Terms & Condition

Version 21 may 2018

LEGAL ENTITY IDENTITY AND BUSINESS TYPE

Auromoney is the commercial brand of Auromoney Ltd. Auromoney Ltd is a company number 09960243 which is a private limited company regulated by Companies House under the British Laws and is registered in United Kingdom. Auromoney is a trader of precious metals who operates through an online platform.

Auromoney Ltd buys, sells and provide safe physical deposits of precious metals, in particular gold bullion (bars) with purity above 995/1000 provided by LBMA certified refineries. Auromoney Ltd provides trading and deposit services of precious metals through an automated online platform which can be found on www.Auromoney.com with the intention to profit from trading of metal and from charges related to the deposit and custody levied on its customers. Auromoney Ltd does NOT provide financial services or financial and investment advice.

Auromoney Ltd offers a system to acquire the legal ownership of precious metals in physical form and not the rights to buying and future selling or the rights to credits which go beyond the period of the standard physical delivery of the market. Therefore its activities are outside of the scope of regulation requirement for financial services and are therefore not governed by the Financial Service Authority. The market of precious metals in Great Britain is governed by legislations regarding private ownership and not by the Financial Service Authority of United Kingdom.

Through its online platform Auromoney Ltd allows its registered users to buy, sell or to physically withdraw the allocated gold cumulative kept in a safe and secured vault in Switzerland. Auromoney Ltd manages the online platform through its site www.Auromoney.com and registers all the deposit movements (Deposit Account) of each user guaranteeing the authenticity of the quantity balances of the deposit account and the existence of physical gold through "Proof of Gold".


ACCEPTANCE OF TERMS AND CONDITIONS

References to Auromoney is intended to mean Auromoney Ltd.

Upon registration on its website, the users become clients of Auromoney. By registering, the Clients accepts that the Terms and Conditions herewith set out will define the business relationship between them and Auromoney Ltd.

The current Terms and Conditions are valid from December 15, 2016. Auromoney reserves the right to modify its Terms and Conditions at any time with a 30-day notice period which will be notified via email to its active clients and posted publicly on the Auromoney's website. The modifications of the Terms and Conditions will have legal validity and contractual obligations of both parties after 30 days from notice.

During the 30 day notice period, the clients have the right to terminate the relationship with Auromoney according to the previous Terms and Conditions up to its validity period. The termination of relationship must be communicated by way of sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it. with the explicit request and instruction to close the Auro account by the full sale of metal by the client and with the crediting of the same amount to the client’s nominated bank account according to the agreed procedure from the previous Terms and Conditions. If the client does not terminate the relationship with Auromoney within its 30-day period, the client will be deemed implicitly to accept the new Terms and Conditions.

Clients who register during the 30-day notice period will be deemed to accept both the current Terms & Conditions and the modified Terms & Conditions which will be valid at the end of the 30-day notice period. 

Any further additions, relating to the regulation of new functions and features offered to users / customers, will enter into force immediately upon publication on the Website if they do not interfere with previous Terms and Conditions. Customers using and/or activating these new features are deemed to expressly accept the terms and conditions of use.

In any case, following 30 (thirty) days from publication, the new terms and conditions are deemed to be accepted by customers who have not terminated the relationship in the manner described above.


GOLD OF Auromoney

Auromoney purchases, sells and maintains in deposit and custody exclusively investment gold with purity equal or above to 995/1000.

Auromoney purchases, sells and maintains in deposit and custody gold bullion (bars) sourced from LBMA certified refineries in accepted forms and weights by the international market. The metal acquired by the clients through Auromoney remains in a vault which is secured from the moment of purchase. The fine gold content of each bullion (bar) corresponds to its weight multiplied by its purity. The resulting units of gold deposited in the clients' accounts are 100% pure and are denominated in grams. A purity of 999.9/1000 is considered to be 100% pure in the international markets.

Auromoney guarantees that one gram of gold in the deposit account of its clients correspond to a gram of 100% fine pure gold being a part of a pure gold bar tested to be equal to or superior than 995/1000.


ELIGIBILITY

To be able to register and open a deposit account with Auromoney the user must:

  • Be at least 18 years of age or older if required by the country's jurisdiction in which the user resides. By registering, the user declares and confirms to be 18 years or older as required to have the ability and capacity to enter into contracts without assistance within the jurisdiction in which the user resides;
  • To reside in a European country which subscribes to SEPA banking circuit even if not located within the EU;
  • To be a banking account holder with a bank in a European country which participates within SEPA banking circuit even if not located in EU.
  • To be a citizen of one of the countries listed in the Active Countries List.

