Terms and Conditions

General Terms and Conditions

These “General Terms and Conditions” are the basic rules for the relationship between MONEYRIVER GROUP INC. (hereinafter “COBBYPAY”), and the customer (called “Client”). These rules cover how business works between the Client and COBBYPAY and are part of the Service Agreements they agree on.

“COBBYPAY” is a trademark owned by MONEYRIVER GROUP INC.

MONEYRIVER GROUP INC. is the proprietor of this website. The services offered on this website are not rendered by MONEYRIVER GROUP INC. All services offered through this website are the products of third parties, each of which possesses appropriate licenses in various jurisdictions.

These General Terms and Conditions shall be applicable in respect of all contractual relations established prior to and continuing on the date of entry into force of the General Terms and Conditions. If the General Terms and Conditions are in conflict with any Service Agreement that can be additionally concluded between COBBYPAY and the Client, the provisions of the Service Agreement shall prevail. The Client confirms that the General Terms and Conditions have been examined and agrees with them and undertakes to follow them at all times.

Before using COBBYPAY’s payment services, the Client has to read, understand and accept these rules, COBBYPAY’s Privacy Policy, and other agreements that apply to COBBYPAY’s services and products.

The Client reserves the right to request a copy of the General Terms and Conditions or Service Agreement at any time by contacting COBBYPAY using the contact details provided or by visiting the website at www.cobbypay.com

Information on the service provider

MONEYRIVER GROUP INC. is a Canadian corporation with Money Service Business authorization.

Our services

Working with COBBYPAY, clients will get access to the following services:

• Opening e-wallets, personal and corporate bank accounts
• Domestic and international bank transfers
• Foreign exchange transactions
• Crypto wallets, crypto exchange and crypto custody

*The Services listed herein shall be rendered exclusively by our duly authorized service providers who possess the requisite licenses and approvals in accordance with the laws and regulations of the relevant jurisdiction. Our duly authorized service providers reserve the right to discontinue their service provision to COBBYPAY in accordance with the terms outlined in the service agreements. Such actions may have an impact on the accounts of COBBYPAY’s clients. COBBYPAY accepts no liability for any losses and damages that clients may incur in connection with any disruption of services and/or discontinuation of provided services.

The selection of the service provider for each specific service shall be made in strict adherence to their respective licensing and regulatory requirements.

Client Orders

The Client’s orders must be clear and doable. The Client needs to confirm all actions done using their credentials or in the way COBBYPAY asks (like signing a document). This confirmation means the Client agrees to the action taken.

The Client sends orders electronically or in another way they agree with COBBYPAY, using forms provided by COBBYPAY (like logging into the Electronic Channels).

For any payment, the Client must give COBBYPAY accurate, complete, and clear information. COBBYPAY can also ask for more documents to follow the rules and its own procedures. The Client needs to get all necessary permissions and give COBBYPAY the needed documents on time for the payment to be executed.

COBBYPAY shall allow the Client to make payments only if the people authorized by the Client are identified as per COBBYPAY’s records, follow the signature rules, and the transaction limits set for the Client at that time.

COBBYPAY can change payment limits, deadlines, exchange rates, or interest rates without warning, and the changes apply right away in the Electronic Channels.

The Client has to follow COBBYPAY’s security guidelines for protecting their Payment Accounts. COBBYPAY won’t be responsible for any losses or damages if the client does not follow the security guidelines published by COBBYPAY. If the Client uses its Payment Account via Third Party Services (e.g. e-wallets) the Client must follow the security guidelines applicable to Third Party Service.

Transactions involving cryptocurrencies may not be executed in real time due to compliance procedures and reliance on third-party providers. The exchange rate applied to a cryptocurrency transaction will be the rate prevalent on the execution date of the order. We and our affiliates shall not assume any liability for losses incurred if the cryptocurrency transaction is executed at a less favorable exchange rate than the rate on the day of the order. The Client acknowledges the inherent volatility of cryptocurrency markets and understands that exchange rates may fluctuate between the order placement and execution.

Restrictions on use of services

COBBYPAY may choose not to carry out a Payment Order if there’s a suspicion that the Client didn’t authorize it properly or that the Client’s security procedures were violated, infringed and/or the Security Elements of the Payment instrument used were lost/stolen/disclosed to unauthorized persons/inadequately used.

COBBYPAY shall have the right to block the Service if:

• COBBYPAY suspects the Client of money laundering, terrorist financing or other crime or illegal activity;
• The Client has not submitted data or documents requested by COBBYPAY in due time;
• COBBYPAY has become aware of any circumstances which have caused the necessity to examine the legal origin of the Client’s funds or assets;
• COBBYPAY is notified of the Client’s death;
• According to COBBYPAY’s opinion, freezing of an account is necessary in order to prevent damage to the Client, COBBYPAY or a third person;
• There is suspicion that the Client’s Credentials have been used without the Client’s consent or these are stolen;
• There is suspicion that the Client’s Credentials have been used to commit fraud.

COBBYPAY will notify the Client when it rightfully declines to carry out a Payment Order. If feasible and not restricted by the law, COBBYPAY will also provide the reasons and potential solutions.

Prohibited Jurisdictions

COBBYPAY will not carry any transactions to and from the following jurisdictions:

Afghanistan, Albania, Belarus, Botswana, Burundi, Cambodia, Central African Rep, Chad, Congo the Democratic Republic, Cuba, Djibouti, Equatorial Guinea, Eritrea, Gaza Strip, Ghana, Guinea Bissau, Iran, Haiti, Islamic Republic of Iraq, Lao People’s Democratic Republic, Lebanon, Liberia, Libya, Mali, Mauritius, Mongolia, Myanmar, Nicaragua, North Korea, Russian Federation, Somalia, South Sudan, Sudan, Syria, Trinidad & Tobago, Uganda, Ukrainian territories of Crimea, Donetsk, Luhansk, Vanuatu, Venezuela, Yemen and Zimbabwe.

