World AccountTerms and Conditions
1.
1.1.
1.2.
1.3.
1.4.

About Us and our Service
World First Pty Ltd is registered with and licensed by theAustralian Securities and Investments Commission (ABN
42 132 368 971, AFSL number 331945).
This Agreement sets out the terms governing the services
provided by World First to you and your use of your World
Account.
We recommend you keep a copy of this Agreement for yourrecords. You can however always access the latest version byvisiting www.worldfirst.com/au.
If you are based in New Zealand, Schedule 1 also applies to you.

Apply ing for a World AccountIn order to open a World Account, World First requires:
2.1.1. you to complete our Application Form (online or paper
based document);
2.1.2. confirmation of your acceptance of this Agreement and
our Privacy Policy in a form acceptable to us; and2.1.3. receipt of any information and/or documentation
requested by us to ensure we meet our ComplianceObligations.
2.2. During the application process, you will be subject to WorldFirst's Know Your Customer ("KYC") process and approval
policies in place at the time of your application. As part of theregistration process, you will need to accept this Agreement
and other World First policies that will be included in theregistration process. Depending on the types of services you
register for, you may be asked to provide additional
information or documents or to accept additional or
supplementary terms and conditions covering such services
You represent and warrant that all information provided by
you to World First during the application process and any time
thereafter is and will be truthful and accurate. Further, yourepresent and warrant that any person who completes the
Application Form and confirms the acceptance of thisAgreement and our Privacy Policy is duly authorised by you
to apply for a World Account with us.
2.3.
On our acceptance of you as a customer, we will send you anotification informing you that your World Account is open andready to use.
2.4.
If you do not use your World Account for a period of 12 months
or more we may suspend or close your account. We ma y also
require you to provide such documentation and information that
we may reasonably request to assist us in meeting ourCompliance Obligations and you may need to re -apply to open a
World Account.
2.5.
The World Account is registered to the person or legal entity
recorded with World First as the account holder, and any money
held is held for the registered account holder. You may not
assign your World Account to third parties or grant third parties
any legal or equitable interest over it.
2.6.
By opening a World Account you warrant to us that your openingof a World Account does not violate any Laws or regulations
applicable to you and you shall indemnify us against any and all
losses we incur in connection with your breach of this clause.
2.7.
Our obligations under this Agreement are conditional on our
acceptance of you as a Client which is at our sole discretion and
we reserve the right to decline to open a World Account for you
without specifying a reason.
2.8.
The World Account is provided as a commercial tool to support
the business activity of the registered account holder; you agree
that you will not use your World Account for personal, domestic
or household purposes or for any purposes in relation to the

2.9.
2.10.

2.
2.1.

April 2022

2.11.

3.
3.1.

3.2.
3.3.

3.4.

business activity of any third party. Should World First determine,in its reasonable opinion, that you are using your World Accountfor personal, domestic or household purposes or for any
purposes related to the business activities of any third party,
World First may, and you agree that World First may,
immediately suspend access to your World Account.
If you are an individual you must be 18 years or older to open
and use the World Account service.
We may require you to provide us with additional information anddocuments from time to time prior to using the World Account.
Such additional information might include documents allowing
World First to verify the source of the funds, including but notlimited to invoices for services delivered for which you are being
paid, and payment confirmation from the entity sending thefunds. We may request additional information to enable us tocomply with any applicable law. Such information will be used inconjunction with other information we have in connection withyour use of the World Account. Failure to provide such requested
information may result in us denying your use of the World
Account. All information you provide us must be accurate andcomplete. If we cannot verify that this information is accurate, we
may deny your use of the World Account, or terminate your useof the World Account.
You shall immediately notify us and provide copies of and accessto any relevant information about any of the following at the pointof World Account registration as well as throughout the course ofthis Agreement, or when reasonably requested by us:(a) if you are authorized to issue Bearer Share Warrants;(b) if you have issued and maintain any Bearer Shares
Warrants;(c) in the event that there are any changes in legal and/or
beneficial ownership of any Bearer Share Warrants issued byyou; and(d) in the event that any new Bearer Share Warrants areissued by you.
Personal Data and World Account Security
By asking us to provide you with services under this Agreement,
you will be providing us with information which includes
information that may be personal data within the meaning of thePrivacy Act 1988 (Cth).
We will use your personal information to allow us to provide youwith our services in accordance with our Privacy Policy.
If you provide us with personal information relating to anotherperson, including but not limited to any Authorised Users,
beneficiaries, directors, and beneficial owners of corporate
entities, you must get consent from that person(s) for you toshare such information in accordance with this Agreement and
the Privacy Policy.
We may send your personal information to other companies in
the World First Group that are outside Australia, in accordancewith our Privacy Policy. Companies in the World First Groupwill protect Client information using a strict code of security.
World First also reserves the right to share information with otherorganisations, such as banks, e -commerce platforms or otherpersons for the detection or prevention of crime or other abusive
behaviour or in order to provide the services under thisAgreement.
We may conduct soft searches through an identity-referencing
agency and through other sources of information and use scoring
methods to verify your identity; these soft searches do not affectyour credit score. If you are a corporate entity or business, wePage 1 of 12

World AccountTerms and Conditionstransfers in order to move the funds to the correct accountwithout further notice to you. If World First cannot reasonably
identify the correct account with which to credit any funds
received, we will return those funds to the sender’s account.

may conduct these types of searches on your directors,
shareholders or Authorised Users.
4.
4.1.

4.2.

4.3.

4.4.

4.5.

4.6.

4.7.
4.8.

4.9.

Your World AccountYour World Account is a multi-currency digital wallet, whichenables you to send and receive electronic or cashless
payments. For more information, please view the FAQ section atwww.worldfirst.com/au.
You can withdraw and add funds to your World Account at any
time; however, your World Account may be subject to payment
upload and/or withdrawal limits or other restrictions imposed byWorld First at its sole discretion from time to time. We will always
provide you with reasonable notice prior to imposing any limits
or other restrictions on your World Account.
Any withdrawal must be to an account in the same name as yourWorld Account, or where permitted by us, that of your legal
representative, director, or ultimate beneficial owner, subject toapplicable laws and WorldFirst’ s policies and procedures.
You may add or remove a beneficiary at any time prior to
instructing a payment to the beneficiary. More details on making
payments are in “Sending Payments using your World
Account ” below.
World First may suspend access to, disable or place limits on
your World Account without prior notice to you should we havereason to believe that your World Account is being used in, hasbeen used in or has been associated with, any fraud or
attempted fraud or if World First believes your World Account has
been compromised or used in any way which is contrary to thisAgreement (including but not limited to if we reasonably suspectthat you are in breach of this Agreement) or for the prevention offinancial crime. In the event that we suspend your account wewill contact you using the contact details, including but not limited
to telephone and/or email, that we have for you and which WorldFirst reasonably believes to be secure, unless we determine that
we are prohibited from doing so pursuant to applicable law.
When you upload or receive funds to your World Account, we will
issue you with electronic money for that same value. The
electronic funds in your World Account will be held in trust andsafeguarded until you use them to make a payment or withdraw
your funds. We segregate Client Money from World First’s
money and hold Client Money in a pooled trust account inaccordance with Australian law. When you instruct World First
to convert one currency into another, the currency being soldbecomes due and payable to World First on the date confirmed
in your Trade Confirmation Notice. and on this date your funds
will cease to be deemed Client Money. On the date the bought
currency is made available to you, you will again be issued withelectronic money to the value of the currency bought and those
funds will constitute Client Money until you instruct a further
payment.
We shall not pay interest on funds held by us for you and we may
retain, for our own benefit, any interest which accrues from funds
held in any World First accounts.
We are required to identify and verify all funds received from third
parties on your behalf and such third parties will need to beverified in accordance with our due diligence procedures before
we are able to release your funds or make any onward payment.
Whenever you upload or receive funds to your World Account,
you should always ensure that you are using the most up to dateaccount details provided to you by us. In the event that you
instruct your funds to an incorrect account managed by WorldFirst, and World First can identify the correct account, you agree
that World First has permission to facilitate the necessary

April 2022

5.
5.1.

