1. Introduction
Welcome to Palmex Group Inc. ("PayAlma," "Palmex," "we," "us," or "our"). We are a licensed Money Services Business (MSB) committed to protecting the privacy and security of your Personal Data. This Privacy Policy outlines how we collect, use, store, share, and protect your information when you use our payment services ("Services").
By using our Services, you consent to the collection and use of your information as described in this policy. This policy is governed by our Terms of Service.
2. Information We Collect
To comply with our legal and regulatory obligations as an MSB, we are required to collect and verify certain information. We collect the following types of data:
A. Personal Identification Information (PII):
• Customer Due Diligence (CDD): We collect your full name, date of birth, residential address, nationality, and contact information (phone number, email address).
• Government-Issued Documents: We collect copies of government-issued identification, such as passports, national ID cards, or driver's licenses, to verify your identity.
• Biometric Data: In some cases, we may collect biometric data (e.g., facial scans from a live selfie) to authenticate your identity during the onboarding process.
B. Financial Information:
• Transaction Data: We collect information about your transactions, including the amount, date, time, type of transaction, sender and recipient details, and payment method information (e.g., bank account details, credit/debit card numbers).
• Source of Funds/Wealth: In accordance with our AML obligations, we may collect information about the source of your funds or wealth.
C. Technical and Usage Information:
• Device Information: We collect data about the device you use to access our Services, including your IP address, browser type, operating system, and unique device identifiers.
• Usage Data: We collect information on how you use our Services, such as the pages you visit, the features you use, and the duration of your sessions.
• Cookies and Tracking Technologies: We use cookies and similar technologies to enhance your user experience, analyze our website traffic, and ensure the security of our platform.
3. How We Use Your Information
We use your Personal Data for the following purposes, based on our legal obligations and legitimate business interests:
• To Provide Services: To process your payments, manage your account, and provide customer support.
• To Comply with Legal Obligations (AML/CFT):
- To verify your identity and conduct CDD and EDD checks.
- To screen against sanctions lists, PEPs lists, and adverse media databases.
- To monitor transactions for suspicious activity and report to regulatory authorities (e.g., by filing Suspicious Activity Reports - SARs).
• For Security and Fraud Prevention: To protect our Services and our users from fraud, unauthorized access, and other illicit activities.
• To Improve Our Services: To analyze usage data, troubleshoot issues, and develop new features to enhance our platform.
• For Communication: To send you transaction notifications, important updates about our Services, and, with your consent, promotional or marketing materials.
4. How We Share Your Information
We do not sell or rent your Personal Data to third parties. We may, however, share your information with the following parties for the purposes outlined in this policy:
• Regulatory and Government Authorities: We are legally obligated to share your information with financial intelligence units, law enforcement, and other government bodies as required by law or in response to a court order.
• Third-Party Service Providers: We may share your data with trusted third parties who provide services on our behalf, such as:
- Identity verification providers
- Sanctions and AML screening providers
- Payment processors and financial institutions
- Cloud hosting and data storage providers
• All third parties are contractually bound to protect your data and use it only for the purposes for which it was provided.
• Corporate Transactions: In the event of a merger, acquisition, or asset sale, your Personal Data may be transferred to the acquiring entity.
• With Your Consent: We may share your information with other parties if we have your explicit consent to do so.
5. Your Data Rights
Depending on your jurisdiction, you may have the following rights regarding your Personal Data:
• Right to Access: You have the right to request a copy of the Personal Data we hold about you.
• Right to Rectification: You have the right to request the correction of any inaccurate or incomplete information.
• Right to Erasure: In certain circumstances, you have the right to request the deletion of your Personal Data. Please note that due to our regulatory obligations as an MSB, we are required to retain certain information for a minimum period.
• Right to Object: You have the right to object to the processing of your Personal Data for specific purposes, such as direct marketing.
To exercise any of these rights, please contact our Data Protection Officer using the details provided below.
6. Data Retention
We retain your Personal Data for as long as necessary to fulfill the purposes for which it was collected, including for the purposes of satisfying our legal, accounting, and reporting requirements. As an MSB, we are required to retain certain records for a minimum period (e.g., five years after the business relationship has ended) to comply with AML/CFT regulations.
7. Data Security
We implement industry-standard security measures to protect your Personal Data from unauthorized access, loss, misuse, or alteration. These measures include data encryption, firewalls, secure data storage, and access controls. While we strive to protect your data, no method of transmission over the internet is 100% secure.
8. Changes to This Privacy Policy
We may update this Privacy Policy from time to time to reflect changes in our practices or legal obligations. We will notify you of any material changes by posting the new policy on our website and updating the "Effective Date" at the top of this document.
9. Contact Us
If you have any questions about this Privacy Policy or our data practices, please contact our Data Protection Officer at:
Email: [email protected]
Address: 6Tth Floor - 905 West Pender Str., Vancouver, BC, V6C 1L6, Canada
Director: Anna Anguelova
