GENERAL TERMS & CONDITIONS
Effective from 01 December 2025
These Terms and Conditions (“T&C”) set forth the business terms of LANCELOT PAY LTD., a company incorporated in Canada under corporate number BC1447200, with its registered office at 6th Floor – 905 West Pender Street, Vancouver, British Columbia V6C 1L6 (hereinafter referred to as “the Company”).
These T&C are established in accordance with the applicable laws of Canada.
The Company is a licensed financial institution authorized by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), under registration number M23102455, with the initial registration dated December 28, 2023.
By registering for and using the Company’s services, the Customer agrees to these T&C, forming a legally binding contract with the Company. If the Customer is a legal entity (such as a corporation), the agreement is entered into on its behalf by an authorized representative. If the Customer is a natural person, they enter into this agreement personally.
The information in these T&C reflects the Company’s understanding of current legal and regulatory requirements. Future changes in legislation, compliance standards, or industry practices may affect the terms outlined herein. The most up-to-date version of these T&C, along with additional details about the Company’s services, is always available on the official website: https://lancelotpay.io/.
1. DEFINITIONS
1.1. AML/CTF: Anti-Money Laundering and Counter-Terrorist Financing.
1.2. Account: The Customer’s account within the Company’s system, used for accessing and utilizing the Services.
1.3. Business day: any day other than a Saturday or Sunday on which banks are generally open for business in the place where the relevant obligation under this Agreement is to be performed.
1.4. Confidential Information: Any non-public information disclosed by one Party to the other, including but not limited to business, financial, technical, and customer data.
1.5. Credentials: Usernames, passwords, and other security measures used by the Customer to access their Account.
1.6. Customer: Any natural or legal person who has registered with the Company and entered into this Agreement.
1.7. Electronic Money: Funds held in the Customer’s Account, issued by the Company at par value upon receipt of funds.
1.8. Fees: Charges payable by the Customer for the use of the Services, as specified in the Schedule of Fees or a separate written agreement between the Parties.
1.9. KYC: Know Your Customer.
1.10. Operation: Any transaction or action performed by the Customer through the Services.
1.11. Payment Account: The Customer’s account used for payment transactions.
1.12. Payment Instrument: Any instrument or device used by the Customer to initiate a payment transaction.
1.13. Personal Data: Any information relating to an identified or identifiable natural person.
1.14. Services: The financial services provided by the Company to the Customer, including but not limited to electronic money issuance, payment processing, and account management.
1.15. Third-Party Services: Services provided by third parties, such as e-wallets, payment gateways, cryptocurrency exchanges, blockchain-based payment services, or other similar external service providers used in conjunction with the Company’s Services.
2. REGISTRATION AND ACCOUNT CREATION
2.1. To use the Services, the Customer must complete the registration process by submitting an application and providing the required information and documents. The Agreement becomes effective upon successful registration.
2.2. For legal entities, the required information and documents include:
2.2.1. Certificate of Incorporation;
2.2.2. Memorandum of Articles and Association or equivalent official document;
2.2.3. Certificate of Directors and Secretary;
2.2.4. Certificate of Shareholders;
2.2.5. Certificate of Registered company address;
2.2.6. Proof of Address for Business;
2.2.7. Certified Copy of Passports for all Directors/Shareholders/UBOs;
2.2.8. Certified Utility Bill for all Directors/Shareholders/UBOs;
2.2.9. Company Structure Chart;
2.2.10. Additional documents or information as necessary for compliance with KYC and AML regulations.
2.3. For individuals, the required information and documents include:
2.3.1. Valid identification (passport, ID card);
2.3.2. A completed Customer information questionnaire;
2.3.3. Additional documents or information as necessary for compliance with KYC and AML regulations.
2.4. The Customer agrees to:
2.4.1. Provide accurate, complete, and truthful information during registration and at any time thereafter;
2.4.2. Notify the Company immediately of any changes to the provided information or documents;
2.4.3. Bear any losses resulting from the submission of incorrect or incomplete information;
2.4.4. Confirm the accuracy of the provided information by marking the relevant checkbox during registration.
2.5. The Customer agrees to comply with applicable laws, including AML/CTF regulations, and act with due diligence when using the Services.