5.2.

5.3.
5.4.

6.
6.1.
6.2.

6.3.

6.4.

How to upload funds to your World AccountIf you would like to upload funds you will need to log into yourWorld Account and follow upload instructions. Unless otherwise
permitted by us, the account from which you upload funds frommust be in the same name as your World Account. World First
may request that you answer security questions when uploading
funds to your World Account.
World First has no control over the processing timeframes ofthird party financial institutions, and we will not be liable for any
delays in the availability of funds that may be caused by suchthird parties.
When you open a World Account, you will be provided with aunique account number for each currency denominated wallet
you select.
You must not, under any circumstances, deposit physical cash(coins and notes), cheques or banker’s drafts into any of our
accounts.
Sending Payments using your World Account
You can instruct a payment by contacting us or logging into yourWorld Account. Each payment Instruction will be an individual
contract between you and us.
In order to instruct a payment using your World Account you willneed to have enough funds available in your World Account in
the corresponding currency denomination taking into accountany fees or costs associated with the transaction. Failing to havesufficient funds in the required currency will result in World First
not executing your payment. World First will execute yourpayment after it has made deduction of any amounts due toWorld First. Transfers between wallet currencies in your World
Account are, in addition to being foreign exchange transactions
entered into by you with World First to convert one currency toanother as provided for in clause 8, also individual payments
instructed by you, and this clause 6 shall apply to those payment
Instruction(s).
You will also need to provide us with the beneficiary accountdetails and it is your responsibility to ensure the beneficiary
account details are accurate and complete. We may require you
to confirm by electronic means any beneficiary account details
provided by you. The beneficiary account details provided by you
are the details that World First will use when executing yourpayment(s). World First will not be liable to you in any way (a) inconnection with you providing incomplete beneficiary accountdetails or your late response in confirming electronically any
Instructions if requested to do so, or (b) if your funds are received
by the wrong beneficiary as a result of you providing incorrect
beneficiary account details. However, we will use reasonable
efforts to assist you in recovery of your lost funds and we reserve
the right to charge you a fee for our reasonable costs in doingso.
You may cancel or alter a payment Instruction by contacting us
at any time before the Instruction has been acted on by us,
subject to, with respect to foreign exchange transactions, clause
9. In the case of a direct debit, you may cancel the payment
before the end of the Business Day preceding the day agreed for
debiting the funds from your bank account. You must notify us
as soon as possible if you cancel a direct debit or if there will be
any delay in our receipt of the required funds.

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World AccountTerms and Conditions
6.5.

6.6.

6.7.

6.8.

6.9.

6.10.

If you wish to recall a payment, which was executed by WorldFirst in accordance with your Instruction, we will make allreasonable efforts to assist you with a recall however, we will not
be liable in the event that a recall is not possible or successful.
Similarly, if a payment has been credited to a beneficiary’s
account we can usually only recall the payment with the consent
of the beneficiary account holder. We will make all reasonable
efforts to assist you with a recall, however, we will not be liablein the event that a recall is not accepted or where the recall is notpossible. We reserve the right to charge an administration fee of$100 representing our administration costs in attempting to recall
each payment in addition to any direct costs incurred by WorldFirst. We will not be liable for any delays, charges or losses
incurred due to the cancellation or recall of a payment and you
agree to indemnify us for any charges or fees incurred by us
assisting you in the attempted or actual recall of any payment
and against any claims arising as a result of this recall.
World First may refuse your Instruction to make a payment if you
have not satisfied your obligations under this Agreement(including but not limited to a failure by you to supply accurate
and complete payment instructions for the beneficiary of thepayment) or if we believe the payment to be unlawful. World First
will not be liable to you if we delay or refuse to carry out atransaction. In these circumstances, we shall promptly notify
you, stating wherever possible the reasons for our refusal, andthe procedure for rectifying any payment detail errors that led to
the refusal but we reserve the right to charge you a fee to cover
our reasonable costs for doing this. We are not obliged to notify
you of our refusal to execute the proposed transaction where webelieve that such a notification would be unlawful.
If we receive a payment Instruction at or before 5.00pm(Australian Eastern Standard Time ( AEST ) on a Business Day,
your payment Instruction will be deemed to have been received
by us on that Business Day. If your payment Instruction isreceived after 5.00pm (AEST) or on a day that is not a Business
Day, your payment Instruction will be deemed to have been
received on the next Business Day.
Although, in most cases, we are able to specify the execution
time needed for the payment to reach the beneficiary bank, wecannot be responsible for any delays caused by:
6.8.1. verification checks such as requests for further
information;
6.8.2. any failure by you to ensure sufficient funds areavailable; and/or
6.8.3. the beneficiary bank’s (or their correspondent bank’s)
processing of the payment;
and so cannot guarantee that the beneficiary's bank will makethe funds available to the beneficiary on the day that it receives
payment.
You consent to us including your full name, address, World
Account number and any other details as are required to be sent
to the beneficiary’s bank or Payment Service Provider to enable
us to comply with our Compliance Obligations and/or to enable
the beneficiary’s bank or a Payment Service Provider to comply
with all applicable regulations.
In some circumstances, intermediaries (such as correspondentbanks) may be involved in an international payment and they or
the beneficiary bank may deduct a charge or fee. We will use ourreasonable efforts to avoid these charges or to otherwise ensurethat such charges are disclosed to you prior to our making thepayment, however where such charges cannot be avoided or
anticipated, you agree to be liable for such charges or fees.
Please advise us if a specific amount must arrive in the

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6.11.

7.
7.1.

7.2.

7.3.
7.4.

8.
8.1.

