EQIBank Legal

Banking‑as‑a‑Service Terms

These Supplemental Terms and Conditions (“BaaS Terms”) govern EQIBank’s Banking‑as‑a‑Service offering.

Part I — Supplemental Terms and Conditions for Banking‑as‑a‑Service

1. Incorporation of Website Legal Framework

  1. These Supplemental Terms and Conditions (“BaaS Terms”) are to be read together with the Terms and Conditions, Privacy Policy, and Legal Notices published on eqibank.com (collectively the “Website Terms”).
  2. In the event of any inconsistency between the Website Terms and these BaaS Terms, the provisions of these BaaS Terms shall prevail in relation to Banking‑as‑a‑Service (“BaaS”).

2. Parties

  1. EQIBank Limited (“EQIBank”), a licensed offshore bank incorporated under the laws of the Commonwealth of Dominica, is the regulated service provider.
  2. The Partner is the fintech, platform, marketplace, or corporate entity that contracts with EQIBank for the purposes of receiving BaaS services.
  3. End‑users are the customers of the Partner. While end‑users interact under the Partner’s brand, all banking services and deposits are legally and operationally provided by EQIBank.

3. Scope of BaaS

  1. EQIBank shall provide the Partner with a fully managed offshore banking platform including accounts, payments, card issuing, lending, custody, escrow, treasury, risk management, compliance, and operational support.
  2. The Partner shall be responsible for brand management, marketing, distribution, client acquisition, and first‑line client engagement.
  3. EQIBank shall be solely responsible for the operation of the licensed banking infrastructure, compliance functions, regulatory engagement, and safeguarding of all deposits.

4. Deposits and Custody

  1. All deposits and assets received through the BaaS platform are held by EQIBank in segregated accounts and custody arrangements in accordance with international banking standards.
  2. Partners shall not acquire legal or beneficial ownership of any client deposits, which remain the sole responsibility of EQIBank.

5. Fees and Revenue Share

  1. The Partner shall pay to EQIBank a fixed monthly platform fee as set out in the applicable commercial schedule.
  2. Net profits generated by the Partner’s BaaS programme shall be shared in accordance with the commercial agreement, under which the Partner typically retains ninety percent (90%) of net profit and EQIBank retains ten percent (10%).
  3. EQIBank shall provide monthly financial packs including reconciliations, revenue statements, and true‑up calculations.

6. Compliance and Regulatory Oversight

  1. EQIBank shall be responsible for compliance operations, including Anti‑Money Laundering (AML), Know Your Customer (KYC), Know Your Business (KYB), sanctions screening, transaction monitoring, suspicious activity reporting, and regulatory returns.
  2. The Partner shall cooperate with EQIBank in respect of all compliance requests, including the provision of information and documentation regarding end‑users.
  3. EQIBank reserves the right to suspend or terminate services to any Partner or end‑user that fails to meet applicable compliance standards.

7. Partner Obligations

  1. The Partner shall not make any representation that it is itself a licensed bank.
  2. The Partner shall comply with all marketing, disclosure, and consumer protection laws applicable in the jurisdictions in which it operates.
  3. The Partner shall indemnify EQIBank against any claim or loss arising from the Partner’s marketing, branding, or customer representations.

8. Liability and Disclaimers

  1. EQIBank provides BaaS on an “as is” and “as available” basis and makes no representation as to uninterrupted service.
  2. EQIBank shall not be liable for any indirect, consequential, or special losses, including loss of profit, business, goodwill, or opportunity.
  3. EQIBank’s total liability to the Partner in respect of BaaS shall not exceed the aggregate fees paid by the Partner to EQIBank in the preceding twelve months.
  4. Nothing in these Terms excludes liability for fraud, wilful misconduct, or liability which cannot lawfully be excluded.

9. Termination

  1. Either party may terminate the BaaS agreement by giving not less than ninety (90) days’ written notice.
  2. EQIBank may terminate immediately if the Partner breaches these Terms, engages in unlawful or unethical activities, or if required by regulatory authorities.
  3. Termination shall not affect the continuation of obligations relating to deposits and funds lawfully held by EQIBank on behalf of end‑users.

10. Governing Law and Jurisdiction

  1. These BaaS Terms shall be governed by and construed in accordance with the laws of the Commonwealth of Dominica.
  2. The courts of the Commonwealth of Dominica shall have exclusive jurisdiction to resolve any dispute arising out of or in connection with these Terms.

Part II — Privacy Notice for Banking‑as‑a‑Service

1. Introduction

This Privacy Notice supplements EQIBank’s Privacy Policy. It describes how EQIBank collects, uses, stores, and discloses personal data in connection with its BaaS programme.

2. Data Controller

EQIBank acts as the primary data controller for all banking and financial data processed through the BaaS platform. Partners act as joint controllers with respect to client acquisition and relationship data.

3. Categories of Data

EQIBank processes personal identification data, transaction records, compliance documentation, sanctions results, technical security logs, and communications metadata.

4. Purpose of Processing

Data is processed for the purposes of delivering regulated banking services, ensuring AML/KYC compliance, undertaking fraud monitoring, and fulfilling contractual obligations with Partners.

5. Data Sharing

Data may be shared with regulators, card networks, correspondent banks, sanctions vendors, and other service providers strictly for operational and compliance purposes.

6. Data Retention

Personal data shall be retained for not less than seven years after the termination of the customer relationship, or longer where required by applicable laws.

7. International Transfers

All data is processed and stored in Dominica. Where data is transferred cross‑border for operational purposes, safeguards consistent with international standards are applied.

8. Rights of Data Subjects

Data subjects may exercise rights of access, rectification, restriction, portability, or erasure, subject to statutory and regulatory exemptions. Requests shall be directed to compliance@eqibank.com.

Part III — Cookie Policy for Banking‑as‑a‑Service

1. Introduction

This Policy supplements the Cookie Policy. It applies to cookies used in Partner‑branded web and mobile channels operated by EQIBank.

2. Types of Cookies

Authentication cookies secure login processes. Session cookies maintain continuity of transactions. Security cookies detect and prevent fraud. Analytics cookies collect anonymised usage statistics to improve services.

3. Control of Cookies

End‑users may disable cookies through browser settings. However, certain services may not function properly without cookies.

Part IV — Legal Disclaimer

1. Disclaimer of Warranties

EQIBank provides BaaS “as is” and “as available” without warranty of uninterrupted service or fitness for a particular purpose.

2. Territorial Restrictions

Services are provided offshore from Dominica. No representation is made that BaaS is lawful or appropriate in every jurisdiction. Partners must ensure compliance with their local laws.

3. No Advice

Nothing in the BaaS materials constitutes financial, investment, legal, or tax advice. Partners should obtain independent professional advice.

Part V — Data Processing Addendum (DPA)

1. Roles of the Parties

EQIBank is the data controller for banking data. The Partner is a joint controller for marketing and relationship data.

2. Processing Instructions

EQIBank shall process data solely in accordance with applicable laws and contractual requirements.

3. Security Measures

EQIBank shall maintain encryption of data in transit and at rest, role‑based access controls, and audited disaster recovery protocols.

4. Sub‑Processors

EQIBank may engage card networks, sanctions vendors, and technology providers as sub‑processors, ensuring contractual safeguards.

5. Audit Rights

Partners may request copies of EQIBank’s compliance audit reports. On‑site audits require prior written agreement.

6. Liability

Each party shall be liable for breaches of data protection law arising from its own acts or omissions. Neither party shall be liable for the other’s independent failures.

7. Governing Law

This DPA is governed by the laws of the Commonwealth of Dominica.