2.6. The Customer must:
2.6.1. Notify the Company within 3 calendar days of any changes to their personal, business, or financial information, including contact details, legal status, ownership structure, or beneficial ownership;
2.6.2. Assist the Company in investigating unauthorized or incorrect transactions;
2.6.3. Notify the Company immediately of any unauthorized access or suspicious activities;
2.6.4. Refrain from providing false, misleading, or incomplete information;
2.6.5. Refrain from refusing to provide requested documents.
2.7. The Company reserves the right to refuse registration or account creation without providing reasons, particularly in cases of:
2.7.1. Non-compliance with AML/CTF regulations;
2.7.2. Provision of false information;
2.7.3. Negative information about the Customer in public databases.
2.8. The Company has the right to request additional documents or information at any time to verify the Customer’s identity, assess risk, or comply with applicable laws. The Company may verify the data provided by the Customer using third-party services and databases.
2.9. The Company may suspend or terminate the account if the Customer fails to provide the requested information within a reasonable time or otherwise fails to cooperate with the Company’s verification and due diligence procedures.
2.10. The Customer is entitled to open only one account unless explicitly approved by the Company for additional accounts. The account is personal, and only the Customer or authorized representatives may use it.
2.11. The Customer must:
2.11.1. Refrain from creating multiple accounts without the Company’s consent;
2.11.2. Understand that violation of this rule may result in account blocking, termination of the Agreement, and reporting to law enforcement authorities;
2.11.3. Refrain from sharing account credentials or allowing third parties to use the Services on their behalf.
2.12. Funds in the Customer’s account are considered electronic money issued at par value. Electronic money is not a deposit, and the Company does not pay interest or provide additional benefits for holding such funds. The Customer may request redemption of electronic money at any time by submitting a payment order to transfer funds to another specified account. No additional fees are charged for redemption, but standard commission fees for transfers or withdrawals may apply.
2.13. Upon termination of the Agreement, the Company will transfer any remaining funds in the Customer’s account to a specified bank account or another payment system, minus any outstanding fees, fines, or damages owed to the Company. If the Company is unable to repay the funds due to reasons beyond its control, the Customer must provide alternative account details or additional information to facilitate the transfer.
2.14. The Customer is responsible for ensuring the accuracy and timeliness of the provided data. The Company is not responsible for any losses resulting from outdated or incorrect information.
3. REPRESENTATION AND AUTHORIZATION
3.1. A natural person may enter into transactions personally or through a lawful representative.
3.2. A legal person shall enter into transactions through their lawful or contractual representative. A Power of Attorney proving the right of representation prepared outside the Company must be notarised.
3.3. The Customer may authorise other persons to use the Services made available to them under the Service Agreements concluded between the Customer and the Company. Authorisation grants the authorised person access and the ability to conduct transactions on behalf of the Customer and access information related to the Customer’s account.
3.4. The Customer is liable for any use of the Services, including any use of the Services by persons to whom they have granted authorisation. If the Customer has authorised a person to use the Services, the authorised person must be registered as a Customer of the Company. Authorisation may be granted through the communication channels provided by the Company.
3.5. The Customer confirms that, prior to authorising any person, they have provided the T&C and any other terms and conditions applicable to the use of the Services for examination by the persons to whom authorisation is granted and shall bear responsibility for the performance or non-performance of the contractual obligations by the authorised person.
3.6. The Customer is obligated to inform the Company in writing or through the provided communication channels immediately upon the termination of representation or any changes to the rights of representation. The Customer must inform the Company, regardless of whether such information is publicly available in any relevant registers.
4. ORDER PROCEDURES AND SECURITY OF ACCOUNT CREDENTIALS
4.1. Orders submitted to the Company by the Customer must be clear and executable. The Customer shall confirm all Operations by using their Credentials or in another manner required by the Company (e.g., by signing a hard copy). Such confirmation shall be deemed as the Customer’s consent to the performance of the respective Operation.
4.2. Orders must be submitted to the Company electronically or in another manner agreed between the Customer and the Company, and in the form developed by the Company (e.g., electronically via the provided communication channels).
4.3. Orders are prepared, confirmed, and submitted in accordance with applicable legislation, the T&C, and other relevant requirements, customs, and practices. By submitting an order, the Customer unconditionally consents to the Operation to be performed under the given order.
4.4. The Company reserves the right to request documented proof of the legal origin of funds and will not be obligated to execute an order before receiving the relevant justification(s).
4.5. If the Customer performs an Operation or uses their Payment Account via Third-Party Services (e.g., e-wallets), the authorization of the Payment Order will be completed and submitted to the Company in accordance with the terms and conditions governing the Third-Party Services (e.g., by using Credentials and methods applicable to the Third-Party Services).
