TERMS AND CONDITIONS OF USE

3. DESCRIPTION OF SERVICES

3.1 Services Offered

Monitiva provides the following financial services, subject to availability in your jurisdiction and compliance with all applicable regulatory requirements:

• Remittance Services: Cross-border money transfer services enabling Users to send funds from Canada, the European Union, and Latin America to beneficiaries in various countries.
• Currency Exchange: Foreign exchange services for the conversion of currencies at competitive rates through licensed liquidity providers and correspondent banks.
• Electronic Wallets (E-Wallets): Digital wallet accounts for storing, sending, and receiving funds.
• Virtual IBANs: Virtual international bank account numbers for receiving and managing payments.
• Card Issuance: Physical and virtual payment cards for authorized purchases and ATM withdrawals.
• Payment Processing: Card acquiring and payment processing services for Business Clients.

3.2 Service Availability

The availability of specific Services may vary depending on your location, regulatory requirements, and the completion of applicable verification procedures. We reserve the right to modify, suspend, or discontinue any Service at any time, with or without notice, subject to Applicable Law.

3.3 Funding Methods

Users may fund Transactions using the following methods, subject to availability:

• Bank wire transfers (EFT, SWIFT)
• Interac e-Transfer (Canada only)
• Debit cards
• Credit cards (where permitted)

Important: Monitiva does not accept cash deposits from customers at this time.

3.4 Payout Methods

Funds may be delivered to Beneficiaries through:

• Bank account deposits
• Mobile wallet settlement
• Cash payout through authorized local partner agents (where available)

4. ACCOUNT REGISTRATION AND VERIFICATION

4.1 Account Creation

To use our Services, you must create an Account by completing our online registration process. You agree to provide accurate, current, and complete information during registration and to update such information to keep it accurate, current, and complete.

4.2 Identity Verification Requirements

In compliance with the PCMLTFA and FINTRAC regulations, we are required to verify your identity before providing Services. Our verification procedures are conducted through our third-party verification provider, Sumsub, and include:

4.2.1 Individual Client Requirements

• Full legal name
• Date of birth
• Residential address
• Valid government-issued photo identification (passport, driver's license, or equivalent)
• Proof of address (utility bill or bank statement not older than 90 days)
• Contact information (email address and mobile phone number)
• Occupation and employment information
• Biometric verification (liveness check)

4.2.2 Business Client Requirements

In addition to the requirements for Individual Clients (for all directors and beneficial owners holding 25% or more), Business Clients must provide:

• Corporate registration documents (certificate of incorporation, articles of association)
• Business registration number and registered address
• Beneficial ownership information for all individuals owning 25% or more
• Director and shareholder information
• Group organizational chart (if applicable)
• Proof of business address
• Financial statements (where applicable)

4.3 Enhanced Due Diligence

We may require additional documentation and verification procedures (Enhanced Due Diligence or "EDD") for:

• Users classified as high-risk based on our risk assessment
• Politically Exposed Persons (PEPs) and their relatives or close associates
• Users operating in restricted industries
• Users located in or transacting with high-risk jurisdictions
• High-volume or unusual transaction patterns

4.4 Account Security

You are solely responsible for maintaining the confidentiality of your Account credentials, including your password and any multi-factor authentication methods. You agree to:

1. Use a strong, unique password for your Account;
2. Enable and maintain multi-factor authentication;
3. Never share your Account credentials with any third party;
4. Notify us immediately of any unauthorized access or suspected security breach;
5. Be fully responsible for all activities that occur under your Account.

5. USER OBLIGATIONS AND REPRESENTATIONS

5.1 Compliance with Laws

You agree to comply with all Applicable Laws in connection with your use of the Services, including but not limited to laws relating to anti-money laundering, counter-terrorist financing, sanctions, tax, and consumer protection.

5.2 Accurate Information

You represent and warrant that all information provided to Monitiva is true, accurate, complete, and not misleading. You agree to promptly update any information that becomes inaccurate or incomplete.

5.3 Legitimate Use

You agree to use the Services only for lawful purposes and in accordance with these Terms. You shall not use the Services to:

• Engage in any illegal activity, including money laundering, terrorist financing, tax evasion, or fraud
• Violate any sanctions, embargoes, or trade restrictions
• Transfer funds on behalf of third parties without proper authorization and disclosure
• Structure transactions to avoid reporting thresholds (smurfing)
• Provide false or misleading information about the source, purpose, or destination of funds
• Circumvent any security measures or access controls

5.4 Source of Funds

You represent and warrant that all funds used in connection with the Services are derived from legitimate sources and are not the proceeds of criminal activity. We reserve the right to request documentation evidencing the source of funds for any Transaction.

