Terms & Conditions

• 1. Introduction

Welcome to Hakach Transfer, your trusted partner in seamless and efficient money transfers. At Hakach, we specialize in providing secure, cost-effective, and user-friendly remittance services tailored to meet the needs of individuals and businesses alike. With a deep understanding of local market dynamics, we are able to accept currencies that many of our competitors cannot, ensuring that you get the best rates available. Our innovative platform combines the latest in automation technology with the indispensable touch of human expertise, guaranteeing precision and reliability in every transaction.

Whether you are sending money to family across the globe or managing international business payments, Hakach offers a comprehensive suite of services designed to simplify the transfer process. Our commitment to transparency and customer satisfaction means that you can trust Hakach to handle your money with care and efficiency. Join millions of satisfied customers who have discovered the convenience and peace of mind that comes with using Hakach Transfer for their remittance needs.

• 2. About Us

HAKACH TRANSFERT LTD. (referred herein as HAKACH) operates a money services business (MSB) in Canada, it is licensed by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is committed to a complete and unconditional compliance with the regulatory requirements and regulations of FINTRAC. 

HAKACH offers various money services to its clients in Canada and overseas such International Money transfer services, payments and currency exchange. As a Money Services Business (MSB) registered in Canada and operating its business internationally, HAKACH is responsible to prevent financial malpractices, including money laundering and terrorist financing and to ensure the ongoing compliance of its team with the laws and regulations applicable to its business operations.

• 3. Definitions  

• Beneficial Owner: An individual who owns or controls 25% or more of an entity-client's shares or who ultimately controls the entity's actions.
• Business Relationship: Any relationship an MSB establishes with a client to conduct financial transactions or provide related services on an ongoing basis.
• Client: Any individual or entity that engages in a financial transaction or business relationship with the MSB.
• Compliance Officer : The designated individual within an MSB responsible for ensuring the company's adherence to all regulatory requirements, including the preparation and submission of reports to FINTRAC and having the authority to implement and enforce such requirements within the corporation. 
• Electronic Funds Transfer Report (EFTR): A report detailing electronic transfer of funds made at the request of a client, sent or received to/from outside of Canada, and that surpass the defined threshold.
• Family Member: includes one the following groups: spouse or common-law partner, biological or adoptive child(ren), mother or father; the mother or father of their spouse or common-law partner (mother-in-law or father-in-law); and the child(ren) of their mother or father sibling(s))
• Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): Canada's national financial intelligence unit responsible to implement the laws and regulations under PCMLFTA and responsible for registration and ensuring compliance with the PCMLTFA and its regulations.
• Know Your Client (KYC): A mandatory process adopted by the company for identifying and verifying the client's identity  to ensure that they are not involved in any illegal activities.
• Large Cash Transaction Report (LCTR): A report filed by the MSB when it receives an amount of $10,000 or more in cash in the course of a single transaction, unless it's from another financial entity.
• Large virtual currency transaction (LVCTR) ): A report filed by the MSB when it receives an amount equivalent to $10,000 or more in virtual currency transaction.
• Money Laundering (ML): is a process used to disguise the source of money or assets that come from illegal means and to make them appear as if they originated from legitimate sources. Money laundering is a serious crime that affects Canadians' safety, security and quality of life. 
• Money Service Business (MSB): An entity that offers financial services such as currency exchange, money transfers, or check cashing to the public.
• Politically Exposed Persons (PEPs): Individuals who are, or have been within the last 5 years, entrusted with a specific office or position in or on behalf of the federal, state, provincial or a municipal government. 
• Politically Exposed Foreign Person (PEFP): An individual who holds or has held a significant public office in a foreign country, their family members, or close associates.
• Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): The primary legislation in Canada that provides the framework for detecting, preventing, and deterring money laundering and the financing of terrorist activities.
• Risk Base Assessment (RBA) is a way to conduct risk assessment by considering elements of the Company’s business, clients and/or business relationships to identify the impact of possible ML/TF risks, and to apply controls and measures to mitigate these risks.
• Suspicious Transaction Report (STR): A report filed by the MSB when there are reasonable grounds to suspect that a transaction or attempted transaction is related to the commission or attempted commission of a money laundering/terrorist activity offense.
• Terrorist Property Report (TPR): A report filed by an MSB when it believes it's in possession of property owned or controlled by or on behalf of a terrorist or a terrorist group.
• Terrorist Financing (TF): Providing or collecting funds, by any means, directly or indirectly, with the intention or knowledge (whether actual or implied)  that they would be used to carry out terrorist activities.
• Voluntary Information Record (VIR): A voluntary reporting by an individual that can be filed with FINTRAC when there are suspicions about ML or TF activities.