4.6. In the event that funds not belonging to the Customer are mistakenly transferred to the Customer’s Payment Account, the Customer is obligated to notify the Company immediately upon discovering the mistake and must return the funds to the account specified by the Company.
4.7. The Company has the right to debit any mistakenly transferred funds from the Payment Account without prior notice to the Customer.
4.8. The Customer, as the holder of a Payment Instrument, must:
4.8.1. Use the Payment Instrument in accordance with the security guidelines published by the Company, including taking all reasonable steps to ensure the security of the Payment Instrument and the means enabling its use, including Customer Credentials.
4.8.2. Promptly notify the Company or a third party designated by the Company of the loss or theft of the Payment Instrument or Customer Credentials, or of any unauthorized or incorrect use of the Payment Instrument upon becoming aware of such events.
4.9. If the Customer becomes aware or suspects that the Payment Instrument, Credentials, or Account have been lost, stolen, misappropriated, used without authorization, or otherwise compromised, the Customer must immediately change the Credentials, if possible, to avoid further unauthorized activities and notify the Company immediately (within 24 hours).
4.10. The Customer understands that any undue delay in notifying the Company may result in the Customer being liable for any losses or damages arising from the loss, theft, misappropriation, or unauthorized use of the Account or Payment Instrument.
4.11. After receiving the notification from the Customer, the Company shall immediately suspend access to the Account, block the Payment Instrument, and suspend the provision of Services until new Credentials are created or a new Payment Instrument is issued to the Customer.
4.12. It is the Customer’s responsibility to ensure that any computer, software, equipment, or device used to access or manage the Account is protected and free from viruses, malware, and other destructive components.
4.13. The Customer must take steps to protect their email and other instruments linked to the Account, which may be used for communication or identification. The Customer must report any changes to the email or other linked instruments to the Company within 3 calendar days.
4.14. The Customer is fully responsible for the safety of their passwords and other instruments used to access the Account. Passwords are considered secret information, and the Customer is responsible for keeping them confidential.
4.15. The Company recommends that the Customer memorize their passwords and avoid writing them down or storing them in accessible places.
4.16. The Company may remind the Customer to change their passwords every 180 calendar days to maintain security.
5. RIGHTS, DUTIES, AND PROHIBITED ACTIVITIES
5.1. The Customer must act with due diligence when using the Services and comply with all applicable laws, including anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
5.2. The Customer agrees to:
5.2.1. Immediately notify the Company of any changes to their personal, business, or financial information, including contact details, legal status, ownership structure, or beneficial ownership, within 3 calendar days of such changes;
5.2.2. Provide additional documents or information requested by the Company to comply with AML/CTF requirements;
5.2.3. Regularly review account statements and report any unauthorized or incorrect transactions within 13 months of becoming aware of such transactions;
5.2.4. Assist the Company in investigating unauthorized or incorrect transactions;
5.2.5. Notify the Company immediately of any unauthorized access to their account or suspicious activities.
5.3. The Customer is prohibited from engaging in the following activities:
5.3.1. Violating intellectual property rights, including trademarks, copyrights, or trade secrets;
5.3.2. Providing false, misleading, or incomplete information to the Company;
5.3.3. Refusing to provide requested information or documents;
5.3.4. Using the Services for illegal purposes, including money laundering, terrorist financing, or fraud;
5.3.5. Engaging in activities that damage the Company’s reputation or cause losses to the Company or third parties;
5.3.6. Using the Services in countries not approved by the Company;
5.3.7. Spreading viruses or disrupting the Company’s systems;
5.3.8. Engaging in illegal trade of goods or services, such as weapons, drugs, counterfeit products, or unlicensed gambling;
5.3.9. Providing financial services without a valid license or prior written consent from the Company;
5.3.10. Sharing account credentials or allowing third parties to use the Services on their behalf.
5.4. If the Customer breaches these T&C or engages in prohibited activities, the Company may take legal action against the Customer and claim compensation for damages or losses incurred due to the Customer’s actions.
5.5. The Company follows the Know-Your-Customer (KYC) principle and may request information about the Customer’s business activities, transaction patterns, and beneficial owners. The Customer must provide all requested information promptly.
