Created 18/05/2018
Updated 21/05/2018

Terms of service

THE General Terms and Conditions of KYC Center LTD.

1. The general provisions

The present General terms and conditions of KYC Center LTD. service is the primary regulatory document of the Internet service “KYC Center LTD.” that applies to all services provided by KYC Center LTD. through the website (www.kyc-center.com) or connected business-partners.

The General terms and conditions establish principles of delivery of services by KYC Center LTD. and guidelines on collaboration between KYC Center Company, its clients and business-partners. The goal of the General terms and conditions is to ensure rights and interests of clients and business-partners as well as to determine rights and obligations of KYC Center in the provision of the Internet service of KYC Center LTD.

These General terms and conditions are drafted and brought into force by KYC Center LTD. By connecting to the service of KYC Center LTD. as a client or as a business-partner, and also by accessing the website (www.kyc-center.com) and using (reading, copying, citing, disseminating) the information that is published on the site, a person concurs with all the provisions of these General terms and conditions. The compliance with General terms and conditions is obligatory for KYC Center LTD. and its employees, business-partners and clients, which are connected to the service KYC Center LTD., and for persons that make use of the information published on the website (www.kyc-center.com).

The development and organization of technological interaction between KYC Center LTD, clients or business-partners, the fixing of remuneration for use of the service of KYC Center LTD., the elaboration and setting of standards for the protection and storage of data, as well as drafting and amendment of the General terms and conditions fall within the exclusive competence of KYC Center LTD. KYC Center LTD. is entitled to make modifications to the General terms and conditions of the service unilaterally at any time, including cases when it legislative changes require necessary amendments. KYC Center LTD. has to notify on the changes no later than 30 days before they will enter into force.

2. The legal details about KYC Center LTD

Name of company: KYC Center LTD
Registration code: 14368850
Country of registration: The Republic of Estonia
Date of registration in the Estonian commercial register: 10.11.2017
The activity license, issued by the Estonian Financial Intelligence Unit (FIU): FVR000062
Legal address: Tallinn, Räime 17-8
Website: www.kyc-center.com
General contact e-mail address: [email protected]
E-mail address for business-partners’ support: [email protected]

3. Definitions used in the General terms and conditions

In these General Terms and Conditions the following basic terms shall be used:

  1. KYC Center system – web-based platform, which provides an opportunity to natural and legal persons to pass the identification procedure by providing personal data via www.kyc-center.com and to receive the unique personal KYC-code.
  2. KYC-code (hereinafter – „the code”)– a unique personal code, which is issued to a person, who has passed the process of verification in the system of KYC Center. Possession of a KYC-code by a person means that personal data were processed in the system of KYC Center in such way, that a part of personal data was encrypted on a name of a responsible person and was placed in an archive (on a server without the Internet connection). The other part of the information is unavailable to the third parties without additional information, provided that such data is stored separately and is accessible only to the business-partners, connected to the system of KYC Center.
  3. Client – a natural or a legal person successfully verified in the system of KYC Center and issued with a unique personal KYC-code.
  4. Business-partner – a legal person, that signed an agreement on the access to the database and the Application Programming Interface of KYC Center, which is granted with the right to identify a client on the basis of 1) the provision of the KYC-code to the business-partner by the client; 2) the client’s confirmation of the consent to provide data via KYC Center.
  5. Account – a record which contains a data set that a client or a business-partner sends to the KYC Center by filling in the online form in the system of KYC Center or by other means and that is stored in the system of KYC Center.
  6. Person’s verification – a process of person’s identification and a determination of his level of risk in KYC Center following the requirements, stipulated in the Directive of the European Parliament and the Council №2015/849 of 15.05.2015.
  7. Encryption/ ciphering of personal data – processing of person’s data, which involves encoding of data by the use of the certificate of the Estonian identity card.
  8. Recommended limit – an annual transaction limit requested by the client and verified by KYC Center, which depends on the country of residence, the scope of activity and professional status of the client.
  9. Risk level - a probability of occurrence of money-laundering and terrorist financing risks in transactions with business-clients, due to the absence of previous business relations with a particular client or due to the uncertainty of the development of a financial transaction with the client at the time of its commitment. KYC Center sets the level of risk by analyzing the client's personal data, as well as publicly available information, and automatically encodes it in the KYC code. The assessment of the risk level shall be made manually by an employee of a KYC Center, taking into account requirements of the Directive of the European Parliament and the Council №2015/849 of 15.05.2015 and in strict compliance with “Procedural rules of person’s identification and risk level assessment”.

