Terms & Conditions
Effective April 2026
Welcome
Welcome to Velastra Remittances Inc (“Velastra,” “we,” “us,” or “our”), a Canadian registered Money Services Business regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This document, including all sections, schedules, and appendices, constitutes a legally binding agreement between you, the user, client, or entity (“you” or “your”), and Velastra. These Terms & Conditions (“Terms”) govern your access to and use of our digital ecosystem, which includes our official website located at https://www.velastra.io, our mobile applications, all associated platforms, content, tools, and related services (collectively, the “Services”).
By accessing, registering for, or using any part of our Services, you acknowledge that you have read, understood, and unreservedly agree to be bound by every provision of these Terms. If you do not agree, you must immediately cease all use of our Services.
Account Registration and Security Protocols
•Accurate Information: You agree to provide truthful, accurate, and up-to-date information. Misrepresentation may result in immediate suspension.
•Confidentiality: You are solely responsible for your login credentials. Do not share them.
•Account Liability: You are responsible for all activities under your Account. Notify us immediately of unauthorized use.
•Security Measures: Velastra may implement multi-factor authentication and suspend Accounts where fraudulent or suspicious activity is detected
Electronic Communications and Consent
By using the Services, you consent to receive communications, disclosures, notices, transaction confirmations, and other records electronically, including by email, SMS, in-app notification, or through the Services.
You agree that such electronic communications satisfy any legal requirement that communications be provided in writing.
Know-Your-Customer (KYC), AML, and Compliance Framework
We comply with FINTRAC requirements and the PCMLTFA.
Customer Due Diligence
All Users must complete KYC/CDD and, where applicable, Enhanced Due Diligence.
• Ongoing Monitoring: Velastra may conduct ongoing monitoring of Accounts and transactions to detect unusual, suspicious, or prohibited activity and to ensure continuing compliance with applicable laws and regulations.
• Verification Procedures: We may verify your identity, source of funds, source of wealth, business activities, beneficial ownership, and other relevant information using independent databases, third-party service providers, financial institutions, or public records where permitted by law.
• Request for Information: We may request additional documents at any time to meet regulatory obligations.
• Sanctions Screening: Velastra reserves the right to screen Users, transactions, counterparties, and beneficiaries against applicable sanctions and watchlists maintained by Canadian and international authorities.
• Transaction Controls: Velastra reserves the right, at its sole discretion and without liability, to decline, delay, freeze, suspend, or refuse any transaction or Account activity where necessary for compliance, fraud prevention, risk management, or regulatory purposes.
• Suspicious Activity Reporting: Velastra must report suspicious transactions to FINTRAC without notice to you.
• Non-Compliance: Failure to comply with KYC/AML requests may result in suspension or termination of your Account.
Permissible Use and Prohibited Activities
• Lawful Purposes: You shall not use the Services for money laundering, terrorism financing, sanctions evasion, or any financial crime.
• Technical Integrity: No copying, reverse-engineering, or unauthorized exploitation of our technology or Content.
• Automated Access: Bots, crawlers, or scrapers are prohibited without express permission.
• Prohibited Conduct: fraud, misrepresentation, abuse of the Services, interference with platform operations, or use of the Services in violation of applicable laws or regulations is prohibited.
Intellectual Property Rights
All intellectual property in the Services and Content is the exclusive property of Velastra or its licensors.
• Limited License: We grant you a limited, non-exclusive, revocable license to use the Services for personal or internal business use.
• Restrictions: No distribution, modification, or resale of Content without prior written consent.
Services and Products Disclaimer
Velastra provides remittance and FX services. We do not guarantee exchange rates beyond confirmed transactions.
• No Warranty: We strive for accuracy but provide no warranty regarding completeness or timeliness of data.
• FX Risks: Exchange rates fluctuate. You acknowledge market risk on all transactions.
Once a transaction has been submitted and confirmed, it may not be cancelled, reversed, or recalled except where required by applicable law or expressly permitted by Velastra. Transaction completion times are estimates only and may vary due to banking systems, intermediary institutions, compliance reviews, regulatory requirements, technical interruptions, or circumstances beyond Velastra’s reasonable control.
Fees, Charges, and Tax Obligations
•Fee Structure: Fees, FX margins, and charges will be disclosed prior to transaction execution.
•Fee Amendments: Velastra may modify fees with reasonable notice.
•Tax Compliance: You are solely responsible for all taxes arising from your use of the Services.
Where a transaction cannot be completed due to incorrect beneficiary information, banking restrictions, compliance concerns, intermediary actions, or other circumstances beyond Velastra’s control, funds may be delayed, returned, or subject to additional processing charges.
Privacy and Data Protection
We collect and process personal data per Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) and FINTRAC requirements.
Our Privacy Policy forms an integral part of these Terms and is incorporated herein by reference.
•Data Transfers: Cross-border transfers may occur to complete remittances, subject to legal safeguards.
•Monitoring: You consent to monitoring and recording for compliance and security.
Limitation of Liability and Exclusions
To the maximum extent permitted by applicable law, and except where liability cannot lawfully be excluded, Velastra, its directors, officers, employees, and affiliates shall not be liable for indirect, incidental, or consequential damages, including loss of profits or data. Our total liability shall not exceed the fees paid by you to Velastra in the 12 months preceding the claim. We are not liable for force majeure events
Governing Law and Dispute Resolution
These Terms are governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.
• Initial Resolution: Parties will attempt amicable negotiation.
• Arbitration: Any unresolved dispute shall be settled by binding and confidential arbitration seated in Toronto, Ontario pursuant to the Arbitration Act, 1991 (Ontario).
• Jurisdiction: Courts of Ontario have exclusive jurisdiction where arbitration is unenforceable.
Amendments to These Terms
We may amend these Terms at any time. Updated versions will be posted at https://www.velastra.io with a new “Effective Date.” Continued use constitutes acceptance.
Contact Information
For questions about these Terms, contact our corporate affairs team at info@velastra.io
Velastra Remittances Inc
130 Spadina Avenue, Unit 807
Toronto, Ontario M5V 2L4
Canada
FINTRAC MSB Registration No.: OCN 1001298872