8.2.

beneficiary account, as we may be able to calculate a ny
undefined charges in advance. You should ensure that you
clearly discuss third party fees and charges when providing uswith an Instruction to make a payment. We will not under any
circumstances be liable for any direct or indirect losses that result
from intermediary, correspondent or receiving bank or any otherthird party fees or charges.
If you have an agreement with a third party under which you havegiven that third party your permission to debit your World
Account directly, we may accept and rely on instructions fromyou to allow that third party to directly debit your account.
Receiving Payments using your World AccountWhen World First receives cleared funds for you, we will credit
your World Account in the corresponding currency
denomination. You should regularly check your transaction
history and account balances. If your World Account has thefunctionality to receive funds from third parties, you must provide
such payers with the correct unique account number. World First
will not be liable for funds that are delayed or lost due to you
providing an incorrect account number. However, we will use
reasonable efforts to assist you in recovery of your lost funds and
we reserve the right to charge you a fee for our reasonable costs
in doing so. Please refer to Schedule1, the Terms of Use, forfurther information on receiving funds from third parties.
If World First receives funds for you in a currency denomination
for which you are not registered, World First will convert thefunds to a currency denomination for which you are registered at
the available spot rate and you may be charged a fee
representing the actual costs incurred by World First as a result.
The funds will be credited to your World Account.
Your World Account can hold balances for you for as long as
your World Account is open. Please see clause 16 for details
relating to account closures.
World First’s services to you under this Agreement do not extend
to the actual purchase of any products or services you purchaseusing your World Account.
Booking Foreign Exchange Transactions Using your World
Account
World First offers Spot Transactions and if your World Accounthas the functionality, Forward Transactions, which are bothforeign exchange transactions for the purposes of thisAgreement. World First does not support foreign exchangetransactions entered into for investment or speculative purposessuch as trying to profit from fluctuations in foreign exchange rates
and you must tell us if that is your intention. We may, without
further notice to you, decline to deal with you and/or suspend
access to or close your World Account if we have reason tobelieve that you are using any foreign exchange transaction forinvestment or speculative purposes.
Each foreign exchange transaction will be an individual contract
between you and us. When you provide us with an Instruction tobuy or sell currency, we will confirm the following terms of thetransaction:
8.2.1. the currency amount that you wish to convert;
8.2.2. the currency amount which will be purchased for you;
8.2.3. the exchange rate offered;
8.2.4. any applicable fees or transmission costs;
8.2.5. any requirement for the payment of Initial Margin (ifapplicable); andPage 3 of 12

World AccountTerms and Conditions
8.2.6.

8.3.

8.4.

8.5.

8.6.

8.7.
8.8.

8.9.

9.
9.1.

if applicable, a date by which the sufficient funds must
be in cleared funds in your account (the “Settlement
Date”)(collectively, the “Commercial Terms” ).
On your acceptance of the Commercial Terms whether orally, inwriting or electronically by logging into your World Account, you
become legally bound to perform your obligations under theforeign exchange transaction in accordance with those agreed
Commercial Terms and we will send you a Trade Confirmation
Notice itemising the Commercial Terms for your records. Without
prejudice to clause 6.2, transfers between wallet currencies inyour World Account are foreign exchange transactions and thisclause 8 will apply to those transactions.
We may accept your Instruction(s) which includes an Instruction
to buy and sell currency at a set price. This is known as a Firm
Order. Unless you request a cancellation via telephone prior to
us executing a Firm order, we will use our reasonableendeavours to execute such Firm Order at that price, but weaccept no liability if market conditions prevent us from executing
such Instructions(s) in full or at all.
You must have sufficient funds in the currency you wish to sell(or, for a foreign exchange transaction in respect of which you
have paid Margin or Initial Margin, any outstanding balance) inyour World Account at or before midday (AEST) on the BusinessDay specified in the Trade Confirmation Notice. You agree that
World First may deduct funds from your World Account to settle
your liability on any foreign exchange transaction you haveconcluded on the date specified in the Trade Confirmation Notice
for a particular foreign exchange transaction. Because of timedifferences and local payment cut-off times, we recommend thatin order to avoid any payment delays you have sufficient funds
the day before they are due.
World First is not obliged to accept an Instruction from you to
perform any obligations under a foreign exchange transaction
and reserves the right to decline to enter into a specific foreignexchange transaction with you.
We will enter into all foreign exchange transactions as principal
and we shall have no responsibility to any other person otherthan you, the registered account holder of the World Account.
If you notify us that you want to alter any of the Commercial
Terms of an existing foreign exchange transaction (after you
have accepted the Commercial Terms but before the Value
Date), we may agree to such amendments that we in our sole
discretion consider are reasonable given the market conditions.
We reserve the right to charge a Spread.
If you fail to provide onward payment Instructions for thecurrency you have bought on or before the Value Date, we
reserve the right to Close Out if the bought currency is notsupported by a World Account, or pay the bought currency to therelevant currency denominated wallet. Without prejudice toclause 9, you will be liable for any loss incurred and also liable inall cases for all costs incurred in connection with any Close Out
under this clause 8.9 and in addition we reserve to charge you a
fee to cover our reasonable costs for doing this.
8.10 If a payment that has already been made can be recalled,
and you wish to reconvert the bought currency to the original ora different currency, the amount returned to you will becalculated according to the exchange rate determined by WorldFirst on the day you provide us with an Instruction.
Cancelling Foreign Exchange Transactions
A cancellation of a foreign exchange transaction is referred to asa “Close Out ”.

April 2022

9.2.

9.3.

9.4.

9.5.

10.
10.1.

10.2.

10.3.

10.4.

11.
11.1.
11.2.

If you inform us that you wish to cancel a foreign exchangetransaction, we may agree to do so at our sole discretion. WorldFirst may also at its discretion insist on performance of thetransaction.
If World First Closes Out a foreign exchange transaction(whether at your request pursuant to clause 9.2 or as otherwise
provided for in this Agreement) World First may add a Spread.
You will also be liable for any loss and any reasonable costs
World First incurs as a result of such Close Out.
Without prejudice to clause 18.3, you agree that in the event of
your death, illness, any threat of legal action against you or an
Insolvency Event we may elect at our discretion to Close Out
your foreign exchange transaction(s).
If you fail to perform any of your obligations under this Agreement
or breach any terms of this Agreement we may Close Out any
foreign exchange transaction we have booked with you without
further notice to you and off-set any funds held for you (whether
received from you or a third party on your behalf) against any
amounts due to us to cover all losses we have incurred as aresult.
Initial Margin and Margin Calls
World First may require Initial Margin when you enter a Forward
Transaction and the value of the Initial Margin required will be
brought to your attention as part of the Commercial Terms
relevant to that transaction. The value of the Initial Margin isdetermined at World First’s sole discretion.
Foreign exchange transactions carry market risk and market
movements could result in your Forward Contract(s) moving ‘outof the money’ (this means your position has a negative value
against the current market rate). World First may, at any time up
to the Settlement Date, require you to top up your Initial Marginand you agree to settle any such request (“ Margin Call ”) for
example: (a) to re-establish the Initial Margin percentage level,(b) to put in place Margin where there has been no Initial Margin;or (c) to increase the Margin level where we determine this isrequired to cover any risks under the foreign exchangetransaction you have booked. “Margin ” is the funds (or suchother assets as World First may accept in its sole discretion) that
may be required by you to be settled to World First from time totime as part of a Forward Transaction but does not include Initial
Margin.
Once Initial Margin is required or a Margin Call is made , youagree we may account for the required amount within one (1)Business Day of the Margin Call. If there are insufficient funds
in your World Account this shall be treated as a failure by you to
perform your contractual obligations and we may elect at ourdiscretion to Close Out your foreign exchange transaction
without further notice to you in the manner and with theconsequences provided for in clause 9.
We shall have the right, at our sole discretion, to determine themark-to-market value of a foreign exchange transaction at any
time.
Fees and Costs
The cost of the World Account service will be subject to the Fair
Usage Policy communicated to you by World First from time totime.
When you sign up for a World Account, you are provided withinformation in a Durable Medium relating to foreign exchange
costs and payment fees that you will incur when using your World
Account. We advise that you retain this information for yourrecords. From time to time, World First may update foreign

Page 4 of 12

World AccountTerms and Conditions

11.3.

