Privacy Policy
By providing your Personal Information (whether online or offline), you agree with the terms of our current Privacy Policy as posted here, as such terms may be amended from time to time.
Collection of Personal Information
As used in this Privacy Policy, "Personal Information" means personally identifiable information such as your name, street address, telephone number, credit card and other payment information, screen name, e-mail address, wireless e-mail address, short message service or text message address, demographic information and other information that may identify you or allow online or offline contact with you. We may collect your Personal Information from you directly, or from third parties in order to establish and maintain a service relationship with you that will be appropriate to the situation and your needs. We will only collect the information about you that will allow us to serve your efficiently. .
If external resources are needed to verify or supplement information, such as a credit check for applicable products, your authorization will be obtained first.
How We Use Your Information
When you provide your Personal Information to us, we will use all or part of the Personal Information for the following purposes.
We are able to deliver our products or services to you by using your Personal Information and to understand how you use or interact with our products or services to help us evaluate and improve products or services, develop new product or services and conduct audits and troubleshoot activities related to the provision of products or services.
We use your information to send you information relating to your account, marketing communications, communicate with you about our products or services and let you know about our policies and terms. We also use your information to respond to you when you contact us.
How is Personal Information Shared?
The information we collect and use may be shared with third parties such as our affiliated, our suppliers or agents who assist in providing you with a service or as required or permitted by law. .
If we are involved in a merger, acquisition or sale of all or a portion of our assets, Personal Information may be disclosed, released, transferred, sold, or otherwise conveyed to prospective or actual buyers, sellers and/or entities related to us.
We may disclose Personal Information as required by law or subpoena or similar legal process. We may also disclose Personal Information when we believe in good faith that disclosure is necessary to protect our rights, protect your safety or the safety of others, investigate fraud or respond to a government request or to any other third party without your prior consent.
Indemnify
You agree to indemnify and hold us, and our parent corporation, subsidiaries, affiliates, officers, agents, co-branders or other partners, and employees, harmless from any claim or demand, including reasonable legal fees, made by any third party due to or arising out of content you submit, your use of the Site, your violation of the TOU, or your violation of any rights of another.
Non-Personally-Identifiable Information We May Collect Online
We may use various technologies to collect non-personal information about your visits online so that we can tailor our sites and products to best suit your interests and needs.You may have heard of "cookies," which are small data files or pieces of information that are stored by your browser on your computer's hard drive. We may use cookies to collect information during and about your visits to our websites, such as the particular site areas you visit and the products or services you buy through our websites. Cookies may also be used to recognize that you have provided Personal Information to us and refrain from requesting the same information a second time (e.g., a username and/or password, or an e-mail address or other contact information).
Most browsers are initially set to accept cookies but can easily be set to refuse cookies. Note, however, that refusal of cookies may limit your ability to take full advantage of all the site features. If you do not consent to the placing of cookies on your device, please do not visit, access, or use Done.com.
Our servers collect information about your computer, such as your IP address, the type of Internet browser you are using and the type of computer operating system you are using. Such information may be used to personalize your web site experience, and to evaluate statistics about usage of our websites. Such information may be used anonymously and, in the aggregate, or may be linked to your Personal Information. Also, our server may record your activities as you navigate to, on and from our websites.
We may use pixel tags (also called clear gifs) or other similar tracking technologies in our websites and/or in our communications to collect information about your navigation on our websites, and to enable us to know whether you have visited a Web page or received a message. This information enables us to serve you and your interests better. Any or all of these activities with respect to website usage information (as described above in this section) may be performed on our behalf by our Service Providers.
Third Party Linked to Sites
When you are on our websites you may be able to visit, or link to, other sites which may be operated by unaffiliated third parties, but which are not covered by this Privacy Policy. These sites may collect Personal Information about you, and you should check the privacy policies of the specific site you are visiting to understand your rights.
Your Personal Information is Protected
Done.com make it a priority to protect your information with the appropriate safeguard and security measures.