6. TRANSACTIONS

6.1 Transaction Authorization

By initiating a Transaction, you authorize Monitiva to execute the Transaction in accordance with the instructions provided. You are responsible for ensuring the accuracy of all Transaction details, including the Beneficiary's name, account information, and transfer amount.

6.2 Transaction Processing

Transactions are subject to:

• Verification of your identity and Account status
• Anti-money laundering (AML) and counter-terrorist financing (CTF) screening
•Sanctions screening against OFAC, UN, EU, and Canadian sanctions lists
• Risk assessment and fraud detection procedures
• Availability of funds and applicable limits

6.3 Transaction Limits

Transactions are subject to daily, monthly, and per-transaction limits as determined by Monitiva and displayed in your Account. Limits may vary based on your verification level, risk profile, and transaction history. We reserve the right to modify limits at any time.

6.4 Travel Rule Compliance

In compliance with FINTRAC regulations and FATF recommendations, for transfers of CAD $1,000 or more (or equivalent), we are required to share the following information with receiving financial institutions:

Sender Information: Full name, account number, address, and financial institution details

Beneficiary Information: Full name, account number, address, and receiving financial institution details

Transaction Information: Amount and date of transaction

This disclosure is a mandatory legal requirement and does not require additional consent.

6.5 Transaction Cancellation and Refunds

You may request cancellation of a Transaction only if the funds have not yet been paid out to the Beneficiary or collected by the Beneficiary. Refunds, if approved, will be processed minus any applicable fees and exchange rate differences. We reserve the right to refuse cancellation requests where funds have already been disbursed or where we suspect fraudulent activity.

6.6 Transaction Delays and Holds

Monitiva may delay, suspend, or place a hold on any Transaction for purposes of:

• Compliance verification and AML/CTF screening
• Fraud investigation
• Verification of source of funds
• Resolution of technical issues
• Compliance with court orders or regulatory requests

7. FEES, EXCHANGE RATES, AND PRICING

7.1 Service Fees

Monitiva charges fees for certain Services as disclosed at the time of Transaction initiation. Fees may include, but are not limited to:

• Transfer fees
• Currency conversion fees
• Card issuance and maintenance fees
• ATM withdrawal fees
• Account maintenance fees

All applicable fees will be clearly disclosed before you confirm a Transaction. We reserve the right to modify our fee schedule at any time, with notice provided through the Platform.

7.2 Exchange Rates

Currency exchange rates are provided by our liquidity providers and correspondent banks. Exchange rates are subject to change without notice and may include a margin. The exchange rate applicable to your Transaction will be displayed at the time of Transaction initiation and confirmed before execution.

For regulatory reporting purposes, Monitiva uses overnight exchange rates from the Bank of Canada to assess whether transactions meet applicable reporting thresholds.

7.3 Third-Party Fees

Additional fees may be charged by third parties, including correspondent banks, receiving financial institutions, or payment networks. Such fees are beyond Monitiva's control and are the sole responsibility of the User.

8. PROHIBITED ACTIVITIES AND RESTRICTED USE

8.1 Prohibited Industries

Monitiva does not provide Services to businesses or individuals engaged in the following prohibited industries:

• Adult content and services
• Binary options and unregulated trading platforms
• CBD oil and cannabis-related products
• Firearms and weapons
• Drug paraphernalia
• Counterfeit or replica goods
• Shell companies
• Payday lending and cash advances
• Credit repair services
• Pyramid schemes and chain letters
• Timeshare sales
• Any other activity determined by Monitiva to be high-risk or incompatible with our risk appetite

8.2 Restricted Industries

The following industries are subject to Enhanced Due Diligence and additional controls, and may be accepted only at Monitiva's sole discretion:

• Licensed financial institutions (including cryptocurrency exchanges)
• Gaming, betting, and gambling
• Precious metals and gemstones
• Charities and non-profit organizations
• Travel agencies and tour operators
• Pharmaceuticals
• Money services businesses

8.3 Prohibited Jurisdictions

Monitiva does not provide Services to Users located in, or for Transactions involving, the following sanctioned jurisdictions:

• North Korea (DPRK)
• Iran
• Syria
• Russia
• Belarus
• Crimea, Donetsk, and Luhansk regions of Ukraine
• Any other jurisdiction subject to comprehensive Canadian, UN, US, or EU sanctions

Additional countries may be restricted or require Enhanced Due Diligence. Please contact us for current information regarding specific jurisdictions.

