Terms and Conditions
Please read these terms and conditions (the “Agreement”) carefully before using any of GSB Banking Wallet (“GSB Payment Services”). This Agreement shall govern the availability and use of the GSB „GLOBAL” Services provided by us (GSB and GSB Group Entities). By accessing or using any or part of the GSB Payment Services, you (the “Client”, “you”/ “your”, “any authorized user”) agree to become bound by the terms and conditions of this Agreement. If you do not agree to all the terms and conditions of this Agreement, please do not access or use any of GSB Financial Services.
Notwithstanding the foregoing, you shall regularly review the terms and conditions of this Agreement. You may access the latest version of this Agreement at any time on our website (https://www.gsbpayments).
This Agreement is effective and legally binding on the date when the Client creates a GSB Banking Wallet, affirmatively accepts the Agreement in writing or electronically, or otherwise uses the Services (“Effective Date”). Subsequently, the Agreement shall be continued until it is terminated in writing. Your acceptance of this Agreement serves as confirmation that you fully understand and accept these terms and conditions. If you do not understand any of these terms and conditions, please contact us or your account manager for more information.
GSB Gold Standard Pay Ltd. is registered as Financial Services Provider with the Ministry of Economy under BIN Number: 200740027325 in the Republic of Kazakhstan. In addition GSB Gold Standard Pay Ltd. has obtained under file No. 32-0-15/22/ЮЛ-C-1624 permission from the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan to provide Payment Processing Services (through an Electronic Wallet), Crypto Services and Foreign Exchange Services.
1. Important informations
1.1. You acknowledge that you and your use of the GSB Payment Services are subject to the mandatory provisions of Applicable Law. You are solely responsible for understanding and complying with any and all laws, rules and regulations that may be applicable to you in connection with your use of the GSB Payment Services, including, but not limited to, laws and regulations governing payment services, anti-money laundering or terrorist financing requirements, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency exchange.
1.2. We may close, suspend or limit your access to your use of the GSB Payment Services in the event that you breach any of the terms and conditions in this Agreement or any other agreement you enter into with GSB or pursuant to any proprietary monitoring used by GSB when assessing the risk associated with your transaction activity. We may also limit your access to funds per the instructions of law enforcement or our regulators.
In the context of this Agreement, the following terms shall have the following meaning:
2.2 “GSB” „we,” „us,” or „our” means GSB Gold Standard Pay Ltd, the details of which are set out in this Terms and Conditions unless the context otherwise requires.
2.3 “GSB website” shall mean our website at https://www.gsbpayments.com
2.4 “GSB OnlineBank” shall mean your online account where you register for GSB Payment Services and make ongoing use of the GSB Payment Services. Your GSB Banking Wallet is where you upload and maintain your contact and identity information, and other information related to such Client’s use of the GSB Payment Services.
2.5 „GSB Wallet App” means the GSB mobile application of GSB Gold Standard Pay Ltd, as available in the relevant app store for a GSB User to request a GSB Banking Wallet as well as monitor any of his/her transactions on his/her mobile device.
2.6 “Applicable Law” shall mean any law, regulation or generally accepted practices or guidelines in the relevant jurisdictions applicable to GSB Payment Services, including, but not limited to, laws governing payment services including anti-money laundering or counter-terrorist financing requirements, sanctions, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency transactions including, but not limited, to the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, the Drug Trafficking (Recovery of Proceeds) Ordinance, the Organized and Serious Crimes Ordinance, the United Nations (Anti-Terrorism Measures) Ordinance, the United Nations Sanctions Ordinance and the Weapons of Mass Destruction (Control of Provision of Services) Ordinance and similar legislation in all jurisdictions in which GSB operates.
2.7 “Business Day” shall mean a day other than a Saturday, Sunday or Public Holiday on which GSB and its Affiliates (as applicable) are open for business in its registered place of business or a day on which banks and foreign exchange markets are open for business in the principal financial centers of the countries of the relevant currencies (as required).
2.8 “Client” shall mean you, the individual or legal entity who enters into this Agreement and in whose name the GSB Banking Wallet is registered.
2.9 “Fees” shall mean the charges payable by you to us for using the GSB Payment Services.
2.12 “GSB Online Banking Wallet” shall mean your GSB multi-currency account.
2.13 “Restricted Person” shall mean a person that is (i) listed on, or owned or controlled by a person listed on sanctions list; (ii) located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of country-wide Sanctions; or (iii) otherwise a target of Sanctions.
2.14 “Sanctions” shall mean any economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (i) Kazakhstan; (ii) the United States; (iii) the United Nations; (iv) the European Union; (v) the United Kingdom; (vi) any other jurisdiction in which GSB operates; or (vii) the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the U.S. Department of Treasury (“OFAC”) (together “Sanctions Authorities”).
