Consumer Protection & Privacy Policy.

Table of Contents

Document Control ........................................................…..………………………… 2
Document Revision History ................................................…………………………………….. 2
General Conditions ........................................................…………………………….. 5
Information On Transactions, Fees And Charges ........................................................…..………………………… 5
General Principles for Financial Consumer Protection ........................................................…..………………………… 5
PRINCIPLE 1 Equitable and fair Treatment ........................................................…..………………………… 5
PRINCIPLE 2 Disclosure and transparency ........................................................…..………………………… 6
PRINCIPLE 3 Financial education and awareness ........................................................…..………………………… 6
PRINCIPLE 4 Behavior and work ethic ........................................................…..………………………… 6
PRINCIPLE 5 Protection against fraud ........................................................…..………………………… 6
PRINCIPLE 6 Protection of Consumer Privacy ........................................................…..………………………… 6
PRINCIPLE 7 Complaints handling ........................................................…..………………………… 6
PRINCIPLE 8 Competition ........................................................…..………………………… 6
PRINCIPLE 9 Third parties ........................................................…..………………………… 6
Rights of Payee ........................................................…..………………………… 7
Variation and Termination of Framework Contract ........................................................…..………………………… 7
Advertising and Marketing ........................................................…..………………………… 7
Data Protection and Confidentiality ........................................................…..………………………… 8
Training ........................................................…..………………………… 8
Policy Update ........................................................…..………………………… 8
Policy Exemptions & Approvals ........................................................…..………………………… 9
Privacy Policy ........................................................…..………………………… 9
Policy Statement ........................................................…..………………………… 9
Nonpublic Personal Information (NPPI) ........................................................…..………………………… 9
Information Sharing ........................................................…..………………………… 9
Limiting Information Sharing ........................................................…..………………………… 10
Information Sharing Agreements ........................................................…..………………………… 10
Former Customers ........................................................…..………………………… 10
Physical and Virtual Protections ........................................................…..………………………… 10
Limiting Access ........................................................…..………………………… 10
Technological Safeguards ........................................................…..………………………… 10
Physical Safeguards ........................................................…..………………………… 11
Reporting Requirements ..........................................................…..………………………. 11
Monitoring & Testing ........................................................…..………………………… 11
Training ........................................................…..………………………… 12
Policy Update ........................................................…..………………………… 12

General Conditions

1. Provide a copy of terms and conditions to new customers before the commencement of the services to enable the customer to make an informed decision as to whether or not to proceed. 

2. A copy of terms and conditions to existing customers at their request.

3. All changes in terms and conditions must be communicated to the customers at least 2 months in advance of any such changes being implemented. (ref section 50 of the Payment Services Regulations 2017)

4. In the event that a customer does not wish to agree to the revised terms and conditions, the customer must have the right to end the contractual relationship at no charge.

5. Information on the terms and conditions may be provided by mail or electronically (including by means of a website, mobile application, or email).

6. All terms and conditions should be written in easily understandable language and in a clear and comprehensible form. Any information provided must be provided or made available in English or in the language agreed by the parties (ref section 55 of the Payment Services Regulations 2017).

Information On Transactions, Fees And Charges

Faloos Inc will provide its customers the following information before the customer consents to a Payment Transaction or make available such information at the request by the customer within 3 business days (or as required by the Payment or Identity Service Provider):

1. The schedule of fees, charges, and commissions, including currency and conversion rates and withdrawal charges, where applicable, that apply to that Payment Transaction.

2. The legal name, registered address, and relevant contact details for Faloos Inc

3. The form and procedure for giving consent to the initiation of a Payment Order or execution of a Payment Transaction and for the withdrawal of consent.

4. The agreed methods of communication between Faloos Inc and the customer.

5. The agreed safeguarding methods to separate customer funds and Faloos Inc funds.

6. How and within what period of time the customer is required to notify Faloos Inc of any unauthorised or incorrectly initiated or executed Payment Transaction and the liability of Faloos Inc for unauthorised Payment Transactions.

7. Information relating to terms under which a customer may be deemed to have accepted changes to the terms and conditions, the duration of the contract, and the rights.

8. The maximum time in which the Payment Service request will be executed.

General Principles for Financial Consumer Protection

PRINCIPLE 1 Equitable and Fair Treatment

Faloos Inc will deal fairly and honestly with consumers at all stages of their relationship, as the consumers are an integral part of the company's culture. Care should also be taken and special attention given to the needs of vulnerable people and groups.