• 4. Our services

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• 4.1. Sending Money

HAKACH's main business line focuses on international money transfers, leveraging our extensive local network to serve more destinations than many Money Service Businesses (MSBs) and banks. We accept a wide range of African currencies that our competitors do not, allowing us to provide unique and tailored services. Our transactions are carried out either manually or automatically, depending on the payment methods and the destination, ensuring flexibility and precision. As soon as we receive customer funds, the beneficiary's bank account or wallet is promptly credited, providing a seamless and efficient transfer experience for our clients. 

To transfer money with HAKACH, start by choosing your currency and specifying the amount you want to send. Next, enter the receiver's information and select your preferred mode of payment. Once you have provided these details, submit the transaction through our secure online portal. Finally, review all the transaction details and send the money. Your beneficiary will receive the funds in minutes, ensuring a fast and efficient transfer process.

• 4.2. Customer Can Request Money

Customers can also request money using our platform. This money request service is currently available for certain destinations, providing a convenient way for individuals to solicit funds directly. Whether you need to request money from family, friends, or business partners, our platform makes it easy and secure. We are continuously working to expand this service, and we will be adding more destinations as soon as they become available, enhancing our global reach and ensuring that more customers can benefit from this feature. This commitment to expanding our services reflects our dedication to meeting our customers' needs and making international transactions as smooth and accessible as possible.

• 5. Registration/Account Creation 

HAKACH LTD. (referred herein as HAKACH) operates a money services business (MSB) in Canada, it is licensed by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is committed to complete and unconditional compliance with the regulatory requirements and regulations of FINTRAC. Identifying and verifying the identity of a client is one of the most important steps in ensuring HAKACH’s compliance with the regulatory regime under FINTRAC legislation.

• 5.1. KYC Verifications 

All customers must go through KYC (Know Your Customer) verification before registration. HAKACH LTD. (referred to herein as HAKACH) operates a money services business (MSB) in Canada and is licensed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). We are committed to complete and unconditional compliance with the regulatory requirements and regulations of FINTRAC. Identifying and verifying the identity of a client is one of the most important steps in ensuring HAKACH’s compliance with the regulatory regime under FINTRAC legislation. This rigorous process helps us provide secure and reliable services, maintaining the highest standards of integrity and trust.

• 5.2. For verifying an identity of a person, HAKACH shall use one of the following methods:

1. Government-issued photo identification method - verify the identity of a person by referring to a government-issued photo identification document that is:
2. authentic, valid and current
3. issued by a federal, provincial or territorial government (or by a foreign government if it is equivalent to a Canadian document);
4. indicate the person's name;
5. include a photo of the person;
6. include a unique identifying number; and
7. match the name and appearance of the person being identified.
8. Photo identification documents issued by municipal governments, Canadian or foreign, are not acceptable.
9. See Annex 3: Examples of acceptable photo identification documents attached hereto. 

1. Credit file method - verify the identity of a person by referring to information that is in their credit file that: 

• contains information that is valid and current;
• is from a Canadian (not a foreign) credit bureau - Equifax Canada and TransUnion Canada;
• have been in existence for at least three years;
• contain information that is derived from more than one source (i.e. more than one tradeline); 
• match the name, address and date of birth of the person being identified.
• use the report produced at the time of verifying the person's identity obtained by the Company (not provided by a person). 

1. Dual-process method - verify the identity of a person by using any two of the following:

• referring to information from a reliable source (which is an originator or issuer of information that the employee trusts) that includes the person's name and address and confirming that the name and address are those of the person;
• referring to information from a reliable source that includes the person's name and date of birth, and confirming that the name and date of birth are those of the person; or
• referring to information that includes the person's name and confirms that they have a deposit account, a prepaid payment product account , or a credit card or other loan account with a financial entity, and confirming that information.
• The information must be valid and current and come from two different reliable sources (statements, letters, certificates, forms or other information sources that can be provided through an original version).

1. Affiliate or member method - verify the identity of a person by confirming that one of the following entities previously verified the person's identity:

• An affiliate of HAKACH that is an RE referred to in any of paragraphs 5(a) to (g) of the PCMLTFA;
• a foreign affiliate of HAKACH that carries out activities outside of Canada that are similar to the activities of an RE referred to in any of paragraphs 5(a) to (g) of the PCMLTFA;
• The Employee must confirm that the name, address, and date of birth in the affiliate records match the information provided by the person whose identity is being verified.

