General terms and conditions applicable to money transfer operations

RIA CHILE SERVICIOS FINANCIEROS SpA

FIRST. Background and Purpose.

Ria Chile Servicios Financieros SpA (hereinafter, “RIA”), Tax ID No. (RUT) 76.134.934-1, provides money transfer services to both natural persons and legal entities. The purpose of these general terms and conditions is to establish the essential rights and obligations between RIA and its respective client, who entrusts it with one or more transfers (hereinafter individually the “Client” or collectively the “Clients”).

The foregoing is without prejudice to the other terms and conditions contained in the documents applicable to the relationship between RIA and each Client, detailed in Clause Six of these general terms and conditions (hereinafter the “Settlement Document” or the “Settlement Documents”).

SECOND. Scope of Application.

These general terms and conditions apply both to money transfers within the territory of Chile and abroad, as well as to the service of delivery of money sent from within the national territory or from abroad, carried out by RIA pursuant to written instructions delivered by the respective Client, its attorney-in-fact or representative, (i) at RIA’s physical locations, (ii) through requests made via a RIA web portal (hereinafter the “Web Portal”), and (iii) through the MyRia application (hereinafter the “Application”).

The three methods of requesting transfers from RIA shall hereinafter be collectively referred to as the “Request Channels.”

THIRD. Information Obligations Prior to the Money Transfer or Delivery of Funds to the Beneficiary.

The information and documents that the Client must provide and present to RIA regarding both the Sender and the beneficiary of the respective transfer — Natural Persons — are the following:

  • Full name

  • Sex

  • Date of birth

  • Nationality and country of birth

  • Identity card or identity document or passport

  • Data contained in the respective identity card or passport: document number, country, place and date of issuance, and expiration date

  • Profession, occupation, or trade

  • Country of residence

  • Source of funds

  • Address in Chile or in the country of origin or permanent residence

  • Email address

  • Contact telephone number

  • Purpose of the legal relationship (i.e., of the transfer requested from RIA)

Information relating to the Sender — Legal Persons or Legal Structures:

  • Corporate name and trade name (in the case of legal entities)

  • RUT or tax identification number of the relevant jurisdiction (in the case of a foreign legal entity)

  • Business purpose or line of business

  • Country of residence

  • Address in Chile or in the country of origin or permanent residence

  • Email address

  • Telephone number

  • Purpose of the legal relationship (i.e., of the transfer requested from RIA)

  • Completion and signature of the Sworn Statement for the Identification of Ultimate Beneficial Owners pursuant to the provisions of Circular No. 57 issued by the Financial Analysis Unit (hereinafter the “UAF”) on June 12, 2017

  • Submission of documents evidencing incorporation and amendments to bylaws in accordance with applicable laws

The following information shall also be required from all natural persons who directly or indirectly, through companies or other mechanisms, hold an ownership interest equal to or greater than 10% of the capital or voting rights of the Client and of the beneficiary of the respective transfer, where such beneficiary is a legal entity, as well as from natural persons who, notwithstanding holding directly or indirectly an ownership interest of less than 10% thereof, exercise effective control over the Client or the respective beneficiary:

  • Full name

  • Number and type of identity document

  • Date of birth

  • Nationality

  • Sex

  • Occupation

  • Full address

  • Country of birth

  • Telephone number

  • Email address

  • Percentage of ownership in the Legal Person or Legal Structure

  • Copy of identity document

In addition to the foregoing, the following shall be taken into consideration:

  • It is RIA’s policy to verify the identity of its Clients for all transactions, regardless of the amount, and prior to the initiation of any operation. Accordingly, it is mandatory to present an identity card or passport, and RIA may retain a photocopy thereof.

  • The identity document must be original, valid, and current. Photocopies, photographs, renewal certificates, or any documents other than those mentioned above will not be accepted.

  • In order to verify a Client’s identity, RIA may also request the submission of a photograph of the user through the Application or the Web Portal.

  • RIA does not accept transactions conducted on behalf of another person, except where the Client is a legal entity, in which case the respective attorney-in-fact or representative with sufficient authority to represent the Client shall request the transfer on behalf of the Client.

  • RIA does not accept payment of transfers or commissions by check.

  • RIA does not accept money transfers requested by persons under 18 years of age.

FOURTH. Transfer Details.

The Client undertakes to verify the accuracy and completeness of the data relating to the money transfers ordered from RIA, particularly with respect to the recipient’s (beneficiary’s) information and the financial terms set forth in the Settlement Documents.

When a money transfer is executed in accordance with the instructions received from the Client and recorded in the Settlement Document through any of the Request Channels, it shall be deemed correctly executed in favor of the specified beneficiary. Therefore, in the event that any of the information provided by the Client is incorrect, RIA shall not be liable for the non-execution, delay, or defective execution of the money transfer operation.

FIFTH. Recordkeeping and Additional Background Information.