PRINCIPLE 2 Disclosure and Transparency

Faloos Inc will provide up to date information about products and services to consumers. This information will be easily accessible, clear, simple to understand, accurate, not misleading, and include any potential risks for the consumer. It will include the rights and responsibilities of Faloos Inc and customers including the mechanism for ending the business relation with or by the customer as well as details of fees, pricing and any potential penalties that the consumer may incur.

PRINCIPLE 3 Financial Education and Awareness

Faloos Inc may develop programmes and appropriate mechanisms to help its existing and future consumers develop the knowledge, skills, and confidence to appropriately understand risks (including financial risks and opportunities) and make informed choices and for them to know where to go for assistance when they need it.

PRINCIPLE 4 Behaviour and Work Ethic

Faloos Inc will work in a professional manner for the benefit of its customers during the relationship, in terms of products and services offered by Faloos Inc to its customers. 

PRINCIPLE 5 Protection Against Fraud

Faloos Inc will protect (to the best of its ability) and monitor all financial assets of its customers through the development of control systems (internally or through partners such as the Identity or Payment Service Providers) with a high level of efficiency and effectiveness to reduce fraud, embezzlement, or misuse.

PRINCIPLE 6 Protection of Consumer Privacy

Financial and personal information collected by Faloos Inc during the course of business will be protected through appropriate control and protection mechanisms. These mechanisms will define the purposes for which the data may be collected, processed, held, used, and disclosed (especially to third parties).

PRINCIPLE 7 Complaints Handling

Faloos Inc will allow its consumers access to adequate complaints handling mechanisms that are accessible, affordable, independent, fair, accountable, timely and efficient.

PRINCIPLE 8 Competition

Faloos Inc will ensure that its customers are able to search, compare and where appropriate, switch between products, services, and providers easily. 

PRINCIPLE 9 Third Parties

Faloos Inc have, as an objective, to work in the best interest of their customers and be responsible for upholding financial consumer protection. 

Rights of Payee

Faloos Inc must, immediately after the execution of the Payment Transaction, provide to the Payee the following information:

1. A reference number enabling the Payee to identify the Payment Transaction and the Payer and any information transferred with the Payment Transaction. The reference number will be available in the User’s dashboard available on the Web/Dashboard. 

2. The amount of the Payment Transaction in the currency in which the funds are at the Payee’s disposal or were sent to the Payee’s account.

3. The amount of any fees or charges for the Payment Transaction payable by the Payee (if any).

4. The exchange rate used in the Payment Transaction by Faloos Inc (if any).

5. The date on which the amount of a Payment Transaction is credited to a Payee’s Payment Account.

6. Faloos Inc will provide each of its customers with a history of their Payment Transactions, under a Framework Contract at least once per month free of charge if requested by the User (ref section 53 of the Payment Services Regulations 2017). Note: User can also access the history of their Payment Transactions directly at any time through their Web Dashboard.

Variation and Termination of Framework Contract

A customer may terminate the Framework Contract at any time, unless it was agreed between the customer and Faloos Inc to provide a prior notice period for termination. Such notice period must not exceed 30 calendar days. (ref section 51 of the Payment Services Regulations 2017)

1. The terms and conditions, including fees and charges, cannot be altered unless conditions for such changes are specified in the Contract with the customer.

2. Faloos Inc will provide each of its customers with at least 2 months’ notice for any changes to the terms of the Contract. (ref section 50 of the Payment Services Regulations 2017)

3. Faloos Inc will inform the affected customers of any changes in fees and charges, including any changes imposed by a third party, at least 2 months in advance of any such changes coming into effect and give customers the right to refuse and end the relationship at no cost.

4. Fees and charges that are linked to floating rates, such as exchange rates, may be changed in accordance with what is contracted and based on a reference rate agreed upon and available to the customer.

5. Faloos Inc will not charge a customer for the information required to be provided by any Regulations that Faloos Inc is governed by.

6. Faloos Inc will not charge any fees and charges from its customers if they were not informed to them prior to that Payment Transaction.

 Advertising and Marketing

1. Faloos Inc will ensure that any advertising or promotional material for its product and services is not deceptive, misleading or exaggerative.

