Transaction Compliance

VMBS MONEY TRANSFER TERMS AND CONDITIONS

VMBS Money Transfer is the money transfer service established by VMBS Money Transfer Services Limited (VMTS) to enable the transfer of money within Jamaica, and from the UK, Canada and the USA to Jamaica. We are licensed, approved and regulated by the Bank of Jamaica (BOJ), and we pride ourselves on being the most technologically advanced, convenient and easy to use money transfer service.

In providing service to our valued customers, we are required to comply with the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) legislation, and the Terms and Conditions of our remittance partners, and we endeavor to comply with or exceed international best practice standards at all times. These Terms and Conditions are intended to describe our policies and procedures consistent with applicable AML and CFT legislation, BOJ guidance, and the Terms and Conditions of VMTS Partners. You are required to familiarize yourself with these Terms and Conditions, and your use of VMBS Money Transfer indicates your agreement to comply with, be bound by, and be deemed to be bound by these Terms and Conditions.

INTERPRETATION

In these terms and Conditions, “I”, “We” “Our” and “Us” refer to VMTS, its agents and its Affiliates, while “You” and “Your” refer to the Sender and the Receiver respectively. Unless the context suggests otherwise, the following terms shall bear the following meanings:

Account- A bank account established by Receiver into which Money Transfers may be deposited.

Account Provider- The financial institution with which an Account is maintained.

Affiliate- Any parent or holding company, subsidiary, or associated company with the Victoria Mutual Group.

Money Transfer- An instruction that funds which have been supplied by the Sender be delivered to the Receiver, and the execution of that instruction.

Principal Amount- The funds intended by the Sender to be delivered to the Receiver.

Receiver- The person who is the intended collector or recipient of a Money Transfer, including a bill collector for whom VMTS facilitates bill payments.

Sender- The person who initiates a Money Transfer, including without limitation the National Housing Trust for the purposes of Contribution Refunds.

Service- Any product or feature offered by VMTS to Senders and Receivers, including without limitation Money Transfers, bill payments, and facilitation of National Housing Trust Contribution Refunds.

Transfer Fee- Any cost ascribed by VMTS or a VMTS Partner for executing a Money Transfer.

VMTS Partner- Any legal entity with whom VMTS collaborates for the purpose of executing Money Transfers or other Services, including without limitation:

  • Moneygram, in respect of Money Transfers within Jamaica and from Jamaica to any part of the world in which MoneyGram operates;
  • Xoom (Xoom.com), in respect of Money Transfers between Jamaica and the United States of America;
  • RIA, in respect of Money Transfers between Jamaica and the United Kingdom and Jamaica and North America;
  • World Remit (worldremit.com), in respect of Money Transfers between Jamaica and the United Kingdom;
  • Choice Money Transfer, in respect of Money Transfers between Jamaica and the United States of America;
  • NSC eMoney Services, in respect of Money Transfers between Jamaica and the Turks and Caicos Islands;
  • Remity, in respect of Money Transfers within Jamaica and from Jamaica to any part of the world in which Remity operates
  • National Housing Trust, in respect of Contribution Refunds only.

 

Website– The website operated by VMBS Money Transfer Services Limited, currently located at https://vmmoneytransfer.vmbs.com/ .

 AML/CFT Compliance 

In fulfilling the regulatory requirements of the BOJ and applicable AML and CFT legislation, we place great emphasis on “Know Your Customer” (KYC) and the use of a risk-based approach surrounding transactions and customers alike throughout our network.  We are required to accurately maintain records of customer identification and verification, transaction and source of funds, as well as an expected transaction profile of customers. We are also required to obtain client information and verification of residency which may include, but is not limited to, obtaining proof of Tax Identification (Tax Registration Number) or any similar document such as Social Insurance Number/National Insurance Number/Social Security Number/Tax Insurance Number; country of residency/place of birth; passport identification or any relevant government issued identification; bank account or transaction verifications; and other documentation as required by the regulatory bodies.

You agree to comply with these requirements by providing us with such documentation as we may request to verify your identity or source of funds, and you acknowledge and agree that we reserve the right to refuse to allow you to execute a transaction in the event that you fail to comply with these requirements or with any request we may make in connection therewith. You agree to indemnify and hold us harmless in relation to any loss or damage you may suffer as a result of any such refusal.

