The following terms and conditions (the “Account Terms”) must be read in conjunction with any other applicable supplementary terms, and product/service specific terms, which, together with this Account Terms, shall govern the terms on which Silver Bullion Pte. Ltd. (“we”, “us”, “our”, “Silver Bullion”) allow You (“you, “your”) to (a) use the Website (www.silverbullion.com.sg) and/or other Silver Bullion websites or mobile application; (b) open and manage your account with us; and (c) use our Services.
This Accounts Terms and all other policies, supplementary terms, and product/service specific terms shall be referred to collectively as the “Terms of Service”. By accepting the Terms of Service electronically (for example, clicking “I Agree”), accessing or using the Services, purchasing Services, registering for an account with us, executing the Terms of Service, or making a transaction that references the Terms of Service, you are accepting and agreeing to the Terms of Service and the policies and guidelines referenced in the Terms of Service.
If you do not agree with the Terms of Service, you are expressly prohibited from using the Website and must immediately discontinue your use of the Website and Services.
Words importing the singular shall, where the context permits or requires, include the plural and vice versa. Words importing gender or the neuter shall include both genders and the neuter. Words importing persons shall, where the context permits or requires, include natural persons, any public bodies and any body of persons, corporate or unincorporated.
THIS AGREEMENT DOES NOT AFFECT ANY MANDATORY AND/OR STATUTORY RIGHTS YOU HAVE AS A CONSUMER UNDER APPLICABLE LAW.
Where you are not a natural person, you additionally warrant that:
Account registration and the use of our Website is free. To use certain Services or avail of certain products of Silver Bullion, you must have a registered Silver Bullion Account. Silver Bullion offers the following Account Types:
You may open different account types under a single User Account with the use of our multi-account feature. If an account is held by two or more people jointly, or when access to an account was provided to another User, each User will be jointly and severally (jointly and separately) responsible under the Terms of Service.
Certain products and services offered by us may only be available to verified accounts for legal and regulatory reasons. Verified accounts are required for services such as insured bullion storage, S.T.A.R. Grams, secured lending and borrowing, and payment in cryptocurrencies. These services are only available to accounts that have undergone identity and residency checks and have been upgraded to a “S.T.A.R. Storage Account”.
To upgrade your Silver Bullion Account to S.T.A.R. Storage Account, you need to complete your account verification on our Website. As part of our verification process, we will require additional information and documents from you to help us verify your identity and assess your business risk. In certain circumstances, we may ask for additional proof of your source of funds or source of wealth.
As part of the S.T.A.R. Storage application process, you will also be required to register a bank account ("Linked Bank Account") with us, held in your name at a recognized banking institution. Your Linked Bank Account is the bank account to which we shall transfer funds to, from your Silver Bullion Account.
You agree to us carrying out certain personal identity and residency checks for the purposes of anti-money laundering, countering the financing of terrorism, risk assessment and risk mitigation, and you shall provide us with such documentation as we may require to satisfy these purposes upon registration and from time to time thereafter. In providing us with this or any other information that may require, you confirm that the information is accurate and correct, and you agree to keep us updated if any of the information you provide changes.
You represent and warrant to us at all times that, to the best of your knowledge, any information provided to us by you is complete, accurate, and not misleading in any material respect, and you agree to notify us should such information change.
We may, at our own discretion, allow customers to avail of our products and/or services (capped at a certain maximum transaction limit) without creating an account or logging into theirs, through a Guest Checkout functionality on our Website.
Notwithstanding anything to the contrary, you agree that by using the Guest Checkout functionality of our Website, you shall be bound by the Terms of Service.
Transactions and orders checked out as a guest will NOT show up under your Silver Bullion Account and shall not be eligible for discount point (“boz”) accumulation.