11.4.
12.
12.1.

12.2.
13.
13.1.

13.2.

13.3.
13.4.

14.
14.1.

exchange costs and payment fees and will notify you of any suchchange. For further information on foreign exchange costs,
payment fees and World First’s Fair Usage Policy please contact
us using any of the contact methods outlined in the clause below
called ‘Getting in Touch’ (clause 13).
In order to comply with the ASIC Derivative Transaction Rules(Reporting) 2013, World First may need to obtain a Legal Identity
Identifier (LEI) from all entities that trade with it. If you are an
entity captured by the ASIC Derivative Transaction Rules(Reporting) 2013, you agree and consent to World First:(a) obtaining a LEI on your behalf; and(b) passing on the cost of obtaining a LEI to you by charging it toyour World Account together with World First’s reasonableadministration costs for obtaining the LEI.
The amount of any fee or charge relevant or referred to in thisAgreement is payable in Australian Dollars.
Prohibited Transactions
As mentioned in clause 2, the World Account is provided as acommercial tool to support businesses only and there are
selected types of business activities that World First is not able
to support. Furthermore, there are jurisdictions in which WorldFirst is not permitted to operate. You must not use or attempt touse the World Account in connection with any of the industry
types listed in Schedule 2 to these terms and conditions (theTerms of Use).
World First will not be liable to you in the event we refuse atransaction falling within a category listed in the Terms of Use.
Getting in Touch
You can contact us during office hours by calling on 1800 744
777 (inside Australia) and +61 2 8298 4990 (outside Australia),
by completing our call back request or by using any of the contact
methods outlined on our website which can be found atwww.worldfirst.com/au/help-support/contact-us/.
We will usually contact you using the primary email address or
telephone number recorded on your World Account and may
also contact you by letter using the address details you provide.
By opening a World Account you agree that you have regularaccess to the internet, that you will check your incoming
messages frequently and that you are able to store information
sent to you by email in a Durable Medium for example byretaining for future reference an email sent to you by us. We may
contact you in relation to your obligations under this Agreement
by email or telephone and it is your responsibility to ensure thatyour contact details are correct, complete and up to date at all
times.
Any communication or notice sent to you by email will be deemed
received by you on the same Business Day it was sent.
Where legislation requires us to provide any document or
information to you in a Durable Medium, you agree that we mayeither send you an email or send you another type of digital
notification pointing you to information on our website in a waythat enables you to retain the information in a format that can beretained permanently by you for future reference. You arerequired to keep copies of all communications we send or makeavailable to you. A document or information referred to in thisclause 13.4 includes but is not limited to our Financial Services
Guide and any Product Disclosure Statement.
Authorised Users
Subject to the functionality of your account, you may add andremove Authorised Users to and from your World Account byApril 2022

14.2.

15.
15.1.

15.2.

15.3.

15.4.

15.5.
15.6.
15.7.

logging on to your World Account and following relevant
instructions. Only the primary account user can add or remove
Authorised Users and we may request you satisfy security
processes prior to us facilitating your request.
Once an Authorised User is added to your World Account, WorldFirst will act on Instructions provided by such Authorised User as
though they were provided by you.
Authority and Legal Restrictions
You represent and warrant to us that:
15.1.1. you are not suffering from any disability or impairmentthat would affect your capacity to enter into thisAgreement and all exchange transactions and to give
Instructions and that you agree to indemnify us for any
losses we might suffer for breach of this warrant;
15.1.2. you are not an agent acting for a third party unless wehave previously a greed to this in writing;
You further represent and warrant to us that:
15.2.1. execution and delivery by you of this Agreement, andperformance of all of your obligations contemplated
under this Agreement, does not violate any law
applicable to you and you have f ull authority to enter into
this Agreement;
15.2.2. all information provided by you is true, correct andcomplete, in all material respects as at the date of thisAgreement or, if later, when the information is provided
and that you will notify us promptly of any changes tosuch information;
15.2.3. neither the information provided by you or your conduct
or the conduct of your Authorised Users in relation to thetransactions contemplated by this Agreement, was or ismisleading, by omission or otherwise; and15.2.4. you shall make on-going disclosure to us of any mattersthat may affect the operation of this Agreement or of yourability to pay Initial Margin or Margin or perform yourobligations under this Agreement including but notlimited to any circumstances affecting your solvency.
If you are acting as an agent we may require written confirmationfrom your client of your authority to transact on their behalf andany other documentation we may require to assist us with ourCompliance Obligations.
In order to comply with our Compliance Obligations, we mayneed to request information or documentation from you, anAuthorised User or a beneficiary from time to time and you agree
to provide this information within a reasonable period from us
requesting it. World First will not be liable for any loss, direct orindirect, incurred due to your failure to respond to our requests.
World First may, and you agree that World First may,
immediately suspend access to your World Account should you
not provide requested information or documentation within atimeframe that we determine to be reasonable.
We will use your details to contact you and you must tell us
promptly if your email, telephone number, address or any othermaterial information changes.
If directed by an Authority, World First may be required towithhold funds held for you and World First shall not be liable toyou for any loss, direct or indirect, incurred as a result.
You acknowledge and agree that:
15.7.1. World First does not verify nor guarantee the accuracy,
authenticity, reliability, appropriateness, or completenessof any and all information and data made available to you

Page 5 of 12

World AccountTerms and Conditions
through the World Account services (including but notlimited to, where applicable, foreign exchange rates);
15.7.2. any information or data obtained by you from World First
through the World Account services shall be used by you
at your own risk and independent judgment, all risk
associated with the use of, or reliance on, any of suchinformation and data accessed through the World Accountservices rests with you; and15.7.3. World First shall not be responsible or liable, directly or
indirectly, in any way for any losses, damages orconsequences of any kind arising from or in connection
with your use of, or reliance on, any of information and data
accessed through the World Account services.
16.
16.1.
16.2.

16.3.

16.4.

16.5.

16.6.

