TERMS AND CONDITIONS OF ACCREDITATION OF TRUE  MONEY CENTER

The following terms and conditions will govern your accreditation as a TRUE MONEY CENTER (“TMCENTER”) and  dealings between you and TRUE MONEY PHILIPPINES INC. (“TRUEMONEY”):

WHEREAS TRUEMONEY currently provides Payment Services such as:

• Customer Registration (Open TrueMoney Account for Customers);
• Pera In;
• Bills Payment (Pabayad);
• Mobile Load Service (Paload); and
  

WHEREAS the TMCENTER intends to avail the benefits mentioned in Appendix “A” of this document.

WHEREAS the TMCENTER represents that it possesses all the qualifications and none of the disqualifications necessary to be a bona fide TMCENTER.

NOW THEREFORE, for and in consideration of the foregoing premises, the parties to this Document mutually agree to the following terms and conditions:

Article 1: Appointment as TMCENTER

a. TRUEMONEY hereby appoints the TMCENTER as such of its Products and Services with the right to market and engage in the TRUEMONEY Payment Services subject to the terms and conditions set forth under this Document and such other terms and conditions as may be subsequently prescribed by TRUEMONEY, which shall become part of this Document.

b. It is expressly understood that nothing in this Document shall prevent TRUEMONEY from appointing other TMCENTERs of the TRUEMONEY Payment Services under such terms and conditions as TRUEMONEY may deem reasonable.

c. The TMCENTER shall be entitled to receive service fees, the amount of which shall be determined by TRUEMONEY, for every TRUEMONEY Payment Service it engages in during the term of this Document as stated in Appendix “A” hereof which contains the applicable scheme for the payment of service fees.

d. The TMCENTER must possess the following minimum liquidity requirements as stated below:

e. The TMCENTER must be available for at least a minimum of eight (8) hours per day, six (6) days a week to market and sell the TRUEMONEY Payment Services.

f. The TMCENTER must have at least two (2) individuals present ready to perform any TRUEMONEY Payment Services transaction at the establishment. The identities of these individual representatives shall be divulged by the TMCENTER to TRUEMONEY upon execution of this Document.

g. The TMCENTER must be able to meet the following targets and show Marketing Materials as stated below:

h. The TMCENTER must be able to meet the Required Daily Performance Metrics as detailed in Appendix “B”. TMCENTER performance below the targets will be subject for review and may be basis for deactivation of the TMCENTER wallet up to and including termination of this Document. 

i. If the TMCENTER fails to meet the aforementioned requirements, and specifically the Required Daily Performance Metrics, within the first three (3) months from the execution of this Document, TRUEMONEY shall have the right to terminate this Document immediately upon notice.

j. In the event of the termination of this Document at the instance of either TRUEMONEY or the TMCENTER, the former shall have the right to disapprove any TMCENTER Application by any of the TMCENTER’s relatives up to the second (2nd) degree of consanguinity.

k. TRUEMONEY reserves the right to change any of the above-mentioned requirements provided that prior written notice or public announcement is given to the TMCENTER through all available means of communications.

Article 2: TRUEMONEY’s Obligation

TRUEMONEY’s obligations under this document are as follows:

• To train the TMCENTER on how to operate, market and sell the Payment Services based on the Product and Services Guidebook provided by TRUEMONEY.
• To remit to the TMCENTER the corresponding service fees earned by the former according to the Schedule of Service Fees which is mentioned in Appendix “A” hereof.  The values in this schedule can be revised at any time based on TRUEMONEY’s sole discretion.
• To provide marketing materials and training to the TMCENTER in order to increase its sales, TRUEMONEY reserves its right to change, revoke or withhold these marketing materials and training anytime. This is subject to the provisions of Article 1 paragraphs (k), To conduct Anti-Money Laundering and Counter Terrorist Financing and Know Your Customer (KYC) related trainings and refresher courses with the TMCENTER to ensure that the TMCENTER complies with all applicable requirement of the Anti-Money Laundering (AML) laws, rules and regulations.
• TRUEMONEY will be responsible for reporting the covered transactions and suspicious transactions or activities to the Anti-Money Laundering Council within the required days stated in the Money Laundering and Terrorist Financing Program (MLPP) of TRUEMONEY.

