Terms and Conditions of the KYC Application

1. About these Terms and Conditions

These terms and conditions (the “Terms and Conditions”) of Fourthline B.V., a company incorporated in The Netherlands, whose registered number is 58905413, with a registered office located at Keizersgracht 452, 1016 GD Amsterdam, The Netherlands (“Fourthline”). It applies to all subsidiaries and branches of Fourthline to the extent that they process personal data. Fourthline is supervised by the Dutch Central Bank.

Fourthline treats personal data which it receives from you through this KYC application (the “KYC Application”) and any other means with due care and is dedicated to safeguarding any personal data it receives. Fourthline is bound by the General Data Protection Regulation (Regulation (EU) 2016/679) (“GDPR”), the Dutch Data Protection Act (*Wet Bescherming Persoonsgegevens*) and the Data Protection Act 2018. These Terms and Conditions are designed to inform you about the type of information that Fourthline collects when using our KYC Application, the purposes for which this information is being processed, used, maintained and disclosed (together the “Services”).

These Terms and Conditions aim to explain in a simple and transparent way what personal data we gather about you and how we process it. It applies to the following persons:

  • The users of the KYC Application of Fourthline. We are legally obliged to retain personal data of these persons, also for a certain period after the relationship has ended, in compliance with ‘know your customer’ (“KYC”) regulations.

  • A private person with residence in a country in the European Economic Area that is interested in entering into an agreement with (financial) clients of Fourthline, for whom Fourthline provides inter alia customer due diligence services.

We may amend these Terms and Conditions to remain compliant with any changes in law and/or to reflect how our business processes personal data. You are advised to print or download and keep a copy of these Terms and Conditions for future reference.

2. Personal Data

Personal data refers to any information that tells us something about you or that we can link to you. Fourthline processes any information we receive from you, including personal and financial information you provide to us including when you: enquire or make an application for Fourthline’s services, register to use and/or use any of our services and when you communicate with us through e-mail, SMS, WhatsApp, the KYC Application, a website or portal, telephone or any other electronic means. Such information may include your: name including first name and family name, nationality, place of birth, date of birth, street name, street number, street number suffix, postal code, city, country of residence, phone number, e-mail address, gender, photograph, document type, ID document (picture), NFC data, document number, issue date, expiration date, geolocation, a selfie and a selfie video.

Fourthline processes your personal data in accordance with the GDPR in the event at least one of the following applies:

  • The data subject has given consent to the processing of his or her personal data for one or more specific purposes (refer to Article 6.1(a) GDPR). In the event you give your consent to the processing of your personal data for specific purposes, the processing is permitted on the legal basis of your consent, which consent is revocable at any time.

  • Processing is necessary for the performance of a contract to which the data subject is party or in order to take steps at the request of the data subject prior to entering into a contract (refer to Article 6.1(b) GDPR). Personal data is processed to conduct financial services in order to fulfil our contractual and pre-contractual obligations. These actions are only taken when requested by you.

  • Processing is necessary for compliance with a legal obligation to which the controller is subject (refer to Article 6.1(c) GDPR) and processing is necessary for the performance of a task carried out in the public interest or in the exercise of official authority vested in the controller (refer to Article 6.1(e) GDPR). Fourthline is subject to several legal obligations as well as regulatory requirements. Please refer to Section 5 (Who we share your data with and why – government authorities).

  • Processing is necessary for the purposes of the legitimate interests pursued by the controller or by a third party, except where such interests are overridden by the interests or fundamental rights and freedoms of the data subject which require protection of personal data, in particular where the data subject is a child (refer to Article 6.1(f) GDPR). In we deem it is necessary, we will process your personal data beyond our contractual obligations in order to protect our legitimate interests or the legitimate interests of a third party. By processing we mean everything we can do with this data such as collecting, recording, storing, adjusting, organising, using, disclosing, transferring or deleting. For more information about the way we use your personal data, please refer to Section 4 (What we do with your personal data). You share personal information with us, for example when you: visit our website, complete a(n) (online) (application) form, sign a contract or contact us through one of our channels. We also use data that is legally available from public sources such as commercial registers, the media, or data that is legitimately provided by other companies within the Fourthline Group or by third parties.

3. Sensitive Data

We do not record sensitive data relating to your health, ethnicity, religious or political beliefs unless it is strictly necessary. When we do it is limited to specific circumstances.