Thorough security standards are applied to protect our systems and your information against unauthorized access and use.
All of our service providers, as part of their contract with us, are bound to maintain your confidentiality and may not use the information for any unauthorized purpose. All employees of Done.com are familiar with the procedures that must be taken to safeguard customers information. It is specified tin our employment agreements and confirmed in writing annually.
Your Right to access Personal Information
Upon request, we will give you access to your personal information. Requests should be sent to privacy@Done.com
We will respond to any such request within 30 days from the date of receipt and will advise you in advance id there will be a charge to fulfill your request. It should be noted that we may not be able to provide certain information, such as information that contains references to other persons, is subject to legal privilege, contains confidential information proprietary to Done.com, related to an investigation or breach of agreement or contravention of laws, or cannot be disclosed for other legal reasons.
Your Right to Consult or Correct your Personal Information
Done.com will make every reasonable efforts to keep your information accurate and up-to-date. You can help by keeping us informed of any changes such as if you more or change your telephone number. If you find any errors in our information about you, let us know and will make the corrections immediately. In instances this will require your to provide proof of the information before we can make the change. We will also ensure that the correct information is conveyed to applicable third parties that holds this information about you. For information that remains in dispute, we will note your opinion in the file.
Privacy of Children Online
We are committed to protecting the online privacy of children and making the Internet safe for our users. We do not offer products or services to children under the age of 18 years old and will never knowingly collect information from minors. Minors should not place orders or provide personal information through this website.
Security of Information
We are committed to protecting the online privacy of children and making the Internet safe for our users. We do not offer products or services to children under the age of 18 years old and will never knowingly collect information from minors. Minors should not place orders or provide personal information through this website.
You may be able to create an account on our website with a username and password. In some cases, your username may be your e-mail address. If so, you are responsible for maintaining the strict confidentiality of your account password. We recommend that you choose a unique password for your website account and that you do not use any password that you also use for any other accounts which may contain your sensitive information, such as financial accounts or e-mail accounts. To protect your privacy and security, we take reasonable steps (such as requesting a unique passcode or PIN) to verify your identity before granting you access to your account. You agree to immediately notify of any unauthorized use of your password or account or any other breach of security. We will not be responsible or liable for any loss or damage arising from your failure to comply with this provision.
Please note that we cannot guarantee the security of account information. Unauthorized entry or use, hardware or software failure, and other factors may compromise the security of user information at any time; there is no guarantee that such information may not be accessed, disclosed, altered, or destroyed by breach of any of our physical, technical, or managerial safeguards.
In the unlikely event that we believe that the security of your Personal Information in our possession or control may have been compromised, we may seek to notify you. If a notification is appropriate, we would endeavor to do so as promptly as possible under the circumstances, and, to the extent we have your e-mail address, we may notify you by e-mail. You consent to our use of e-mail as a means of such notification.
Changes to Our Policy
We reserve the right to change or remove this Privacy Policy at our discretion, so check back to this page from time to time to see such changes. For certain material changes to this Privacy Policy, we may notify you by additional means, such as by posting a notice on the front page of our website or sending you an email.
Contact Us about Your Privacy
If you have concerns about this privacy policy or you have a privacy escalation, you may contact our Chief Privacy Officer at: privacy@Done.com
AML Policy
Done.com Inc. (“Company”) has developed this KYC/AML Policy to comply with applicable laws relating to anti-money laundering and terrorist financing. Company is registered as a Money Service Business (“MSB”) with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”).