2. All text and numbers stated in such material should be clearly visible and understandable, with a legible font size used for all text (including footnotes).

3. Faloos Inc will ensure that advertising and promotional material is designed and presented so that any customer can reasonably be expected to understand that it is an advertisement, and that the availability of the product or service may require the customer to meet certain criteria.

4. All advertising and promotional material must be approved in writing by the Compliance function of Faloos.

5. A Payment Service Provider must not send promotional material to any person under the age of 18 years, where such material presents an unsuitable risk to such customers.

Data Protection and Confidentiality

Faloos Inc will protect the Customer Data and maintain the confidentiality of that data, including when it is held by a third party of the Payment Service Provider. The personal information of customers will be accessed and used by personnel authorised by Faloos Inc only for the purpose of complying with regulatory requirements applicable in the United Kingdom, including in relation to anti-money laundering reporting, fraud, and financial crime reporting. Faloos Inc will not disclose any Customer Data except where:

1. Required to by applicable laws and regulations, by the FCA or other competent authority in the United Kingdom.

2. The disclosure is made with the prior written consent of the customer. The consent from the customer will be made part of the Terms and Conditions accepted by the customer at the time of on-boarding on to the Faloos service. 

3. Faloos Inc shall put in place and maintain adequate policies, procedures, and controls, as well as employee awareness training, to protect Customer Data and to identify, act to prevent, and resolve any information security breaches.

Training

It is the responsibility of the company to ensure that all of the relevant personnel receive appropriate training on the regulation(s) and the directives of this Policy. The training programme includes:

1. Regulatory requirements and Faloos Inc consumer protection policy, procedures, and processes (including any changes).

2. Current developments and changes to any related regulation(s);

3. Employee monitoring requirements

4. Reinforcing the importance that Senior Management places on compliance with consumer protection and ensuring that all employees understand their role in maintaining an effective compliance program.

5. Understanding and communicating the context and the purpose of the consumer protection Policy.

Policy Update

This policy will be reviewed on an annual basis or in case of major regulatory instructions. All minor amendments will be issued through an addendum. All addendums issued during the year will be incorporated into the policy on an annual review.

Policy Exemptions & Approvals

Approval for exemptions to any clause of this policy will be obtained from the Board of Directors on a post facto basis. 

Privacy Policy

Policy Statement

Faloos Inc adopted this policy (the “Policy”) as evidence that Faloos Inc personnel are committed to the practices of ensuring that a consumer’s private information is secure and confidential. Faloos Inc will take tangible steps to ensure we safeguard consumer information from unauthorised use. As such, Faloos Inc has implemented safeguards to protect consumer information. These safeguards can be physical (restricted access to buildings), electronic (IT firewalls), or procedural (use of shredding devices).

Non-public Personal Information (NPPI)

Non-public Personal Information (“NPPI”) is any data or information considered to be personal in nature and not subject to public availability.

Personal information includes, but is not limited to:

1. Individual names

2. ID document number

3. Credit or debit card numbers or IBAN information

4. Dates of birth

5. IP address

6. Email address

Information Sharing

Faloos Inc collects information about its customers to help better serve their financial needs, to provide them with quality products and services, and to fulfil legal and regulatory requirements. We consider non-public information about our customers in our possession to be personal information, even if they cease to be a customer. The personal information we collect about our customers may include among other things:

1. Identifying information, such as their name, age, address, phone number, and ID document number.

2. Employment information (for potential future product releases).

3. Financial information such as their income, assets, and liabilities, as well as information about their savings, investments, and insurance (for potential future product releases).

Typically, Faloos Inc collects this information on applications and other forms completed by the customer. Faloos Inc may also collect information from a wide range of other sources in order to process the customer's request for transactions.

Limiting Information Sharing

Faloos Inc shares personal information about its consumers, only as required or permitted by law, with third parties, such as service providers who assist us in the day-to-day operations of our company.

Information Sharing Agreements

Faloos Inc may engage in joint marketing ventures with non-affiliates that require the sharing of information. Any time Faloos Inc enters into an agreement with a non-affiliate, that agreement may be reviewed by the Faloos Inc Legal/Compliance Department to confirm that there is a clause concerning NPPI and its acceptable use pursuant to that agreement. No information-sharing agreement may be executed without the approval of the Legal/Compliance Department.