6. BLOCKING THE ACCOUNT AND SUSPENSION OF SERVICES
6.1. The Company reserves the right to block the Customer’s account, suspend the Services, or restrict certain functionalities (e.g., uploading, receiving, sending, or withdrawing funds) under the following circumstances:
6.1.1. If the Company suspects that the funds on the Customer’s account are related to illegal activities, including but not limited to money laundering, terrorist financing, fraud, or other criminal offenses;
6.1.2. If the Company suspects that unauthorized or fraudulent transactions have been conducted through the Customer’s account;
6.1.3. If the Customer fails to fulfil its obligations under these T&C, including but not limited to non-payment of Fees or provision of false, misleading, or incomplete information;
6.1.4. If the Customer is subject to insolvency, liquidation, bankruptcy, or similar proceedings, or if the Company reasonably believes there is a risk of such proceedings;
6.1.5. If the Customer’s activities pose a threat to the Company’s business reputation or the interests of third parties;
6.1.6. If the Customer engages in any prohibited activities;
6.1.7. If the Customer’s account or payment instrument is compromised, lost, stolen, or used without authorization;
6.1.8. If the Customer is subject to international sanctions or resides in a country subject to sanctions;
6.1.9. If required to do so under applicable laws, regulations, or orders from competent authorities, including but not limited to those related to AML/CTF compliance.
6.2. The Company will make reasonable efforts to inform the Customer of any blocking or suspension in advance or immediately afterward, unless such notification would compromise security measures, impede an ongoing investigation, or is prohibited by law.
6.3. The Customer agrees to cooperate fully with the Company in investigating any suspected illegal, fraudulent, or improper activity. If the Company reasonably suspects fraudulent activity, it may withhold funds for up to 10 business days or longer if required by law or to complete its investigation.
6.4. If the Company reasonably suspects that funds on the Customer’s account are fraudulent or related to illegal activities, it may, at its discretion, return such funds to the payer or withhold them until the investigation is complete and a determination is made in accordance with applicable laws.
6.5. The Company will reinstate the Customer’s account or Services once the grounds for blocking or suspension no longer exist, provided that the Customer has taken all necessary actions to resolve the issue (e.g., completing additional identification procedures, providing requested documents, or rectifying any breaches of these T&C).
6.6. The Company shall not be liable for any losses incurred by the Customer due to the blocking or suspension of the account or Services, provided that such actions were taken in good faith and in accordance with these T&C or applicable laws and regulations.
7. PRICING AND FEES
7.1. The Customer shall pay Fees for the Services as specified in the Schedule of Fees. All Fees are automatically deducted from the Customer’s account balance at the moment the respective transaction is executed. Recurring fees are charged directly from the account balance on their due date.
7.2. The Company assigns each Customer to a specific service category based on internal AML/CTF compliance criteria and risk assessment. The Company may re-assign the Customer to a different category at any time.
7.3. The Company will notify the Customer of any change in their assigned category. The Customer may terminate these T&C by providing written notice to the Company within 10 calendar days of receiving such notification. If no notice is received within this period, the new category and its associated Fees will be considered accepted by the Customer.
7.4. The Company reserves the right to amend the Schedule of Fees at any time. Changes to Fees will be effective immediately upon publication on the Company’s website, as provided in Section 12 of these T&C.
7.5. All amounts payable under these T&C are exclusive of any applicable taxes, which shall be borne by the Customer where required by law.
7.6. If the Customer’s account balance is insufficient to cover any Fees or other amounts owed to the Company, the Company may suspend the provision of Services until all outstanding amounts are settled in full.
8. LIABILITY
8.1. Each Party shall be liable for any direct damages caused to the other Party as a result of its breach of these T&C. The liable Party shall compensate the affected Party for such damages in accordance with applicable laws.
8.2. The Company shall not be liable for:
8.2.1. Indirect losses, including but not limited to loss of profit, loss of business, or loss of reputation, except where such liability cannot be excluded under applicable law;
8.2.2. Damages arising from the Customer’s use of the Services, including but not limited to issues related to the quality, safety, or legality of goods or services purchased or sold using the Services;
8.2.3. Disruptions in the operation of the Services caused by factors beyond the Company’s control, including but not limited to technical failures, third-party actions, or force majeure events.
8.3. The Company’s liability for direct damages caused by its breach of these T&C shall be limited to the amount of fees paid by the Customer for the Services during the 6 months preceding the breach, or a maximum of EUR 50,000.00 if such fees cannot be calculated.