Active SEPA Countries:

  • United Kingdom
  • Germany
  • Austria
  • Switzerland
  • Netherlands (Holland)
  • Italy
  • Belgium
  • Greece
  • Spain
  • France
  • Malta
  • Gibraltar
  • Principality of Monaco
  • Liechtenstein
  • San Marino
  • Vatican City
  • Cyprus
  • Estonia
  • Finland
  • Ireland
  • Latvia
  • Lithuania
  • Luxembourg
  • Portugal
  • Slovakia
  • Slovenia
  • Sweden
  • Denmark
  • Poland
  • Czech Republic
  • Hungary
  • Bulgaria
  • Romania
  • Croatia
  • Iceland
  • Norway

ALLOWED TRANSACTIONS

The principle activities which the user can perform through the online platform are the following:

  • Registration and opening a metal deposit account
  • Purchase of physical gold and the subsequent deposit in a secure deposit vault upon immediate payment
  • Re-sell or buyback of physical gold and requesting the same amount of money to be deposited in their nominated bank account
  • Withdrawal of the physical gold bars to be delivered to their residence
  • Request of Auromoney debit card

REGISTRATION AND OPENING OF METAL DEPOSIT ACCOUNT

Registration

Auro Light account

The user registers by completing the indicated section of creation and validation of password, personal data and indicating the IBAN of the user’s personal bank account, participant in the SEPA circuit. The registration once effective allows for the activation of the metal deposit account namely AURO LIGHT. The deposit account AURO LIGHT has specific limits of operations for purchase and sale of metal.

A limit of purchase of metal equal to the value of 5,000 (five thousand) Euro / Sterling / Dollars as a one-off transaction or as a sum of all transactions in a 12 (twelve) month period.

A limit of sale of metal equal to the value of 5,000 (five thousand) Euro/ Sterling/ Dollars as a one-off transaction or as a sum of all transactions in a 12 (twelve) month period.

Upon completion of registration and activation, the user acquires the ownership of the AURO LIGHT account for the deposit and the management of metal (Deposit Account) and the right of use of the web platform to perform permitted online operations according to the present Terms and Conditions.

The registered user of the Auro Light account is fully aware that Auromoney does not have the possibility to verify his/her identity and his/her residency status. The user therefore assumes full responsibility for any false declaration or misrepresentations.

The user is fully aware that in the case of physical withdrawal of gold, Auromoney will send the gold bars to the declared address in the registration process. This is the address that the user has declared to be his/her actual residence, appropriate for receiving correspondence from Auromoney.

Users who exceed or intend to exceed the operation limits of the Auro Light account have the obbligation to proof their identity and residency as per the set-out procedure in Auromoney’s website (KYC). The users have to fill in the forms with the requested information, transmit the required documents and wait for verification and validation by Auromoney.

For verification purposes, the users must provide at least one valid proof of identity document and one valid document for proof of address. Auromoney is authorized to request further details or documents as much as it deems necessary for the purposes of verifying the identity of the user in a sufficient manner.

The users must provide a clear proof of the bank account details. The required proof will be satisfied by providing the first page of a current bank statement, bearing their own name and residence address, which will be the originating bank account for purchases and the destination bank account for sales. The client may delete or hide other financial details present on the document.

The holder of the Deposit Account of Auromoney must be the same holder of the nominated bank account.

The clients accept that the documents submitted for the verification and validation of metal deposit account are to be translated in English. Auromoney reserves the right at its discretion to accept documents in language other than English or to request a certified translation done at the client's expense.

In the event that it is impossible to verify, validate and open a deposit account for lack of complete adherence to the procedure and/or lack of documents submitted by the client, this will translate to the cancellation of the confirmation request of the account in 30 (thirty) days.

Upon completed registration and the positive confirmation of the identity and residence (KYC), the user acquires the ownership of the AURO VERIFIED account for the deposit and the management of metal (Deposit account) and the right of use of the web platform to perform permitted online operations according to the present Terms and Conditions.

The clients indemnify Auromoney from any responsibility in terms of all possible losses and/or costs deriving from the lack or late activation of the deposit account incurred by them.

In any case Auromoney reserves the right at its own discretion not to proceed with the validation and the opening of the deposit account on the bases of valuation of the verification results of KYC and AML be it internally performed or through an external source. With a completed and verified registration, the user acquires the ownership and management of the metal deposit account as well as the right to use the online platform to perform transactions which are allowed within these Terms and Conditions.

The deposit account of Auromoney is an extremely simple tool for the management of acquired gold. Through the management of the deposit account and its online procedures, the client issues Auromoney its orders for purchasing, re-selling, secure maintenance and deposit and physical withdrawal of gold. Auromoney records all performed transactions by its clients on the deposit account. The entries recorded on the deposit account and the resulting balance of quantity represent legal proof of ownership of gold of the holder of the deposit account.

Associated bank account

After successful registration, the client's bank account will be associated with the metal deposit account to perform purchase and sale transactions.

Bank transfers originated from or deposited to the associated bank account are the only allowable payment methods by Auromoney for the purchase of gold and to receive the counter value of sale (sell-back).

The clients authorize Auromoney to retain within its system the bank account details provided by the bank at the moment in which the bank transfer is received and to verify the same bank details to those provided by the client during the verification process of the metal deposit account to ascertain the accuracy of the data.