8.4 Prohibited Activities

You agree not to use the Services for any of the following prohibited activities:

1. Money laundering, terrorist financing, or any other financial crime
2. Violations of any applicable sanctions, embargoes, or trade restrictions
3. Tax evasion or the facilitation of tax evasion
4. Fraud, including identity theft, payment fraud, or account takeover
5. Structuring transactions to avoid reporting requirements
6. Operating an unlicensed money services business
7. Unauthorized use of another person's identity or payment credentials
8. Interference with the Platform's security or functionality
9. Reverse engineering, decompiling, or disassembling the Platform
10. Any other activity that violates Applicable Law or these Terms

9. INTELLECTUAL PROPERTY RIGHTS

9.1 Monitiva's Intellectual Property

The Platform, including all content, features, functionality, software, designs, text, graphics, logos, icons, images, and trademarks, is owned by Monitiva or its licensors and is protected by Canadian and international copyright, trademark, patent, trade secret, and other intellectual property laws.

9.2 Limited License

Subject to your compliance with these Terms, Monitiva grants you a limited, non-exclusive, non-transferable, revocable license to access and use the Platform for your personal or internal business purposes. This license does not include the right to:

• Modify, copy, or create derivative works of the Platform
• Sublicense, sell, or transfer the license
• Use the Platform for any commercial purpose not authorized by Monitiva
• Remove or alter any proprietary notices

10. PRIVACY AND DATA PROTECTION

10.1 Privacy Policy

Your use of the Services is subject to our Privacy Policy, which describes how we collect, use, disclose, and protect your personal information. The Privacy Policy is incorporated into these Terms by reference. By using the Services, you consent to the collection, use, and disclosure of your personal information as described in the Privacy Policy.

10.2 Regulatory Disclosure

You acknowledge and agree that we may be required to collect, retain, and disclose your personal information to government authorities, including FINTRAC, the Bank of Canada, law enforcement agencies, and other regulatory bodies, as required by Applicable Law. Such disclosures may include:

• Suspicious Transaction Reports (STRs)
• Electronic Funds Transfer Reports (EFTRs)
• Terrorist Property Reports (TPRs)
• Responses to court orders and regulatory requests

10.3 Data Retention

In accordance with the PCMLTFA and other Applicable Laws, we are required to retain records relating to your Account and Transactions for a minimum of five (5) years after the end of our business relationship or the date of the Transaction, whichever is later.

11. DISCLAIMERS AND WARRANTIES

11.1 Service Disclaimer

THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. MONITIVA DOES NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED, ERROR-FREE, SECURE, OR FREE FROM VIRUSES OR OTHER HARMFUL COMPONENTS.

11.2 Third-Party Services

The Services may integrate with or rely upon third-party services, including correspondent banks, payment networks, and identity verification providers. Monitiva is not responsible for the acts, omissions, or availability of such third parties.

11.3 Exchange Rate Disclaimer

Exchange rates fluctuate continuously. While we endeavor to provide competitive rates, we do not guarantee that our rates will be the most favorable available in the market. The exchange rate shown at the time of Transaction confirmation is the rate that will apply to your Transaction.

12. LIMITATION OF LIABILITY

12.1 Exclusion of Damages

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL MONITIVA, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, AFFILIATES, OR LICENSORS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, ARISING OUT OF OR IN CONNECTION WITH:

1. Your access to or use of (or inability to access or use) the Services
2. Any conduct or content of any third party
3. Unauthorized access, use, or alteration of your transmissions or content
4. Delays or failures in Transaction processing
5. Exchange rate fluctuations

12.2 Cap on Liability

IN NO EVENT SHALL MONITIVA'S TOTAL LIABILITY TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICES EXCEED THE GREATER OF: (A) THE TOTAL FEES PAID BY YOU TO MONITIVA DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM; OR (B) ONE HUNDRED CANADIAN DOLLARS (CAD $100.00).