To grant another user access to your Silver Bullion Account, you must provide us with a completed Access Mandate form and any additional documents we may require. Upon the receipt of such Access Mandate and/or verification of the completeness of the documents (if required), we will activate the access of such user to your Silver Bullion Account as soon as reasonably practicable. Account access can be granted with the following roles:
An appointed Authorized Administrator shall have greater powers to perform certain actions and will have authority and responsibility to set-up, administer, operate and maintain a Silver Bullion Account, including the right and authority to (a) add, suspend or remove Authorized Representative(s); (b) amend or cancel the Authorized Representative’s approval mandate (i.e., signing severally or jointly); (e) update and change Linked Bank Account(s) and Linked Cryptocurrency Address(es); and (f) any other right, feature or functionality that we may make available to an Authorized Administrator from time to time.
A duly appointed Authorized Representative shall be severally and/or jointly (as the case may be) authorized to buy, sell, deposit, withdraw, trade or transact on Silver Bullion Account on the Account Owner’s behalf, even if such transaction conflict with other orders or Instructions given by other authorized persons at any time. The Authorized Representative acts as the Account Owner’s agent when operating such Silver Bullion Account.
The Authorized Administrators and Authorized Representative have wide-ranging powers over the maintenance and operations of the Silver Bullion Account they are authorized in. You shall be bound by any act or omission of any Authorized Administrators or Authorized Representative, and you shall be solely responsible for ensuring that your interests are adequately protected when making such appointments.
Any change to the operating Access Mandate of a Silver Bullion Account should be made in writing and in such form(s) as may be acceptable to us. You must ensure that each of the Authorized Administrator and Authorized Representative is aware of and complies with the Terms of Service. If any Authorized Administrator and/or Authorized Representative is no longer authorized to provide Instructions or operate the Silver Bullion Account, you must ensure that the appointment of such Authorized Administrator and/or Authorized Representative is revoked and that we are immediately informed of such revocation.
Unless we received a written notice from you within such amount of time in advance of such Instruction as we would reasonably require, you agree that we may rely and act on the Instructions and authority of the originator of any Instruction. You shall be responsible and liable for all Instructions provided to us on your behalf.
You may, at your option, activate our time-based one-time password authentication feature through your supported device, allowing you to generate a 2FA Code that can be used to authenticate and submit certain Instruction(s) through our Website. The 2FA Code generated through your supported device shall be exclusive and unique to you and shall be tied to your digital identity with us.
You agree to keep updated your current registered email address, phone number, and address on file and to promptly update us of any change to ensure your account’s security and for proper communications with us about important security matters.
You may add and/or remove bank accounts in your Linked Bank Account register, provided that these bank accounts are under your name and that you are its beneficial owner. You agree that we may limit the number of bank accounts registered as your Linked Bank Account.
You agree to always maintain, at least one (1) Linked Bank Account registered in your S.T.A.R. Storage Account. We may refuse to add bank accounts opened in sanctioned entities/jurisdictions or in entities/jurisdictions that we deem as high risk.
You may add and/or remove cryptocurrency address(es) in your Linked Cryptocurrency Address register, provided that you own, control and is the beneficial owner of such cryptocurrency address. You agree that we may limit the number of cryptocurrency addresses registered as your Linked Cryptocurrency Address.
You agree that we may screen each cryptocurrency address for direct or indirect transactions with sanctioned, blacklisted, and/or high-risk addresses and services including, but not limited to, transactions with mixers, tumblers, darknet markets, and P2P exchanges and that we reserve the right refuse the adding or may remove the said cryptocurrency address from your Linked Cryptocurrency Address list and/or to lock, disable and/or close your account under review for sanctions compliance violations.
For reasons relating to security, legal and anti-money laundering regulations, you agree that we may refuse, without disclosing the reason, a request to transfer funds, parcels, and holdings between accounts, even when such accounts are commonly owned.
There is no capability for transferring funds, parcels, and holdings between third-party accounts, and we reserve the right to reject any such requests.
Transaction records, invoices, purchase orders, reports, electronic statements, loan contracts and other documents relating to your account are made available by us to you through the Website. We may also make available to you the ability to receive an encrypted (password-protected) monthly electronic statement of your holdings and balances directly to your registered email address.
We will only release, and provide information about your account, holdings, transactions and balances to your auditor, accountant, and tax advisor/lawyer, when and only when, we are satisfied that the request for such information has been duly authorized by you.