Background
In accordance with the prescribed legislative requirements set forth in the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”), Company must fulfill certain record keeping, identification, and reporting requirements. Company has chosen to implement and maintain a compliance regime that includes the following:
● appointing a Chief Compliance Officer (“CCO”) who is responsible for the development, implementation, and oversight of Company’s anti-money laundering (“AML”) obligations
● maintaining and providing both written and in-person compliance training for Company employees to ensure that they understand their responsibilities under the PCMLFTA
● fully following all Know Your Customer (“KYC”) processes and procedures in respect of all users of Company’s services to identify them in accordance with the PCMLFTA
● establishing and maintaining internal policies, procedures and controls to combat any attempted use of Company’s services for illegal or illicit purposes
● continuously assessing Company’s risks respecting AML and AML regulatory compliance
● following all applicable record retention requirements of the PCMLFTA
● monitoring all transactions for suspicious and attempted suspicious activities for the purposes of filing Suspicious Transaction Reports (“STRs”) or Attempted Suspicious Transaction Reports (“ASTRs”);
● reviewing Company’s compliance regime to test its effectiveness related to AML compliance at least once every two years
Policies and Procedures
Company has adopted a risk assessment regime approved by its board of directors. Company personnel and board of directors recognize the importance of implementing and maintaining a sound KYC/AML Policy that meets or exceeds the requirements of all applicable laws and regulations, including the PCMLFTA. Company’s internal policies and procedures are reviewed on a regular basis and, if necessary, revised in an effort to comply with regulatory changes.
Chief Compliance Officer
In accordance with the PCMLTFA, Company has designated a CCO who is responsible for the implementation and oversight of the compliance function. The CCO is authorized, and is provided with sufficient resources, to ensure the ongoing compliance of Company respecting the identification and prevention of money laundering and terrorist financing in Canada. The Company CCO and compliance team can be reached at contact@done.com.
Monitoring of Business Relationships
Company monitors all business relationships. When a customer sends money, Company will always do the following:
● Determine the identity of the individual confirm the existence of a corporation or other entity in accordance with FINTRAC guidance.
● Risk-rate all business relationships and amending their risk-ratings if the need arises.
● Conduct ongoing monitoring of each business relationship as determined by the risk-rating (high/low) assigned to the customer.
● Keep a record of the measures that Company has taken to monitor the relationship and the information we obtained as a result.
● If necessary, Company may require customers to provide additional documentation or information to confirm source of funds for the purpose of any transaction.
Company uses a combination of automated and manual monitoring procedures with an appropriate escalation process based on risk. Company’s compliance staff will review any transactions that trigger a system alert and determine if the activities are within the customer’s stated activity and/or normal usage behavior before being completed. In some cases, Company will require additional information from the customer, such as source of income, proof of employment, proof of corporate registration, and nature of the business, as well as review of customer’s transaction history.
Know Your Customer Processes
Prior to a customer being able to perform a transaction using Company’s products or services, Company must identify the customer, known as the KYC process, in accordance with applicable regulations. Company has a policy which requires all customers to be verified in the following circumstances:
(a) prior to the customer’s being able to issue closed loop prepaid stored value products (i.e., gift cards) for customer’s own business;
(b) when a business customer accepts more than $1,000 in cumulative payment processing payments volume using the Company Services;
(c) when a customer purchases or attempt to purchase a total monetary sum of gift cards equal to or greater than $9,500 per 24 hours;
(d) when a customer sends equal to or greater than $1,000 in a single transaction or $9,500 per 24 hours to another Company customer; and
(e) when a customer has a Company account balance equal or greater than $10,000.
All transaction and account limits are denoted in local fiat currency value. Company accounts are at present made available only to residents in certain countries in order to minimize the risk of money laundering and terrorist financing activities. Please see our Restricted Use Policy for more details.
Information Company Collects
Company may collect the following in order verify and authenticate a customer or beneficial owner:
(a) Email address;
(b) Mobile phone number;
(c) Full legal name;
(d) Home Address (not a mailing address or P.O. Box);
(e) Date of birth (DOB);
(f) IP Address
(g) Unique device information
(h) Proof of identity (as outlined below);
Additional information or documentation may be required at the discretion of the Company compliance team.
