ACCOUNT TERMS

Silver Bullion’s services are intended for users who satisfy the criteria described in the Terms of Service. You represent and warrant that you:

Where you are not a natural person, you additionally warrant that:

Where you are acting as Wealth Manager under these terms, you represent and warrant that:

Restricted Locations

Silver Bullion may, from time to time, deem certain countries to be prohibited countries in accordance with various risk factors, legislation, regulation, and guidance. We may reject users from a prohibited country (for example, if you are a resident or registered in a country or region listed here: www.silverbullion.com.sg/RestrictedCountries)

Account Registration

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.

Upgrade to a S.T.A.R. Storage Account

Certain products and services offered by us may only be available to verified accounts for legal, compliance and regulatory reasons. Services such as insured bullion storage, S.T.A.R. Grams, and secured lending and borrowing are only available to accounts that have undergone identity and residency checks and have been upgraded to a "S.T.A.R. Storage Account".

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.

Identity Checks

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 account creation and from time to time thereafter.

Misleading information

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.

Access to accounts are available to their Account Owners. We may establish policies and procedures from time to time, to regulate access to other users to accounts, which may include providing access to Wealth Managers, and to those who have been expressly granted permission, and whose permission has been accepted by us, to take certain actions on the Account Owner's behalf.

Wealth Manager’s Access

We may allow your Wealth Manager(s) to access your Silver Bullion Account for the purposes of managing and overseeing your holdings and investments. The determination to approve your request to provide account access to your Wealth Manager(s), shall be made solely by us in our sole and absolute discretion, based on our policies and procedures at the time of the request.

In determining whether to approve an account access request to your Wealth Manager(s), we may carry out due diligence assessment to your Wealth Manager which may include a fit and proper test. We may also require additional documentations such as copies of letter of appointment and evidence of regulatory license that allows your Wealth Manager to perform wealth management services.

A Wealth Manager's role and power towards a Silver Bullion Account it manages shall be limited to the extent necessary to perform wealth management services , which may include the authority to set-up, administer, operate (i.e., buy, sell, deposit, withdraw, trade or transact) and maintain such Silver Bullion Account, subject to relevant policies and procedures that we may implement from time to time.

Provision of Access Mandate

We may allow other users, other than a Wealth Manager under Clause 3.2), to access your Business, Trust, and Retirement Accounts by providing us with a completed Access Mandate form and any additional documents we may require from time to time. 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 may be granted with the following roles:

Roles and Powers

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.

Acceptance of Risk

The Authorized Administrators, Authorized Representative, and/or Wealth Manager 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 your Authorized Administrators, Authorized Representative, and/or Wealth Manager and you shall be solely responsible for ensuring that your interests are adequately protected when making such appointments.

You must ensure that each of the Authorized Administrator, Authorized Representative, and/or Wealth Manager is aware of and complies with the Terms of Service.

Changes in Mandate and Revocation of Authority

If any Authorized Administrator, Authorized Representative, and/or Wealth Manager is no longer authorized to provide Instructions or operate your Silver Bullion Account, you must ensure that the appointment of such Authorized Administrator, Authorized Representative, and/or Wealth Manager is revoked and that we are immediately informed of such revocation.

Presumption of Authority

Unless we receive a written notice from you within such amount of time in advance of such Instruction as we would reasonably require, we may rely and act on the Instructions and authority of an Authorized Administrator, Authorized Representative, and/or Wealth Manager. You shall be responsible and liable for all Instructions provided to us on your behalf.

Except for manifest error, you accept our records of any Instructions (including purchase and sell orders), transactions or other communications between you and us as final and conclusive and binding on you for all purposes.

You are responsible for the accuracy of your Instructions for all transactions in your Silver Bullion Account and through the Website. Instructions, once sent in any form through your Silver Bullion Account (including instructions through the account's secure notification function or your registered email address) will be final, irrevocable, and binding on you. It is your responsibility to ensure that your account details with us are accurate at all times. Nevertheless, we reserve the right not to act on your instructions under the following circumstances:

You agree to promptly review your transaction history and any account statements pertaining to your Silver Bullion Account that you receive to ensure that your instructions have been carried out and that there have been no unauthorized dealings in your Silver Bullion Account. You must inform us of any errors or omissions within thirty (30) days of the disputed transaction(s).

We are entitled to assume, in respect of any instruction received from a person using your username and password, that the person is you.