The clients take full responsibility to verify that the bank details recorded in the system are correct and to immediately notify Auromoney of any errors or changes. Auromoney is not responsible for possible losses which might arise in the event that the bank details of the associated bank account recorded in the system contain errors resulting from unintended or negligent errors by the client. The deposit account of the clients will be permanently associated with the nominated bank account. It is possible to modify the associated bank account. The request to modify the nominated bank account has to be presented via email to client support (This email address is being protected from spambots. You need JavaScript enabled to view it.) which will initiate the verification process of the new nominated bank account through its site. Following the request, the procedure will be accessible to the client from its online account using a password. The modification will be allowed only if the account holder of the two accounts is the same person. Auromoney will send a confirmation via email to the registered email address of the client upon completion of change of associated bank account.

Auromoney will have the rights to charge the client's deposit account any administrative fees applicable for the change of the associated bank account as indicated in our AUROPRICE section. In the case that the requested change could not be applied, for whatever reason, and the original associated bank account could not be used to transfer the counter value of the re-sell, Auromoney reserves the right to use procedures it deems appropriate and/or to obtain an insurance cover at the expense of the client to insure against fraud related to identity theft. In those circumstances, Auromoney will furthermore have the right to debit the client's account the costs of extraordinary administration of the transaction(s) according to and as indicated in the table of AUROPRICE.

In the case that it would not be possible to identify the nominated bank account or the client from which the funds are originated for the purchase of metal (eg. missing order code in the bank transfer, non-existence or incomplete data of originating bank), Auromoney will refund the funds to the originator less applicable charges. In the case that it would not be possible to refund the funds to the originator arising from events or causes not attributed to Auromoney, the funds from these unidentifiable sources will be separately accounted for. After five years, if not claimed, the aforementioned funds will be donated, at the discretion of Auromoney, to a purposely set up clients' guarantee fund or to a charitable institution.


PURCHASE ORDERS

The placement of purchase order by the user is taken to mean a proposal of buyng of physical metal from Auromoney and simultaneously confers the assignment to Auromoney to deposit, on their behalf, the purchased metal with the Depository partner of Auromoney in order that the metal is secured in the vault within the terms of the Storage Agreement.

The purchase order is placed indicating the value of the currency which is intended to be purchased. The quantity of gold effectively purchased will depend upon the final transaction price of when the purchase is executed (PRICE OF EXECUTION). The purchase order will be suspended and erasable until payment is received in the bank account of Auromoney. After the receipt of monies, Auromoney will send an acceptance communication via email or through the online platform.
The purchase order will be deemed to be confirmed and accepted by both parties once the amount received by Auromoney in its bank account less any applicable costs and bank fees.

Save for reasons beyond the control of Auromoney or serious financial movements and/or fluctuations of prices in the market, Auromoney will endeavor to accept the purchase order received and to follow the price of Fixing PM LBMA immediately following the specifications in the next paragraph "PRICE OF EXECUTION". In case of temporary unavailability of pricing reference from Fixing PM LBMA caused by technical problems beyond the control of Auromoney, it will propose an indicative price to conclude the transaction. The price could be accepted by the client by reconfirming the purchase order or could be rejected and the purchase order will then be cancelled. In the latter hypothesis, if Auromoney has already received monies for the gold purchase, it will refund at its earliest convenience the monies via bank transfer to the associated bank account of the client.

Normally the purchased gold by clients of Auromoney is already physically present in the deposit vault, allowing for the delivery and the crediting of the metal deposit account of the client immediately upon execution of the order. From the moment the delivery is confirmed by the recording of the purchase transaction in the deposit account, the client becomes the full owner of the gold. In case the physical quantity of gold, held by Auromoney, available through its depository does not allow for the execution and the immediate delivery of an order, Auromoney will endeavor to purchase from the market the necessary quantity of gold to replenish its depository for the delivery and the crediting of the deposit account of its clients in the briefest time possible, consistent with the timing of order liquidation of the gold market at Fixing and/or at the production of gold bars from the LBMA refineries. The clients, becoming owners at the moment of order execution, accept and understand that the deferment of delivery of gold to the vault will mean that they will not be able to sell the gold as long as the physical gold is not delivered and the transaction does not appear as recorded in their deposit account.

The clients are aware and they accept the property of gold purchase does not refer to one specific gold bar however it refers to a specific quantity of metal (portion of gold bars) deposited in custody in the depository. Auromoney guarantees that the metal owned by its clients exist physically (Proof of Gold), and is located in the vault of the depository and it is owned exclusively by the client and that the quantity of the physical metal is dividable in units measured in metal which could be withdrawn following the designated procedure (PHYSICAL WITHDRAWAL).

Auromoney declares that the clients' metal will not be lent, liened or put as collateral or as a guarantee without their express consent and that the metal will remain at any moment their whole property and deposited with the operator of the vault (the depository) as long as they are not sold or withdrawn in accordance to the instructions received by or through Auromoney.