2.15 “Sanctions List” shall mean the Specially Designated Nationals and Blocked Persons list issued by OFAC, the Consolidated List of Financial Sanctions Targets issued by Her Majesty’s Treasury, or any similar list issued or maintained or made public by any of the Sanctions Authorities.
2.16 “Service Providers” shall include banks, payment service providers, clearing networks and other third-party payment processing services used by GSB in the course of supplying the GSB Payment Services.
2.17 “Special Companies” notably include: Companies registered in high-risk jurisdictions (such as the BVI or Cayman Islands); Companies whose directors, shareholders, and/or ultimate controllers include persons from high risks jurisdictions; Companies with complex ownership structures, for example with more than two (2) layers of shareholders between the Company and its ultimate controllers; Companies operating in high risk industries.
3. Data protection
3.1 When using the GSB Payment Services, you or any third party authorized by you may submit content to GSB. Any collection, use or processing of information by us shall be restricted to the purposes necessary for, or incidental to, the provision of the GSB Service pursuant to this Agreement unless your prior consent is obtained.
3.3 You agree that GSB reserves the right to access and/or disclose data we collect from you and any third party authorized by you in order to comply with requests from government and/or regulatory authorities. You further acknowledge that GSB reserves the right to disclose personal data to third parties in the event that GSB reasonably believes your use of the GSB Payment Services is deemed as a breach of the terms and conditions of this Agreement.
4. Communications and complaints
4.1 You may contact Client Support at any time by sending a message through the contact links on the GSB Website or via e-mail at help@gsbpayments.
4.2 You agree that GSB may provide notice or other information to you by posting it on the GSB Website(s) (including information which is only accessed by you by logging into your GSB Banking Wallet), emailing it to the email address listed in your GSB Banking Wallet, mailing it to the business address listed in your GSB Banking Wallet, calling you by phone, or sending you a “text” message. You shall have internet access and an e-mail account to receive communications and information relating to GSB Payment Services. You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide this to you in so that you can store this document (for example, by e-mail) and you may refuse receiving such communications by contacting GSB as described in paragraph 3.1 above. GSB reserves the right to close your GSB Banking Wallet if you withdraw your consent to receive electronic communications.
4.3 We take all complaints seriously. Any complaints about us or the GSB Payment Services should be addressed to the message function on the GSB OnlineBank. You should clearly indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query.
4.4 A final response to your complaint, or a letter explaining why the final response has not been completed, will be sent to you within 2 weeks of your complaint having being made. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.
5. Identity verification and prevention of money laundering and terrorist financing
5.1 GSB is subject to Applicable Law regarding the fight against money laundering and the financing of terrorism. As a result, GSB reserves the right to obtain information from you, including, but not limited to, information about your identity, business transactions, business relationships, and/or financial information. In addition, GSB must take all the steps necessary to identify you and, where appropriate, the beneficial owner of the GSB Banking Wallet linked to the GSB Banking Wallet. You acknowledge that GSB may terminate or postpone, at any time, the use of login details, access to a GSB Banking Wallet or execution of a transaction in the absence of any sufficient information about its purpose or nature.
5.2 You agree to cooperate with all requests made by us or any of our third party service providers in connection with your GSB Banking Wallet and your use of the GSB OnlineBank, to identify or authenticate the identity of you, any GSB OnlineBank Users or validate your funding sources or GSB Transactions. This may include asking you for further information that will allow GSB to reasonably identify you or any GSB OnlineBank Users, including verifying your Information against third party databases or through other sources. This will also include verifying the identity of any of your directors, partners and/or ultimate beneficial owners.
5.3 We reserve the right to close, suspend, or limit access to your GSB Banking Wallet and/or the GSB Payment Services in the event we are unable to obtain or verify the Information set out in Clause 5.2.
5.4 We may confidentially verify the information you provide us with or obtain information on you and your GSB OnlineBank Users ourselves or through third parties from secure databases. By agreeing to these Terms, you consent to (and shall ensure that all of your directors, partners, ultimate beneficial owners, GSB OnlineBank Users will consent to) us or a third party acting on our behalf in carrying out such verification.
6.1 All Fees that may be charged by GSB are disclosed in Pricing or as may have been agreed with you through separate communications. The Fees are subject to adjustment at GSB’ sole discretion. You agree to pay all Fees and your continued use of the GSB Payment Services indicates your continued acceptance of the Fees. When we adjust our Fees, we will publish the updated Fees in your GSB Banking Wallet portal and send you an email notification. If you have any questions or are unclear as to any Fees, you should contact GSB.
