Risk Disclosure
RISK DISCLOSURE
Foreign exchange transactions are subject to the exchange control regulations administered by the South African Reserve Bank and may be declined, delayed or reversed where regulatory requirements are not met.
This is the Risk Disclosure for eZi Remit (Pty) Ltd (hereinafter referred to as “eZi”). eZi is a registered and approved Authorised Dealer in Foreign Exchange with Limited Authority (ADLA), regulated by the South African Reserve Bank (SARB).
This disclosure is provided to you (our client and prospective Client) in compliance to the rules and regulations of the SARB, because you are proposing to undertake dealings in a financial foreign exchange instrument in the form of foreign exchange transmissions. The purpose of this disclosure is to help you understand the nature and risks of our product and services.
All Clients and prospective Clients should carefully read the following risk disclosure contained in this document, before applying to Ezi for a remittance account and before they begin to trade with Ezi. However, it is noted that this document cannot and does not disclose or explain all the risks and other significant aspects involved in dealing in the Remittance Financial Instrument. The disclosure was designed to explain in general terms the nature of the risks involved when dealing in Remittance on a fair and non-misleading basis.
General Risk Warning for Remittance Foreign Exchange Instrument
Exchange rates fluctuate continuously due to market conditions. The exchange rate quoted at the time of transaction may differ from rates displayed previously. You may receive more or less foreign currency depending on exchange rate movements.
You should not engage in this form of transaction unless you understand the nature of the transaction you are entering into and the true extent of your exposure to the risk of loss.
Foreign exchange transactions are subject to exchange rate risk. Changes in exchange rates may affect the amount of foreign currency purchased or the amount ultimately received by the beneficiary. eZi does not guarantee future exchange rates and accepts no responsibility for losses arising solely from market-driven exchange rate fluctuations occurring before, during, or after the transaction.
Fees and Charges Disclosure the total amount received by the beneficiary may be reduced by intermediary bank charges, correspondent banking fees, receiving institution fees, foreign taxes or regulatory deductions outside the control of eZi.
The eZi Remit Terms and Conditions contain provisions that limit or exclude eZi's liability in certain circumstances, allocate certain risks to you, and require you to acknowledge specific facts and responsibilities. You should read these provisions carefully before using the service.
eZi cannot be held responsible for the following:
Payment and Settlement international payment transactions that are dependent on banking networks, correspondent banks, payment service providers and regulatory authorities. Delays may occur due to operational, compliance, technical or regulatory factors beyond the control of eZi.
Any delay in payment of the Cash Remittance or the Digital Remittance to the Recipient – if the exchange rate fluctuates, eZi is in no way liable for any perceived or real historical loss in value of the cash remittance or digital remittance.
Where the receiving currency is temporarily unavailable, the recipient may elect to wait until the currency becomes available or, where permitted, receive an alternative currency of equivalent value. Any conversion into an alternative currency will be effected at the applicable exchange rate available at the time of payment. No refunds will be issued.
Sanctions and Compliance Screening Disclosure
All customers and transactions are subject to screening against sanctions, politically exposed person (PEP), adverse media and other regulatory watchlists. Transactions may be delayed, suspended, rejected or reported to competent authorities where required by law.
eZi wish to advise that:
- Additional documents may be requested.
- Transactions can be frozen.
- Funds may be returned.
- Reporting obligations may exist.
Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) and Proliferation Financing Disclosure
In compliance with applicable anti-money laundering, counter-terrorist financing and proliferation financing legislation, eZi reserves the right to refuse, suspend or terminate services where suspicious, unusual or prohibited activity is identified.
Include:
- Enhanced due diligence.
- Ongoing monitoring.
- Regulatory reporting obligations.
- No obligation to disclose suspicious transaction reporting activities.
Exchange Control Compliance Disclosure
Customers remain responsible for ensuring that all information, declarations and supporting documentation provided in support of foreign exchange transactions are accurate, complete and lawful. False declarations may constitute offences under applicable legislation.
Fraud and Cybersecurity Risk Disclosure
While [Company Name] employs security measures designed to protect customer information and transactions, no electronic system can guarantee absolute security. Customers are responsible for safeguarding their login credentials, devices and authentication methods.
Beneficiary Information Risk
Customers are responsible for ensuring that beneficiary details are accurate. Transactions processed using incorrect beneficiary information may not be recoverable and recovery efforts may incur additional costs which may include:
- Account number verification limitations.
