Compliance Issues. 4.1 P2P and its third party providers are required to verify certain information about Clients due to regulatory and legal requirements such as anti-money laundering and anti-terrorist financing, including verifying company directors and beneficial owners, and whether the company is in good corporate standing. P2P and the Provider(s) are also required to monitor Transactions to ensure that the Service is not being used for money laundering, terrorist financing and other illegal or illicit activities, or otherwise in contravention of the Provider Terms, VCN Issuer’s Terms & Conditions, or any applicable card scheme rules. The Client consents to P2P and its third party providers monitoring Client’s Transactions for this purpose and that any such activity may be reported to the relevant authorities; and agrees to submit information to P2P or its third party providers as reasonably required to comply with these commitments. 4.2 In relation to the use of all VCNs, the Client accepts to be bound by the Provider Terms and VCN Issuer’s Terms & Conditions. 4.3 The Client shall not use the VCNs to conduct activity that is illegal or is in contravention of the relevant card scheme rules for the card type used. 4.4 The Client shall take positive measures and shall use its best endeavours to prevent VCNs from being accessed, used or distributed by unauthorised persons. 4.5 The Client shall adhere to any reasonable instructions or guidelines, issued by P2P or the third party provider, relating to the use of the VCNs and the Service. 4.6 The Client shall indemnify P2P and keep P2P fully and effectively indemnified against any and all losses, claims, damages, costs (including legal and other professional costs), charges, expenses, liabilities, demands, proceedings and actions which P2P may sustain or incur, or which may be brought or established against P2P by any person and which arise out of or in connection with (i) the use or misuse of VCNs or the Service by the Client; (ii) any fraudulent use of VCNs or the Service; or (ii) the breach by the Client of the VCN Issuer’s Terms & Conditions or the Provider Terms. 4.7 The Client will inform P2P immediately if it becomes aware of any actual or suspected misuse of the VCNs and/or fraudulent activity in relation to them and will provide to P2P all information and assistance as it reasonably requests in relation to such actual or suspected misuse/fraudulent activity.
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Compliance Issues. 4.1 P2P PGL and its third party providers are required to verify certain information about Clients due to regulatory and legal requirements such as anti-money laundering and anti-terrorist financing, including verifying company directors and beneficial owners, and owners whether the company is in good corporate standingstanding and so forth. P2P PGL and the Provider(s) its third party providers are also required to monitor Transactions to ensure that the Service is not being used for money laundering, terrorist financing and other illegal or illicit activities, or otherwise in contravention of the Provider Terms, VCN VAN Issuer’s Terms & Conditions, or any applicable card scheme rules. The Client consents to P2P PGL and its third party providers monitoring Client’s Transactions for this purpose and that any such activity may be reported to the relevant authorities; and agrees to submit information to P2P PGL or its third party providers as reasonably required to comply with any of these commitments.
4.2 In relation to the use of all VCNsVANs, the Client accepts to be bound by the Provider Terms and VCN VAN Issuer’s Terms & Conditions.
4.3 The Client shall not use the VCNs VANs to conduct activity that is illegal or is in contravention of the relevant card scheme rules for the card type used.
4.4 The Client shall take positive measures and shall use its best endeavours to prevent VCNs VANs from being accessed, used or distributed by unauthorised persons.
4.5 The Client shall adhere to any reasonable instructions or guidelines, issued by P2P PGL or the third party provider, relating to the use of the VCNs VANs and the Service.
4.6 The Client shall indemnify P2P PGL and keep P2P PGL fully and effectively indemnified against any and all losses, claims, damages, costs (including legal and other professional costs), charges, expenses, liabilities, demands, proceedings and actions which P2P PGL may sustain or incur, or which may be brought or established against P2P PGL by any person and which arise out of or in connection with (i) the use or misuse of VCNs VANs or the Service by the Client; (ii) any fraudulent use of VCNs VANs or the Service; or (ii) the breach by the Client of the VCN VAN Issuer’s Terms & Conditions or the Provider Terms.
4.7 PGL’s ability to provide the Service depends on its third party providers’ continued authorisation to do so by the relevant card schemes and financial services authorities, as well as the continued provision of products and services by third party providers including but not limited to the VAN Issuer, MasterCard or VISA.
4.8 Whilst it will use all reasonable endeavours to provide the Client with reasonable notice, PGL reserves the right to terminate this Agreement immediately should it become incapable of providing the Service for any of the reasons detailed in this clause 4 or should the Client breach any of its obligations under this clause 4, which shall be material obligations for the purpose of this Agreement. In this event, PGL’s sole and exclusive liability shall be to refund the unused portion of any Fees to the Client.
4.9 The Client will inform P2P PGL immediately if it becomes aware of any actual or suspected misuse of the VCNs VANs and/or fraudulent activity in relation to them and will provide to P2P PGL all information and assistance as it reasonably requests in relation to such actual or suspected misuse/fraudulent activity.
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