Individual customers may be verified by way of the following methods, which are explained in FINTRAC guidance:
Single Process Identity Verification Method
Using this method, we determine the identity of a customer by referring to a credit file or financial institution account that has been established with a third party credit file provider or financial institution. To be verified, the details provided by the third party must match the name, date of birth and address provided by an individual customer, or match two trade lines within the credit file. If any of the information does not match, the individual will need to use another method to prove their identity.
Dual Process Identity Verification Method
This method involves referring to information from reliable and independent sources which can be submitted by the individual in original paper form or an un-altered electronic form. As part of the account sign up process, customers are asked to upload to our site the original electronic or paper documents they received or downloaded. All documents must be valid and unaltered in order to be acceptable. If any information has been redacted, it is not acceptable. Such documents typically include, but are not limited to:
Government issued photo identification
Bank or credit card statement
Utility bill
All files are submitted over encrypted channels and stored encrypted in our data centres or with third party data processors. Review to our Security Policy and our Privacy Policy for more information on the procedures we employ to keep your data safe.
Identifying Corporations and Other Entities
Corporate entities, non-profits, or charities, must confirm their existence as an entity, and the entity’s beneficial ownership.
Corporations
Company confirms the existence of a corporation as well as the corporation’s name and address by collecting and verifying the following information:
(a) Corporate Email address;
(b) Corporate phone number;
(c) Full Corporate legal name;
(d) Operating name;
(e) Government registration number (e.g., CRA Business Number);
(f) Business Address (not a mailing address or P.O. Box);
(g) Proof of existence (as outlined below);
(h) Confirmed identity of all beneficial owners (as outlined below).
Additional information or documentation at the discretion of the compliance team.
One or more of the following documents may be used to verify the business information collected:
Proof of existence:
1. Certificate of Corporate Status (if incorporated within the previous 12 months); or 2. Notice of registration (either provincial or federal); or
3. A letter or a notice of assessment from a municipal, provincial, state, territorial or federal; or
4. Corporation’s published annual report signed by an independent audit firm; or 5. Trade name registration (if applicable)
6. Proof of corporate address (utility bill, bank statement or any government record)
7. Completed business account information (including the nature of business and estimated transaction volumes)
8. Completed beneficial ownership information and identity verification for all beneficial owners of the organization (i.e., any actual person who owns or controls, directly or indirectly, 25% or more of the corporation’s shares).
Partnerships, Cooperatives, Sole Proprietorships
The existence of an entity other than a corporation is confirmed in the same way as a corporation; however, supporting documentation that is deemed acceptable is different. Acceptable supporting documentation may include, but is not limited to:
1. a partnership agreement; or
2. articles of association; or
3. sole proprietorship registration; or
4. any other similar record that confirms the entity’s existence.
In confirming an entity’s existence, Company must be able to refer to a paper or electronic record and retain a copy of it. Verbal confirmation is not sufficient. Electronic records must be from a public source and we must record the type and source and corporation’s registration number. In addition, complete beneficial ownership information and identity verification for all beneficial owners of the organization (i.e., any actual person who owns or controls, directly or indirectly, 25% or more of the entity’s shares) are required.
Not-for-profits and Charities
The existence of an entity other than a corporation is confirmed in the same way as a corporation; however, supporting documentation that is deemed acceptable for non-profits may differ. Acceptable supporting documentation may also include, but is not limited to:
1. proof of charity or non-profit registration; or
2. articles of association; or
3. any other similar record that confirms the entity’s existence.
If the entity is a not-for-profit organization, Company also must:
1. Determine whether or not the entity is a registered charity for income tax purposes
2. If that entity is not a registered charity, determine whether or not it solicits charitable financial donations from the public
3. Obtain completed beneficial ownership information and identity verification for all beneficial owners of the organization (i.e., any actual person who owns or controls, directly or indirectly, 25% or more of the entity’s shares or is a director of the non-profit)
Beneficial Ownership Records
In addition to confirming the existence of a corporation or other entity, Company also must also determine and confirm the accuracy of the entity’s beneficial ownership through the following:
If the entity is a corporation:
1. The name and occupation of all directors and officers of the corporation; and
2. The name, address and occupation of all individuals who directly or indirectly own or control 25% or more of the shares of the corporation.