PURCHASE OF METAL USING CRYPTOCURRENCIES

Auromoney customers can purchase metals (gold) also by paying in cryptocurrencies.

The cryptocurrencies accepted as payment may vary over time and are listed on the page dedicated to the purchase of gold with cryptocurrencies. Auromoney does not directly accept payments in cryptocurrencies, but uses one or more independent Exchanges (payment processors). The Exchange receives the amount in one of the accepted cryptocurrencies from the Auromoney customer, quickly executes the exchange and transfers the equivalent value in Euros (EUR) directly to the Auromoney bank account.

The Auromoney purchase process is integrated with the Exchange’s procedures, thereby seamlessly linking the transfer of cryptocurrencies to the metal purchase order. Customers are aware of and accept that the time and costs of the exchange from any of the accepted cryptocurrencies to Euro do not depend on Auromoney Ltd. The time and costs associated with the customers’ payment process in cryptocurrencies depend on the procedures, terms and conditions of the Exchange, incl. exchange fees, transaction fees for individual cryptocurrencies, or any other issues arising from the blockchain used.

Exchanges currently used as payment processors: Coinpayments,  CoinMotion.

PURCHASE LIMITS USING CRYPTOCURRENCIES

To buy metals (gold) using cryptocurrencies, Auromoney customers must have an Auro account through which they have already completed at least one purchase with payment in Euros.
Customers holding an Auro Light account (unverified) have a purchase limit of 5000 Euros / YEAR, which applies for all purchases, irrespective of the currency used for payment (Euros and/or cryptocurrencies). Customers holding an Auro Verified account (KYC verified) have a purchase limit in cryptocurrencies of € 15,000 per DAY and no annual limit.


DEPOSIT AND PHYSICAL CUSTODY (BAILMENT)

Auromoney does not keep in direct custody the sold gold to its clients. The services of custody of Auromoney is performed by a third party depository. The gold depository of Auromoney and its clients is a private operator of the highest reputation which operates on an international level in the custody and transport of precious metals market, utilizing vaults of superior safety standards and in accordance with the legal and generally accepted practices in each of its deposit locations.

The metal owned by Auromoney and the clients of Auromoney are in custody in a vault managed by the depository, according to the "Storage Agreement" stipulated between Auromoney and the depository. At the moment of purchase, the client confers the assignment to Auromoney to deposit, under their name and on their behalf, the purchased metal with the Depository partner of Auromoney in order that the metal is secured in the vault within the terms of the Storage Agreement. Auromoney assumes the role of a disclosed agent for its clients in relation to the Depository. The clients accept that the management of the gold in custody with the depository will be done solely through the online platform of Auromoney.

The depository is aware that Auromoney acts both in its own name and as a disclosed agent for its clients. Auromoney in this regard will provide to the depository, at the end of the day, a file in an electronic format containing a name list of its clients and the updated balances of each deposit account. Auromoney confirms that the custody of metal of its clients is structured as per the bailment contract to guarantee the legal ownership of its clients' metal which is deposited in the vault of the depository. In the Storage Agreement, the depository recognizes and confirms that the deposited metal in the vault is allocated as exclusively owned by Auromoney and its clients and that it will be retained in the deposit and custody on their behalf.

Auromoney will endeavor to pay the fees relating to custody and insurance to the depository also for its clients, demonstrating the nature of bailment of the service provided by the operator of the vault. The depository accepts that the Storage Agreement is to maintain physically, legally and for accounting purposes separate ownership of their assets and their clients, as well as the ownership of the metal (gold) of Auromoney and its clients. Auromoney confirms that a notice period of SIX months is required from the depository to recede the Custody contract. In the case that Auromoney receives such notice and it is not able to find an alternative vault operator, it will endeavor to inform the clients of the situation at least THREE months before the end of the deposit service to allow each client to find an alternative solution for the ownership and the deposit of metal.


SALE or RE-SALE ORDERS (sell-BACK)

With the placement of sale order, through the online platform, the client declares that s/he would like to re-sale (buy back) to Auromoney a specified quantity of metal owned by the client, deposited in the vault of the depository and that the value of the re-sale will be deposited in the client's associated bank account or in their AuroCard account.

The sale order could be done in the value of the currency of the client or in quantity of grams/gold. The client cannot request to sell a quantity of metal which does not physically available in its deposit account, considering that the costs and the commissions of such transaction will be debited in grams/gold. Auromoney will endeavor to accept the order received and to follow the price of Fixing PM LBMA immediately following the specifications in the next paragraph "PRICE OF EXECUTION", without having the obligation to repurchase.

In case of temporary unavailability of pricing reference from Fixing PM LBMA caused by technical problems beyond the control of Auromoney, it will propose an indicative price to conclude the transaction. The price could be accepted by the client by reconfirming the re-sale order or could be rejected and the re-sale order will then be deleted.

The user who sells the metal from his/her Auro account authorizes Auromoney to issue a receipt of the sale in his/her name even in the form of a self-invoice, utilizing the personal details registered on the user’s profile which the user itself will maintain and ensure to always be updated and correct.