You agree to notify us immediately if you notice any discrepancies in your transaction records, reports, electronic statements and/or any of the other documents issued to you under the Terms of Service.
You may authorize us at any time to enable the Nationalization Event Protection on your account to limit the effects of future asset nationalization on your Silver Bullion Account. By enabling this Nationalization Event Protection clause, you are issuing us a standing instruction to:
Please contact us to reactivate a dormant S.T.A.R. Storage Account at [email protected]. Before reactivating a dormant S.T.A.R. Storage Account, we will need to check that your details are up to date, and you may be subject to further personal identity and residency checks.
Despite anything else in the Terms of Service and without prejudice to any other rights or remedies which we may have under the Terms of Service or at law, we may without liability to you terminate or suspend your access to our Website and Services and/or stop the processing of any transaction if we are of the reasonable view that it would be in our interest to do so, including where:
The suspension or closure of your Silver Bullion Account will not affect your property rights with regard to money or precious metals holdings in your account. We will remove the suspended status from your account as soon as the reason for the suspension is remedied.
Upon closure of your account, you will have the option to sell your holdings to us, transfer ownership of the holdings to another Silver Bullion Account (subject to our prevailing policies) or take delivery of your holdings. Any outstanding fees due from you to us under these terms would need to be settled as part of the final transaction.
You will remain liable for all obligations related to your Silver Bullion Account even after the Silver Bullion Account is closed. Any accrued rights, remedies, obligations and liabilities of the parties as at termination shall not be affected, including the right to claim damages in respect of any breach of the Terms of Service which existed at or before the date of termination. Any clauses of this Terms of Service which expressly or by implication have effect after termination shall continue in full force and effect.
You acknowledge that, except as expressly provided under the Terms of Service or other agreements between the parties, you do not acquire any proprietary or intellectual property rights in any Content, information, data, software or other materials provided by us in connection with the Service. Any and all of our intellectual property rights and that of associated companies, including, without limitation, the Silver Bullion, The Safe House, The Reserve trademark, trade names, S.T.A.R. Storage, S.T.A.R. Grams, S.T.A.R. Gold Gram, Gold Savings App name and logo, Silver Bullion, The Safe House, and The Reserve’s logo, emblem, website information, copyright and any other rights used by or embodied within the Silver Bullion Group’s Website and documents, are and will remain as Silver Bullion Group’s sole property. You may not copy, imitate or use them in any of your documents, website(s) or other advertising materials/literature, be it in printed or electronic form, without the express written consent of Silver Bullion.
Each party undertakes to apply to all Confidential Information disclosed in accordance with the provisions of this Account Terms the same degree of care with which it treats and protects its own proprietary information against public disclosure and not to disclose any Confidential Information to any other party without the written consent of the other party. Each party acknowledges that disclosure of Confidential Information may be required by applicable law, regulation or court order and the other party herein releases the receiving party from any breach resultant of such compelled disclosure pursuant to this Account Terms.
Notwithstanding the foregoing, you acknowledge that we may disclose information regarding your account, including but not limited to account history and account information, to the following persons:
You agree that you will be liable for losses that (a) arise from any unauthorized transaction that is caused by or contributed to by your recklessness, including failure to keep to the terms of our Services, or (b) arise from a transaction that is agreed to by your authorized signatories (people you have given permission to operate the account) even if you did not agree to the transaction or you were defrauded.
Although considerable effort is expended to make our Website and other operational and communications channels available around the clock, we do not warrant these channels to be available and error-free every minute of the day. You agree that we will not be responsible for temporary interruptions in service due to maintenance, website changes, or failures, nor shall we be liable for extended interruptions due to failures beyond our control, including but not limited to the failure of interconnecting and operating systems, computer viruses, forces of nature, labor disputes and armed conflicts.