4. What we do with your personal data

We only use your personal data for legitimate business reasons. This includes:

Administration When you provide us with information through the KYC Application we are legally obliged to collect personal data that verifies your identity (such as a copy of your ID card or passport) and to assess whether we can accept you as a customer. We also need to know your (e-mail) address or phone number to contact you.

Managing customer relationships We may ask you for feedback about our products and services and share this with certain members of our staff to improve our offering. We might also use notes from conversations we have with you online, by telephone or in person to customise products and services for you.

Providing you with the best-suited products and services When you provide us with information through the KYC Application, we gather information about you. We analyse this information to identify your potential needs and assess the suitability of products or services. We assess your needs in relation to key moments when a specific financial product or service may be relevant for you. We assess your interests based on simulations you participate in in our KYC Application.

Improving and developing products and services Analysing how you use our products and services helps us understand more about you and shows us where we can improve. For instance, we analyse the results of our marketing activities to measure their effectiveness and the relevance of our campaigns.

Preventing and detecting fraud and data security We have a duty to protect your personal data and to prevent, detect and contain data breaches. This includes information we are obliged to collect about you, for example to comply with regulations against money laundering, terrorism financing and tax fraud.

  • We may process your personal information to protect you and your assets from fraudulent activities, for example if you are the victim of identity theft, if your personal data was disclosed or if you have been hacked.

  • We may use certain information about you for profiling (e.g. name, account number, age, nationality, IP address, etc.) to quickly and efficiently detect a particular crime and the person behind it.

Internal and external reporting We process your data for our operations and to help our management make better decisions about our operations and services. To comply with a range of legal obligations and statutory requirements (anti-money laundering legislation and tax legislation, for example). The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance, or employment. Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found by https://www.cifas.org.uk/fpn. Data that we process for any other reason is anonymised or we remove as much of the personal information as possible.

5. Who we share your data with and why

Whenever we share personal data internally or with third parties in other countries, we ensure the necessary safeguards are in place to protect it. For this, Fourthline relies on (i) EU Model clauses, which are standardised contractual clauses used in agreements with service providers to ensure personal data transferred outside of the European Economic Area complies with EU data protection law and (ii) Privacy Shield framework that protects personal data transferred to the United States. To be able to offer you the best possible services and remain competitive in our business, we share certain data both internally as well as outside of the Fourthline Group. This includes:

Fourthline entities We transfer data across Fourthline businesses and branches for operational, regulatory or reporting purposes, for example to comply with certain laws, secure IT systems or provide certain services (see section 4 (What we do with your personal data). We may also transfer data to centralised storage systems or to process it globally for more efficiency.

Government authorities To comply with our regulatory obligations, we may disclose data to the relevant authorities, for example to counter terrorism and prevent money laundering. In some cases, we are obliged by law to share your data with external parties, including:

  • Public authorities, regulators and supervisory bodies such as fraud protection agencies and the central banks of the countries where we operate.

  • Judicial/investigative authorities such as the police, public prosecutors, courts and arbitration/mediation bodies on their express and legal request.

  • Lawyers, for example, in case of a claim or bankruptcy, trustees who take care of other parties’ interests and company auditors.

Third party service providers When we use other service providers, we only share personal data that is required for the particular task we involve the service provider for. Service providers support us with activities like:

  • Performing certain services and operations.

  • Designing and maintenance of internet-based tools and applications.

  • Tracking your behavior in the KYC Application (i.e. number of tries, your time spend on the screen and any crashes of the KYC Application).

  • If applicable, collecting and storing device metadata.

  • Marketing activities or events and managing customer communications.

  • Preparing reports and statistics, printing materials and designing products.

  • Placing advertisements on apps, websites and social media.

Business transfers The Fourthline Group may buy or sell business units or affiliates. In such circumstances, we may transfer customer information as a business asset. Without limiting the foregoing, if our business enters into a joint venture with or is sold to or merged with another business entity, your information may be disclosed to our new business partners or owners.

With your permission Your information may also be used for other purposes for which you give your specific permission, or when required by law or where permitted under the terms of the laws of the relevant jurisdiction.

7. Your rights and how we respect them

We respect your rights as a customer to determine how your personal information is used. These rights include:

Right to access information You have the right to ask us for an overview of your personal data that we process.