RIA shall store copies of Clients’ identification documents on optical, magnetic, or electronic media that ensures their integrity, accurate readability of the data, protection against alteration, and proper preservation and retrieval.

RIA reserves the right to request additional background information from its Clients in order to carry out the money transfer or payment service, and may refuse to carry out an operation that could represent a risk to RIA pursuant to its internal policies and Laws No. 18.314, 19.913, 20.393, or any other applicable law.

Without prejudice to the documents and information indicated above, the Client shall provide RIA with any other background information and complete and sign sworn statements required by the Financial Analysis Unit (hereinafter the “UAF”) or any Chilean authority that oversees or supervises RIA.

SIXTH. Settlement Documents.

The Settlement Document is the transfer order issued by the Client through any of the Request Channels, which shall contain a unique number for future tracking or a unique identifier.

The Settlement Document shall include:

  • A reference enabling the Client to identify the transaction carried out.

  • The date and value date of the transaction.

  • The monetary amount delivered by the Client, expressed in units of the currency provided.

  • The exchange rate applied in the money transfer transaction.

  • The total amount corresponding to the costs of the money transfer transaction and, where applicable, a breakdown of the amounts corresponding to such costs.

  • The monetary amount received by the Client or to be received by the beneficiary, expressed in units of the currency received.

SEVENTH. Applicable Fees, Taxes, and Commissions.

In all money transfer service operations, the Client shall pay RIA the commissions arising from the transaction in accordance with the respective Settlement Documents.

Payment of the commissions and, where applicable, expenses related to the money transfers shall be borne by the remitter (ordering party), and shall be duly detailed in the Settlement Documents.

The beneficiary of a money transfer shall receive the net amount set forth in the Settlement Document delivered to the remitter, after deduction, where applicable, of any taxes applicable to the transfer in the country of destination.

The commissions accrued in favor of RIA shall be borne by the remitting Client, such that the beneficiary shall bear only those taxes that may be required, where applicable, by the paying entity at destination.

RIA publishes the maximum fee and expense rates chargeable to money transfer transactions at any given time. Such fees and expenses are available in the Mobile Application and at RIA’s offices and those of its Agents.

EIGHTH. Consent, Irrevocability, and Cancellation of Payment Transactions.

1. Consent

The Client understands and accepts that the execution of a money transfer transaction occurs when the Client makes payment thereof, after which the Client shall receive the Settlement Document.

RIA shall not be responsible for the loss or misuse that the remitter may make of the Settlement Document.

To the extent permitted by law, the Client consents to receive in electronic format all documentation evidencing the transactions carried out, acknowledging the sufficiency of such format. The Client shall not be provided with a paper copy of any of the documents referred to in these general terms and conditions unless expressly requested in writing.

In the event of a transaction carried out through the Application, the Client may access the transaction history and the documentation confirming such transaction through the Application.

2. Irrevocability

As a general rule, the Client may not revoke a money transfer order after it has been received by RIA and sent to the respective RIA correspondent, unless such correspondent agrees to return it. RIA shall use its best efforts to obtain the return of a transfer that has been requested to be canceled. Notwithstanding the foregoing, RIA cannot guarantee the successful recovery of the respective funds.

3. Cancellation of Orders

Without prejudice to the provisions of paragraph 2 above, the Client may cancel a transfer order at any time prior to the delivery of the funds to the respective beneficiary.

Money transfer orders may remain unexecuted if the remitter is unable or refuses to provide the required documentation, or where necessary pursuant to RIA’s internal control procedures or in compliance with applicable regulations.

When a Client who has requested a transfer in person wishes to cancel the transaction, the Client must appear at the establishment where the order was placed with the Settlement Document or follow the instructions provided by RIA’s Call Center. Cancellation of the respective transfer order shall proceed only after verification that the order has not been paid to the beneficiary at destination.

If a Client requests cancellation of a transfer order, and provided that at the time of such request the order complies with the status and timeframes indicated in this clause, RIA shall return the funds to the Client through the agent, through a RIA-owned branch, or by deposit into the Client’s bank account.

NINTH. Execution of Payment Orders.

If the time of receipt of a transfer order is not a business day for RIA, when acting as the remitter’s money transfer service provider, the order shall be deemed received on the next business day.

Execution of money transfer orders shall take place once the remitter has made sufficient funds available to RIA and all steps required to complete the transfer order have been carried out, as required by the respective Request Channel, in accordance with these general terms and conditions. It is hereby stated that, in the case of transfer requests made by legal entities, execution of the transfer orders shall be deemed completed only once RIA’s compliance team has verified that the transaction meets the requirements for approval by RIA.

In money transfer transactions in which the Client acts as remitter, RIA shall use its best efforts to ensure that the amount of the transaction is credited to the beneficiary no later than the end of the business day following execution of the transfer orders in accordance with the preceding paragraph. Notwithstanding the foregoing, due to circumstances beyond RIA’s control, including foreign exchange control regulations in destination countries, transfers to certain countries may be subject to additional delay or cancellation of the order, for which RIA shall not be liable.