 


PHYSICAL WITHDRAWAL

The client of Auromoney is the owner of the recorded quantity of metal (gold) as per the balance available in grams/gold in its deposit account. As the owner may at any time request, to Auromoney, to give him the physical gold at his residence. The requested quantity for the physical delivery cannot be superior to the available quantity on the account of the user considering the costs and the commissions for the transactions will be debited in grams/gold.

The delivery of physical metal is performed only in gold bullion (bars) forms with purity of 999.99/1000 of fixed weight in 10 grams, 100 grams and 1000 grams produced by certified LBMA refineries. The request must be presented through a specified procedure on the online platform of Auromoney (PHYSICAL WITHDRAWAL). With the placement of withdrawal request and the delivery of physical metal, the client instructs Auromoney the purchase of one or more gold bars in standard weight to be delivered to their own residence. In this case, the client accepts that the "payment" will be made, through consideration in metal, with a debit transaction on his/her metal Deposit account equal to the weight of the requested goldbars. The physical delivery of metal implicates costs of production and delivery of the gold bar(s) which will be debited in grams/gold directly on the deposit account of the client. The cost of production varies according to the weight of the gold bar. The cost of production and the delivery of the gold bars are indicated in the Table AUROPRICE.

The delivery address is only that address indicated in the registration and validation process of the deposit account. To modify the address of delivery, it will be necessary to present a specific request to SupportTeam via email and to follow the indicated instructions for the verification and validation of the new address. The delivery will be sent by a courier service with tracking and will be insured. The responsibility of Auromoney concludes with the pick-up of metal by the Courier for delivery. The good will then travel under the responsibility of the Courier and the associated risks will be assumed by the Client. The time for producing the gold bar(s) and their delivery to the user's address do not depend solely on Auromoney but also on the availability of its partners. The delivery time would reasonably be expected to be between 5 to 10 working days from the date of request. Causes beyond the control of Auromoney or withdrawal requests overload could delay the delivery.

The client accepts the responsibility to ascertain the integrity of the delivery and the seal prior to signing the delivery receipt. The client, furthermore, is aware that agencies of the Government or Customs could open the package for inspection of the content. In the case that the package is opened or shows signs of visible damages caused by third party(ies), the client could refuse to accept the delivery. The client is aware, accepts and assumes the payment of customs duty, taxes and delivery and issuance costs and /or other applicable fees which could be applied following any intervention from the part of Government or Customs agencies during the process of delivery of the metal. In the case that the said fees are applied or charged to Auromoney, the client is obligated to reimburse those costs by way of accepting the debiting in grams/gold in his/her deposit account.

The client accepts that there could possible delays which could arise in the process of delivery of the material following or caused by the intervention of Government or Customs agencies. The client accepts the responsibility to sign the receipt when the package(s) or the seal appear to be in good condition. The client agrees that, save for their right to refuse to sign the delivery of an opened package or with signs of tempering, any return to Auromoney for any reason will be at the cost of the client with the debiting in grams/gold of their deposit account.


REQUEST FOR A DEBIT CARD

Service Contract.

Auromoney offers its users/clients the possibility to request a prepaid debit card namely AuroCard.

Auromoney is NOT a Payment Institution (PI) and it is NOT a Electronic Money Institution (EMI). For the issue and the management of AuroCard, Auromoney has stipulated a partnership agreement with an EMI (Electronic Money Institution) company which will be the only appointed entity with a financial license for the issuing and managing of the debit card.

The request for AuroCard (debt card) is done following a specific procedure found within the Auromoney’s site. The terms and conditions to request and use AuroCard are indicated in Auromoney’s website, within the current service contract and within the service contract of the issuer company.

Aurocard is a ancillary service to Auro metal account and it is available exclusively for the registered users and owners of AuroVerified account. The user/client who presents the request of AuroCard accepts explicitly the Terms and Conditions of the current service contract and that of the issuer company.

AuroCard is an instrument to facilitate the payment of consideration to the users/clients, in the case of sale of metal (gold) to Auromoney (sell-back).

AuroCard, being a prepaid card can be topped up using the feature “SELL” found on the Auromoney control panel (dashboard). With the SELL feature, the user initiates a sale order of metal from its own Auro account (for example gold) and at the same time requests that the consideration of the sale be credited to its own AuroCard in accordance with the Auroprice table and General Terms and Conditions.

To provide for the AuroCard prepaid service, Auromoney Ltd has stipulated an agreement with Institute of Electronic Money holding a financial license for the issue of the cards. The issuer company determines the KYC and AML requirements in accordance with the currently applicable laws and dictates which requested documents for personal identification and address/residence confirmation of the holder of the Card.

The user/client accepts that Auromoney forwards, on its behalf, to the issuer company the personal documents which are already on file with Auromoney. The user/client consents furthermore to the sending of additional updates or necessary documents to comply with the appropriate procedure of KYC and AML verification, accordingly as requested by the issuer company. The confirmation of details and documents, the approval and the subsequent issue of the card do not depend on Auromoney Ltd but solely on Institute of Electronic Money partner.