Right to rectification If your personal data is incorrect, you have the right ask us to rectify it. If we shared data about you with a third party that is later corrected, we will also notify that party.

Right to object to processing You can object to Fourthline using your personal data for its own legitimate interests. There is a list of contact details at the end of these Terms and Conditions. We will consider your objection and whether processing your information has any undue impact on you that requires us to stop doing so.

You can also object to receiving personalised commercial messages from us. You cannot object to us processing your personal data if we are legally required to do so, even if you have opted out of receiving personalised commercial messages.

Right to object to automated decisions We sometimes use systems to make automated decisions based on your personal information if this is necessary to fulfil a contract with you, or if you gave us consent to do so. You have the right to object to such automated decisions (for example requiring a new passport copy if the one we have on file for you as representative of your company is no longer valid) and ask for an actual person to make the decision instead.

Right to restrict processing You have the right to ask us to restrict using your personal data if:

  • You believe the information is inaccurate.

  • We are processing the data unlawfully.

  • Fourthline no longer needs the data, but you want us to keep it for use in a legal claim.

  • You have objected to us processing your data for our own legitimate interests.

Right to data portability You have the right to ask us to transfer your personal data directly to you or to another company. This applies to personal data we process by automated means and with your consent or on the basis of a contract with you. Where technically feasible, we will transfer your personal data.

Right to erasure You may ask us to erase your personal data if:

  • We no longer need it for its original purpose.

  • You withdraw your consent for processing it.

  • You object to us processing your data for our own legitimate interests or for personalised commercial messages.

  • Fourthline unlawfully processes your personal data.

  • A law of the European Union or a member state of the European Union requires Fourthline to erase your personal data.

Right to complain Should you for any reason be unhappy with the way Fourthline treats your personal data, you can file a complaint with Fourthline’s Compliance Officer via dpo@fourthline.com You can also contact the data protection authority in your country.

Exercising your rights How you can exercise your rights depends on the type personal data Fourthline processes. We aim to respond to your request as quickly as possible. In certain cases, we may deny your request. If it’s legally permitted, we will let you know within a reasonable timeframe why we denied it. If you want to exercise your rights or submit a complaint, please contact us via the e-mail address provided below. For the avoidance of doubt, as we perform identification and verification services to our clients, including but not limited to financial institutions, to exercise any of the abovementioned rights the respective client must be notified and may further assist you with exercising your right(s).

8. Your duty to provide data

There is certain information that we must know about you so that we can commence and execute our duties as a payment institution and fulfil our associated obligations. There is also information that we are legally obliged to collect. Without this data we may for example not be able to enter into an agreement with you.

9. How we protect your personal data

We apply an internal framework of policies and minimum standards to keep your data safe. These policies and standards are periodically updated to keep them up to date with regulations and market developments. More specifically and in accordance with the law, we take appropriate technical and organisational measures (policies and procedures, IT security etc.) to ensure the confidentiality and integrity of your personal data and the way it’s processed.

In addition, Fourthline employees are subject to confidentiality and may not disclose your personal data unlawfully or unnecessarily.

10. What you can do to help us keep your data safe

Unfortunately, the transmission of information via the internet in general is not always completely secure. Although we will do our best to protect your personal information, we cannot guarantee the security of your information transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access. We do our utmost to protect your data, but there are certain things you can do too:

  • Install anti-virus software, anti-spyware software and a firewall on your computer and keep them updated.

  • Do not leave verification tokens or your credit card unattended.

  • Keep your passwords strictly confidential and use strong passwords, i.e. avoid obvious combinations of letters and figures.

  • Be alert online and learn how to spot unusual activity, such as a new website address or phishing emails requesting personal information.

11. How long we keep your personal data

Fourthline will store and process your personal data only as long as it is necessary to perform our obligations under the agreement with you or as long as the law requires to store it. Therefore, we keep your personal data as long as you are using our Services and for seven (7) years after termination of the agreement to comply with the law. There may be circumstances (e.g. fraud or anti-money laundering) whereby we are obliged to store your personal data even longer.

12. Contact us

If you want to know more about Fourthline’s data policies and how we use your personal data, you can send us an e-mail at the following dedicated e-mail address: dpo@fourthline.com