12.3 Essential Purpose

THE LIMITATIONS SET FORTH IN THIS SECTION SHALL APPLY EVEN IF ANY LIMITED REMEDY SET FORTH HEREIN FAILS OF ITS ESSENTIAL PURPOSE AND REGARDLESS OF WHETHER MONITIVA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

12.4 Jurisdictional Limitations

Some jurisdictions do not allow the exclusion or limitation of certain warranties or liabilities. In such jurisdictions, our liability shall be limited to the maximum extent permitted by Applicable Law.

13. INDEMNIFICATION

You agree to indemnify, defend, and hold harmless Monitiva, its directors, officers, employees, agents, affiliates, successors, and assigns from and against any and all claims, demands, damages, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to:

1. Your breach of these Terms
2. Your violation of any Applicable Law
3. Your violation of any rights of any third party
4. Your use or misuse of the Services
5. Any Transaction initiated by you
6. Any content or information you provide
7. Your negligence or willful misconduct

14. GOVERNING LAW AND DISPUTE RESOLUTION

14.1 Governing Law

These Terms and any dispute arising out of or relating to these Terms or the Services shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without regard to conflict of law principles.

14.2 Jurisdiction

Subject to Section 14.3 below, you irrevocably submit to the exclusive jurisdiction of the courts of the Province of Ontario, sitting in the City of Toronto, for the resolution of any dispute arising out of or relating to these Terms or the Services.

14.3 Alternative Dispute Resolution

Before commencing any legal proceedings, the parties agree to attempt to resolve any dispute through good faith negotiation. If negotiation fails to resolve the dispute within thirty (30) days, either party may submit the dispute to binding arbitration administered by the ADR Institute of Canada in accordance with its Arbitration Rules. The arbitration shall be conducted in Toronto, Ontario, in the English language. The arbitrator's decision shall be final and binding.

14.4 Class Action Waiver

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE THAT ANY DISPUTE RESOLUTION PROCEEDINGS WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION.

14.5 Preservation of Rights

Notwithstanding the foregoing, Monitiva may seek injunctive or other equitable relief in any court of competent jurisdiction to protect its intellectual property rights or confidential information.

15. INTERNATIONAL USERS AND JURISDICTION-SPECIFIC PROVISIONS

15.1 General

The Services are controlled and operated from Canada. We make no representation that the Services are appropriate or available for use in other locations. Users who access or use the Services from other jurisdictions do so at their own risk and are responsible for compliance with local laws.

15.2 European Union Users

If you are located in the European Union or European Economic Area, you have certain rights under the General Data Protection Regulation (GDPR). Our processing of your personal data is subject to our Privacy Policy, which describes your rights and our obligations under GDPR.

15.3 Quebec Users

If you are a resident of Quebec, you have certain rights under the Act Respecting the Protection of Personal Information in the Private Sector (Act 25). To the extent there is any conflict between these Terms and Act 25, Act 25 shall prevail.

15.4 Mexican Users

If you are a resident of Mexico, you have certain rights under the Ley Federal de Protección de Datos Personales en Posesión de los Particulares (LFPDPPP). Our Privacy Notice (Aviso de Privacidad) describes how we collect, use, and protect your personal data in compliance with Mexican law.

15.5 Latin American Users

If you are located in Latin America, local data protection laws may apply to your use of the Services. We comply with applicable privacy laws in each jurisdiction where we operate. Additional terms may apply based on your country of residence.

16. MODIFICATIONS TO TERMS AND SERVICES

16.1 Right to Modify

Monitiva reserves the right to modify, amend, or update these Terms at any time in its sole discretion. Any changes will be effective upon posting of the revised Terms on the Platform, unless a later effective date is specified.

16.2 Notice of Changes

We will notify you of material changes to these Terms by:

• Posting a notice on the Platform
• Sending an email to the address associated with your Account
• Displaying a notice in the mobile application

16.3 Continued Use

Your continued use of the Services after the effective date of any modifications constitutes your acceptance of the revised Terms. If you do not agree to the revised Terms, you must cease using the Services and close your Account.

16.4 Modifications to Services

We reserve the right to modify, suspend, or discontinue any part of the Services at any time, with or without notice. We shall not be liable to you or any third party for any modification, suspension, or discontinuation of the Services.