 

MONEY TRANSFERS

VMTS collaborates with VMTS Partners to allow you to send money within Jamaica and receive money in Jamaica from Senders in Jamaica, the UK, Canada and the US. All portions of the Services (within and outside of Jamaica) are subject to these Terms and Conditions and applicable law, and some aspects of the Services may also be subject to the terms and conditions and applicable law governing a VMTS Partner.

Money Transfers will normally be paid to the Receiver in cash or via deposit to an Account. Money Transfers will be remitted to or available for collection by the Receiver promptly after validation of Sender’s information. Certain money transfer services, transfers that exceed certain Principal Amounts, and/or transfers to certain destinations may take longer or be subject to additional restrictions. VMTS reserves the right to limit the Principal Amount of a Money Transfer, or to decline to accept or pay any Money Transfer that it or its agents determine in their sole discretion violates any applicable law or VMTS policy. When required by applicable law, Money Transfers sent or received will be reported to local and/or foreign authorities.

It is the Sender’s responsibility to ensure that all details regarding the Money Transfer and deposit to the Account, including without limitation Account number, Account Provider details, currency, and contact information for Sender or Receiver are correct before sending. VMTS does not accept responsibility or liability for any loss or damage arising from a Money Transfer being credited to the wrong Account as a result of incorrect information being provided the Sender, or as a result of any other error or omission on the part of the Sender, or any other occurrence or circumstance that was not executed by VMTS or its servants or agents, or which is outside the control of VMTS.

Where a Money Transfer is credited to a Receiver’s Account, the Account Provider may impose additional fees on Receiver for receiving the funds into that Account. Unless required by applicable law, VMTS accepts no responsibility to Receiver for any fees imposed on Receiver by the Account Provider. If the currency of a Money Transfer is not the currency in which the Account is denominated, the Account Provider may convert the funds at its own currency exchange rate or reject the transaction. Receiver’s agreement with the Account provider governs Receiver’s rights, liabilities and fees, and the Account Provider may impose its own restrictions regarding funds availability, limits that may be transferred to or held in Accounts, hours of operations, holidays or other limitations.

FEES, PAYMENT AND CURRENCY EXCHANGE

Transfer Fees. In consideration for the use of the Service, you agree to pay to VMTS a fee for each Money Transfer initiated by you at the applicable rate then in effect as prescribed by the VMTS Partner through whom the Money Transfer will be facilitated (the “Transfer Fee”). The applicable Transfer Fee for your transaction will be provided to you prior to your final authorization of the transaction, in addition to any applicable fees for additional services. You agree to pay the Transfer Fee as a condition precedent to our execution of the Money Transfer. Certain countries and/or jurisdictions may impose a tax, fee and/or tariff on Receiver’s receipt of, or access to, transferred funds.

Currency Exchange. All payments will be made in the currency of the destination country. In addition to the Transfer Fees applicable to the transaction, a currency exchange rate will be applied, as determined by the VMTS Partner through whom the Money Transfer will be facilitated.

Payment. Transfer Fees and the Principal Amount are due and payable before VMTS processes a Money Transfer.

 

REFUNDS

Refunds of Principal Amount and cancellation of the Money Transfer will be made or facilitated in accordance with the Terms and Conditions of the VMTS Partner through whom the Money Transfer was intended to be facilitated. Any currency conversion required to effect such refund will be made in accordance with the then-current currency conversion policy of the VMTS Partner.

SPECIAL SERVICES

SMS Updates. We may call or text the Receiver to let them know their funds are ready for collection. VMTS does not charge the Receiver for such messages or calls, and accepts no liability or responsibility for inability of a Receiver to receive or access such messages or calls, or for any charges that may be levied by a service provider in respect of such calls or messages.

Bill Payments. We facilitate bill payment to a number of institutions in Jamaica. Bill payments are facilitated from Senders located here in Jamaica, as well as in the . Our facilitation of such payments is subject to these Terms and Conditions, the terms and conditions of the relevant VMTS Partner through whom the bill payment is facilitated, as well as to terms and conditions of the bill collector to whom the bill payment is intended to be remitted. VMTS accepts no responsibility or liability whatsoever in respect of late or non-payment that arises other than through the fault of VMTS, not including failure of systems, and in any event, the liability of VMTS shall be limited to the Principal Amount and any associated Transfer Fees.

