Part I – General Terms and Conditions


  1. Introduction
    1. These General Terms and Conditions outline the rules that govern the business relationship between Arton Bank Corporation (hereinafter referred to as the “Bank”) and its Clients.
    2. When you sign the Account application form, you accept all these Terms and Conditions. Please also see the other information provided in connection with the operation of your Account from time to time.
    3. The transactions between the Bank and its Client are subject to the provisions of theses Terms and Conditions, the Offshore Banking Act 1996, Suppression of the Financing of Terrorism Act 2003, the Money Laundering Prevention Act 2013, Proceeds of Crime Order 2014, and all other laws and secondary legislation of the Commonwealth of Dominica.
    4. The currency of all accounts will be in USD or EUR.
    5. These Terms and Conditions will be displayed at the Bank’s registered office and its website. Any changes to these Terms and Conditions will be announced to all account holders and published on the Bank’s website.
  2. Definitions
    1. “Account” means the Account(s) with us in your name.
    2. “Account holder” is a legal person who owns the account in his/her name. Account holders may at their discretion delegate the rights to operate the account to an Authorized Person.
    3. “Application” must be provided in original form duly completed and signed by a person wishing to open an account with the Bank and signing such form confirms acceptance of these Terms and Conditions.
    4. “Authorized Person” is a person with full contractual capacity by an account holder to carry out certain transactions on the holder’s behalf. The authorization to do so must be provided to the Bank by way of Power of Attorney signed by both parties and witnessed accordingly.
    5. “Correspondent Bank” is a Bank that performs services for other Banks in a Banking center where the latter is not represented.
    6. “Client” is a person holding an account with the Bank.
    7. “Order” is an instruction made by the Account holder or the Authorized Person for debiting or crediting an account, the Order must be submitted using the Banks Order form.
    8. “Order Form” is the form used to record data and orders for Bank transactions, the Account holder or Authorized Person must complete it clearly without errors and must be signed and dated. The Bank reserves the right to reject an order form, which has been completed incorrectly.
    9. “Power of Attorney” is a legal document authorizing a person to act on behalf of the Account holder.
    10. “SWIFT” means Society for Worldwide InterBank Financial Telecommunications.
  3. About Us
    1. Your Account is with us, Arton Bank Corporation.
    2. Our head office is at Jupa2 Compound, Morne Daniels, Canefield, Commonwealth of Dominica. Po Box 1210 Roseau, Commonwealth of Dominica.
    3. Operating hours are 9 a.m. – 5 p.m. Monday to Friday and closed for normal statutory public holidays as per Dominican law.
    4. Our website is www.artonbank.com
    5. We are regulated by the Financial Services Unit of the Commonwealth of Dominica.
    6. These Terms and Conditions are written in English and all our communications with you will be in English.
  4. General Rules
    1. The Bank is not responsible for damages or losses that occur due to military action or natural disaster. The Bank cannot be held responsible and will not be held liable for any loss or damage from disturbances to normal Banking operations that are beyond the Bank’s control.
    2. If a Client or Account holder provides false or misleading information on any form or provides falsified documentation related to any transaction or account opening procedures, the Bank will not be held responsible for any damages that arise as a consequence.
    3. To prevent and combat money laundering the Bank enforces the rules and regulations defined in applicable laws and international treaties
    4. If your name, address, telephone mobile number or email changes, you must inform us immediately. If you notify us by telephone, we may ask you to confirm the change in writing. All statements (unless agreed otherwise by you), demands, notices and other correspondence will be sent to the most recent address you have advised to us in writing and sending such correspondence to that address will be considered effective service of any notice or demand which we may require to serve on you.
    5. If we hold an email address or mobile phone number for you, we may use this to communicate service-related information to you and, in particular, we may alert you to any concerns we may have about the activity on your account.
  5. Banking Secrecy and Client Confidentiality
    1. Any information, data or documentation in the Bank’s possession of a Client or Account holder related to his/her financial position or personal information are completely confidential and will not be shared with any 3rd party unless required by law, requested by authorized financial regulators or with the Client’s permission.
  6. Authorization
    1. Before executing any order or request, the Bank shall validate the Client’s request by matching the signature on the form with that on the account opening application form.
    2. The Bank will not be liable for any consequence or legal action resulting from the execution of any false or forged order or request if it is shown that after proper and thorough examination it was impossible to discover the falseness or forged nature of the signature.
  7. Authorized Person/s
    1. An Account holder may grant permission and rights to an individual or a legal entity to manage their account, including giving authorization for submission of Order Forms. This can only be done if the Bank is provided with an original Power of Attorney. The Account holder can withdraw this authorization at any time by notifying the Bank in writing. In the event of the Account holder’s death, this authorization is null and void. The Account holder and the Authorized person shall hold joint and individual liabilities for all orders and instructions given to the Bank.
  8. Processing orders and instructions
    1. All orders given to the Bank in regards to dealing with the Client’s account should be made in writing using the correct valid form/s provided by the Bank. All order forms must be completed and signed, and dated. The Bank is not responsible for the correctness of the data or information provided by the Client on the form/s and is not responsible for the details of the target account when requesting a transfer and is in no way responsible for verifying the correctness of the data, and the Bank is in no way liable or to be held responsible for any loss or damage arising due to incorrect target account numbers or details.
    2. The Bank is entitled to execute those orders given by a Client and received by the Bank, and to debit and credit an account in accordance with these Terms and Conditions.
    3. Unless specified in the order, the Bank chooses the method of forwarding orders. Forwarding is executed at the expense and risk of the Client. The Bank can only be held responsible for any damage arising from forwarding errors, misunderstandings with the Client or the correspondent Bank. The Bank is entitled to use a Correspondent Bank in the execution of orders.
    4. Debit orders are processed on the next Banking day following receipt of the order and verification of its veracity. Credit orders in the Client’s favor are processed the next Banking day following the day of settlement of the credit amount.
    5. If a Client wishes to correct, modify or withdraw an Order Form, it must be done in writing. In the event that loss or damage occurs from an incorrect or false data or other information provided by the Client, the Client is liable to the Bank and to any other collaborating and processing relevant bank.
    6. Account holders must ensure that they maintain sufficient account balance for the Bank to be able to execute orders and to settle charges and fees.
  9. Communication
    1. All communication between the Bank and its Clients should be in writing. Both parties must answer questions raised by each other and draw each other’s attention to any mistakes or negligence observed.
    2. Written notice from the Bank shall be deemed as dispatched and received if and when the file copy is in the Banks possession and a postal or telecommunication certificate proves that the Client received the notice.
    3. All written notice shall be sent to the Client’s usual address as registered and known to the Bank, not withstanding that the address might belong to a third party authorized to receive documents on behalf of the Client.
  10. Banking Fees
    1. Bank fees or charges are levied on the Client’s account for use of Bank facilities either as a fixed sum or as a percentage of the amount of the transaction. The Client’s account is debited for any additional expenses incurred during the processing of Client Orders. Such as courier, third party charges and commissions. These fees are listed on the website. The Bank is entitled to amend the fees at any time and Clients can obtain information about amendments through the Bank’s website.
    2. The Bank may on special agreement with a Client waive, reduce or modify the standard fees and/or charges compared to the standard fees as outlined on the website.