Former Customers

Once a consumer is no longer an active Faloos customer, we will continue to treat information that they have provided as if they were still a customer.

Physical and Virtual Protections

Faloos Inc Information Technology Department (“IT”) provides high-level guidelines in identifying and implementing safeguarding processes to protect customer data, confidential and/or proprietary information from misuse, inappropriate transfer, and theft. The safeguarding process also identifies foreseeable internal and external risks to the security, confidentiality, or integrity of any records containing personal and/or proprietary information.

Faloos Inc has implemented physical, electronic, and procedural safeguards to maintain confidentiality and integrity of the personal information in our possession and to guard against unauthorised access. These include (among other things): procedures for controlling access to customer files, building security programs, and information technology security measures such as the use of passwords, firewalls, virus prevention, and detection software. These safeguards include:

Limiting Access

Each employee needs appropriate access to do his or her job. Therefore, when a new employee is hired, the new employee's system and physical access should meet the requirements of their job function. In the same manner, if an employee moves into a new position, that employee's system and physical access requirements could change accordingly. The person authorising such access (for example, the employee's direct leader or manager) should be mindful to limit access only to those systems and areas deemed critical for the employee to accomplish their job function.

Technological Safeguards

Faloos Inc uses a standard SSL (Secure Sockets Layer) encryption. General consumer information is encrypted when stored and encrypted when transmitted outside of the Faloos Inc environment. For Passwords, Faloos Inc utilises a bcrypt hashing and for API authentication, Faloos Inc uses JWT token security.

Physical Safeguards

In the case where Faloos Inc has its own office space, employees, consultants, and vendors must treat physical data with the same high-level care as electronically stored data.

Employees are responsible for maintaining the physical security of Faloos Inc premises. These precautions include:

1. Not propping or leaving doors open.

2. Ensuring that the door(s) are fully closed after your departure.

3. Directing individuals who enter secured areas without a badge to sign in with a receptionist or Administrative Services.

4. Immediately report lost or stolen company-issued laptops and/or cellular phones to the Information Technology Department.

5. Maintaining the security of paper documents. For example:

   1. When information is no longer needed, shred proprietary, confidential and/or customer information.

   2. Do not leave proprietary, confidential and/or customer information lying on copiers or fax machines or in unsecured areas or hallways of Company facilities.

   3. Proprietary, confidential and/or customer information must always be within the employee’s physical possession and sight or secured out of sight in a locked area.

Reporting Requirements

The Legal/Compliance Department is responsible for ensuring that these safeguards are being followed. If any employee believes a breach of our safeguards has taken place, or they have reason to believe any non-public consumer information has been unlawfully accessed or delivered to a third party in error, they must contact the Legal/Compliance Department for investigation, notification, and resolution.

Monitoring & Testing

The policy will be re-evaluated annually to determine whether all aspects of the policy are up-to-date and applicable in the current business environment. In the event that changes to regulations are mandatory and require an immediate update, the policy will be amended to reflect such changes. The actions to take if fraudulent or illegal activity is discovered may also require revision to reduce damage to Faloos Inc and its consumers.

As part of the review, red flags may be revised, replaced, or eliminated. Defining new red flags may also be appropriate. The following factors may be considered in exercising discretion in amending the policy:

1. Faloos Inc experience with identity theft.

2. Updates in methods of identity theft.

3. Updates in customary methods used to detect, prevent, and mitigate identity theft.

4. Updates in types of accounts that Faloos Inc offers or maintains; and/or

5. Updates in service provider arrangement(s). 

Training

It is the responsibility of  Faloos Inc to ensure that all relevant employees receive the appropriate training on the regulation(s) and the directives of this policy. The training program includes:

1. Regulatory requirements and internal Privacy policies, procedures, and processes, including any changes.

2. Current developments and changes to any related regulations.

3. Faloos Inc employee monitoring requirements.

4. Reinforcing the importance that the Board of Directors and Senior Management place on compliance with the Privacy Policy and ensuring that all employees understand their role in maintaining an effective compliance program.

5. Understanding and communicating the context and the purpose of the Privacy Policy.

Policy Update

This policy will be reviewed on an annual basis or in case of major regulatory instructions. All minor amendments will be issued through addendum. All addendums issued during the year will be incorporated into the policy on annual review.