17. ACCOUNT SUSPENSION AND TERMINATION

17.1 Suspension by Monitiva

Monitiva may immediately suspend or restrict your access to the Services, without notice, if:

1. We reasonably believe you have violated these Terms
2. We detect suspicious, fraudulent, or unauthorized activity
3. We are required to do so by Applicable Law or a government authority
4. You fail to provide required verification information
5. Your Account has been dormant for an extended period
6. We determine, in our sole discretion, that continued service poses unacceptable risk

17.2 Termination by Monitiva

Monitiva may terminate your Account and these Terms at any time, for any reason or no reason, upon notice to you. In the event of termination, we will return any funds held in your Account, minus any applicable fees, pending charges, or amounts owed to us, subject to our obligations under Applicable Law.

17.3 Termination by User

You may terminate your Account at any time by contacting customer support or using the Account closure feature in the Platform. Prior to termination, you must:

• Complete or cancel any pending Transactions
• Withdraw any remaining funds from your Account
• Pay any outstanding fees or charges

17.4 Effect of Termination

Upon termination of your Account:

• Your right to access and use the Services will immediately cease
• We may retain your information as required by Applicable Law
• Any provisions of these Terms that by their nature should survive termination shall survive
• You remain liable for any obligations incurred prior to termination

17.5 Dormant Accounts

Accounts that remain inactive for three hundred sixty-five (365) days will be considered dormant. We may apply dormant account fees or close dormant accounts in accordance with Applicable Law. Reactivation of a dormant account may require a complete identity verification refresh.

18. GENERAL PROVISIONS

18.1 Entire Agreement

These Terms, together with the Privacy Policy, Cookie Policy, and any other policies or agreements referenced herein, constitute the entire agreement between you and Monitiva regarding the subject matter hereof and supersede all prior or contemporaneous communications, representations, or agreements, whether oral or written.

18.2 Severability

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid, legal, and enforceable while preserving the intent of the parties, and the remaining provisions shall continue in full force and effect.

18.3 Waiver

No waiver of any term or condition of these Terms shall be deemed a further or continuing waiver of such term or condition or any other term or condition. Monitiva's failure to assert any right or provision under these Terms shall not constitute a waiver of such right or provision.

18.4 Assignment

You may not assign or transfer these Terms or your rights hereunder, in whole or in part, without Monitiva's prior written consent. Monitiva may assign or transfer these Terms, in whole or in part, without restriction. Any attempted assignment in violation of this Section shall be void.

18.5 Force Majeure

Monitiva shall not be liable for any failure or delay in performing its obligations under these Terms due to circumstances beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, riots, embargoes, acts of civil or military authorities, fire, floods, epidemics, pandemics, strikes, power outages, telecommunications failures, or computer viruses.

18.6 Relationship of Parties

Nothing in these Terms shall be construed to create a partnership, joint venture, agency, or employment relationship between you and Monitiva. Neither party shall have any authority to bind the other party in any respect.

18.7 Notices

All notices to Monitiva must be sent to:

Paytex Solutions Ltd. (Monitiva) 130 Spadina Ave, Unit 807 Toronto, Ontario, M5V 2L4 Canada Email: legal@monitiva.com

Notices to you will be sent to the email address associated with your Account or posted on the Platform. Email notices are deemed received on the date sent. Posted notices are effective upon posting.

18.8 Language

These Terms are written in English. If these Terms are translated into any other language and there is a conflict between the English version and the translated version, the English version shall prevail, except where prohibited by Applicable Law.

18.9 Headings

The section headings in these Terms are for convenience only and have no legal or contractual effect.

18.10 Third-Party Beneficiaries

These Terms are for the sole benefit of the parties hereto and do not confer any rights or remedies upon any third party, except as expressly provided herein.

19. CONTACT INFORMATION

If you have any questions, concerns, or complaints regarding these Terms or the Services, please contact us:

General Inquiries:	info@monitiva.com
Legal Department:	legal@monitiva.com
Compliance Officer:	compliance@monitiva.com
Privacy Inquiries:	privacy@monitiva.com
Customer Support:	support@monitiva.com
Website:	https://monitiva.com
Mailing Address:	130 Spadina Ave, Unit 807, Toronto, Ontario, M5V 2L4, Canada
FINTRAC MSB Registration:	C100000118

— End of Terms and Conditions —

Document prepared in compliance with PCMLTFA, RPAA, PIPEDA, Quebec's Act 25, GDPR, Mexican LFPDPPP, and applicable Latin American privacy frameworks.

Last reviewed: December 2025