We reserve our rights to reject any transaction from or to a jurisdiction not explicitly specified in the current list.

Prohibited Businesses and Business Activities

COBBYPAY will not carry any transactions to and from the below types of business and any transactions related to the below business activities:

• Sanctioned individuals and entities
• Businesses registered in Extra High-Risk countries (prohibited Jurisdictions)
• Unlawful business (e.g. illegal business or when license or special permission is required and such is not in place)
• Companies whose nature, structure or relationship make it difficult to identify the ultimate beneficial owner(s)
• Business activities related to violent or obscene content production
• Business activities related to arms, weapons and other military products and services
• Anonymous or numbered account providers
• Cultural heritage, artifacts, antiques, or art dealers
• Financial services businesses that accept cash settlement or provide physical cash management services
• Lottery organisations
• Non-governmental charities and religious organisations
• Pyramid scheme type operations
• Shell banks or shell companies
• Crypto-currency mixing activities
• Business activities related to nuclear material and nuclear power
• Unregulated casinos or gambling activities

Security and Fraud Protection

The Client is responsible for safeguarding the Security Elements associated with electronic Payment instruments used for conducting transactions. Any consequences arising from the Client’s improper use of communication and data transfer methods or electronic Payment Operations will be entirely the Client’s responsibility.

COBBYPAY strongly advises Clients to:

• Create robust and secure passwords
• Safeguard passwords and credentials using Password Managers or other secure storage methods
• Avoid sharing login and authorization credentials with others
• Use team member access and permissions to grant access with individual credentials

COBBYPAY employs the latest online security measures including identity confirmation, secure electronic channels, encryption, two-factor authentication, and malware and phishing protection.

Product and Service fees

COBBYPAY shall have the right to receive and the Client shall be obliged to pay for the rendered Service fees, established in the General Terms and Conditions. The pricing of services will be communicated and mutually agreed with the client subsequent to the approval of the client’s application by the compliance department. We retain the right to unilaterally modify the Pricing, including altering the amount, frequency, or time frames for the payment of any fees and/or charges associated with the provided services. COBBYPAY will provide the Client with notification of these changes at least 5 (five) Business Days prior to the implementation of the new or amended Pricing.

The fee structure for our Services may vary among our clientele. The fee schedule is designed for each client individually and it is tailored to their needs and their risk profile. All of the fees are non-refundable and all the fees payable to COBBYPAY are in EUR.

Prevention of money laundering and terrorism financing

COBBYPAY consistently adheres to its Know-Your-Customer (KYC) principles when establishing and maintaining a business relationship with the Client. According to these principles, the Client’s identity must be verified, and the suitability of transactions must be evaluated based on the Client’s primary business and historical transaction patterns.

COBBYPAY reserves the right to request additional information, such as documents supporting specific transactions, from the Client to fulfill its obligations in preventing money laundering.

To adhere to Anti-Money Laundering (AML) legislation, COBBYPAY will retain all documents, including the Client’s personal data and account information, for a period of five years following the termination of services provided by COBBYPAY.

Termination of the business relationship

The Client has the option to terminate the business relationship at any time by providing notice to COBBYPAY. COBBYPAY also has the right to terminate the business relationship with two (2) months’ notice for its convenience.

COBBYPAY may terminate the business relationship with immediate effect in the following circumstances:

• Suspicion of involvement in money laundering or terrorist financing
• Submission of incorrect, misleading, or insufficient information
• Suspected restricted, prohibited, or other illegal activities
• Intentional or negligent failure to fulfill obligations
• Legal obligation or direction from a competent authority
• Non-utilisation of the Payment Account for 180 consecutive calendar days

Responsibility for loss or damage

COBBYPAY is accountable for any loss or damage suffered by the Client that is a foreseeable consequence of COBBYPAY violating these General Terms and Conditions. However, COBBYPAY will not be held responsible for losses or damages that were not foreseeable.

COBBYPAY cannot be held responsible for its inability to provide services or delays caused by factors beyond its control. COBBYPAY will not be held liable for any disruptions in service provision that occur as a result of COBBYPAY fulfilling its legal obligations.

If the Client uses COBBYPAY’s services for commercial or business purposes, COBBYPAY will not be liable to the Client for any loss of profit, anticipated savings, damage to reputation, business interruption, or missed business opportunities.

No warranty

COBBYPAY’s Services are offered on an “as is,” “as available” basis, and without any express, implied, or statutory representations or warranties. COBBYPAY does not guarantee uninterrupted or error-free Services, except where such guarantees are mandated by law.

COBBYPAY is not a banking institution therefore no deposit guarantee scheme applies to the accounts opened within COBBYPAY. However, COBBYPAY ensures that Clients’ funds are kept safe for the benefit of COBBYPAY’s Clients.

Settlement of complaints

The Client may submit a complaint, in regards to any of the products, services or actions of COBBYPAY directly to COBBYPAY by email to: support@cobbypay.com

Final provisions

If any provision or part of these General Terms is determined to be invalid, unlawful, or unenforceable by a court of competent jurisdiction, the remaining provisions shall continue to be valid and binding on the Parties.

Any dispute or claim arising out of or in connection with these General Terms shall be governed by and construed in accordance with the laws of England and Wales. The Parties agree to submit to the exclusive jurisdiction of the courts of England and Wales.

However, in the event that the law of the jurisdiction of the third-party service provider prohibits such governance, these terms shall be subject to the laws of the jurisdiction of the third-party provider.