Appropriate Use of your BCB Payments Accounts
BCB Payments Limited (BCBPL) is supervised by the Financial Conduct Authority as an Authorised Payment Institution (API) under the Payment Services Regulations 2017. BCBPL is committed to conducting business openly, transparently and to the highest standards. As part of this commitment we want to set out clearly our requirements in relation to the use of your Payments Account (Account) (full details are outlined in the BCB Group Payment Account Terms and Conditions).
What are BCB’s requirements in relation to your Payments Account(s)?
- Any other funds, other than “own funds” must not be used: The funds with which you top up / pay into your Account must be your own funds (unless you have specifically told us otherwise). Further, you must not operate the Account on behalf of any other person other than yourself.
- Account must not be used for a purpose different to that initially provided: You must not use your Account for a purpose that is materially different to that which was disclosed during your onboarding.
- Funds paid / received into your account must not reside in your Account for more than 30 days: Funds paid into your Account must be sent with a payment order for onward transmission. The payment order must be dated no more than thirty (30) days after the date on which funds are received. Funds received into your Account which are fully or partially unused after twenty-nine (29) days will be transferred onto a nominated bank account which must be provided by you.
- Account must not be used to provide payment services: You must not use your Account to provide your own customers or any third party with payment services (i.e. use our licence to offer payment services).
- Credentials must not be shared: You must use multi-factor authentication in order to access your Account, set up beneficiaries and make payment instructions. You must not share your credentials with any unauthorised individuals.
- Account must not be used for illegal purposes: You must not use your Account for any transaction which is illegal or contrary to applicable law or regulation in force in the United Kingdom or Switzerland or in any jurisdiction in which you are resident at the time when the transaction is entered into.
- Account must not be used for criminal activity: You must not use your Account to perform criminal activity of any sort, including but not limited to, breaching law in relation to any financial crime including money laundering/ terrorist financing, bribery, corruption, fraud and tax evasion.
- Account must not be used as an alternative platform to hold excess liquidity: You must ensure that there is not any increase in average monthly balances at year end.
- Account must not be used for transactions outside BCB’s Risk Appetite: BCB maintains a Risk Appetite Statement (available on request). This sets out a list of prohibited jurisdictions which we cannot support payments to/ from alongside a list of high risk sectors that we do not do business with. You must adhere to our Risk Appetite Statement.
- Account must not be used to provide correspondent financial services: You must not use your Account to provide your own customers or any third party (directly or indirectly) with financial services, or act as a correspondent institution for your own customers or any other third party. This includes using the accounts we have provided to you to provide current account services and related services, processing and/or execution of payments, trade transactions and processing of paper clearing needs (e.g. cheques) in a particular currency to your customers or any other third party. Our Accounts are provided solely for your personal use andnot to provide banking services to your customers or any third parties.You agree that you will not use your Account to act as an intermediary or conduct transactions on behalf of any third party, including your clients. The Account can only be used for your own transactions. Your Account is strictly personal and non-transferable. Any unauthorised use of your Account or engaging in activities inconsistent with this clause may result in the immediate termination of your Account and legal action as permitted by applicable laws and regulations.
What will happen if you do not adhere to our requirements?
If at any time after we have opened your Payment Account, we become aware that you have breached our requirements we reserve the right, without notice to you, to:
- Cease processing any payments for you;
- Immediately suspend and/or close your Account;
- Offboard you and exit our relationship with you;
- Freeze your assets; and
- Take such further action as we, in our absolute discretion, see fit or are required to take under any applicable law or regulation to which we are subject.
If you have any questions, or any of the above is unclear, please contact our legal team at [email protected].