• 3. Methods to verify the identity of legal entities

1. Confirmation of existence method for Corporation - to verify the identity of a corporation, the Company will refer to:
• a certificate of incorporation;
• a record that has to be filed annually under provincial securities legislation; or
• the most recent version of any other record that confirms the corporation's existence and contains its name and address and the names of its directors (a certificate of status, the corporation's published audited annual report, or a letter or notice of assessment for the corporation from a municipal, provincial, territorial or federal government).
• The record must be authentic, valid and current.
• The verification document should be obtained by the Company from a publicly accessible provincial or federal database like the Corporations Canada database, or a corporation search and registration service.

• 4. Record keeping requirements

The employee of HAKACH conducting identity verification of a client must record the following information, which shall be recorded and stored in compliance with the Company’s Records Keeping Policy: 

• the person's name;
• the date on which you verified the person's identity;
• the type of document used (for example, driver's licence, passport, etc.);
• the unique identifying number of the document used;
• the jurisdiction (province or state) and country of issue of the document; 
• the expiry date of the document, if available (if this information appears on the document or card, you must record it);
• the name of the Canadian credit bureau or third party vendor as the source holding the credit file; 
• the person's credit file number;
• the name of the Canadian credit bureau or third party vendor as the source holding the credit file; and
• the person's credit file number

Annex 1: Summary of the methods to identify persons and associated record keeping obligations

Annex 2: Summary of methods to identify an entity and associated record keeping obligations

Annex 3: Examples of acceptable photo identification documents

• 5. Acceptable Payment Methods 

When sending money under these Terms and Conditions, it is your responsibility to ensure all transaction details are accurate before submission. Once a transaction has been submitted for processing, it is generally not possible to change any of its details except for the recipient's details. The transaction amount cannot be changed. You will be given the opportunity to confirm transaction details before submission, and you must check the details carefully. Providing inaccurate details can cause delays in processing your transaction or lead to its cancellation. Sending money from Third party account strictly prohibited. 

Once a transaction has been submitted for processing, Hakach may, at their sole discretion, attempt to cancel a transfer at your request but cannot guarantee success in such efforts if a transfer has been duly authorized and submitted. Before you confirm a transaction, we will provide you with the foreign exchange conversion rate that will be applied to your transaction and the fee we will charge. We will also provide you with the estimated amount the Recipient will receive (the ‘Payout Amount’) after currency conversion and deduction of the Transaction Fee.

The funds will be paid into the Recipient's bank account in the Receiving Country stated in the online form. Once your Transfer has been accepted and the Transaction Amount and Transaction Fee have been received by Hakach, we will aim to credit the Transaction Amount to the Recipient's bank account in the currency requested in the online form within the chosen Delivery Time.

We will attempt to process transactions promptly, but any transaction may be delayed or canceled for a number of reasons, including but not limited to: our efforts to verify your identity; to validate your transaction instructions; to contact you; or otherwise to comply with applicable law; due to variations in business hours and currency availability; or due to additional compliance requirements or operating procedures and business guidelines our partners have in place.

• 6. Exchange Rates

The applicable exchange rate will be communicated to you when you place your payment order. In these Terms & Conditions, the exchange rate refers to the rate at the relevant time for the relevant currency pair offered by us, typically provided by a reference rate provider. We may change our reference rate provider from time to time without prior notice to you.

Before you confirm your transaction, the total amount you will need to pay (including the Transaction Amount, Service Fee, and any other applicable fees and charges), along with the relevant exchange rate, will be clearly displayed on our website. You have the option to proceed with or cancel the transaction at this point. The displayed exchange rate will apply even if there is a delay in processing your transaction.

When you pay in one currency and the recipient is paid in another, there will be a difference between the exchange rate at which we purchase foreign currency and the exchange rate provided to you. As we are not a currency trading provider, our services should not be used for trading purposes. If it is determined that you are using our services for trading, you will be violating these Terms and Conditions. Consequently, we reserve the right to (i) cancel the transaction and refund your payment; and (ii) suspend or close your Hakach account and seek disgorgement of your gains.

• 7. Transaction fees

At Hakach, we strive to offer the best fees possible for our customers. The sending fees typically range from 0 percent to 5 percent, depending on the destination, the beneficiary country, and the chosen payment methods. For most destinations, receiving funds is free of charge. Any potential sending fee is usually deducted from the sender under normal circumstances. It is important to note that Hakach is not responsible for any additional fees or charges that you may incur from the use of a particular payment instrument to fund a transaction. These charges are imposed by your financial institution or payment provider and are beyond our control.