Termination and World Account ClosureThis Agreement shall continue until terminated in accordancewith this clause 16.
World First may terminate this Agreement by giving you no lessthan one month prior notice and you can terminate thisAgreement immediately at any time. World First will provide youwith instructions on how to withdraw funds on your World
Account. On the Termination Date, your World Account shall beclosed.
Termination by either you or us shall not affect an existing foreignexchange transaction entered into prior to the Termination Dateor a payment Instruction provided prior to the Termination Dateand such outstanding obligations shall still be enforceable.
Any sums owed by you to us under this Agreement shall become
immediately due and payable on the Termination Date. You
shall pay such sums into a bank account nominated by us assoon as is reasonably practicable (and no later than five (5)Business Days) after the Termination Date.
World First shall use its best endeavours to return any funds
remaining on your account after the Termination Date, bycrediting those funds to an account we may ask you to nominate
for this purpose. You can contact us to redeem any funds owed
to you at any time, World First reserves the right to send funds
to ASICIn the event World First becomes aware of, or has reason tobelieve that, any of the events specified below have occurred
then World First may in its sole discretion, terminate thisAgreement immediately by written notice to you and we shall be
relieved of any future obligations set out in this Agreement
including but not limited to any obligations arising out of any
foreign exchange transactions entered into prior to theTermination Date:
16.6.1. you fail to provide us with material information whenrequested or required or provide false or misleading
information to us;
16.6.2. you fail to settle outstanding funds owing to us including
but not limited to failure to satisfy a request for Initial
Margin or a Margin Call;
16.6.3. you are or were at any time involved in or assisting inmoney laundering or terrorist financing, or we cannot
complete any verification checks required by applicablelaw or regulation;
16.6.4. you are being investigated by law enforcement and/or
regulatory agencies;
16.6.5. you have materially breached the terms of thisAgreement;
16.6.6. an Insolvency Event has occurred; orApril 2022

16.6.7. termination of this Agreement is required by the order ofany court or competent regulator or otherwise by
operation of applicable law or regulation.
17.
17.1.

17.2.

17.3.

17.4.

17.5.

17.6.

17.7.

17.8.

17.9.

Online Services
When activating any World First online services, and before
being granted access, you will be required to set up your unique
Security Credentials. Security Credentials will include without
limitation a username, password, items of memorable
information and any other security requirements we may requirefrom time to time.
If your World Account supports multiple Authorised Users, eachof your Authorised User(s) will be required to have separate
Security Credentials and you must not, under any
circumstances, share your Security Credentials with anyone,even Authorised Users, or allow someone else to access yourWorld Account using your Security Credentials.
Subject to clause 17.4, whenever your World Account isaccessed online using your unique Security Credentials, itauthorises World First to act on any submitted Instruction
including but not limited to an Instruction(s) to transfer funds outof your World Account.
You must inform us immediately by telephoning us should you
suspect or discover that someone else knows your Security
Credentials or you believe that these details may have been
misused. If your Security Credentials are lost or stolen, or you
suspect that someone has used or tried to use them, you musttell us without delay. If your Security Credentials have been used
to access your World Account and we have not received any
notification from you under this clause 17.4, then we will act on
any Instruction we receive.
We may suspend the ability for you to access your World
Account online if we reasonably believe it necessary to prevent
fraud or for security reasons. We may also request you to change
or update your Security Credentials at any time and you agree
to immediately change or update your Security Credentials
should we request you to do so.
It is your responsibility to maintain and ensure compatibility ofyour own equipment with World First’s online services. You arealso responsible for ensuring that your equipment is free fromviruses and other malware. World First recommends that you
make use of anti-virus software, anti-spyware software and apersonal firewall for security purposes.
You should never access your World Account from any computeror mobile device connected to a public internet access device
and you should access your World Account by using the URL:
www.worldfirst.com/au rather than following a link in an email.
World First shall use reasonable commercial endeavours to keep
online services free from viruses and corrupt files but cannot
guarantee that they will be free from infection by viruses oranything else with contaminating or destructive properties. You
must not misuse any of the online services by knowingly
introducing viruses, trojans, worms, logic bombs or othermaterial that is malicious or technologically harmful. World First
shall not be liable to you for any loss or damage caused to yoursoftware, equipment or data owing to your use of any World First
online services.
You must not attempt to gain unauthorised access to any online
services or any server, computer or database connected to ouronline services. You must not attack our systems via a denial-ofservice attack or a distributed denial-of service attack and by
doing so, you would be committing a criminal offence, which we
may report to relevant law enforcement Authorities, and we will

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World AccountTerms and Conditions
fully co-operate with them, which will include us providing law
enforcement Authorities with information on your identity.
17.10. We are not able to guarantee that your access to any of theWorld First online services will be uninterrupted, continuous or
error free and we shall not be liable to you if you are not able toaccess our online services.
17.11. Our online services use a very high level of encryption and theuse of such encryption may be illegal in some countries. You
should ensure that you do not knowingly use any of our online
services if local law does not permit it.
18.
18.1.

18.2.

18.3.
18.4.

18.5.

18.6.
18.7.

18.8.
18.9.

Liability
Provided that the procedures set out in this Agreement are
followed by us, we are entitled to act on your Instructions or on
the Instructions of an Authorised User, and you agree toindemnify us for all losses arising from our doing so.
You agree to indemnify World First from any losses it may incur
resulting from any errors made by you or an Authorised User
unless such error arises due to our negligence, wilful default or
fraud.
You must contact us immediately by telephone if you becomeaware of any unauthorised or incorrectly executed transactions.
We encourage you to check your transaction history regularly.
In the case of a transaction that was unauthorised or incorrectly
executed owing to an error made by World First, World First shallrestore/refund the payment amount and any associated fees but
beyond this, World First will have no further liability to you.
World First may not be liable to you or be required torestore/refund the payment amount and any associated fees
should:18.5.1. such unauthorised transaction have arisen as a resultof you failing to keep your Security Credentials, or any
other security keys, passwords or unique identifierssafe;
18.5.2. you fail to notify us of any relevant matter listed inclause 17.4, or of any loss of your security keys,
passwords or unique identifiers immediately after you
become aware;
18.5.3. such unauthorised or incorrectly executed transaction
are caused intentionally by you or as a result of yourgross negligence; or
18.5.4. the receiving bank (i.e. the beneficiary’s bank) fails toprocess the payment correctly.
World First will make reasonable efforts to assist with tracing andrecalling any unauthorised or incorrectly executed payments.
Subject to Clause 18.9, and to the extent permitted by law, WorldFirst’s aggregate liability, including for claims, expenses,
damages or indemnity obligations under or in connection thisAgreement, will not exceed $650,000. World First shall not beliable to you for:18.7.1. any loss of profit, business opportunity or reputation;or
18.7.2. any action for damages made against you by abeneficiary; or
18.7.3. any indirect or consequential losses (whether
foreseeable or not).
Nothing in this Agreement excludes World First’s liability for any
matter which cannot be excluded by law.
If World First is unable to perform its obligations under thisAgreement because of factors beyond our control, including but
not limited to a change of law, an event of ‘Force Majeure’,
withdrawal of a currency or the imposition of sanctions over a
country or payment beneficiary or any event that would make it

April 2022

unlawful to perform such obligations then World First will notify
you as soon as is reasonably practicable and will use reasonable
efforts to return any money held for you in respect of which WorldFirst has been unable to discharge such obligations. However,
we will not have any liability to you in these circumstances andwe may be entitled to recover from you reasonable costs
incurred by us in acting in accordance with this clause.
18.10. In the event you enter into a foreign exchange transaction and it
transpires that the currency involved in the transaction iswithdrawn or redenominated into another currency by therelevant Authorities, for whatsoever reason, before the Value
Date you will still be bound to perform the transaction. In thesecircumstances, World First will use reasonable efforts to replace
the withdrawn or redenominated currency by the domestic
currency of the country where the funds are to be sent/received
using an exchange rate determined by World First acting
reasonably. World First will be entitled to recover from you all
reasonable costs incurred by us in acting in accordance with thisclause.
19.
19.1.