8.4. The Customer shall be solely responsible for:
8.4.1. Ensuring the accuracy and completeness of all information provided to the Company;
8.4.2. Safeguarding its account credentials and notifying the Company immediately of any unauthorized access or transactions;
8.4.3. Any losses resulting from its failure to comply with these T&C or applicable laws.
8.5. Nothing in these T&C shall exclude or limit liability for:
8.5.1. Death or personal injury caused by negligence;
8.5.2. Fraud or fraudulent misrepresentation; or
8.5.3. Any other liability that cannot be excluded or limited under applicable law.
8.6. Neither Party shall be liable for failure to perform its obligations under these T&C if such failure is caused by force majeure events, provided that the affected Party notifies the other Party of such events without undue delay.
8.7. The Customer acknowledges that the Company is not responsible for the actions or omissions of third parties, including payment service providers, billing systems, or other entities involved in the provision of the Services.
9. COMMUNICATION BETWEEN THE PARTIES
9.1. All communication between the Company and the Customer shall be conducted in English, unless otherwise agreed in writing.
9.2. The primary methods of communication include:
9.2.1. The Customer’s account on the Company’s platform;
9.2.2. Email;
9.2.3. Postal mail;
9.2.4. Public notices on the Company’s website.
9.3. Notices and information provided through the Customer’s account or email shall be deemed delivered and effective upon sending.
9.4. The Customer is responsible for ensuring that their contact details are up to date. The Company may use these details to send notices, including changes to the T&C, Fees, or Services.
9.5. The Customer agrees that the Company may record and archive all communications for compliance, dispute resolution, or other purposes outlined in these T&C.
9.6. For support or concerns, the Customer may contact the Company via:
9.6.1. Email: info@lancelotpay.io;
9.6.2. In-app support.
9.7. The Company will respond to simple inquiries within 24 hours if submitted on a business day or by the next business day if submitted on a weekend. More complex issues will be addressed within 10 business days.
9.8. The timeframes in section 9.7 do not apply to formal complaints. The procedure for handling complaints is set out in section 10.4 of these T&C.
10. APPLICABLE LAW AND JURISDICTION
10.1. The law of British Columbia, Canada, governs the relationship between the Company and the Customer, including all terms regulating the Services. Another jurisdiction’s law may apply if required by regulations or an international agreement. If the Customer is a consumer, mandatory laws of their domicile may also apply. The Customer is responsible for complying with all applicable laws, including those related to taxes or other obligations.
10.2. The Company is committed to providing high standards of service and takes all complaints seriously. All complaints shall be resolved promptly and fairly.
10.3. Complaints must be submitted to the Company at: info@lancelotpay.io. The complaint should include:
10.3.1. The Customer’s full name or company name, and account details;
10.3.2. Contact information;
10.3.3. Description of the issue;
10.3.4. Supporting evidence (documents, correspondence, etc.).
10.4. Complaints Handling Procedure:
10.4.1. The Company will acknowledge receipt of the complaint within 3 business days.
10.4.2. The Company will investigate and endeavour to provide a final response within 15 business days of receiving the complaint.
10.4.3. If the complaint cannot be resolved within 15 business days, the Company will provide an update outlining the reasons for the delay.
10.4.4. If more than 35 business days have passed since receiving the complaint, or if the Customer is unsatisfied with the final response, the Customer may refer the complaint to:
(a) The Financial Ombudsman Service; or
(b) The Financial Consumer Agency of Canada (FCAC). More information about FCAC is available at: https://www.canada.ca/en/financial-consumer-agency.html
11. PERSONAL DATA PROTECTION AND CONFIDENTIALITY
11.1. During the term of these T&C and thereafter, each Party shall use, reproduce, and disclose the other Party’s Confidential Information solely for the purposes of performing its obligations under these T&C and only to the extent required. Each Party shall provide access to such Confidential Information only to persons who have a legitimate need to know and who are bound by confidentiality obligations no less restrictive than those contained herein. Disclosure to third parties is prohibited without prior written consent of the disclosing Party.
11.2. The obligations set forth in this Section shall not apply to information that:
11.2.1. Becomes public without breach by the receiving Party;
11.2.2. Was lawfully in the receiving Party’s possession prior to disclosure;
11.2.3. Is lawfully obtained from a third party without breach of confidentiality;
11.2.4. Is independently developed without reference to the disclosing Party’s Confidential Information.
11.3. A Party may disclose Confidential Information if required by law, regulation, or a valid order of a competent authority, provided that (to the extent legally permissible) the other Party is promptly notified and reasonable steps are taken to limit the scope of disclosure.