No failure or omission by Silver Bullion to carry out its obligations under the Terms of Service shall be deemed a breach of such terms if such failure or omission arises out of any event that is beyond its control, including, but not limited to, cryptocurrency network failures, failure of a specific cryptocurrency, Acts of God, war or warlike hostilities, or for any reason whatsoever or such other circumstances that may cause a delay or failure to perform such obligation through no fault of Silver Bullion.
In case of a Force Majeure event, we will use our reasonable endeavours to mitigate the effect of the Force Majeure and to carry out our obligations under the Terms of Service in any other way that is reasonably practicable. We will, as soon as reasonably practicable, notify you of the nature and extent of the circumstances giving rise to Force Majeure. If the Force Majeure in question prevails for a continuous period in excess of six (6) months after the date on which the Force Majeure begins, you shall be entitled to give notice to us to terminate the Terms of Service.
In the case of market distortion, volatile markets, systems (including third party systems upon which Silver Bullion is reliant) being compromised, and market disruption, we reserve the right to adjust an order if the prices and currency quotes received from Silver Bullion’s data source, when the order was placed, is found to be incorrect. Silver Bullion will contact you if an order needs to be adjusted due to incorrect market data, and you may cancel the order if you do not want to trade on the corrected market rate.
Silver Bullion will store customer owned assets only in Singapore and will limit its material jurisdictional exposure to Singapore.
Silver Bullion may choose to perform the services under the Terms of Service or any part of it itself by its own employees or agents or by independent subcontractors. Silver Bullion's obligation to you is not affected by that choice, and your rights and obligations remain as stated in the Terms of Service. Silver Bullion's s employees, agents or independent subcontractors performing services under the Terms of Service are entitled to the benefit of every limitation and defence to which Silver Bullion is entitled under the Terms of Service.
Unless authorized or exempt from regulation, our Services may not be used to deposit, withdraw, transact, import from/export to, or engage in any other service by or with (a) an entity or individual located, organized or resident in a sanctioned jurisdiction; (b) an entity or individual on the Monetary Authority of Singapore (MAS) List of Designated Individuals and Entities; (c) an entity or individual on the Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons List ("SDN List") or Consolidated Non-SDN Lists available here, the United Nations ("UN") Security Council Consolidated List available here, or regional or foreign government watchlists; or (d) an entity directly or indirectly owned or controlled by any person located, organized or resident in a sanctioned jurisdiction or any person listed on the SDN List, Consolidated Non-SDN Lists, the UN Security Council Consolidated List, or regional or foreign government watchlists.
We may hold, reject or block (as appropriate) any deposit, withdrawal, trade or transaction involving sanctioned jurisdictions or persons on the MAS List, SDN List, Consolidated Non-SDN Lists, UN Security Council Consolidated List, or regional or foreign government watchlists or persons otherwise subject to sanctions. We reserve the right to lock, disable and/or close accounts under review for sanctions compliance violations.
We work hard to provide accurate transaction pricing information to you. However, pricing or typographical errors may occur. In the event that a transaction entered by you on our Website has incorrect pricing or with incorrect information due to an error in pricing or information, we shall have the right, at our sole discretion, to correct such transaction.
In the event any provision of the Terms of Service is deemed to be void, invalid, or unenforceable, that provision shall be severed from the remainder of the Terms of Service so as not to cause the invalidity or unenforceability of the remainder of the Terms of Service. All remaining provisions of the Terms of Service shall then continue in full force and effect. If any provision is deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by law.
Headings to sections in the Terms of Service are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of the agreement.
The current version of the Terms of Service is available at www.silverbullion.com.sg/terms. We may amend the Terms of Service from time to time, including when we need to introduce new provisions to govern any new feature, product, or service. The amended version of the Terms of Service supersedes any prior versions immediately once it is posted on our Website, EXCEPT when:
New account openings within such notice period accept the Terms of Service then in effect and accept that they will be bound by the new Terms of Service which come into effect at the end of the stated 30 or 60 days’ notice period.
During such notice period, you have the right to terminate the relationship with us under the previous terms by providing us with the notice of account termination as specified in Clause 11.
Any changes to the Terms of Service will not apply retroactively to events that occurred prior to such changes. Unless we provide otherwise, you accept the revisions and agree to abide by them by continuing to use the Service after the revisions are effective.