4. The basic principles governing relationships in the system of KYC Center

The relation between clients of the system of KYC Center, KYC Center Ltd. and its business-partners are determined by this agreement and, if necessary, by additional contractual arrangements between the person and KYC Center Ltd.

4.1 The basic principles of a contractual relationship with a client.

4.1.1 This General Terms and Conditions – is an agreement based on the law of obligations, concluded between the client and KYC Center Ltd. that come into effect at the moment when the customer first registers his account in the system of KYC Center Ltd.

4.1.2 Without acceptance of the present document the usage of the service of KYC Center is impossible.

4.1.3 The General Terms and Conditions include the following provisions:

  • the rights and obligations of KYC Center company;
  • the rights and duties of a client;
  • the application of “Procedural rules of person’s identification and risk level assessment”;
  • the procedure of challenging a risk level and recommended limit assigned by KYC Center
  • the recognition by the parties of the veracity of the information, which is forwarded to KYC Center;
  • the parties' acceptance that the usage of the system of KYC Center for purposes, which are inconsistent with this Agreement and existing laws is inadmissible.
  • the recognition of the right of KYC Center to take all possible measures to defend interests of its clients, business partners and of a system of KYC Center as a whole.

4.2 The basic principles of relationship with a business-partner.

The system of KYC Center is open to cooperation with business-partners irrespective of jurisdiction and their type of organizational form if the latter is not contrary to international law. The possibility to utilize the system of KYC Center for business-partners is conditional on the existence of a contractual arrangement between the business-partner and KYC Center Ltd. In order to be connected to the service, the business-partner and KYC Center Ltd. have to enter into the API KYC Center license agreement.

5. The basic principles of organizational arrangements

5.1 All relations that take place within the system of KYC Center are determined and maintained on the basis of this “General terms and conditions”, “Procedural rules of person’s identification and risk level assessment” and with strict compliance with the “Personal data processing policy”. Only members who registered an account and passed the identification procedure may conduct actions within the system of KYC Center. The same also applies to business-partners.

5.2 Client registration in the system of KYC Center

In order to use the system of KYC Center and to receive a KYC-code, the client have to complete the account registration procedure by filling in the online form on the website of KYC Once he has filled the registration form, he will get an access to the questionnaire for verification of client’s identity for issuing him a KYC-code. Personal data provided by the client during account registration procedure, are saved in user’s profile and stay accessible for him. Upon receipt of the KYC-code, those personal data, which are submitted in the course of the verification procedure, are achieved and are inaccessible to any third parties. The only exception is data, which are transmitted via KYC-code to business partners. The management of KYC Center Ltd exclusively determines the content of data that is required for client's registration. The Client is solely responsible for the reliability of data that he enters upon registration and provides during his identification.

5.2.1 Data provided during registration of the account

The Client has to provide his e-mail address for the registration of the account, as it will be used to send a confirmation e-mail in response. To confirm provided e-mail address, the client has to follow a link that will be indicated in the letter that he will receive on it. When registering his account, the client shall provide the following particulars: name and surname (in roman letters), place of residence, password.

5.2.2 Data provided by the client to receive the KYC-code

To complete the verification procedure and to get the KYC-code the client should at least include the following data:

  • the name and surname;
  • the personal code, in case of its absence, the date of birth;
  • the country of birth;
  • the country of residence and accurate residential address;
  • the phone number;
  • the information regarding the social networking profile;
  • the scanned copy of personal identification document of the client and the picture of the client holding that ID document;
  • the type and sphere of activity as appropriate;
  • the tax residency;
  • the information whether the client is a politically significant person.

By accepting this Agreement, the person confirms that data provided by him is correct and valid. The client is obliged to inform KYC Center within 30 days of a change of name, residential address, citizenship, contact details, ID document, which was used for identification, or of any other information that was provided earlier and deemed relevant by KYC Center for achieving the objectives stated in the “General terms and conditions”. The client can do that by adopting his account, email address, phone, or by sending an e-mail to the e-mail address [email protected].

When analyzing personal data, determining the level of client’s risk and issuing KYC-code, KYC Center reserves the right to request additional data from the client, if it is necessary to verify data previously provided by him. The rules for the conduction of personal identification and risk level assessment are laid down in procedural rules here.