The request for AuroCard means acceptance of terms and conditions, including limits of use and costs, indicated in the service contract of the issuer company. The prepaid AuroCard is issued by: COMING SOON.

 


EXECUTION PRICE AND THE CLEARANCE OF ORDERS

LBMA Fixing - reference price

The reference price for every transaction of gold trading between Auromoney and its clients is the value of Fixing PM LBMA (at 15.00 London Time).

All the clients' trading transactions will be carried out as per the price of Fixing PM LBMA immediately following after a confirmation of the requested transaction according to the specifics of each type of transactions, with an additional premium in the case of a purchase order or by subtracting a discount in the case of sale order (sell-back). The clients understand and accept that the price of Fixing remains unknown until such publication of same. The clients are aware and accept that by doing trading at the Fixing price itself gives consent to buy or sell at a price publicly determined which could be different to the spot price indicated at the time of placing the order.

reference price

A purchase order will be carried out at the price of Fixing PM LBMA (at 15.00 London Time) immediately following after the receipt of monies by Auromoney once the funds clear in the bank account of Auromoney by 12.00 hours in London. If the bank transfer is received after 12.00 London Time, the purchase order will be carried out at the price of Fixing PM LBMA of the following working day.

The sale order (sell-back) placed by 12.00 hours in London will be carried out at the immediate following price of Fixing PM LBMA (15.00 LondonTime).

The sale order (sell-back) placed after 12.00 London Time will be carried out the price of Fixing PM LBMA of the following working day.

Execution price: AuroPrice

The price of execution, which Auromoney applies to its clients, is denominated as AuroPrice. The execution price is determined, in the case of a purchase order, from the value of Fixing PM plus a fee (Buy AuroPrice). In the case of re-sell, the execution price is determined from the value of Fixing PM less a discount (Sell AuroPrice). 

Order clearance

For transactions priced at Fixing price, the clearance day is defined according to the standard procedure of the official market, which is normally 2 days after the transaction occurs. Auromoney will clear the transaction on the clearance day or as soon as possible after that date. It can however, at its own discretion, clears the transaction in a shorter time. In the case where the availability of the deposited gold in the depository does not allow for an immediate clearance of the order, Auromoney will promptly act to purchase, at the reference price of Fixing PM, the necessary quantity of gold in order to replenish the vault in the briefest time possible for the delivery to the client. Auromoney in any case has the ability at its own discretion and without penalty to clear the transaction (at the pre-determined execution price) of purchase or sell up to a maximum of five working days after the day of the official clearance.

ROUNDINGS

The calculating system will round up to 0,001 grams in gold and to 0,01 in monetary unit.
The clients accept that small differences in value or quantity are due to the rounding method and the difference is not-refundable.


COSTS AND COMMISSIONS (FEES)

The costs and the commissions (fees) for different types of transactions are indicated in the AUROPRICE table. The last table published on the website will be taken to be that which is currently valid. Please kindly refer to the AUROPRICE table before proceeding with any transaction regarding the related costs. The costs and the commissions (fees), even in calculated in fiat currency, will be debited in grams/gold on the deposit account of the client at the same value of the Fixing PM LBMA of the transaction in reference.


OWNERSHIP TITLE OF METAL (REGISTRATION OF OWNERSHIP)

Auromoney records and safeguards all placed transactions by the clients for purchase, sell and physical withdrawal of metal (gold). Auromoney is obligated to record transactions only upon instructions of the clients (purchase, sell, withdrawal) which are received through the web platform and according to the current Terms and Conditions. The results of the recording of in and out transactions in the deposit account of the client determines the final balance of quantity of metal owned by each client. The accounting entries expressed as the balance in grams/gold of the deposit account constitutes and represents title of ownership, for the account holder, of the deposited gold in the vault of the depository.


PROOF OF GOLD

Auromoney guarantees the existence of gold in the depository by following strict processes and procedures (Proof of Gold) which, as an implemented protocol, will enable the issue of Proof of Gold verifiable from and by different sources. The comparison and coincidence of the issued reports from different sources guarantee the authenticity of Auromoney's assertion and at the same time permits the possibility to have a public proof of ownership of gold possession.

Proof of existence of gold

Auromoney endeavors to publish on its site daily reconciliations of transactions regarding the metal ownership in a list containing the balance in quantity and indicating the accounts of its clients using pseudonyms to protect their privacy.

Auromoney endevours to publish on a daily basis a copy of the deposit certificate issued by the Depository showing the total quantity in grams/gold deposited by Auromoney for itself and for its clients.

Auromoney endevours further to publish on a monthly basis an inventory list of goldbars issued by the Depository, containing for each goldbar the following elements: production refinery, purity level, weight in grams and identifying serial number.