Notwithstanding anything to the contrary, you agree that we are entitled to cease or suspend any of our Services, in whole or in part, in the event where the provision of such Service would require us to violate any applicable Law or Regulations, or in any other event that would make the provision of such Service commercially unreasonable for us.
This Account Terms and the Terms of Service may be made available in languages other than English. These translations are prepared for convenience only and should there be inconsistencies in the translated version, the provisions of the English version shall prevail.
All disputes, controversies, or differences arising out of or in connection with the Terms of Service shall first be submitted to the Singapore Mediation Centre for resolution by mediation in accordance with the Mediation Procedure for the time being in force. The parties agree to participate in the mediation in good faith and undertake to abide by the terms of any settlement reached.
We may assign our rights or delegate our obligations under the Terms of Service to a third-party through written notice to you. You are not permitted to assign any of your rights or duties under the Terms of Service to any third party without written authorization from us permitting such assignment.
Nothing in the Terms of Service is intended to confer upon any third-party any right to enforce any provision herein under the Contracts (Rights of Third Parties) Act 2001 of Singapore and the parties hereto do not intend any clause (whether it purports to confer a benefit on a third-party or not) of the Terms of Service to be enforceable by any third-party.
The Terms of Service shall be governed by Singapore law and shall be subject to the non-exclusive jurisdiction of the Singapore courts.
You shall, at your own expense, promptly execute and deliver all such documents, and do all such things as we may reasonably require for the purpose of giving full effect to the provisions of the Terms of Service.
The key terms that we use in this Account Terms are in bold, including the following:
"2FA Code" means a sequence of numbers and/or letters or such other codes or procedures, whether generated by a Security Mechanism or otherwise, for use in connection with access to and/or use of our Services.
"Access Mandate" means all your written authorizations and mandates provided in such form and substance satisfactory to us.
"Account Owner" means the immediate legal beneficiary of the Silver Bullion Account. For example, the Account Owner of a Trust Account is the Trust.
"Acts of God" means circumstances and events that are outside of anyone's control and that cannot be foreseen or guarded against.
"Borrower" has the meaning set out in the Secured Peer-to-Peer Loans Terms.
"Confidential Information" means all information disclosed by a party ("Disclosing Party") to the other party ("Receiving Party"), whether orally or in writing, that is designated as confidential, or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure.
"Instruction" means any communication, instruction, order, message, data, or information received by us via the Services or pursuant to the Services, or otherwise referable to your Security Codes or those of your Users (including information delivered to us offline, through the phone, email or in person).
"Lender" has the meaning set out in the Secured Peer-to-Peer Loans Terms.
"Linked Cryptocurrency" Address means the cryptocurrency address that you provided in your S.T.A.R. Storage application form or in a S.T.A.R. Storage Change Form to which we may transfer cryptocurrency from your Silver Bullion Account.
"Loan Contract" has the meaning set out in the Secured Peer-to-Peer Loans Terms.
"Nationalization Event" under these terms, shall refer to a systematic and broad-based effort of any government other than Singapore, to take control, custody, and/or ownership of privately-owned precious metals including those held under a customer’s S.T.A.R. Storage account. The gold nationalization under Executive Order 6102, which mandated that all gold held by private citizens and institutions be turned over to the Federal Reserve, is an example of a Nationalization Event under these terms.
"Persons" includes any (i) individual, corporation, firm, partnership, limited liability partnership, society, association, trade union, institution, business concern, organization; (ii) statutory body, agency or government authority; (iii) quasi-governmental, intergovernmental or supranational body; or (iv) regulatory, fiscal, taxing or other authority or organization, in each case whether local or foreign.
"Secured Peer-to-Peer Loans" has the meaning set out in the Secured Peer-to-Peer Loans Terms.
"Security Code" means a sequence of numbers and/or letters or such other codes or procedures, whether generated by a Security Mechanism or otherwise, for use in connection with access to and/or use of our Services.
