Terms of Use

Article 1. Scope of Application

These terms will be applied between CROSS ENF INC. ("Company") and customers ("Customers") using Cross, a Small Sum Foreign Currency Transaction service ("Service") provided by the "Company."

Article 2. Real Name Transaction

"Customers" must use real name whenever they transfer through "Company's" SSFCT Service. "Customers" are also obliged to comply "Company's" request to submit any verifications on their real name, required to verify real name transaction.

Article 3. Transfer Limit

The followings are the limits for the "Customers" to transfer via this "Service":

Sending and receiving limits are USD 5,000 per transaction respectively
Annual sending and receiving limits are USD 50,000 respectively

For prevention of financial criminal, the remittance limit may be restricted for some national customers after signing up.

Article 4. Confirmation about transaction

Transactions may be restricted if the transaction details need to be verified and the customer refuses to provide information such as identification information, even if the remittance is under USD 50,000 a year.

Article 5. Designated Account

① "Company" may only pay funds to "customers" and receive funds from "customers" through a bank account opened under company name designated specifically for SSFCT purpose when registered (including amended registration) for license ("Designated Account").
② "Company" shall publish the contents of the "designated account" mentioned in the Clause 1 to "company's" website and manage it with the latest updates.

Article 6. Commission

① The fee incurred to "customers" when using "company's" "service" is referred to as commission ("Commission"). "Company" is obliged to notify "customers" the breakdown details of "commission" such as exchange commission, transfer commission, overseas partner distribution commission and etc.
② "Company" shall publish the information regarding the "commission" to "company's" website and manage it with up-to-date contents.

Article 7. Applied Exchange Rate

① "Company" shall provide "customers" with the exchange rates applied to "service" requested by "customers."
② "Company" shall publish the details regarding the applied exchange rate to "company's" website and manage it with latest numbers.

Article 8. Send/Receive Amount

① "Company" must transfer the amount equal to deposited amount in "designated account" subtracted by "commission" to the beneficiary requested by the "customers."
② "Company" shall provide "customers" with the denominated value of send amount and receive amount in terms of Korean Won and in foreign currencies upon receiving "service" request from the "customers."

Article 9. Required Time

① "Company" shall provide the "customers" with the expected period required to complete sending or receiving upon receiving "service" request from the "customers."
② "Company" shall publish the information regarding the anticipated period of sending or receiving money to "company's" website and manage it with up-to-date numbers.

Article 10. Recipient

Recipients for remittance must be individuals. Remittances shall not be available to corporate recipients.

Article 11. Cancel/Modification of Transfer Request

① "Customers" may apply for cancellation or modification of incomplete transaction request to "company" through wire or retail visits. However, "customers" cannot apply for cancellation or modification of the completed transactions.
② "Company" must process the request and notify "customers" of the result of cancellation or modification.

Article 12. Notification of the Transfer Result

"Company" shall notify the "customers" of the results of the payments immediately after the payment to beneficiary account has been completed to registered contact information.

Article 13. Indemnification

In case the damage is incurred to "customers" due to the responsible reason attributable to "company," "company" shall be liable to the extent of indemnity that covers the common damage prescribed by the civil law. When the damage is caused by special circumstances, "company" is liable for indemnity only when it knew or could predict the circumstances.

Article 14. Refund

① "Customers" may apply for refund if the "company" has failed to complete transfer within 15 days from the date of receipt of the "customers'" request to the "designated account."
② "Company" shall provide the "customers" with the amount of money deposited in the "designated account" and the amount of damages prescribed in Article 13 when requested by "customers" unless there are special circumstances.

Article 15. Dispute Resolution

① "Company" should reflect on the legitimate opinions or complaints raised by "customers" and prepare standard procedures for dealing with the damages incurred to "customers" by SSFCT ("Dispute Resolution Procedure").
② "Company" shall provide the customers with the information concerning the matter relating to reception of customers complaints (including person-in-charge of dispute resolution and contact details), dispute resolution procedures (set up different procedures for simple customers complaints and damage indemnity requests), customers notification details (e.g. handling deadlines, customers notification schemes, etc.).
③ "Customers" may request "company's" dispute resolution committee (person-in-charge of dispute resolution and other members) to handle complaints when "customers" has objection to SSFCT processes. "Company", on the other side, must notify the "customers" the result of dispute settlement within the deadline prescribed in clause 2.
④ "Company" shall publish on its webpage the details and assigned history of person-in-charge of dispute resolution and manage it up-to-date.

Article 16. Preservation of Transaction Records

"Company" shall keep the records of "customers'" sending and receiving transaction records for five years according to the Foreign Exchange Transaction Act.

Article 17. Duty of Confidentiality

① "Company" may not provide the information of the "customers" such as personal information, account information, transaction records, all of which is acquired through SSFCT ("Customers Information") to the third party or leak or use them other than the purpose of service without the consent of the "customers" excluding the cases set by legislation.
② "Company" shall be responsible for damages to victims if the "company" is attributable for a breach of clause 1 or a theft or leak of "customers information." However, if the company proves that there is no intent or negligence, the liability can be avoided.

Article 18. Delivery and explanation of Terms and Conditions

① "Company" shall disclose the terms and conditions to "customers" whenever signing contracts regarding SSFCT. "Company" shall publicly disclose its terms and conditions through its website when published or amended..
② "Company" shall deliver terms and conditions to "customers" through email, fax, mail, or direct delivery.
③ "Company" shall explain the contents of the terms and conditions to "customers" in any one of the following ways, if the "customers" requests a description of the contents on the terms and conditions.

1. Explain the core contents from the terms and conditions directly to the "customers."
2. Inform "customers" of core contents from the terms and conditions with easy-to-understand explanation via electronic devices and receive "customers'" intention via electronic devices that he or she is fully aware of its contents.

Article 19. Applicable Regulation

Matters not specified in this Agreement shall comply with applicable laws and regulations related to the Foreign Exchange Transaction Act.

Article 20. Jurisdiction

In the event of dispute arising out of this transaction, the settlement shall be resolved by agreement of both parties. However, if there is no agreement between the parties or the parties involved in this transaction, the court shall follow the provisions set forth in the Civil Procedure Code.

Addendum

(Effective Date) This Privacy Policy will be effective from 3 June, 2021.

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