5.3 The registration of business-partners in the system of KYC Center

The business-partner shall undergo the account registration procedure on KYC Center website to receive the right to use the system of KYC Center for verification of client’s KYC-codes. After registration, the business-partner completes the initial questionnaire for connecting to the KYC Center system by providing the primary data about his company. After submitting the questionnaire, the employee of KYC Center will verify the data provided and will gather public information on the business-partner's activities with an aim to objectively assess the possibility and feasibility of cooperation with this business-partner. The Board of KYC Center shall make the decision to conclude an agreement with a business-partner. Once the affirmative decision is made, the employee of KYC Center will communicate with the business-partner to sign a license agreement for the KYC Center service. After concluding the agreement and paying the connection fee, the business-partner will be given the opportunity to verify the KYC-codes provided by clients.

6. The ensuring the safety of KYC Center

6.1 The main safety principles

Each client and business-partner is required to perform security procedures established by KYC Center. The client shall be responsible for the loss of data, which are in his possession. KYC Center monitors the implementation of the procedures and safety standards by a client and a business-partner, during client's and business-partner's registration in the KYC Center system, as well as by changing the communication protocols or technological algorithms in the system.

6.2 Each client and business partner is also obliged to notify KYC Center about all cases of fraud or attempts to commit fraud related to operations in the KYC Center system. On the basis of information obtained, KYC Center drafts recommendations on security, which he periodically publishes or sends to clients and business partners in the form of messages, develops and adjusts an overall security strategy of the system.

6.3 Security responsibilities of KYC Center

KYC Center carries out the following primary security responsibilities for the system of KYC Center:

6.3.1 prepares the strategy and internal security procedural rules, communicates them to all employees and implements them in the system;

6.3.2 ensures the integrity, authenticity and confidentiality of client’s personal data in all stages of their processing and transferring to business-partners. The personal data processing policy is issued as a separate document and is available at https://kyc-center.com/en/processing;

6.3.3 conducts encrypting and archiving of personal data provided by clients;

6.3.4 informs clients and business-partners about threats to security and proposes measures to oppose these threats;

6.3.5 provides backup storage for all data in the system;

6.3.6 issues timely warnings for clients and business-partners of any violations of security policy or any misuse of data, which are stored in the system of KYC Center.

6.3.7 regularly tests, assesses the effectiveness of technical and organizational measures implemented to secure data processing in KYC Center

6.4 Clients’ liability for misuse of the system of KYC Center.

The client bears full responsibility for unauthorized or misuse of his account or of the KYC-code issued to him.

In ascertaining the facts of misuse of the system of KYC Center by the client, KYC Center suspends the service immediately to him and assigns him a red code, if necessary. After that, the company takes necessary actions to protect the interests of KYC Center and business-partners, including immediate issuing of warnings to business-clients of the suspension of the service and assigning of the red-code to the client.

The client bears full responsibility for maintaining the confidentiality of KYC Center account passwords. The client does not have a right to share their account passwords or their account in the system of KYC Center to any third party. Also, it is strictly forbidden to transfer personally assigned KYC-code t a third party, who is not a business-partner of KYC Center.

When detecting a break-in into the account, the client shall promptly notify the support service via e-mail [email protected].

The Client undertakes to provide KYC Center only with correct and accurate data when filling the questionnaire. The Client shall be solely responsible for the reliability of data provided. It is strictly forbidden to amend, correct or add anything to pictures of documents provided by the client, as well as to apply computer programs that enable a user to modify photos. If the fact of use of such programs is detected, KYC Center has the right to request the client to provide additional data and new photos. In the event of failure to submit photos again or reuse of the programs mentioned above, KYC Center is entitled to issue the individual with the red-code, without the possibility for appeal.

6.5. Business-partner’s liability for misuse of the system of KYC Center

In ascertaining the facts of misuse of the system of KYC Center by the business-partner, KYC Center suspends the access to the KYC Center system immediately to him and notifies all clients of KYC Center about the suspension of the access with mentioning the reason for the suspension of work with this business-client.

The subsidiary responsibility for the misuse of KYC Center system is set out in the API KYC Center license agreement.

7. The general conditions of the accessibility of the system of KYC Center.

7.1 The age restriction on the use of the service of KYC Center

Services of KYC Center are not intended for the use of persons under the age of 18 (eighteen). KYC Center does not provide a possibility to undergo the verification procedure to persons under 18 years of age. If the Client has submitted wrong data on his age and at the moment of checking of a questionnaire he is under 18, KYC-code shall not be issued to him. In this case, a subscription fee is not refundable.