19.2.

20.
20.1.

20.2.

21.
21.1.

21.2.

21.3.

Set-Off
World First may, at any time, without notice to you use funds inyour account to settle any liability that you owe to World First,
whether the liability is present or future, liquidated or
unliquidated. This includes any funds held in your sole name or
if you are two or more persons any funds held jointly.
If the liabilities to be set off are expressed in different currencies,
World First may convert either liability at a market rate ofexchange for the purpose of set-off. Any exercise by World Firstof its rights under this clause shall not limit or affect any otherrights or remedies available to it under this Agreement orotherwise.
Changes to this Agreement
We may amend and update this Agreement and shall give you
notice of any change by sending an email to the primary email
address recorded on your World Account or notifying you when
you log into your World Account. Your continued use of the World
Account services after any changes to the Agreement shallconstitute your consent to such changes.
Unless otherwise agreed by us in writing, an amendment will notaffect any legal rights or obligations that may have already arisen
prior to the date specified in the notice. You have the right toobject to the changes within the notice period, or to terminate theAgreement prior to the date specified in the notice.
Complaints
If you feel that we have not met your expectations in the deliveryof our services or if you think we have made a mistake, please
let us know. We have internal procedures for handlingcomplaints fairly and promptly in accordance with ASIC
guidelines and requirements. A copy of our complaints
procedure is available upon request and on our website atwww.worldfirst.com/au/disclaimer-policies/complaints
Except to the extent that this clause is inconsistent with therequirements of any legislative or regulatory regime, the dispute
resolution process set out in this clause shall apply. The parties
must use all their reasonable endeavours to resolve any disputearising in connection with this Agreement or any transaction
made under it.
An Internal Dispute Resolution (IDR) procedure is in place where
all complaints are acknowledged within 1 business day ofreceiving it, or as soon as possible. WorldFirst will conduct anPage 7 of 12

World AccountTerms and Conditions
21.4.

22.
22.1.

22.2.

22.3.

22.4.
22.5.
22.6.

23.
23.1.

investigation/review of the complaint and contact you withregards to your complaint within 2 business days.
A final response to the complaint will be provided within 30
calendar days explaining the assessment of your complaint
along with any remedial action or redress. If you are not satisfied
with the outcome of your complaint, you can contact theAustralian Financial Complaints Authority (AFCA), the national
external dispute resolution scheme of which WorldFirst is amember (membership Number: 13405). Please refer to theComplaints Policy for full details.
Miscellaneous
All communications in relation to this Agreement and theservices contemplated hereunder, whether orally or in writing,must be in the English language. We reserve the right to requestthat you confirm in writing any oral communications that you may
give us.
This Agreement and the services contemplated hereunder are
subject to all applicable Laws, rules and regulations. If there is a
conflict between this Agreement and any applicable Laws, thelatter will prevail.
Any financial product advice we provide to you will be generaladvice only. In giving any such advice we will not take into
account any of your financial objectives, situation or needs, andyou must consider these matters together with the ProductDisclosure Statement and Target Market Determination before
making any decision. Any decision to transact is always yourdecision and we are not liable for any loss including but notlimited to loss due to exchange rate moves before or after you
transact. Foreign exchange conditions are very complex andvolatile and as a result, we cannot accept responsibility for yourdecision to enter a transaction under this Agreement.
Nothing in this Agreement confers or is intended to confer abenefit enforceable by a person who is not a party to it.
The provisions of this Agreement are severable and the invalidity
or unenforceability of any provision herein shall not affect thevalidity or enforceability of any other part of this Agreement.
You consent to us assigning our rights under this Agreement toan Affiliate or successor pursuant to a merger, consolidation orsale of a substantial portion of our business to which thisAgreement relates. You may not assign your rights under thisAgreement without our prior written consent. In the event that
we assign our rights in accordance with this clause, you agree tothe transfer of your funds held on your World Account to theassignee.
Jurisdiction
This Agreement shall be governed by and construed inaccordance with the Laws of Australia. The parties agree toirrevocably submit to the exclusive jurisdiction of the Courts in
New South Wales.

Definitions:
Whenever used in this Agreement, unless stated otherwise, the following
words shall have the following meanings. The singular form of each word
includes the plural and vice versa.
“Agreement” means these general terms and conditions, together withall schedules and attachments, the Application Form, the ProductDisclosure Statement and shall extend to include each and every foreign

April 2022

exchange transaction and each and every payment Instruction (each as
amended from time to time).
“Application Form” means the application form that you complete andsubmit to us for the purpose of using our services as described in thisAgreement.
“Authorised User” is any person who you, the corporate accountholder, authorises and notifies us in writing or email, and who we accept,
has authority to act on your behalf.
“ Authorities” includes any judicial, administrative, public or regulatory
body, any government, any Tax Authority, court, central bank or law
enforcement body, or any of their agents with jurisdiction over any partof the World First Group.
“Bearer Share Warrants” A document certifying that the bearer isentitled to acquire a certain number of shares at a set price on or before
a future date.
“Business Day” means a day that is not a Saturday, a Sunday, a public
holiday or a bank holiday in Sydney, New South Wales.
“Client” means the customer (or customers for a joint account) namedin this Agreement, together with (if relevant) its subsidiaries, affiliates,
successors and/or assignees, as well as where relevant its officers,
directors, employees and agents.
“Close Out” or “Closing Out” means, in relation to a foreign exchangetransaction, to close out, unwind, cancel or otherwise terminate suchforeign exchange transaction.
“Commercial Terms” has the meaning as described in clause 8.2 ofthis Agreement.
“Compliance Obligations” means obligations of the World First Groupto comply with Laws, guidance, internal policies or procedures,requests and/or demands from Authorities such as reporting and/or
disclosure obligations and Laws requiring us to verify the identity of ourcustomers.
“Client Money” means money that is received by us from you orsomeone acting on your behalf in connection with a financial productheld by you or a financial service that has been, will or may be provided
to you.
“Durable Medium” means a medium which allows you to store
information in a way accessible for future reference for a period of time
adequate for the purposes of the information and which allows theunchanged reproduction of the information stored.
“Fair Usage Policy” means a policy defined by World First imposing
limits and/or allowances on the World Account services we provide toyou.
“Firm Order” means a Spot Transaction or Forward Transaction, whichis scheduled to take place at a time in the future when the exchange ratemeets the WorldFirst Target Rate.
“Force Majeure” means events or causes beyond the reasonable
control of the affected party including but not limited to: war (whether
declared or not), sabotage, riot, insurrection, civil commotion, national
emergency (whether in fact or law), martial law, fire, flood, cyclone,earthquake, landslide, explosion, power or water shortage, failure of atransmission or communication network, epidemic or pandemic,
quarantine, strike or other labour difficulty or expropriation, restriction,prohibition, law, regulation, decree or other legally enforceable order ofa government agency, breakage or accident, change of International,
State or Commonwealth law or regulation or any damage of machineryor systems, unless occurring as a result of an act, omission, default or
negligence of the affected party.
“Forward Transaction” means a contract conferring the obligation, tobuy or to sell a specified amount of a currency at a specified price withina predetermined point in time that is more than two (2) Business Days
after the contract is entered into.
“Initial Margin” means an initial amount payable by you as collateral on
booking a Forward Transaction.
“Instruction” means any instruction or request given by telephone,letter, email, through the WorldFirst online system, app or face-to-faceby you or an Authorised User relating to the execution of a foreignexchange transaction or a payment to be made from your World Account;