If the entity is other than a corporation, the name, address and occupation of all individuals who directly or indirectly own or control 25% or more of the entity.
Keeping Client Identification Information Updated
Company customers who present an elevated risk are required to have their identification information updated at least every two years, or sooner depending on risk evaluation. Customers who present an elevated risk include (but are not limited to) Politically Exposed Persons (“PEPs”) (whether domestic or foreign) or individuals from certain countries. This is done by reviewing original identity or entity documents and recording the updated identification or information details as appropriate.
Record Keeping
As a registered MSB, Company is required to keep certain types of records depending on the client type and transaction type, including records of any STRs or ASTRs submitted to FINTRAC. There is no threshold (that is, no dollar amount) for a suspicious transaction. When Company sends an STR or ASTR to FINTRAC, we must take reasonable measures, before the
transaction is reported, to ascertain the identity of the individual who conducted or attempted to conduct the transaction.
Company is required to maintain an effective record keeping system to enable FINTRAC to have access to the records in a timely fashion. Records must be kept for a minimum of 5 years, and in such a way that they can be provided to FINTRAC within 30 days of a request to examine them.
Reporting Requirements
Company complies with all the reporting requirements as per the PCMLTFA and regulations as enforced by FINTRAC. There are multiple situations where we are obligated to submit reports.
Suspicious Transaction Reports
In order to operate legally Company must report any transactions or attempted transactions where there are reasonable grounds to suspect such transactions relate to money laundering or terrorist activity. There is no monetary threshold for submitting a STR or ASTR.
The CCO has the authority to file STRs and ASTRs with FINTRAC and is required to maintain a log of all reports filed in accordance with Company’s record keeping procedures.
Terrorist Property Reporting and Sanctions Requirements
There are two situations where we must send a terrorist property report to FINTRAC immediately:
1. Knowing that a property is owned or controlled by or on behalf of a terrorist or terrorist group; or,
2. Believing that a property is owned or controlled by or on behalf of a listed person.
Where there are economic sanctions, Company is required to prohibit or restrict activities in accordance with the legal requirements. In some cases, Company may be required to freeze property, in addition to making reports to various government and law agencies.
Ongoing Monitoring of Business Relationships
If in the course of reviewing and monitoring, Company identifies unexplainable or unusual patterns or activity, Company will work to obtain further information so that questions surrounding the suspicious activity are satisfactorily answered. Company may also report the activity internally to the CCO, who is required to maintain a record/log of all internally reported concerns and perform a review to determine if an STR is to be filed with FINTRAC.
If Company cannot reach a clear understanding of the customer’s identity, or the sources and movement of funds, the customer’s account may be permanently closed. This will be followed by terminating the business relationship and blacklisting the account owner to prevent them from re-opening a new account.
Policy Audits
Internally the CCO is responsible for performing an audit of our KYC/AML Policy at least annually and presenting the results to the CEO and the Company Board of Directors for review. The KYC/AML Policy is updated on a regular basis as new products and services are developed and legislation changes.
Independent review will occur a minimum of once every two years. The independent review of the AML/CTF compliance regime will be performed by a qualified AML/CTF regime auditor as per FINTRAC’s guidelines. The process will assess Company’s internal controls, transactional systems and procedures. The findings from such examination are sent directly to the CEO and Board of Directors for review.
Training
All Company employees and officers receive ongoing broad-based AML training, as well as position-specific training. They must repeat this training at least once every twelve (12) months to ensure they are knowledgeable and in compliance with all pertinent laws and regulations. New employees receive training within thirty (30) days of their start date. All documentation related to compliance training including: materials, tests, results, attendance and date of completion are maintained. In addition, the compliance training program is updated as necessary to reflect current laws and regulations.
If you have any questions or concerns feel free to contact contact@done.com.