• 8. Cancelation/Refund Policy

You have the right to cancel a transaction with us, provided the recipient's account has not yet been credited. Cancellation is not possible once the recipient's account has been credited. If you exercise your right to cancel under this clause, we may apply a cancellation fee. To cancel a transaction or request a refund, please email us at [email protected] or use the contact information provided at the bottom of these Terms and Conditions.

We will consider your refund request if submitted by email, mail, or phone, subject to satisfactory identification of the sender. To identify you, please contact us from your registered email address and provide your full name, address, phone number, transaction ID, transaction amount, and the reason for your refund request. Any refunds will be credited back to the same payment instrument used to fund the transaction and in the same currency, unless we cannot identify the sender’s bank account.

If we cannot identify the sender’s bank account, we will contact the sender to provide the same currency bank account details for the refund.

For successful cancellations, Hakach will typically refund your money to the same payment instrument used to fund the transaction and in the same currency, minus any reasonable revocation, recall, or tracing charges, and any service fees already charged. No adjustments will be made for any currency fluctuations that may have occurred in the meantime. If a refund is issued, we will only refund the transaction amount if it was not paid out to the recipient, in which case we will also cancel your pending transaction.

If the payment has already been credited to the recipient’s bank account and the sender requests a recall of the funds, we will make reasonable efforts to recover the funds. However, Hakach cannot guarantee that the cancellation will be successful. In these circumstances, we may charge a reasonable fee reflective of our efforts.

We value your feedback as it helps us improve our service. For full details of our complaints procedure or to submit a complaint, comment, or question, please contact us:

HAKACH TRANSFERT

300 Supertest Rd, 1, North York, Ontario, Canada, M3J 2M2

[email protected]

+1 (647) 558‑7590

• 9. Account Restriction/Suspension/Termination of Agreement

Hakach reserves the right to modify or discontinue the service or any part of the service without notice, at any time and from time to time. We may, at our absolute discretion, refuse any transaction or limit the amount to be transferred, either on a per transaction basis or on an aggregate basis, and either on individual accounts or on related accounts. Additionally, we may, at our sole discretion, refuse transactions from certain senders or to certain recipients, including but not limited to entities and individuals on restricted or prohibited lists issued from time to time by the Canadian Government or any other government. Furthermore, not all payment instruments are available to all customers at all times, and we may, at our sole discretion, refuse transactions funded from certain payment instruments.

Any misuse of an account, including duplication or use for illegal activities, may result in account suspension.

Hakach Account Suspension and Permanent Closure: Hakach may suspend, restrict, or permanently close your Hakach account for any reason deemed necessary, including, but not limited to, a court or authorized governmental agency order; suspicion of prohibited use; heightened legal or regulatory risk to Hakach; abuse of the Hakach account, system, or promotions; or inability of our partners to support your Hakach account. You acknowledge and accept that Hakach is not required to notify you of our actions or the reasoning, and that the decision may be based on confidential criteria and information.

• 10. Acceptable Use

By using our website and services, you agree to abide by these Terms. If you do not agree to these Terms, please refrain from using our website and services.

When using the Service, you must not:

• Circumvent, disable, or interfere with any security-related features of the Service.
• Create more than one account.
• Provide false or misleading information in your account details.
• Allow another person to use the Service under your name or on your behalf, unless you are a business and such person is authorized by you.
• Use the Service if we have suspended or banned you from using it.
• Engage in any fraudulent, illegal, or unlawful conduct.
• Modify, interfere, intercept, disrupt, or hack the website or the Service.
• Misuse the Service by knowingly introducing viruses, Trojans, worms, logic bombs, or other 
• harmful material.

Failure to comply with these rules of acceptable use constitutes a serious breach of these Terms and Conditions and may result in our taking any of the following actions (with or without notice):

• Immediate, temporary, or permanent withdrawal of your right to use our Service or closure of your account.
• Issuance of a warning to you.
• Legal action against you, including proceedings for reimbursement of all costs (including, but not limited to, reasonable administrative and legal costs) resulting from the breach.
• Disclosure of such information to law enforcement authorities as we reasonably feel is necessary.
• These actions are not limited to those described above, and we may take any other action we reasonably deem appropriate.

• 11. Intellectual Property and Usage Rights

The Hakach website and the Hakach Service, along with all related content and intellectual property—including but not limited to copyrights, patents, database rights, trademarks, and service marks—belong to us. This includes all intellectual property rights associated with the design, layout, processes, functions, data, and content of our website and mobile application. We grant you permission to use these materials solely for the purpose of utilizing the Service in accordance with these Terms and Conditions.

