Terms & Conditions – 2.0

These Terms and Conditions govern the use of product & services of Modern Exchange Co. LLCs licensed by the Central Bank of Oman as an exchange house, [henceforth and interchangeably referred to as MEC] and may be amended by its sole discretion from time to time without any prior notice, unless otherwise specified. Matters not set forth in these terms & conditions (T&Cs) shall be governed by the applicable laws and regulations and the prevailing business practices.

Any customer availing of/participating in the services shall be deemed to have read, understood, and accepted and agreed to abide and be bound by these terms and conditions and these shall be in addition to and not in derogation of other applicable Terms and Conditions as stipulated by MEC from time to time. These T&Cs are applicable to all the customers transacting with MEC irrespective of any special conditions agreed by the Customer in relation to any specific service/s and or product/s and shall be read in conjunction with MEC policies and procedures.

GENERAL TERMS & CONDITIONS:

1. Limitation of Liability & Indemnity: (a) MEC shall not be liable to the Customer for any loss or damage incurred or suffered due to any non-acceptance, rejection, delay, or non-processing of transaction, irrespective of whatever be the legal basis of the liability in connection with MEC’s provision of the Services, unless the loss is caused by fraud, gross negligence, or wilful misconduct on MEC’s part. MEC shall not be liable for any indirect or consequential loss or loss of profit whether or not they are foreseeable. (b) MEC shall not be responsible for any loss Customer may suffer or incur in connection with any act or omission of a payment intermediary. (c) The Customer shall indemnify MEC on demand against any and all losses that MEC may incur or otherwise suffer in connection with the Service, except to the extent, with respect to MEC, the losses resulted fromFraud, gross negligence, or wilful misconduct on its part. Notwithstanding the above, MEC’s total liability in each instance will be limited to a maximum of the transaction amount less the charges and the adjustment of the currency exchange loss, if any. Further, exchange gains, if any, will not be passed on to the Customer. 
2. Force Majeure: MEC shall not be liable or be obliged to perform the obligations under these Terms and Conditions if MEC or its third party service provider is prevented, hindered or delayed from or in performing any of the obligations due to abnormal and unforeseeable circumstances beyond their control including but  not limited to FORCE MAJEURE such as strike, lockout, labour dispute, act of God, war, riot, civil commotion, malicious damage, compliance with a law or governmental order, rule, regulation or direction, accident, breakdown or other failure of equipment, software or communications network, fire, flood, or other circumstances affecting the supply of goods or services. Notwithstanding the above, MEC’s total liability in each instance will be limited to a maximum of the transaction amount less the charges and the adjustment of the currency exchange loss, if any. Further, exchange gains, if any, will not be passed on to the Customer.
3. Withdrawal/Suspension of Services: MEC has no obligation to initiate or perform a Service if: (a) is unable to obtain satisfactory evidence of the identity of the Customer and/or the recipient; (b) has a reason to believe that the details provided by the Customer or recipient is incomplete, incorrect, or forged; (c) payment contains counterfeit/fake notes; (d) MEC shall not be liable for any loss or damage to the Customer that arises when the Customer remits money based on a telephone call informing that the Customer  is declared as a lucky winner and transfer of funds  is  made to claim the prize. (e ) where MEC has sufficient reason to believe that the business of the Customer may be detrimental to the business interest and/or reputation of MEC or it has reason to believe that the funds are being used for / from any illegal, money laundering, virtual assets or other unlawful purposes, or are directed towards or for the direct or indirect benefit of any blacklisted or sanctioned individual/company/country, countries