6.2 Fees payable by you may be deducted from the balance available on your GSB Banking Wallet and/or from the settlement transaction at the time the settlement transaction is executed, or charged separately. You hereby authorize GSB to so deduct such Fees.
6.3 As further indicated in Section 8.3 below, GSB reserves the right to close your GSB Banking Wallet in the event its balance does not allow GSB to deduct and collect the applicable monthly Fees.
6.4 Our Right to set-off. Upon any event which entitles us to be compensated by you, we shall be entitled to recover any sum due to us by retaining part or all of any sum under any GSB Transaction or otherwise. You shall have no similar right of set-off. For the avoidance of doubt, this includes if one of the currency balances in your GSB Banking Wallet shows that you owe us an amount of funds for any reason or has a negative balance, GSB may set-off the amount you owe us by using funds you maintain in that currency or in a different currency balance or by deducting amounts you owe us from money you receive into your GSB Banking Wallet, or money you attempt to withdraw or send from your GSB Banking Wallet, or in a different GSB Banking Wallet which you control and by deducting funds from any withdrawals you attempt to make.
If the amount owed to us is in a currency which is different to the money you hold in your GSB Banking Wallet, we shall convert the amount you hold to the currency of the amount you owe us by applying such exchange rate as determined by us at our absolute discretion. We do not need to notify you of this conversion occurring.
6.5 You shall pay to us a monthly Wallet/Account Management Fee in an amount as set out in Schedule 1. The Wallet/Account Management Fee shall be paid monthly (on the 1st day of each month).
6.6 In addition to the Wallet/Account Management Fee, we charge: fee for crediting an incoming wire transfer; fee for an outgoing wire transfer; fee for a transfer between accounts.
7. Client representations and warranties
7.1 You represent and warrant that you are not acting on behalf of, or for the benefit of, anyone else, unless in case of a natural person, opening the account for and under the direction of the company or legal person or entity, that employs such a natural person.
7.2 You hereby undertake, until the term or termination of this Agreement, to communicate promptly to GSB any change in your business ownership, management structure, business activities and contact details.
7.3 You shall obtain any necessary authorizations from data subjects for the required transfers of information within the scope of the GSB Payment Services. You are responsible for the legally compliant collation, storage and transmission of information (in particular personal data) to GSB. You hereby represent and warrant that the data with respect to third parties that is communicated to GSB by you or by the relevant platform and for the purpose of being read, kept or processed by GSB (a) with respect to such data you hereby (i) are deemed to be and (ii) accept to be controller; (b) such data has been collected and received from the relevant party in full compliance with applicable data protection laws applicable to such third party as data subject and (c) such data has been communicated with the explicit and informed consent of such party to the communication and processing of this data.
7.4 You shall comply with this Agreement and all Applicable Laws and must not cause GSB to breach any Applicable Law. You shall notify GSB in the event that you become aware of any breach of Applicable Laws.
7.5 You shall comply with all Applicable Laws to which you may be subject. You undertake that you are not, and will procure that none of your directors, officers, agents, employees or persons acting on behalf of the foregoing is, a Restricted Person and do not act directly or indirectly on behalf of a Restricted Person. You must supply to us details of any claim, action, suit, proceedings or investigation against you or such persons with respect to Sanctions by any Sanctions Authority to the extent permitted by law, promptly upon becoming aware.
7.6 In the event of a breach of the above provisions, you shall be liable to GSB for the resulting damages and indemnify GSB in the internal relationship from any claims of third parties.
7.7 You acknowledge that depositing and maintaining funds in a GSB Banking Wallet is not the same as depositing funds in a bank account in that: (a) we cannot and will not use the funds to invest or lend to other persons or entities; (b) your funds will not accrue interest; and (c) your funds are not covered by the Kazakhstan Deposit Insurance Fund („KDIF” under the Law of The Republic of Kazakhsatn „On Compulsory Insurance of Deposits Placed with Second-Tier Banks of the Republic of Kazakhstan (2006) and Law of the Republic of Kazakhstan „On Banks And Banking Activities” (1995).
The Kazakhstan Deposit Insurance Fund (“KDIF”) does not apply to the funds sent, exchanged or received in connection with the Services. You acknowledge and agree that we are not a bank and do not provide you with a bank account, and so our Services are not covered by the KDIF. You further agree that the GSB Online Banking Wallet is a ‘virtual account’ and is not a bank account and that you will not earn interest or be entitled to any interest on any funds.
7.8 To keep your funds safe, GSB has implemented commercially reasonable administrative and technical measures to protect and safeguard the funds collected or received for you in connection with the Services. GSB will hold such funds in designated bank accounts segregated from GSB’s corporate funds, and will not use such funds for its own operating expenses.