  11. Part II – Terms of Banking Operations


  12. Account Opening
    1. Before entering into a relationship with a Client, the Bank is obliged to undertake due diligence with respect to the Client and to persons acting for and on behalf of the Client. This is done to protect the Bank, the Client and to reduce and ideally eliminate the integrity of the banking relationship and avoid money laundering.
    2. An Account is opened for a Client when their application has been received and approved. Only legal persons invited by the Bank to make an application may do so. The Account bears the name of the Account holder who controls the operations of the Account unless authority has been given to a third person.
    3. The Bank receives debit and credit orders, manages and keeps Client account records in accordance with these Terms and Conditions. Debiting and crediting of the Account can only be done by wire transfer. The Bank will not accept cash or cheques.
    4. On signing an Account opening application form the Client declares to be fully aware of the legal obligations and applicable legislation relevant to the Account and undertakes not to use the account for any illegal activity or money laundering. If the Bank has reasonable grounds to suspect an infringement on these conditions, the Bank reserves the right not to execute a Clients order and to notify the Supervisory Authority.
    5. A Client will only be accepted to open an account firstly after receiving an invitation to do so and secondly upon providing the required application form and accompanied documentation. Which is subsequently approved or denied. The Client will be provided with their unique account number and instructions on making their first wire credit. Additionally the client will be provided with a 6 digit Client ID code to be used for telephone and verbal communication with the Bank.
    6. The Bank accepts no liability for any damage that arises from the execution of non execution of any order or instruction given prior to the account being opened and fully operational and approved and the agreement coming into effect.
    7. The Bank accepts orders for external transfers to another bank account by submission of the order form.
    8. The Bank will not execute any order if there are insufficient funds on the Clients account. When adequate funds become available a new order form must be submitted. The account holder is responsible for all losses or damages arising from an attempt to make a transfer when there is insufficient funds.
    9. The Bank has the right to debit the account without notification if an entry has to be corrected, or if any account charges or fees are to be recovered.
    10. The bank processes any Orders on an account according to the day and time it was received. Orders received during the Banks opening hours are deemed to be received on that day, orders received outside Banking hours are deemed to be received on the following day.
    11. External orders will be processed within 2 working days
    12. An account holder will only be given permission to open and operate an account as it relates to their immigrant investor program or economic citizenship program application, as such once the required transaction has been processed the account will be closed upon notifying the account holder. Additionally the account can at the discretion of the bank and upon notifying the account holder, be closed due to inactivity within 3 months of the account being opened.
    13. The Bank is entitled to close the clients account instantaneously and with immediate effect if the client fails to respect his or her agreement with the Bank or if the account activity violates any legal regulation (such as inter alia international regulations against money laundering) or violates the interests of the Bank.
  13. Additional
    1. If the client owes the Bank any money, the Bank is entitled to defer any payment orders and can also set off its own claim against credit for the clients account. Any legal fees, costs or charges incurred by the Bank or any penalty which the Bank may be required to meet as a result of improper conduct or illegal activity on the part of the account holder may be debited from the Clients account.
    2. While the Bank has an agreement with the Client, the bank has the right to verify that the client is entitled to initiate the requested transaction and to check the data provided to the Bank. Provided these requests are reasonable the Client cannot object to these control procedures. If the Client does not comply with the Banks request for additional supplementary information or verification, the Bank is entitled to refuse any order and may if it sees necessary terminate the Agreement with notice.
  14. Privacy Policy
    1. All information given to Arton Bank Corporation by its clients is kept in the strictest of confidence; this includes all information in application forms, declaration of source of funds, and all other communication between the Bank and its clients.
  15. Amending General Terms and Conditions
    1. Any changes to these Terms and Conditions are found on the website of the Bank. An updated form of these Terms and Conditions can be found at the Bank premises. Clients are deemed to be apprised and bound by any amendments. Nevertheless Clients are entitled to object to any amendments in respect of his or her own account and agreement with the Bank. An objection must be made in writing within 30 days to the Bank.