We’ve tried to keep things simple but there are some terms that may need explaining:
Application – The term application shall refer to the process of filling out personal and financial information in order to apply for an account with Zenus Bank.
Authentication – The process we use to identify and verify you are who you say you are and are qualified to apply for or make transactions and requests on an account.
Authentication factor – Secret or unique information linked to a specific customer identifier that is used to verify the customer’s identity (e.g., PIN, voice recognition, face recognition or password).
Blocking accounts and transactions – OFAC blocks the property of targeted countries or special designated nationals. Accounts and transactions related to target countries and special designated nationals will be blocked and asset will be under OFAC control.
Bank Secrecy Act of 1970 (also referred to as "BSA") – US law that mandates US financial institutions in assisting U.S. government agencies in detecting and preventing money laundering.
Business Day – Zenus Business Days are Monday through Friday, excluding federal holidays. Although Zenus offers some services on Saturdays, Sundays and federal holidays, these are not considered Business Days. Zenus Business Days and hours may be subject to change without previous notice.
Client Agreement – This contract, detailing the terms under which Zenus shall provide services to you, may also be defined as Terms and Conditions.
Closed Account – A closed account is any account that has been deactivated or otherwise terminated, either by the customer, custodian, counterparty or Zenus.
Dormant Account – If an account has been inactive for 2 years, it becomes dormant or inoperative.
Electronic Fund Transfer ("EFT") – any transfer of funds that is initiated through an electronic terminal, mobile, online, or magnetic tape for the purpose of ordering, instructing or authorizing us to debit or credit your account.
Embargo – An asset seize order by a country, state court or agency.
Identifying Information – Public and non–public information collected during our onboarding process about you.
Inactive Account – If you haven’t used your account for any transactions for over 1 year, the account becomes inactive.
Office of Foreign Asset Control ("OFAC") – Office of the US Department of Treasury that enforces economic and trade sanctions based on US policy.
Person – Any natural or legal person.
Real–Time Gross Settlement ("RTGS") – A funds transfer system that allows for the instantaneous transfer of money and/or securities. RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. Once completed, Real–Time gross settlement payments are final and irrevocable.
Regulation E – Regulation E implements the Electronic Fund Transfer Act (EFTA), which establishes a basic framework of the rights, liabilities, and responsibilities of participants in the electronic fund and remittance transfer systems. Effective October 28, 2013, the EFTA was amended by the Dodd-Frank Act to implement a new system of consumer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.
Request For Information – Our regulatory and compliance obligations require us to have certain information about our client and their transactions. If at any moment we need more information we will send to you a Request For Information which you must complete and share with us promptly.
Society for Worldwide Interbank Financial Telecommunication ("SWIFT") – A network and messaging system used by banks and other financial institutions to send and receive information, such as money transfer instructions.
Unlawful Internet Gambling Enforcement Act ("UIGEA") – Law that prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the internet and that is unlawful under any federal or state law.
US PATRIOT Act – The US Patriot Act was introduced as a means of Uniting and Strengthening America by providing appropriate tools required to intercept and obstruct terrorism. It is a Law that mandates US financial institutions to identify and verify customers and create a system of internal controls to prevent money laundering and terrorism financing.
Interstate Wire Act of 1961 – US Law that prohibits the operation of certain types of betting businesses.
Visa Direct – A fast, simple and secure way to send personal payments, globally across the Visa network.
Zenus Account – The bank account we provide for you to deposit, hold, make payments and transfers with your money.
Zenus Bank – That’s us, Zenus Bank International, Inc., a Puerto Rico corporation operating under an International Financial Entity supervised by the Office of the Commissioner of Financial Institutions ("OCIF") with license number IFE–061. May also be defined as "Zenus", "we", "us".
Zenus Services – The Zenus website, online banking or mobile applications are collectively referred to as "Services".
Zen Card – The virtual or physical Visa debit card issued by Zenus Bank.
Zenus Member – A Zenus client and account holder.
Zen Transfers – Transfers made only between Zenus clients or Zenus bank accounts using the Zen Transfer feature.