Your personal and the financial data of your Silver Bullion Account with us are protected from unauthorized access by Log-in Credentials that are unique to you. Log-in Credentials shall include your username, password, and 2FA Codes which you have a duty to protect and keep secret.

Authorization using 2FA Codes

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.

We shall be entitled to rely on and treat any Instruction made, submitted or effected pursuant to the entry or use of the Log-in Credentials (whether or not in conjunction with a 2FA Code) as having been made, submitted or effected by you, unless a notice of the unauthorized use of your Log-in Credentials has been received by us within such amount of time in advance as we would reasonably require (having regard to all the circumstances then prevailing) to enable us to take appropriate actions to prevent such Instruction from being received, acted upon and implemented.

You agree that you shall:

PLEASE NOTE THAT WE WILL NEVER ASK YOU, FOR ANY REASON, WHETHER BY EMAIL, REGULAR MAIL OR TELEPHONE, TO DISCLOSE YOUR ACCOUNT LOG-IN CREDENTIALS AND 2FA CODE.

If you know or suspect that anyone other than you, knows your Log-in Credentials or if you have lost the device that receives or holds your SMS Log-in Code and/or and 2FA Code, you must promptly notify us at customer service hotline +65 6100 3040 or if you are unable to notify us via phone email us at [email protected]. We will provide an acknowledgement confirming receipt of such notice as soon as reasonably practicable. We are not deemed to have received such notice unless we have acknowledged receipt in writing, whether via email, secure notification or otherwise.

Updating Your Contact Details

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.

Updating Your Linked Bank Account(s)

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. 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.

Updating Your Linked Cryptocurrency Address(es)

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. We may limit the number of cryptocurrency addresses registered as your Linked Cryptocurrency Address or refuse the adding of or remove a cryptocurrency address, should we have reasonable suspicion that such cryptocurrency address has 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.

In the interest of security, Instruction(s) to change details in your User Account and Silver Bullion Account, must either be:

Any requested change in your User Account and Silver Bullion Account may further require additional verification from us which may include phone verification, or in the case of a manually signed Change Request Form, video call to verify the identity of the requestor and the validity of the request.

Transfers Between Accounts

For reasons relating to security, legal and anti-money laundering regulations, 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.

If you hold a Personal Account, you may authorize us at any time to enable the Transfer on Death instruction for your Personal Account. By enabling Transfer on Death, you are issuing us a standing instruction to:

You agree and acknowledge that:

In the event you pass away or become mentally incapacitated, we will take instructions in respect of your account from your Transfer on Death instruction under Clause 7, or if this is not enabled, from your authorized executor or administrator upon the delivery to us of sufficient proof of authority of such executor or administrator and the documentation as requested. We may also conduct certain identity and residency checks on your authorized executor or administrator in accordance with Clause 2.3.

Should a Nationalization Event takes place and the precious metals under a customer’s S.T.A.R. Storage account become subject to nationalization by any government other than Singapore or by persons acting or purporting to act on behalf of a foreign government, against a customer's control, ownership or possession, we accept the obligation to use commercially reasonable efforts, and as we may lawfully be allowed under Singapore laws, to prevent, mitigate, or deny such nationalization order on a customer's S.T.A.R. Storage holdings.

Nationalization Event Protection

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:

The benefit of this Nationalization Event Protection clause shall be conditional upon the following:

For the avoidance of doubt, when a Nationalization Event occurs, your option to revoke this Clause 9.2 is suspended for such time as the Nationalization Event remains effective unless you (in the case of an individual) or in the case of a legal entity (its authorized representative) are physically present in Singapore.

Inactive S.T.A.R. Storage Accounts pose a significant risk of fraudulent activity since they are not being checked regularly. We reserve the right to set such inactive accounts to dormant status and restrict or limit access to such account to protect the Account Owner’s assets and maintain the security of the account. To prevent your S.T.A.R. Storage Account from going dormant, you must make a transaction and continue to use it regularly. Reactivating a dormant account may require additional verification and authentication procedures to ensure authorized access.

The prevailing Terms of Service will remain in effect and will bind you and us until such time as your account with us is closed. You may close your account by contacting us at [email protected].

You may not close your account if you are a Lender, and you have an outstanding Loan Contract under the Secured Peer-to-Peer Loans. If you are a Borrower and have an outstanding Loan Contract, you may only close your Silver Bullion Account after fully settling the Loan Contract through early repayment.

Account Suspension and Closure

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.

When your Account is Closed

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.