Page 8 of 12

World AccountTerms and Conditions“Insolvency Event” means in relation to you, and where relevant, yoursubsidiaries, affiliates, successors and/or assignees, as well as yourofficers, directors, employees and agents:a) if you are an individual, you have a bankruptcy notice issued against
you or a receiver or a trustee for creditors or a trustee in bankruptcy
appointed to any of your property, you enter into or attempt to enter
into or convene a meeting for the purpose of entering into any
arrangement, assignment or composition with your creditors; or any
event occurs in relation to you which has a substantially similareffect; orb) if you are a body corporate, you become insolvent as defined in the
Corporations Act 2001 (Cth), in receivership, in receivership andmanagement, under administration, in liquidation or provisionalliquidation, subject to statutory management, wound up or
deregistered, or subject to any arrangement, assignment orcomposition, or any event occurs in relation to you which has asubstantially similar effect.
“Laws” means any local or foreign law, regulation, judgment, court orderor sanctions regime.
“Margin” has the meaning as defined in clause 10.2.
“Margin Call” has the meaning as defined in clause 10.2.
“Payment Service Provider”
means any third party entity thatprocesses or facilitates payments.
“Privacy Policy” means the policy which explains how World First uses,
stores and collects information about you.
“Security Credentials” has the meaning given in clause 17.
“Senior Officer” means Chief Executive Officer or Managing Director of acorporation.
“Settlement Date” has the meaning given in clause 8.
“Spot Transaction” means a contract conferring the obligation to buy
or to sell a specified amount of a currency at a specified price within two(2) Business Days after the contract is entered into.
“Spread” means the difference between the exchange rate obtained byWorld First and the exchange rate offered to the Client.
“Target Market Determination” (TMD) describes who the product may
be suitable for, based on likely needs, objectives, and financial situation.
It also sets out who can distribute our products, how they can do this,and situations when we may need to review our products and the target
market.
“Tax Authority” means Australian or foreign tax, revenue or monetary
Authorities.
“Terms of Use” means the policy set out in the schedule hereto whichsets out specific undertakings provided by you to World First andexplains additional restrictions that apply to the way you use your World
Account.
“Termination Date” means the date at which this Agreement is deemed
to come to an end and the obligations which it enforces cease to be
enforceable, except those clauses that specifically state that they survive
termination.
“Trade Confirmation Notice” means a document sent to you by us
confirming the Commercial Terms of the already legally binding foreignexchange transaction.
“Value Date” means the date your bought currency becomes ready fordelivery.
“WorldFirst Target Rate” means the sum of the Firm Order rate
requested by you and the WorldFirst Spread, which is the rate at whichyour Firm Order will be filled.
“World First”, we”, “us” or “our”
shall mean World First Pty Ltd ABN

42 132 368 971.

“World First Group ” means World First UK Limited, and/or any of its
subsidiary or holding companies or subsidiaries of its holding companies,
successors and/or assignees.

April 2022

Page 9 of 12

World AccountTerms and Conditions
Schedule 1: Additional terms and conditions for
New Zealand based clients
1.

This Agreement applies to all New Zealand-based clients in its
entirety, as modified by this Schedule 1.

2.

World First may offer the World Account to New Zealand Clientson the basis that funds for New Zealand based investors will beheld on bare trust in accordance with clause 6 and do not,therefore, constitute a financial product under the FMCA and forclarity only, no debt is created between Clients and World First in
respect of those funds.

6.6.

3.

Any product disclosure statement or financial services guide
published by World First applies only to Australian based Clients.
World First is not making any regulated offer of financial products
or services in New Zealand under the FMCA and New Zealandinvestors are not generally subject to Australian securities laws
and protections.

6.7.

4.

World First does not provide a financial advice service (as definedin the FMCA) to any New Zealand based clients.

5.

World First intends to rely on the exclusions applicable to"Wholesale Investors" set out in Schedule 1 of FMCA whenoffering the Forward Transactions in New Zealand. If you are a
New Zealand based client that is not a Wholesale Investor, youwill not be eligible to book Forward Transactions.

6.

This clause 6 applies to World Accounts held by New Zealand based Clients.
6.1. Each relevant member of the World First Group agrees anddeclares that it holds the Client Funds on bare trust for the
Client as beneficiary. Initially Client Funds will be held on
trust in a Collection Account and will then be transferred to
the Trust Account as soon as reasonably practicable andusually within one business day. Any trust accountmaintained by World First for New Zealand based Clients is
not maintained for the purposes of regulation 241 of the
Financial Markets Conduct Regulations 2014.
6.2. World First will:(a) ensure that an amount at least equal to the value of
the Client Funds is maintained on trust at all times
either in a Collection Account and/or the Trust
Account; and(b) give notice to the Bank that:(i)the funds in the Trust Account are held on trust
for Clients and cannot be used including by wayof set-off or combination of accounts to offset
any amounts owing by World First to the Bank;and(ii) each Client is beneficially entitled to a proportionof the Trust Account, which in the case of the
Client is an amount equal to the value of its
Client Funds.
6.3. World First will ensure that:(a) its records are able to separately identify the Client
Funds held on trust at any time; and(b) the Client Funds are not mixed with any funds held by
it on its own account.
6.4. The World First Group is entitled to deduct and retain any
interest earned on amounts deposited in any Collection
Account and the Trust Account.
6.5. For the avoidance of doubt, the amount of the Client Funds(and, therefore, the Client's beneficial interest in the Trust

April 2022

Account and any Collection Account) is directly linked to thebalance of the Client’s World Account from time to time.
The balance of the Client’s World Account (and therefore,
the balance of the Client Funds) will be reduced and/or
increased from time to time in accordance with the terms ofthis Agreement.
For the purposes of the Trusts Act, to the extent applicable,
the trust constituted by this clause 6 is intended to be a"specified commercial trust" within the meaning of Schedule
3 of the Trusts Act. To the extent permitted by law theprovisions set out in Schedule 1 and clause 4(3) ofSchedule 3 of the Trusts Act are excluded and do not apply
to the trust constituted by this clause 6.
In this clause 6, each reference to a “Client” is to a New
Zealand-based Client and:(a) "Bank " means Citibank, N.A, or such other Australian
Deposit Taking Institution or New Zealand registeredbank that World First may determine from time to time;(b) "clause " means a clause in this Schedule 1 (unlessspecified otherwise);(c) "Client Funds " means an amount equal to the valueof the Client's World Account determined by WorldFirst from time to time in accordance with the terms ofthis Agreement;(d) "Collection Account " means a separate pooled
account held by a relevant member of the World FirstGroup from time to time into which all client payments
are initially paid prior to being deposited into the Trust
Account;(e) "FMCA " means the Financial Markets Conduct Act
2013;
(f)
"Trust Account " means a separate pooled bankaccount held by World First with the Bank;(g) "Trusts Act " means the Trusts Act 2019; and(h) "Wholesale Investor " has the meaning given to thatterm in the FMCA.