Auromoney endeavors to stipulate a contract with a consultancy company (External Audit) for a biannual audit, quantitative and qualitative, of the deposited gold at the depository under Auromoney’s name and for its clients. The reports will be published every 6 (six) months on Auromoney’s site.

 

Public certification of ownership

Auromoney further endeavors to utilize the Blockchain Bitcoin register to certify, in a public manner unequivocal and not modifiable, the daily balances of quantity of deposit accounts of the clients. To this end:

It will publish each day on its website a file containing a list of clients' account and the balance of quantity, in pseudonyms with will safeguard the privacy of the clients. It will publicly make available a downloadable file of the same list in an accessible format.

It will generate and publish an unequivocal mark of the said file in Hash format utilizing the cryptographic methodology SHA256SUM. This cryptographic methodology allows anyone and at any moment to verify the mathematics coincidence of the File with Hash mark.

It will generate a reference transaction on Blockchain (registration) containing the same unequivocal mark (Hash) as irrefutable proof of existence of the file as at the transaction date (exact date). It will publish the transactions string allowing the public (re)tracking on Blockchain by accessing it from independent sites.

The mathematical coincidence of Daily Balance File with the Hash mark recorded on Blockchain demonstrates an irrefutable non-modified existence of the file with its data (pseudonym accounts and balances), as at the date of the verified transaction (recorded) on Blockchain. The certification procedure hinders anyone, including Auromoney, to be able to modify the daily balances of the deposited accounts of metal after its recording on Blockchain, crystalizing definitively the data for the guarantee of the clients and the authenticity of the contents of the file. View our Proof of Gold


ANTI MONEY LOUNDERING

All transactions relating to purchase and sale through Auromoney take place exclusively through systems which permit traceability. The users who wish to purchase and sell precious metals to/from Auromoney more than the 5,000 (five thousand) Euro in the 12 (twelve) month period must provide further satisfactory proof of identity, address of residence and ownership of nominated bank account (KYC). 

The clients will refrain from any transaction through Auromoney and its web platform which could be interpreted as money laundering and to declare that all funds used and will be used for the purchase of metal (gold) are not and will not be the result of or originated from illegal or criminal activities according to current laws and legislations. The clients guarantee that the funds used for the purchase transaction will be or have been declared to the taxation or fiscal authorities of their originating countries of residence and/or nationality. The clients agree to transact only with their own funds and for their own behalf and accept that all financial transactions between themselves and Auromoney will be carried out using bank transfers from the nominated account and registered under their name, otherwise through the debit card (AuroCard) issued by the financial partner company of Auromoney.

In the case of suspicious transactions, Auromoney reserves the right to forward such information to the appropriate governmental offices or agencies for the fight against money laundering and the funding of terrorism activities according to the current AML legislation.


SECURITY

The personal and financial data of the clients will be safeguarded by Auromoney and protected against possible unauthorized access through the use of password and Two Factor Authentication (2FA) which the clients will maintain confidentially exclusive for their own use. The clients accept that, following the issue of a new password, although requiring a necessarily strict procedure for the issue of the new password, Auromoney, in cases where there are suspicious fraud o identity theft, will suspend the functions of the account (purchases, sales, and withdrawals) up to four weeks to ascertain that the transaction is genuine to protect the assets of the clients.

Exchange of information and communication

The clients accept that the principle means of comunication with Auromoney is performed via the internet and in particular, the web platform of Auromoney. The transmission of data between the client and Auromoney and vice versa, will be performed through the internet using the https protocol which incorporates a high and accepted level of security in order to offer privacy and adequate accuracy of data transmission.

Auromoney can be contacted also by the following means (insecure unencrypted communication):

Email:

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Post:
Auromoney Ltd
Suite 7000 Kemp House
152-160 City Road
London EC1V 2NX
England - UK


LIABILITY LIMITED AND FORCE MAJEURE

The task of Auromoney is to sell and purchase gold according to the instructions received from its client. Auromoney is not an investment consultant and does not provide advice for any type of purchase of sale of gold.

The client declares to be aware of the risks of fluctuating prices of gold in the world market, which could result in significant personal loses. The client is aware and accepts that seeing that it is a purchase of asset (gold) for which prices fluctuate continuously in the financial market, the client cannot exercise the right to rescind or cancel orders after they are accepted by Auromoney. If a legislation of any jurisdiction, applicable in a specific situation, does not consent the waiving of rights to rescind for this type of transaction, the parties agree that the funds that will be reimbursed will be equal to the sum realized at the moment of re-sell of the gold quantity which is rescinded, taking into account any applicable costs and normal fees of transactions of that specific type of transaction.

All the accessible data, directly or indirectly, from the website are published for informative purposes and cannot be considered in any way as advices or communications which substitute the information issued by official bodies.