"Security Mechanism" refers to any security token, security application, or such other device, equipment or method which is used to generate a Security Code or which is used in connection with access to and/or use of our Services.
"Services" refers individually and collectively to the Website, Secured Peer-to-Peer Loans platform, APIs, mobile applications, and any other services provided by Silver Bullion, as well as the roles that we perform in when buying, selling, and storing precious metals or other products and providing supporting activities and administration.
"Silver Bullion Account" means each account you opened with us that can buy, sell, store precious metals or other products as well as use certain Silver Bullion services.
"S.T.A.R. Grams" has the meaning set out in the S.T.A.R. Gram Terms.
"S.T.A.R. Storage Account" means a Silver Bullion Account that has been verified by us in accordance with our customer acceptance policy and has been given access to certain services that are exclusive to verified accounts.
"Terms of Service" refers to the standard terms, the relevant supplementary terms and any other specific terms and conditions agreed between us which apply to your Silver Bullion or any products or services you can access through your account, or which are linked to your account.
"User" means you and the individuals or Persons whom you have authorized or are deemed to have been authorized to access and use our Services and/or to act as your representative or administrator(s) to administer certain administrative functions relating to the access and use of our Services.
"User Account" refers to the profile of a User in our records that together with their Log-In Credentials, is allowed to access and use our Services for and on behalf of a Silver Bullion Account.
"Website" refers to our website www.silverbullion.com.sg and any other website we may use from time to time.
Where Personal Account application is accepted and opened by us, you warrant and agree that you are the owner and ultimate beneficiary of such Personal Account.
Where a Joint Account is accepted and opened by us, each Joint Account holder agrees that the account shall be held in joint tenancy with the right of survivorship and that the Joint Account holders shall be co-owners of the account (regardless of the individual owner's contribution) and each have equal rights and obligations with respect to the Joint Account.
We shall be entitled to treat all Instructions and/or all transactions entered into by each Joint Account holder as having been duly authorized by the other Joint Account holder and shall not be liable for any loss or damage, whether direct, indirect, or consequential, and howsoever caused, resulting from the transaction.
In the event of a dispute between the Joint Account holders, whether legal or otherwise, we reserve the right to temporarily suspend the Joint Account and not act upon the separate Instruction(s) of any of the Joint Account holders unless and until the dispute has been resolved to Silver Bullion’s satisfaction.
A Silver Bullion Account may be opened in the name of two individuals where one of the individuals is under 18 years of age (“Joint Account with a Minor”).
Where a Joint Account with a Minor is accepted and opened by us, the following additional terms and conditions shall apply to such account:
A Silver Bullion Account may be opened “in-trust-for” a Minor beneficiary (a “Junior S.T.A.R. Account”), as a result of conditions and terms under the account type Joint Account with a Minor. Where a Junior S.T.A.R. Account is accepted and opened by us, the following additional terms and conditions shall apply to such account:
A Silver Bullion Account may be opened under the name of a business, company, corporation, trust, retirement account, or any other legal entities that we may accept.
Where a Silver Bullion Account is opened on behalf of a business, company, corporation, trust, retirement account, or any other legal entities, it is the entities’ responsibility to ensure that its directors, Authorized Administrator, Authorized Representative, employees, and / or agents comply with the provisions of the Terms of Service.
As part of the registration process, you may be required to nominate an Authorized Administrator, Authorized Representative, Trustee, or Custodian (as the case may be) to represent your legal entity and provide Instruction. All relevant documents and information as requested by us during the approval process should be duly provided.
Any instructions to us from a legal entity Authorized Administrator, Authorized Representative, Trustee, or Custodian, shall be deemed as approved and authorized by the legal entity. We will not be held responsible for any of the consequences of acting on the Instructions of an Authorized Administrator, Authorized Representative, Trustee, or Custodian and shall not be liable for any loss or damage, whether direct, indirect and howsoever caused, resulting from the transaction.
If you operate a Silver Bullion Account on behalf of customers of yours, whether as a reseller or otherwise, you must inform and obtain permission from Silver Bullion in to do so.