7.

New Zealand based clients agree that this Agreement is governedby and construed in accordance with the Laws of New Zealand.

8.

In these World Account Terms and Conditions, the following
defined terms shall have the following meanings:
8.1. "Agreement " means these general terms and conditions,
together with all schedules and attachments and theApplication Form and shall extend to include each and every
foreign exchange transaction and each and every payment
Instruction (each as amended from time to time). For the
avoidance of doubt, there is no product disclosure statement
available/applicable to New Zealand based clients.
8.2. "Tax Authority " means Inland Revenue.
8.3. All references to:(a) the Corporations Act 2001 (Cth) shall be read asreferences to the Companies Act 1993 (New
Zealand);(b) the Privacy Act 1988 (Cth) shall be read asreferences to the Privacy Act 2020 (New Zealand).
8.4. Reference to Australia in clause 3.4 shall be read as areference to New Zealand.

9.

Where there is any inconsistency or conflict between theprovisions of this Schedule 1 and the Agreement, this Schedule 1
shall prevail.

Page 10 of 12

World AccountTerms and Conditions
Schedule 2•

Any other industries deemed to be illegal/controlled activities
in any applicable jurisdiction.
•
Any other industries that World First deems to fall outside of
its risk appetite.
(Jointly referred to herein as “Prohibited Transactions ”)

Terms of Use
1.

2.

3.

You have signed up for access to the World Account service which
is subject to our approval and subject to receipt of any required or
additional information throughout your use of the service. Anyrequested information must be provided without delay. If
requested information is not provided within a reasonable
timeframe we reserve the right to close / decline the service.
The ‘World Account’ may only be used for transactions directly
related to your business’s stated activities and not for personal,
household, transactions relating to friends and family or other third
party businesses (regardless of whether they hold the positions of
directors or owners in common). Where your business’s activities
change from what you have stated to us previously, you arerequired to inform us of this. Failure to do so may result in accountclosure, delay, or a refusal to conduct future transactions.
You agree and warrant that you will not use your World A ccountfor any of the following Prohibited Transactions. Should WorldFirst determine, at its sole discretion, that you are using yourWorld Account directly or indirectly in relation to any of the below
Prohibited Transactions, World First may immediately terminate
your World Account without further notice to you (please refer tothe terms and conditions for further information):•
Harvesting or trading of human organs and blood•
Trading of controlled or endangered animal species•
Manufacturing or trading of tobacco, cigarettes related
including e-cigarettes•
Manufacturing or trading of controlled and dangerous tools
e.g. crossbows•
Manufacturing or trading of weaponry, ammunition andmilitary related goods•
Unlicensed manufacturing or trading of hazardous/toxic
chemicals and related raw materials•
Manufacturing and trading of drugs, including marijuana,
CBD oil and drug related paraphernalia or illegal and or
unlicensed substances/medicine•
Gambling related activities such as casinos, lotteries, online
gambling or any tool which is intended or marketed to be
used in the assessment of bets or gambles•
Adult entertainment including establishments and distributionof pornography•
Unlicensed or illegal financial services•
Trading of non-fungible tokens, cryptocurrencies or othervirtual currencies•
Crowdfunding, investment immigration and lending services•
Charities or non-profit organisations•
Multi-level marketing or pyramid schemes•
Precious metal and precious metal investment, artworks andantiques except gold, silver or diamond jewellery
Auctions houses••
Services related to game hunting e.g. travel agencies•
Religious organisations or psychic services and related
activities•
Live streaming platforms or services•
Unlicensed export or re -export of US origin goods, services
or technology subject to the jurisdiction of the US Departmentof Commerce, Department of State and Department ofTreasury

April 2022

Should you be unsure whether or not your business activities falls
within any Prohibited Transactions you are advised to contact us
immediately and seek clarification PRIOR to opening a new
account or using your existing World Account in relation to suchactivity.
4.

Where you are selling goods or services on any online
marketplace and using your World Account to collect suchrevenues, you confirm that you have ownership of the related
storefronts and all capital generated therefrom. In addition, youagree to provide details of the relevant storefront (including link(s))
to World First on an ongoing basis.

5.

Where you use your World Account to collect funds from payment
gateways (e.g. PayPal), you must be the owner of the payment
gateway account and it should only be used to receive funds
relating to the ordinary business activities of the account holder (inaccordance with item 2 above). World First may seek supporting
evidence from time to time and you agree to supply thisinformation without delay.

6.

The World Account is intended to support businesses which havecross border currency requirements and as such you agree toabide by the Fair Use Policy which will be emailed to you following
your application.

7.

You may not use the World Account services if you are residing,working or conducting business in any country restricted by the
U.S. Office of Foreign Assets Control, or subject to sanctions
imposed under Applicable Law. We may in our sole discretion
decide to discontinue or restrict our services to residents of othercountries at any time and without prior notice.

8.

We reserve the right to suspend or terminate your use of theWorld Account services at any time if we reasonably believe to berequired to do so by Applicable Laws or in order to comply withrecommendations issued by a relevant government authority or
recognized body for the prevention of financial crime.

9.

It is strictly forbidden to use the World Account services for any
illegal purposes including but not limited to fraud, money
laundering and terrorism financing. We will report any suspicious
activity to the relevant law enforcement agency. You are prohibitedfrom using the World Account services in any attempt to abuse,
exploit or circumvent any Applicable Laws.

10. If you conduct or attempt to conduct any transaction in violation of
the prohibitions contained in this Terms of Use or without thenecessary approval from us, we reserve the right to (i) reverse thetransaction; (ii) terminate or suspend your use of the World
Account services or the World Account; (iii) report the transaction
to the relevant law enforcement agency; and (iv) claim damages
from you.
11. You confirm that you shall, at all times, adhere to applicable laws
including but not limited to tax laws passed by any relevant
government authority, and that you will pay, and are responsible

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World AccountTerms and Conditions
for paying, all taxes and other government charges as are requiredby each jurisdiction in which you operate. You agree it is yourresponsibility to seek independent advice to meet your tax
liabilities and any other legal responsibilities.
12. Where your World Account receives money from market places or
payment gateways these funds can only be from market places or
payment gateways that have been approved by World First.
Please [ click here] to access the approved list. Should any of theabove conflict with your requirements, please contact World First.

April 2022

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