7.2 Person's active legal capacity

By accepting this agreement, the person confirms that he has a full legal capacity, i.e. the ability through his actions, to acquire and exercise civil-law rights, to create civil-law responsibilities for himself and to discharge them.

7.3 Person’s security clearance

By accepting the conditions of the system of KYC Center a person confirms that data provided and a connection to the KYC Center system do not breach domestic laws of his country of residence, and shall not affect the rights and freedoms of third parties or other agreements, where he is a party.

The person establishes that in recent 5 (five) years he was not convicted of crimes, related to money-laundering, terrorist financing, tax fraud or other premeditated crime, that is directly or indirectly correlated with the offences mentioned above.

7.4 The rule of «5-YES»

By accepting conditions of this agreement, the person certifies that:

  • he is acting according to his own will and in his interests;
  • the data provided by him is accurate and precise;
  • he understands purpose and conditions of the present agreement as well as operational principles of KYC Center system;
  • he bears the sole responsibility for his behaviour when using the service of business-partners and for possible damages;
  • he is not under sanctions.

8. The connection fee for the system of KYC Center for business-partners

8.1 To connect to the system of KYC Center the business-partner has to make a one-time fee payment of 450 (nine hundred and fifty) EUR (+ VAT) for the invoice from KYC Center Ltd. In addition to the connection fee from the business partner, a monthly fee is charged for inquiries and provision of data about the customer through a KYC code. The cost of requesting and receiving data through one KYC code is 2 eur (+ VAT). Payment for requests through a KYC code is made on the basis of the invoice issued by KYC Center. The invoice for the services in the previous month is issued not later than the 5th day of the current month and is due no later than the 15th day of the current month. KYC Center reserves the right to prepayment and determine the minimum and maximum amount of prepayment.

8.2 After receiving the payment for connection in an account of KYC Center Ltd. business-partner gets the right to check clients’ KYC-codes and to obtain relevant information about them.

8.3 KYC Center reserves the right to reconsider terms of cooperation with business partners, to increase or reduce the connection fee, and to introduce extra KYC Center usage fees.

KYC Center is obliged to inform business-partner about changes in the amount of subscription fee within a reasonable period. If business-partner disagrees with the amendments or fee increase, the parties will terminate the license agreement. Client’s data that were received by KYC Center during the lifetime of the license agreement are stored in the archive of KYC Center and can be provided upon the request of public authorities at least 5 (five) years after the termination of the license agreement with a business-partner.

9. The obligations to inform clients

9.1 The obligation of KYC Center to inform clients

9.1.1 Upon signing of the license agreement with the business-partner and receiving of connection fees, KYC Center has to circular e-mails about new business-partner to all clients of KYC Center. The e-mail shall contain a brief description of business-partner’s activity and a link to his website.

9.1.2 A one-off e-mail about new business-partner to clients is free of charge. A possibility to re-circulate letters and fees for this service shall be a subject of a separate arrangement.

9.1.3 KYC Center shall place the information about new business-partner on the website of KYC Center and in the system of KYC Center.

9.2 The obligation of a business-partner to inform clients

Upon signing of the license agreement with KYC Center, the business-partner shall place information about KYC Center on his home page and to indicate the precise functions of KYC Center (verification of persons) and hyperlink to the home page of KYC Center.

10. The lines of responsibilities

10.1 KYC Center shall not be liable for any information on the website of the business-partner, quality, content, character and reliability of third-party websites and services. KYC Center provides links to the business-partner’s website only for clients' convenience. The inclusion of any link does not imply the ownership, approval or acceptance of any website or any information contained on that website.

10.2 Following links to business-partner’s website this General terms and conditions and personal data processing policy will not extend to it.

10.3 Before the client joins the business-partner’s system he has to read terms of service and privacy policy of each business-partner separately attentively. KYC Center recommends conducting thoughtful examination and analysis before the conclusion of any agreement, transaction, provision of financial or other services from business-partner, whether it is to be made in online or off-line mode.

10.4 By using services of business-partners client understands and confirms that during cooperation with business-partners he enters into legal relationships with a third party and KYC Center does not bear responsibility for them. In case of damages caused by business-partner in the process of providing services to the client, the compensation responsibility rests solely on the business-partner.

10.5 KYC Center does not bear responsibility for the damage caused by the client to the business-partner, through the usage of business-partner’s services.