11.4. The Customer acknowledges and agrees that the Company may collect and process Personal Data relating to the Customer and its users for the following purposes:
11.4.1. Providing, managing, and operating the Services, including processing transactions and maintaining accounts;
11.4.2. Complying with legal and regulatory obligations, including AML/CTF, fraud prevention, reporting duties, and identity verification;
11.4.3. Improving, developing, and securing the Company’s systems, website, applications, and operational infrastructure;
11.4.4. Communicating operational updates, account-related information, and Service notices;
11.4.5. Analyzing Service usage, carrying out diagnostics, enhancing user experience, and improving system performance;
11.4.6. Conducting marketing activities and sending promotional communications, subject to the Customer’s right to opt out at any time;
11.4.7. Processing for any purpose explicitly consented to by the Customer.
11.5. The Customer shall inform its customers, managers, and beneficial owners that their Personal Data (including identification documents, contact details, device information, IP addresses, and transaction data) may be transferred to and processed by the Company or other authorized institutions, including in EU Member States. The Customer shall obtain all required consents and ensure compliance with applicable data protection laws.
11.6. The Customer acknowledges that the Company may collect device information, cookies, and technical identifiers for the purposes of ensuring the proper functioning, security, analytics, and personalization of the Company’s website, applications, and related Services. Cookie preferences may be managed through browser or device settings; however, disabling essential cookies may limit access to certain functions. The Company implements robust technical and organizational measures to protect Personal Data. However, no method of transmission over the internet or electronic storage is 100% secure, and the Company cannot guarantee its absolute security.
11.7. The Company shall not sell, lease, or otherwise commercially trade Personal Data of the Customer or its users.
11.8. The Customer acknowledges and agrees that the Company may disclose Personal Data to the following categories of recipients where required for the provision of the Services or compliance with applicable laws:
11.8.1. Service providers, technical partners, and contractors assisting in hosting, security, analytics, support, or system operation;
11.8.2. Payment service providers (PSPs), acquiring partners, correspondent banks, and other financial institutions involved in processing transactions;
11.8.3. Business partners providing functionalities, features, or related services requested or enabled by the Customer;
11.8.4. Law enforcement agencies, tax authorities, regulatory or supervisory bodies;
11.8.5. Entities involved in corporate restructuring, merger, acquisition, or transfer of business, subject to appropriate safeguards;
11.8.6. Any entity to which disclosure is required by law or reasonably necessary to protect the Company’s legitimate interests.
11.9. Personal Data related to payment operations shall be retained for 8 years following termination of these T&C or longer if required by law. Other Personal Data shall be retained for 3 years. After the respective retention period expires, the Company shall securely delete or anonymize the Personal Data.
11.10. The Company may transmit Personal Data or other collected information to competent authorities, financial institutions, or other authorized entities where required by law or to prevent fraud, misuse of the Services, or violations of these T&C.
11.11. The Company may conduct identity verification and due diligence checks (including KYC/KYB procedures) and may submit verification requests to third parties for the purpose of confirming the accuracy of information provided by the Customer.
11.12. The Company may record and store calls, emails, and electronic communications with the Customer for quality control, dispute resolution, fraud prevention, and compliance purposes. The Customer acknowledges and consents to such recordings.
11.13. Certain identifiers (including account number, name, or email address) may be made visible to other users when necessary to complete a payment transaction initiated by such users.
11.14. Both Parties shall comply with applicable data protection laws, including the GDPR. Where one Party processes Personal Data on behalf of the other, such processing shall be conducted strictly in accordance with the documented instructions of the data controller.
11.15. The Customer and its users have the right to access, rectify, erase, and restrict the processing of their Personal Data, as well as the right to object to processing for marketing purposes and the right to data portability, in accordance with applicable data protection laws. Requests to exercise these rights should be submitted to the Company via the contact details provided in these T&C.
12. AMENDMENTS TO THE TERMS & CONDITIONS
12.1. The Company reserves the right to unilaterally amend these T&C, including pricing, fees, and terms of Services, at any time and for any reason. The most current version of the T&C will be available on the official website: https://lancelotpay.io/.
12.2. Amendments to these T&C shall become effective immediately upon their publication on the Website, unless a later effective date is specified therein.