Payment and Settlement international payment transactions that are dependent on banking networks, correspondent banks, payment service providers and regulatory authorities. Delays may occur due to operational, compliance, technical or regulatory factors beyond the control of eZi.
Any delay in payment of the Cash Remittance or the Digital Remittance to the Recipient – if the exchange rate fluctuates, eZi is in no way liable for any perceived or real historical loss in value of the cash remittance or digital remittance.
Where the receiving currency is temporarily unavailable, the recipient may elect to wait until the currency becomes available or, where permitted, receive an alternative currency of equivalent value. Any conversion into an alternative currency will be effected at the applicable exchange rate available at the time of payment. No refunds will be issued.
Sanctions and Compliance Screening Disclosure
All customers and transactions are subject to screening against sanctions, politically exposed person (PEP), adverse media and other regulatory watchlists. Transactions may be delayed, suspended, rejected or reported to competent authorities where required by law.
eZi wish to advise that:
- Additional documents may be requested.
- Transactions can be frozen.
- Funds may be returned.
- Reporting obligations may exist.
Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) and Proliferation Financing Disclosure
In compliance with applicable anti-money laundering, counter-terrorist financing and proliferation financing legislation, eZi reserves the right to refuse, suspend or terminate services where suspicious, unusual or prohibited activity is identified.
Include:
- Enhanced due diligence.
- Ongoing monitoring.
- Regulatory reporting obligations.
- No obligation to disclose suspicious transaction reporting activities.
Exchange Control Compliance Disclosure
Customers remain responsible for ensuring that all information, declarations and supporting documentation provided in support of foreign exchange transactions are accurate, complete and lawful. False declarations may constitute offences under applicable legislation.
Fraud and Cybersecurity Risk Disclosure
While [Company Name] employs security measures designed to protect customer information and transactions, no electronic system can guarantee absolute security. Customers are responsible for safeguarding their login credentials, devices and authentication methods.
Beneficiary Information Risk
Customers are responsible for ensuring that beneficiary details are accurate. Transactions processed using incorrect beneficiary information may not be recoverable and recovery efforts may incur additional costs which may include:
- Account number verification limitations.
In the event that your designated recipient is unable to receive disbursement of the remittance because incorrect information was provided for the recipient when the remittance transaction was created, you are obliged to contact eZi at support@eziremit.co.za to correct any errors in the information provided. If the Recipient contacts eZi directly, he will be advised to contact you the client in order to resolve the matter. eZi cannot be held responsible for losses in rate or inflation.
Advice and Recommendations
eZi will not advise the client about the merits of a particular transaction or give him any form of transactional advice and the client acknowledges that the services do not include the provision of transactional advice. Advice in remittance transfers or the underlying markets. The client alone will enter into transactions and take relevant decisions based on his own judgement. In asking eZi to enter any transaction, the client represents that he has been solely responsible for making his own independent appraisal and investigation into the risks of the transaction.
The client represents that they have sufficient knowledge, market sophistication, professional advice, and experience to make his own evaluation of the merits and risks of any transaction. eZi gives no warranty as to the suitability of the products traded under this Agreement and assumes no fiduciary duty in its relations with the client.
eZi will not be under any duty to provide the client with any legal, tax or other advice relating to any transaction. The client should seek independent expert advice if he is in any doubt as to whether he may incur any tax liabilities. The client is hereby warned that tax laws are subject to change from time to time.
eZi may, from time to time and at its discretion, provide the client (or in newsletters which it may post on its website or provide to subscribers via its website or the Trading Platform or otherwise) with information, news, market commentary or other information but not as a service.
Where it does so:
- eZI will not be responsible for such information.
- eZi gives no representation, warranty or guarantee as to the accuracy, correctness or completeness of such information or as to the tax or legal consequences of any related Transaction.
- this information is provided solely to enable the Client to make his own investment/transactional decisions and does not amount to investment/transactional advice or unsolicited financial promotions to the Client.
- if the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, the client agrees that he will not pass it on to any such person or category of person.
- the client accepts that prior to dispatch, eZi may have acted upon it itself to make use of the information on which it is based. eZi does not make representations as to the time of receipt by the Client and cannot guarantee that the client will receive such information at the same time as other clients.
It is understood that market commentary, news, or other information provided or made available by Ezi are subject to change and may be withdrawn at any time without notice.