listed on the Non-Cooperative Countries and Territories (NCCT) list to facilitate any remittances intended for money laundering or terrorist funding. MEC reserves the right to withdraw services at any time without prior intimation to the Customer. MEC does not accept any liability for damages resulting from non-payment or delay in payment of a money transfer to a recipient or failure to perform a transaction due to any of the above reasons. MEC acts only as a remittance transfer service provider and accept no responsibility of the liability arising from transactions between the Customer and any third parties. CUSTOMERS ARE CAUTIONED NOT TO USE THE SERVICE TO PURCHASE GOODS OR SERVICES ACROSS THE INTERNET, AND DO NOT SEND MONEY TO ANY PERSON OR INSTITUTION WHICH IS NOT KNOWN OR TRUSTWORTHY. The CUSTOMERS ARE PROHIBITED FROM USING THE SERVICES FOR GAMING, GAMBLING, OR ANY OTHER ILLEGAL PURPOSES.
4. No Waiver of Rights: No failure, omission or delay on the part of MEC in exercising any right, power, privilege or discretion hereunder, and no course of dealing between the parties, shall impair any such right, power, privilege or discretion or operate as a waiver thereof nor shall any single or partial exercise of any right, power, privilege or discretion operate as a waiver thereof nor shall any single or partial exercise of any right, power, privilege or discretion preclude any further exercise thereof or the exercise of any other right, power, privilege or discretion.  The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law or any other agreement for MEC.
5. Severability: If any provision or condition of these Terms and Conditions is held to be invalid or unenforceable by reason of any law, rule, administrative order, or judicial decision by any court, or regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attach only to such term or condition. The validity of the remaining terms and conditions shall not be affected thereby, and these Terms and Conditions shall be carried out as if any such invalid or unenforceable provision or condition was not contained herein.
6. Governing Law & Jurisdiction: These Terms and Conditions shall be governed by and construed in accordance with the laws of Sultanate of Oman. Any claim or dispute, arising from the relationship between MEC and its Customer or otherwise shall be subject to the exclusive jurisdiction of the civil courts of the Sultanate of Oman.
7. Customer responsibility to enquiries: The Customer is bound to provide any information requested by MEC before or after the funds have been credited to the beneficiary’s account. In case the information provided by the Customer is delayed and as a result, the funds are held or delayed by the banks or remittance is withheld or blocked by a beneficiary or intermediary bank or by MEC because of the internal policy of MEC and/ or international and national financial regulations or sanctions, MEC shall not be held accountable for any losses incurred by the Customer.
8. Information Disclosure: MEC shall assume the responsibility of protecting customers’’ data and maintain the confidentiality of the data held with it or with a third party and disclose the data only to approve, facilitate, administer, and process applications/transactions or to respond to the queries of the relevant law enforcing authorities inside and outside the country. In case of any breach of data, customers will be informed through our official channels. MEC is strongly committed towards protecting customers’ privacy and the confidentiality of their personal data
9. Third Party Facilities: MEC uses the service of third parties and makes no warranty on behalf of such third parties. MEC will not be liable for any loss or damage of any sort incurred of transactions or dealings between customers and such third party providers.
10. GENERAL WAIVER: The Customer acknowledges that MEC acts as an intermediary and cannot be held responsible for any action/inaction/negligence related to any third party including without limitation Correspondent Bank/s, Beneficiary Bank/s, Agent Business partner/s, system failure, hackers, etc. and the Customer hereby waives any claim/right the Customer may have in relation to such action/inaction and/or negligence.