By using the Website, you are communicating with us electronically and consent to receive communications from us electronically. All electronic communications – including transaction confirmations, notices, disclosures, cancellations, and policies – satisfy any legal requirements that such communications be in writing.

Depending on your notification preference, notices or communications will be sent by us to you via:

We reserve the right to send notices via email to your registered email address for notices and communications about account security, changes in the terms of our agreements, or those that require your urgent attention. We may also send an SMS to your registered mobile number or call you, to bring to your attention a secure notification sent to your account. You shall be deemed to have been notified on the date of broadcast and shall be deemed to have knowledge of the content of such email or secure notification.

In the event of a failure of the Internet or Website for whatever reason which prevents access from the region or country in which you are resident, we will undertake on a best-efforts basis to operate by alternative methods including telephone, facsimile or post. You agree to provide verification of your identity as requested by us before we can act on any instructions that you give to us using such alternative methods of communication.

Our practices shall remain compliant with all local laws and regulations on data protection and privacy in accordance with the Singapore Personal Data Protection Act 2012 ("Singapore PDPA"). You consent to the collection of personal data by us for the sole purpose of facilitating the provision of services under the Terms of Service. Singapore PDPA prohibits us from disclosing customer information to third parties, including foreign governmental entities. However, if we become suspicious of any attempt at money laundering, or if contacted by Singapore authority in the exercise of lawful regulatory or enforcement authority in a matter of anti-money laundering ("AML") or combating the funding of terrorism ("CFT"), you acknowledge and agree that we must assist the law enforcement authority.

Silver Bullion is not a financial institution and has no reporting obligations under the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS) of the Organization for Economic Cooperation and Development (OECD).

No Rights Transferred

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 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.

Confidential Information

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. You acknowledge that we may disclose information regarding your account, including but not limited to account history and account information, to the following persons:

Liability for Unauthorized Transactions

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.

Service Availability

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.

Nothing in this Account Terms excludes or limits the liability of Silver Bullion in the event of:

Subject to Clause 15.3, we will not be liable for direct, indirect, or consequential losses or damages resulting from, but not limited to your breach of the Terms of Service, us acting on the Instruction of individuals or persons authorized to act on your behalf, any unauthorized access to your Silver Bullion account due to your (including individuals or persons authorized to act on your behalf) failure exercise safe security practices or due to your failure to follow Clause 5, errors or inaccuracies in your Linked Bank Account(s), and Linked Bank Cryptocurrency Address(es) on record, failure, breakdown, or malfunction of third-party wallets, software, technology, blockchain and blockchain smart contracts that are related to or used by products and services that we provide, or any advances in cryptography or quantum computing that affect those products and services, or your use of, inability to use, or unavailability of the Services.

If we are held liable for losses or damages with regards to your transaction under the Terms of Service, our liability to you for such losses or damages shall be limited to direct damages and shall not exceed the amount paid by you for such transaction, except in respect of any losses arising from the loss or damage of precious metals or other products under storage, where total liability shall be limited to the market value of the Parcel as at the date of the loss arising as may be applicable to the relevant insurance policy covering such a loss. In no event shall we be held liable for any special, incidental, exemplary, punitive, multiple, consequential, or indirect damages.

Force Majeure

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.

In using our Website and Services, you must not engage or attempt to engage in any activities that:

We may, from time to time, offer a referral or affiliate program for our products and services. The terms of any such referral or affiliate program will be contained on a separate referral or affiliate program agreement.

We may, from time to time, offer special promotional offers for our products and services. Offer eligibility is determined by Silver Bullion at its sole discretion and we reserve the right to revoke a promotion and put in the event that we determine you are not eligible. The specific terms and conditions, including the expiry date, relating to each promotional offer, will be advertised either on our Website, Silver Bullion marketing materials, or via email.

Exclusive Singapore Jurisdiction

Silver Bullion will store customer owned assets only in Singapore and will limit its material jurisdictional exposure to Singapore.

Use of Subcontractor

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.

Pricing or Typographical Errors

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.

Severability

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

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.

Amendments and Continued Use

The current version of the Terms of Service is available at www.silverbullion.com.sg/TermsOfService. 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.

Right to Suspend Services

Notwithstanding anything to the contrary, 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.

Prevailing Language

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.

Dispute Resolution

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.

Assignment

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.

Third-party Rights

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.

Governing Laws

The Terms of Service shall be governed by Singapore law and shall be subject to the exclusive jurisdiction of the Singapore courts.

Further Assurances

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.