NHT Contribution Refunds. We act as collection agent in respect of National Housing Trust Contribution Refunds. This Service is subject to these Terms and Conditions and to such requirements and terms and conditions as the National Housing Trust may impose. VMTS accepts no responsibility or liability whatsoever in respect of late or non-payment that arises other than through the fault of VMTS, not including failure of systems, and in any event, the liability of VMTS shall be limited to the Principal Amount and any associated Transfer Fees.

 

INTELLECTUAL PROPERTY

The intellectual property rights in the Services (including but not limited to copyright, patents, database rights, trademarks and service marks) are owned by VMTS, its Affiliates or VMTS Partners, and all right, title and interest therein and thereto shall remain the property of VMTS and/or such Affiliates or VMTS Partners. The Services may be used only for the purpose permitted by these Terms and Conditions or by the terms and conditions of VMTS Partners. The names VMTS, Ria, Xoom, World Remit, MoneyGram, Choice Money Transfer, and NCS eMoney Services and other names and indicia of ownership of the Services are the exclusive marks of VMTS or its Affiliates or VMTS Partners. Other product, service and company names appearing on the Website or used in connection with the Services may be trademarks of their owners.

GENERAL

These Terms and Conditions, together with all items incorporated by reference, embody the entire understanding among the parties. It supersedes all prior understandings and cannot be modified orally. These Terms and Conditions are governed by Jamaican law without regard to conflicts of law rules. If any provision of these Terms and Conditions is found invalid, remaining provisions shall be valid. Services are directed solely to persons 18 and over. Sender and Receiver represent that:

  1. use of the Services does not violate:
  2. any law, including, without limit, laws relating to money laundering, illegal gambling activities, support for terrorist activities or fraud; and/or
  3. these Terms and Conditions.
  4. Information provided to VMTS shall be truthful and complete.

Sender and Receiver shall indemnify VMTS and its Agents and VMTS Partners for all losses of any kind (including attorney fees) arising out of any breach by either of them of these Terms and Conditions. VMTS reserves the right to effect changes to Services on providing such notice as is required by law or BOJ guidelines. VMTS and its Agents may refuse to provide Services to any person.

RESOLUTION OF DISPUTES

Any dispute or claim arising from or relating to a Money Transfer that involves a claim for less than US$300 or its , shall be settled by negotiation by the parties in good faith. Where such negotiation fails to resolve the dispute, or the dispute involves a claim for less than US$300 or its , the dispute shall be referred to arbitration in accordance with the Arbitration Act of Jamaica, with such arbitration to be held in Kingston, Jamaica. Costs of arbitration shall be shared equally by the parties, and each party shall bear its own lawyer’s, expert’s and witness fees, which shall not be considered costs of arbitration. Judgment on any award rendered by the arbitrator may be entered in and enforced by any court having jurisdiction thereof. THE PARTIES ACKNOWLEDGE AND AGREE THAT, EXCEPT AS EXPRESSLY PROVIDED IN THIS PARAGRAPH, THEY ARE WAIVING ALL RIGHTS TO A TRIAL BY COURT OR JURY AS A MEANS OF RESOLVING ANY DISPUTES ARISING OUT OF OR RELATING TO THIS MONEY TRANSFER.

LIMITATION OF LIABILITY

IN NO EVENT SHALL VMTS BE LIABLE FOR DAMAGES FOR DELAY, NONDELIVERY, NONPAYMENT OR UNDERPAYMENT OF A MONEY TRANSFER, WHETHER CAUSED BY NEGLIGENCE ON THE PART OF ITS EMPLOYEES OR AGENTS OR OTHERWISE, BEYOND REFUNDING THE PRINCIPAL AMOUNT OF THE MONEY TRANSFER AND THE TRANSFER FEES IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE VMTS PARTNER THOUGH WHOM THE MONEY TRANSFER WAS FACILITATED. IN NO EVENT WILL VMTS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES. THESE CONDITIONS CANNOT BE CHANGED OR SUPPLEMENTED ORALLY.

FOR THE AVOIDANCE OF ALL DOUBT, VMTS AND ITS AGENTS RESERVE THE RIGHT TO DECLINE TO SEND OR REFUSE TO PAY ANY MONEY TRANSFER THAT EITHER OF THEM DETERMINES IN THEIR SOLE DISCRETION VIOLATES ANY APPLICABLE LAW OR VMTS POLICY.

 


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