Auromoney does not assume any liability for the delay, error or impossibility for performing its obligations, if the same delay, error or impossibility is caused by unforeseen events beyond its control and that they are considered as "force majeure". Causes which could interrupt or suspend the obligations of the company for reasons of "force majeure", include the following: floods, lightning, fire, earthquakes, labor disputes, shortages, rationing, energy failure, war, terrorism, riots, embargoes, governmental actions, incidents, problems or failures among its business partners, total or partial interruption of supplies , insurrections, energy suspensions, machinery breakdown, total or partial strikes, administrative decisions, epidemics, explosions, acts of third parties, and any external events which may delay, prevent or render the implementation of the obligations extremely difficult and unreasonably onerous for the company. The confirmation of such an event which constitutes force majeure will be immediately notified to the clients.

The confirmation of an event caused by force majeure will be communicated to the Clients as soon as the technical, operation and timing problems generated by that event permit it. The communication will arrive via publication on the website of Auromoney or by way of email. 

Identity theft

The client will be responsible for the custody and safekeeping of secret password to access their Auromoney deposit account. If the username and the password are stolen or fraudulently utilized by another, the Auromoney account and the data contained within it are at risk of unauthorized access. Any fraudulent or unauthorized use of the access credentials to the site and the account is the responsibility of the client if they have not adequately taken measures to safeguard the access data and the device(s) to which the Two Factor Authentication code are sent via sms or email (2FA). The theft and the fraudulent use of identity and the credentials for access do not form part of Auromoney's responsibility, unless the fraudulent access to the account is caused either by fraud or extreme negligence of Auromoney.


TAXATION

The clients are responsible for the payment of taxes related to the purchase, sales and the deposit of metal, as with any other applicable fees and costs. If required by law, the taxes will be added to the debiting of the account. The clients are aware that consulting a taxation specialist might be necessary for any possible taxation requirement in their country of residence.


DISABILITY OR DEATH OF CLIENT

In the case of suddenly develop of disability of the client, Auromoney has the right to permit that the Auromoney account could be managed on behalf of its client by an authorized appointed administrator. In the event of death of the client, the procedure will depend on the jurisdiction in which the deceased is originate. Auromoney will endeavor to clear the Auromoney account according to the instructions provided by the authorized executor or administrator. The clients authorize Auromoney to conduct a legal consultation in the jurisdiction in which the succession happens and to debit the account of the client for the costs, within the limits set out in the table of Auroprice.


PRIVACY AND COOKIES

To be able to provide its services, Auromoney is required to collect some information and personal data of its clients and to store them to be able to perform certain administrative transactions. Personal data means any type of information which identifies or could be used to identify a user as an individual. Upon registration on the site, the user expressly acknowledges and accepts that Auromoney could collect, memorize and process their personal data, including the following: name and surname, date and place of birth, residential address, e-mail addresses, phone numbers, government identification number, banking details, IP web address and other data and information provided through the completion of web forms and / or requested by Auromoney.

It can also include all information provided by users through email communications, mail, phone, chat, attachments, files, photos, documents, etc which may be collected and recorded. Auromoney will not disclose the data received to a third party if not strictly necessary for the technical completion of service or if there is an official and legal request from government authorities. Auromoney manages its clients' data in conformity to the law of data protection and/or similar regulation, currently valid in the European Union and United Kingdom, maintaining strict confidentiality of its relationship with its account holders.

Auromoney does its best, within its power, to protect the users' data and cannot be held responsible for violation of privacy or data loss caused by fraudulent actions committed by external parties.
For more details see our Privacy policy.

Coockie

Auromoney uses a function in its browser known as "cookie". This allows Auromoney to monitor and identify the registered user during the navigation of the website.

Cookies are small data packets securely sent by Auromoney server to a computer, tablet, mobile phone or any other device of the customer that allows Auromoney to measure how the site is used. To determine, for example, which pages of Auromoney site have been visited, how long, what functions have been used, etc . This information is managed internally or through external analysis services (eg. Google Analytics) are used by Auromoney to evaluate the user's browsing experience and to continuously improve the services offered.

Through cookies personal information are not collected unless they have not already been transmitted by the user through the site. In any case the data are used internally and will not be forwarded to third parties. By using the website the user agree to the use of cookies by Auromoney to enable it to provide the best possible service.


INTELLECTUAL PROPERTY

Unless otherwise specified, all content of Auromoney web site, including but not limited to: texts, logos, images, names, dates, icons, source code, software, graphics, methodologies, techniques, models, video and audio, etc. are owned by Auromoney Ltd and are protected by copyright and intellectual property laws applicable to the protection of the legal system of the UK. It is possible to view, download and / or print a copy of the materials from this site for personal, non-commercial use, provided that all copyright and other proprietary rights are kept intact.


OFFICIAL LANGUAGE

The official language of Auromoney is English. If there are disputes or questions of interpretation between the English version of the Terms & Conditions and the translated versions in other languages, the English version is considered valid and overrides the other version(s).


LEGISLATION

The legal relationships arising from the acceptance of the "Terms & Conditions" are governed by and interpreted in accordance with UK law. Any dispute, controversy or claim arising out of or relating to the Terms & Conditions or to their violation, are governed exclusively by the courts of England and Wales waiving the use Class Action.

 

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