All rights, title, and interest in and to the Hakach website and the Service shall remain our property. The Hakach website and the Hakach Service may be used only for the purposes permitted by these Terms and Conditions or as described on the website. You are authorized solely to view and retain a copy of the pages of the Hakach website for your personal use. You may not duplicate, publish, modify, create derivative works from, participate in the transfer or sale of, post on the internet, or distribute or exploit the Hakach website, the Hakach Service, or any portion thereof for any public or commercial use without our express written permission.

As part of our Service, we allow you to download our mobile application (including any updates) from our website or via an app store for use on your mobile devices solely for accessing and using the Service in accordance with these Terms and Conditions. Therefore, we grant you a non-exclusive, personal, non-transferable license for this sole purpose. Your right to use the Service is personal to you and is non-transferable.

Hakach retains full and complete ownership of the granted rights and the right to dispose of them freely, including granting licenses to whomever it chooses. Other than as permitted in these Terms and Conditions, you are not given any right to use the ‘Hakach’ name or any of the ‘Hakach’ trademarks, logos, domain names, or any other distinctive brand features.

No part of our website, its content, or any of its underlying software and databases may be copied or reproduced, shared with third parties, reverse engineered, reverse assembled, or used to create any derivative work (whether in physical or electronic form) without the prior written consent of Hakach.

You may not use any robot, spider, scraper, or other automated device to access the website, mobile application, or the Service, nor may you remove or alter any copyright, trademark, or other proprietary notice displayed on the Hakach website or printed pages of the website.

• 12. Protecting Your Personal Information

At Hakach, protecting your personal information is our top priority. To safeguard your data from unauthorized access and use, we implement robust security measures. These measures include physical, electronic, and procedural safeguards such as state-of-the-art computer protections, secured files, and secure facilities. Additionally, we restrict access to personal information to employees, agents, and representatives who need it to perform their duties.

Our electronic safeguards involve advanced encryption technologies to protect your data during transmission and storage. We use firewalls and intrusion detection systems to monitor and defend against potential security breaches. Regular security audits and vulnerability assessments are conducted to ensure our systems remain secure and up-to-date with the latest security protocols.

Physical safeguards include secured access to our offices and data centers, ensuring that only authorized personnel can enter these areas. Our buildings are equipped with surveillance systems and access control mechanisms to prevent unauthorized access.

Procedural safeguards involve comprehensive training for our employees on data protection and privacy practices. We enforce strict policies and procedures to handle your information with the highest level of confidentiality and integrity.

Despite our extensive efforts, we acknowledge that third parties may unlawfully intercept or access your personal information or transmissions to us. They might also try to deceive you by posing as Hakach or providing false information about our services. To counteract these threats, we constantly monitor our systems for suspicious activities and take immediate action to mitigate any potential risks.

We encourage you to always exercise caution and good judgment when sending money and using internet and mobile technologies. Be vigilant against phishing scams and only provide your personal information through our secure website or trusted communication channels.

At Hakach, we are committed to maintaining the highest standards of security to protect your personal data. Your trust is of utmost importance to us, and we continuously strive to enhance our security measures to keep your information safe.

• 13. Changes to Terms and Conditions

We may need to change these Terms from time to time to:

• Comply with laws or regulations;
• Reflect changing market conditions; or
• Meet our changing business requirements.
• Hakach will notify you of any changes to our Terms and Conditions in writing by email and/or by placing a notice on our website or mobile application, together with the date on which the changes will take effect (the ‘Effective Date’).

Hakach will give you at least two (2) months’ prior written notice of any material changes to these Terms and Conditions. If we do this, you can terminate these Terms and Conditions immediately by closing your Hakach account or profile and ceasing the use of our Services during the notice period. If we do not hear from you during the notice period, you will be considered as having accepted the proposed changes, and they will apply to you from the Effective Date specified in the notice.

In some instances, we may change these Terms and Conditions immediately. Notwithstanding the two-month notice period, changes to these Terms and Conditions which do not require two months’ notice or are (1) more favorable to you; (2) required by law; (3) related to the addition of a new service or extra functionality to the existing Service; or (4) changes which neither reduce your rights nor increase your responsibilities, will come into effect immediately if they are stated in the change notice. Changes to exchange rates shall come into effect immediately, without notice and no right for objection of such change.

Changes made to our Terms and Conditions will normally only apply to your use of our Service after the Effective Date but may also apply to any transactions or other use of our Service initiated before the Effective Date where this is required by law.

The Effective Date for the current version of the Terms and Conditions is June 22, 2024.

• Contact Info

Hakach Transfert

300 Supertest Rd, 1,

North York, Ontario,

Canada, M3J 2M2

[email protected]

+1 (647) 558‑7590