8. Termination and suspension
8.1 If you wish to terminate this Agreement or your GSB Banking Wallet, you may do so by sending us an email at support@gsbpayments. The provisions of this Agreement relating to ownership provisions, warranty disclaimers, indemnity and limitations of liability shall survive termination of this Agreement.
8.2 When your GSB Banking Wallet is suspended or terminated, any further attempted use of the GSB Service will result in your funds being rejected, and may warrant notification to appropriate authorities. You are solely responsible for any fees incurred in connection with the rejected payments.
8.3 GSB reserves the right to close your GSB Banking Wallet in the event that it remains inactive for more than 3 months or in the event that the balance on your GSB Banking Wallet does not allow GSB to deduct applicable monthly Fees.
9. Intellectual property
The GSB OnlineBank, the GSB Wallet App and the Website and all intellectual property rights contained therein, including any content, are owned or licenced by us. Intellectual property rights means rights such as: copyright, trademarks, domain names, design rights, database rights, patents and all other intellectual property rights of any kind whether or not they are registered or unregistered (anywhere in the world). GSB’s intellectual property include “gsbpayments,” and all logos related to the GSB Payment Services. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of GSB. You may not copy, imitate, or use them without our prior written consent. You may not copy, imitate or use GSB’s intellectual property rights without prior written consent.
We reserve all of our rights in any intellectual property in connection with these Terms. This means, for example, that we remain owners of them and free to use them as we see fit.
Nothing in these Terms grants you any legal rights in the GSB OnlineBank and/or the Website, other than as necessary to enable you to access the GSB OnlineBank. You agree not to adjust or try to circumvent or delete any notices contained on the GSB OnlineBank (including any intellectual property notices) and in particular in any digital rights or other security embedded or contained within the GSB OnlineBank.
10.1 Amendment to Agreement. Since we keep updating the GSB Payment Services, we may amend the terms of this Agreement from time to time. In the event of any amendment, we will send you an email notification two (2) weeks before the changes take effect. If you disagree with our changes, then you should stop using the GSB Payment Services and terminate this Agreement within the designated notice period. Otherwise, in absence of such notification before the proposed date of their entry into force, you will be deemed to have accepted those changes if you continue to use GSB Payment Services. Your continued use of our GSB Payment Services will be subject to the new terms. However, any transaction or dispute that arose before the changes shall be governed by the Agreement that was in place when the dispute arose.
10.2 Service Providers. GSB shall be entitled to involve third parties in providing GSB Payment Services. GSB may require that certain processing steps are carried out directly through such third parties, completely or partially.
10.3 In order to use other functions of the GSB Payment Services, you may be requested to accept other terms and conditions, either with GSB or with a third party.
10.4 The funds in your GSB Banking Wallet belong to the person or legal entity which is registered as the GSB Banking Wallet holder. We recognise only the rights of the holder of the GSB Banking Wallet. You cannot assign or transfer legal ownership of the GSB Banking Wallet to anyone.
10.5 It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your GSB Transactions, or for collecting, reporting or remitting any taxes arising from any GSB Transactions. You hereby agree to comply with any and all applicable tax laws in connection with your use of the GSB Payment Services, including the reporting and payment of any taxes arising in connection with GSB Transactions made through the GSB Payment Services.
10.6 If we fail to enforce any of our rights under the Terms, or applicable laws, it shall not be deemed to constitute a waiver of such right.
10.7 You may not transfer or assign or sell any rights or obligations you have under these Terms or otherwise grant any third party a legal or equitable interest over your GSB Banking Wallet without GSB’s prior written consent. GSB reserves the right to transfer or assign these Terms or any right or obligation under these Terms at any time.
10.8 Service Availability. We will try to make sure our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We have the right to suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if for any reason our Services are unavailable (in whole or in part) at any time or for any period. You are responsible for making all arrangements necessary for you to have access to the Services (including all hardware and telecommunications services).
10.9 Severability. Should one or several provisions of this Agreement be or become invalid or prove to be unenforceable, this shall not affect the validity of the other provisions.
10.10 Indemnification. You agree to indemnify, defend, and hold harmless GSB, its parent, affiliates, and their respective directors, officers, employees, and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the GSB Payment Services, including but not limited to your violation of this Agreement.
10.11 Disclaimer of Warranties. We act as a service provider to you under this Agreement. GSB does not act as a trustee, an escrow agent or stakeholder for you or your payer/payee. GSB assumes no liability to or in respect of any products, services or any other part of your business.
10.11 Applicable Law. This Agreement shall be governed by Kazakh law and any claim or dispute under this Agreement shall be subject to the exclusive jurisdiction of the Courts of The Republic of Kazakhstan.