Likewise, with respect to Clients that are legal entities, RIA is required to review documents relating to incorporation, amendments, and other documents required under these general terms and conditions. Consequently, if such review requires additional information regarding the Client, the timeframe for completing the transfer may be delayed, without liability to RIA for such delay.

TENTH. Payment Transactions Involving Currency Conversion and Foreign Exchange Services.

RIA makes available to its Clients the exchange rates applicable during the execution of the transaction (hereinafter, the “Reference Exchange Rates”). Such rates and charges are available in the Mobile Application and at RIA’s offices and those of its Agents.

Modifications to exchange rates shall be applied immediately, with variations based on the Reference Exchange Rates. Modifications to the exchange rates used in money transfers shall be applied and calculated in a neutral manner.

In all cases, the exchange rate shall be communicated to the Client prior to issuance of the transfer order and shall be reflected in the Settlement Document.

Payment of the amount to the beneficiary of the transfer order issued by the Client shall be made in cash or by bank deposit in the currency corresponding to the destination country. Notwithstanding the foregoing, payment may be made in a different currency if permitted by the respective RIA correspondent or the beneficiary’s payment service provider, and always with the beneficiary’s consent.

In all cases, RIA reserves the right not to accept any transaction that, in accordance with its internal regulatory controls, requires additional verifications that prevent its immediate execution.

ELEVENTH. Unauthorized or Improperly Executed Money Transfer Transactions.

When the Client becomes aware that an unauthorized or incorrectly executed money transfer transaction has occurred, the Client must notify RIA without undue delay in order to proceed with rectification.

Except in cases where RIA has not provided the Client with, or made accessible to the user, the information relating to the money transfer transaction, the notification referred to in the preceding paragraph must be made within a maximum period of three months from the date of debit or credit of the transaction amount, as applicable.

TWELFTH. Data Protection.

In compliance with Law No. 19.628 on Protection of Private Life, the Client acknowledges and understands that RIA has a Privacy Policy governing the processing carried out by RIA in relation to the personal data of the Client and the beneficiaries (understood as the person or persons who sign or are identified in these general terms and conditions).

Likewise, the Client acknowledges and understands that, if the Privacy Policy is not accepted, RIA does not guarantee that the Application will operate as expected by the Client, nor does it guarantee the provision of the services offered.

RIA’s Privacy Policy is available at:
Privacy policy (riamoneytransfer.com)

THIRTEENTH. Liability.

In the event of any delay, non-delivery, non-payment, or reduced payment of the transfer, the Client’s sole and maximum contractual remedy against RIA shall be reimbursement of the transfer amount plus the commission charged. RIA shall not be liable for any variation or delay in service due to local regulations or causes beyond RIA’s control.

The Client requesting transfers through the Application declares that they possess an electronic or mobile device with sufficient technical requirements, both software and hardware, to place the respective orders through the Application. Any failure of the Client’s electronic or mobile device that prevents successful placement of a transfer order shall not be the responsibility of RIA.

FOURTEENTH. Applicable Law.

The legal relationships described in these general terms and conditions shall be governed by their own provisions and by the specific agreements reflected in the Settlement Documents and, with respect to matters not provided therein, by the laws of the Republic of Chile.

FIFTEENTH. Dispute Resolution.

Any dispute relating to the interpretation, execution, or validity of these general terms and conditions shall be resolved in a single instance by the ordinary courts of justice of Santiago, Chile, in accordance with the applicable regulations and laws.

RIA CUSTOMER SERVICE:

The customer service channels available to Clients are:

Clients must submit their complaints and claims in writing: (i) in person at any of the offices of Ria Chile Servicios Financieros SpA, (ii) by postal mail addressed to “Customer Service of Ria Chile Servicios Financieros SpA,” Avenida Libertador Bernardo O’Higgins 1449, Tower 4, Office 1502, Santiago, or (iii) by email to servicioclientechile@riamoneytransfer.com.

In all cases, the Client shall be provided with a copy stating the date on which the complaint was submitted.

The Customer Service department shall resolve complaints and claims within a maximum period of 30 calendar days from the date of submission.

DEFINITIONS:

“Payment Transaction” or “Money Transfer”: an action initiated by the remitter or by the beneficiary consisting of placing, transferring, or withdrawing funds, irrespective of any underlying obligations between them;

“Business Day”: a day on which the payment service providers of the remitter or the beneficiary involved in the execution of a payment transaction are open for business for the purposes necessary to execute such payment transaction (i.e., Monday through Friday, excluding public holidays in each applicable jurisdiction). In the case of payment accounts contracted electronically, the calendar corresponding to the location where the registered office of the payment service provider with whom the account was contracted is located shall apply.