TRANSACTION TERMS AND CONDITIONS:

1. Under all circumstances, should MEC be held liable for any action/inaction/negligence, the liability of MEC will be limited to a maximum of the transaction amount less the charges and the adjustment of the currency exchange loss. 
2. The exchange rate quoted or displayed by MEC through any means including but not limited to telephone, website etc. is an indicative rate only and is subject to change as per market fluctuations. Accordingly, the rate applied on the transaction will be the rate that is prevailing on the day and time when the transaction is initiated.
3. All types of transactions conducted by the customers are subject to Central Bank of Oman regulations as well as local, Federal and International Laws.
4. In the event of foreign currency exchange transactions, currencies once sold or bought cannot be returned/refunded. Customer must count the money before leaving the Cashier’s counter. Neither MEC nor its employees will be held liable for any claims or shortages thereafter. The exchange rate for buy backs of foreign currency will be based on the applied rate on the date of transaction or the prevailing buying rate, whichever is lower.
5. MEC reserves the right to demand valid id proof of remitter/beneficiary and proof of source of funds etc. as and when required to execute the transaction per Central Bank of Oman regulations. It is the sole responsibility of the customer to provide correct and up to date information or documents.
6. MEC reserves the right to recover any excess amount paid due to errors and omissions.
7. In case the sender is a corporate, refunds or amendment will be initiated only after receiving authorization letter signed by the authorized signatory of the company and the amount will not be refunded or paid in cash under any circumstances. The refund will be made through cheque favouring the corporate name of the sender.
8. MEC holds the right to refuse any Transaction or limit the amount to be transferred if it  feels that the transaction (a) conflicts with the Law, Regulation or other duty and responsibility that is applicable to MEC (b) may expose us to action from any Government or Regulator or linked with fraudulent or illegal activity (c) the details provided by customer are incomplete, incorrect, unauthorized, or forged (d) any other reasons or updates/advisories comes from the competent authorities and MEC internal policy/decision shall also applicable. 
9. For transactions paid by cheque, the cheque must be current dated. Transaction shall be processed subject to cheque realization. In case the provided cheque is dishonoured or rejected for whatsoever reason, the customer agrees to settle the full amount in cash along with any variations in the currency rate along with all other charges whatsoever applicable. Further, MEC reserves the right to cancel the transfer and take legal action against the remitter/customer and hold the remitter/customer responsible for all expenses involved in connection with the transaction.
10. To maintain safety/privacy/security of the transaction/s customer should not disclose the information about the transaction including but not limited to reference number, value of transfer to any other party other than the intended beneficiary.
11. REFUNDS– All types of remittance services (Currency Exchange transactions are excluded): Refunds will be effected as per the procedures of MEC and shall only be honoured should MEC at its own discretion deems that such refunds must be made. The exchange rate for such refunds will be applied based on the applied rate on the date of issue or the prevailing buying rate, whichever is lower after deducting all applicable charges including the charges levied/recovered by the Correspondents/Intermediary/Beneficiary Bank/Agent, if any. 
12. In case of remittance transactions, the back-end charges may be applied by the Correspondent/ Intermediary/Beneficiary Bank/Agent as per their business policy, terms & conditions where MEC will not have any control on it.   
13. Amendments or discrepancies on payment instructions shall be entertained only before transfer of funds from MEC to the Correspondent Business partner/s.
14. In case of any remittance transaction amendments, the actual customer must visit the branch and to submit the original transaction receipts and related application form/s and document/s. The change of beneficiary details will be possible only after receipt of the confirmation of the status of transaction from the counter party bank/agent. Under no circumstances, the amendment shall be made without obtaining the confirmation from the Correspondent/Intermediary/Beneficiary bank (whichever is applicable) that the funds are not parted with/credited to the original beneficiary account. Any type of charges applicable in relation to the amendment shall be the solely borne by the Customer/Remitter.
15.   Subject to the Terms and Conditions mentioned above, all claims/cancellations /refunds shall be entertained only if the receipt issued by MEC is presented in original by the actual customer/remitter. Under all circumstances, should MEC be held liable for any action/inaction/ negligence, the liability of MEC will be limited to the gross amount of transaction duly realized/collected by MEC net of any charges, if any
16. Transaction is deemed to have been accepted by the customer/remitter when the receipt is signed.
17. These terms and conditions may be amended by MEC subject at all times to regulatory limitations.
18. KNOW YOUR CUSTOMER & ANTI MONEY LAUNDERING REGULATION (KYC & AML): MEC strictly adheres and follows to the KYC and AML norms laid down by its regulators and other regulatory bodies. MEC is not responsible for any transaction being on hold/blocked by the respective regulatory authorities at the originating and/or destination country. The customer shall not commit any illicit act that is deemed in breach of those regulations and shall indemnify and keep MEC indemnified against any such breach/es.
19. AML DECLARATION: By signing this application document/Terms and Conditions, the applicant represents, warrants, and undertakes that
• Transactions are genuine & legal  and  would  produce  documents,  when  demanded  for  any queries, evidence, proof, or clarifications, as required by any regulatory authorities/bodies.
• The identity and address of the parties in the transaction including their legal entity are confirmed and the funds involved in the transaction are not generated out of or used for any money laundering purposes or funding any terrorist activities or any other illegal purposes.
20. COMPLAINT: Any transaction-related complaint should be lodged within a maximum period of fourteen (14) days from the date of the transaction. Modern Exchange Co LLC will take all possible efforts to resolve any issues for services provided by a third party by coordinating with the concerned service provider. The company has no liability as an agent for any related services. The third party will be fully liable for the completion of its service in accordance with its terms and conditions. Nevertheless, for unauthorized transactions, the Customers are entitled to report the transactions within a minimum of 30 business days.
21. In the event of transaction/s rejected/ retuned by the Correspondent Bank/s, Beneficiary Bank/s, Agent Business partner/s MEC shall intimate customer about the reason/cause for rejection/ return of the transaction/s through their registered mobile number/email within a period of 10 business days
22. Service charges and full version of the terms and conditions are available on our website www.modernexchange.com     and the charges may vary based on the product/service and the value of the transaction. The foreign currency exchange rate applied on the transaction will be the prevailing market rate when the transaction is made. Commission charges may change from time to time and without advance notice. The foreign currency exchange rate and commission charge will be as displayed on the Transaction Receipt. The beneficiary's bank, and/or intermediary banks, may apply additional charges for handling a wire transfer. In such cases, the beneficiary will not receive the full amount sent/remitted by the Customer. We are not liable for any additional charges deducted by these banks/intermediaries.
23. Any complaints, queries, feedback on our services or fraud incidents can be raised through our official email address help@modernexchange.com or contact us at +968 9910 8371
24. For further inquiries and details on terms and conditions of all Modern Exchange Co LLC products and services, please visit our website (www.modernexchange.com) or email us at help@modernexchange.com