12.3. The Customer’s continued use of the Services after the effective date of any amendments constitutes their acceptance of the revised T&C.
12.4. If the Customer does not agree with a material amendment to these T&C, the Customer must immediately notify the Company in writing of their objection. Upon receipt of such notice, the Parties shall negotiate in good faith to resolve the disagreement.
12.5. If no mutually acceptable resolution is reached within 10 calendar days from the Company’s receipt of the Customer’s notice, the Customer may terminate these T&C with immediate effect. Such termination shall not be subject to the 30-day notice period set forth in Section 13.1.
13. TERMINATION OF THE BUSINESS RELATIONSHIP
13.1. The Customer may terminate these T&C at any time by providing written notice to the Company at least 30 calendar days prior to the intended termination date.
13.2. The Company reserves the right to terminate these T&C at any time without cause by providing the Customer 30 calendar days’ prior written notice.
13.3. The Company may terminate these T&C immediately, without prior notice, if:
13.3.1. The Customer violates applicable laws or regulations of British Columbia and Canada, including but not limited to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), or engages in fraudulent, illegal, or unethical activities;
13.3.2. The Customer provides false, incomplete, or misleading information, fails to update required documentation, or materially breaches these T&C and such breach remains uncured for 5 business days after written notice;
13.3.3. Continued performance becomes unlawful, commercially impracticable, or impossible due to unforeseen circumstances beyond the Company’s control;
13.3.4. The Customer’s account remains inactive (i.e., no payment transactions or account activity) for 6 consecutive months. Prior to termination, the Company will notify the Customer via email of the inactive status and intent to terminate, provide options to reactivate the account, transfer remaining funds, or close the account voluntarily, and disclose any applicable fees or procedures for retrieving account balances;
13.3.5. Required by Canadian regulatory authorities, including but not limited to directives from the Financial Transactions and Reports Analysis Centre (FINTRAC) or provincial regulatory bodies;
13.3.6. The Customer fails to pay any Fees or amounts owed under these T&C;
13.3.7. The Company suspects the Customer of money laundering, terrorist financing, or other illegal activities.
13.4. These T&C may be terminated at any time by mutual written agreement of both Parties.
13.5. All Fees, charges, or liabilities accrued prior to termination remain payable by the Customer, and the Company reserves the right to withhold funds as required by law or to settle outstanding obligations.
13.6. Sections pertaining to confidentiality, indemnification, and dispute resolution shall survive termination of these T&C.
14. FINAL PROVISIONS
14.1. These T&C take effect once the Customer’s Account is approved and remain valid indefinitely unless otherwise agreed by the Parties.
14.2. The Company and the Customer are independent contractors. Nothing in these T&C creates a partnership, joint venture, or agency relationship. Neither party may act on behalf of the other.
14.3. The Customer may not transfer or assign any rights or obligations under these T&C without prior written consent from the Company.
14.4. If any provision of these T&C is found invalid or unenforceable, the remaining provisions remain in effect.
14.5. Neither party is liable for delays or failures in performance due to force majeure events beyond their control, including but not limited to natural disasters, war, strikes, cyberattacks, distributed denial-of-service (DoS) attacks, or government actions. If such circumstances last for more than three months, either party may terminate these T&C with immediate effect.
14.6. These T&C, along with all referenced documents, constitute the entire agreement between the parties. Neither party is liable for prior statements or representations unless made fraudulently.
14.7. Headings in these T&C are for convenience only and do not affect interpretation. References to documents include their amendments or modifications.
14.8. All intellectual property rights related to the Company’s Website, Services, and content (including but not limited to copyrights, patents, trademarks, and database rights) are owned by the Company or its licensors. The Customer acknowledges that no ownership or rights are transferred under these T&C.
14.9. The Customer may use the Website and Services solely for the purposes permitted by these T&C. Any unauthorized use, including duplication, modification, reverse engineering, or distribution of the Website, Services, or content, is strictly prohibited without the Company’s prior written consent.
14.10. The Customer shall not:
14.10.1. Use automated tools (e.g., robots, spiders, scrapers) to access the Website or Services; or
14.10.2. Remove or alter any proprietary notices, trademarks, or legends displayed on the Website or content.
14.11. Each Party shall indemnify and hold the other Party harmless against any third-party claims, losses, or damages arising from the infringement of intellectual property rights related to materials provided by the indemnifying Party.