10.6 By accepting this General terms and conditions the business-partner acknowledges that he understands: the information provided via client’s KYC-code has a recommendatory nature. The business-partner has to make an independent evaluation of risks and, if necessary, to take additional risk mitigation measures related to money laundering and terrorist financing hazards.

10.7 KYC Center does not bear responsibility for losses caused by the denial of any communication infrastructure, of the Internet or of the impossibility to transmit data due to failure in third-party services.

10.8 KYC Center reserves the right to modify and to change, suspend or terminate the provision of services (including any functions or functionalities of the system) at any time without prior notice and without bearing any obligations and responsibilities before clients and business-partners at his discretion.

11. The assigning and challenging of the KYC-code

11.1 The assigning of the KYC-code to the client and client’s risk analysis are made in strict compliance with “Procedural rules of person’s identification and risk level assessment”.

11.2 In case of doubts regarding information provided by the client, KYC Center reserves the right to request the provision of additional information. KYC Center informs the client about the necessity to provide additional information, in writing, by e-mail or by sending the request to client’s account (in this case the client receives the e-mail about the request).

11.3 With an aim to verify information provided KYC Center reserves the right to ask within reason for information in any quantity and of whatever nature, needed for person’s identification or risk level assessment.

11.4 If the client refuses to provide additional information to legitimate requests, KYC Center reserves the right to grant him red KYC-code, which cannot be contested further. In such a case, if the client disagrees with the level of risk assigned to him and wishes to modify it or his recommended limit; he has to undergo the verification procedure again, paying the subscription fee in the amount set out by the General terms and conditions. The client must inform KYC Center about his willingness to do that via e-mail [email protected].

11.5 In case the client provided all the necessary data and still was assigned with red code with which he does not agree the client has to report on his objections to KYC Center via e-mail [email protected] with a title: PROTEST.

The lawyer of KYC Center shall examine client’s claim and to give a motivated reply regarding the adopted decision within 30 (thirty) days of the receipt of the PROTEST letter.

11.6 If the client does not agree with the decision of the lawyer concerning the issued code, he has the right to file a reasoned objection to lawyer’s decision to the management of KYC Center. In such a case, the objection shall be made in written form and sent to the legal address of KYC Center by registered mail with return receipt requested. The management of KYC Center in the person of the Board has to consider the objection raised and provide the client with reasoned response within 30 (thirty) days. The decision of the Board of KYC Center shall not be subject to further appeal.

11.7 If, as a result of review of the complaint the client reserves his position, that is different from those of KYC Center, or he believes that his rights have been violated in any other way, he is entitled to apply for an additional independent assessment or to resolve disputes to the following monitoring or pre-trial investigation authorities (the list below is not exhaustive):

Financial Intelligence Unit
Policeand Border Guard Board
Tööstuse 52, Tallinn 10416
Telephone: (+372) 612 3840
Fax: (+372) 612 3845
E-mail: [email protected]

Financial Supervision Authority
Sakala 4, Tallinn 15030 ESTONIA
Telephone:(+372) 6680 500
Fax: (+372) 6680 501
E-mail: [email protected]

The Estonian Consumer Protection Board
Pronksi 12, Tallinn 10117, ESTONIA
Telephone: (+372) 6 201 700
Fax: (+372) 6 201 701
E-mail: [email protected]

The Data Protection Inspectorate
Väike-Ameerika 19, Tallinn 10129
Telephone:(+372) 66 274 135
Fax: (+372) 6 274 137
E-mail: [email protected]

11.8. The client and the business partner have a right to apply to Harju County Court to protect his rights under this agreement. The General terms and conditions for the provision of services of KYC Center and their use are governed only by the laws of the Republic of Estonia. By accepting this agreement, the client and the business-partner agree to the jurisdiction of the courts of the Republic of Estonia to settle any dispute.

12. Termination of service of the system of KYC Center

12.1 The client has a right to terminate contractual relations with KYC Center and delete his account in the system. The client also has a right to withdraw prior consent on the processing of personal data and to request the closure of the account in the system of KYC Center. The request can be made by sending of an individual written application submitted to the legal address of KYC Center Ltd. via registered mail return receipt or by filling in of the appropriate form in the account or by sending of the application at the e-mail address [email protected] with the subsequent client’s identification.

KYC Center Ltd. retains personal data throughout the subscription period to the system of KYC Center, and 5 (five) years after termination of the contractual relationships.

came into force on 01.06.2018