Article 3: TMCENTER’s Obligation

The TMCENTER’s obligations under this document are as follows:

• To sign up (register/open) new customer accounts and verify the customers’ identities with the original document and transmit the said data to TRUEMONEY’s Head Office coursed through the TRUEMONEY Application not later than fifteen (15) days from the registration date.
• To make available the Payment Services to the customer by following the Product and Services Guide Book and in accordance to TrueMoney TMCENTER Instruction Policy mentioned in Appendix “C” hereof.
• To help market TRUEMONEY’s Payment Services as well as other payment services to be offered in the future to customers in order to expand TRUEMONEY’s existing customer network in the market.
• To provide and maintain a sufficient area within the TMCENTER’s premises for the exhibition of TRUEMONEY’s marketing materials such as x-stand, signages, sintra boards, banner, brochure, brochure box and other marketing collaterals.
• To carry and implement any TRUEMONEY-initiated promotions.
• To comply to TRUEMONEY’s Money Laundering and Terrorist Financing Program (MLPP) and Know Your Customer (KYC) procedures, and any other relevant policies of TRUEMONEY, applicable laws and regulations in the Philippines, specifically the Bangko Sentral ng Pilipinas, and attend workshops, and lectures relative to the same.
• To report immediately to TRUEMONEY either via phone (02) 7718-9999 or e-mail (compliance@truemoneyph.com) any suspicious transactions or activities of the customers.

Article 5: TRUEMONEY Payment Services

For purposes of this Document, the TRUEMONEY Payment Services, which the TMCENTER will engage in and help market shall refer to those specifically mentioned in the first Whereas Clause of this Document. TRUEMONEY may include such additional payment services as may hereafter be added at its sole option subject to the written conformity of the TMCENTER.

Article 6: Price for Payment Services

• The applicable prices for Payment Services shall be determined solely by TRUEMONEY and shall be subject to change at any time. TRUEMONEY shall notify the TMCENTER in writing on any changes in the applicable prices of the Payment Services and its date of effectivity.
• The TMCENTER shall engage in the provision of Payment Services based only on the prices as determined or fixed by TRUEMONEY. In addition to such other rights and remedies available to TRUEMONEY, the failure of the TMCENTER to follow the authorized applicable prices set by TRUEMONEY for the Payment Services shall constitute as a ground for the immediate termination of this Document.

Article 7: Promotion of Payment Services

• The TMCENTER is free to enter into contracts with customers of its choice. The manner and method of selection of its customers shall be at the sole discretion of the TMCENTER, provided that such manner is not in contravention with the terms embodied in this Document. Further, the TMCENTER agrees and undertakes to comply with all applicable laws, rules, and regulations in the performance of Payment Services, and agrees to hold TRUEMONEY free and harmless from any claims, liabilities, suits or damages that may be incurred as a result of any violation by the TMCENTER of its undertakings as stated hereunder.
• The TMCENTER acknowledges that the solicited “Walk-in Customers” and “Customer Sign-ups” for the Payment Services shall not be binding on TRUEMONEY until the transaction is consummated.
• The TMCENTER further acknowledges that TRUEMONEY has the right to reject any solicited “Walk-in Customers”, “Customer Sign-ups”, and other related transactions prior to its actual consummation.
• All applications for Payment Services shall be made only on official forms provided by TRUEMONEY. Under no circumstances shall the TMCENTER revise or amend, or promise to revise or amend, any of the terms and conditions set forth in the forms provided by TRUEMONEY. TRUEMONEY shall not be responsible for applications made in forms other than those furnished by TRUEMONEY. The TMCENTER agrees to hold TRUEMONEY free and harmless from any claims, liabilities, suits, or damages that may be incurred as a result of any transaction entered into by the former using forms other than those furnished by the latter. Any applications made in forms other than those provided by TRUEMONEY shall be automatically rejected.
• Any application for Payment Services made on tampered or fictitious forms, or any fictitious or tampered documentation in support of any application, shall either be automatically rejected, or if the pertinent Payment Service has already been consummated, shall constitute as a ground for the automatic withholding of any amount due to TMCENTER and/or the automatic cancellation of this Document without prejudice to the right of TRUEMONEY to avail of the appropriate remedies provided under the law.
• In the event where the TMCENTER will run promotional and advertising campaigns for purposes of promoting and increasing Payment Services transactions, the proposed promotional and advertising campaign must be approved by TRUEMONEY and must be mutually agreed in writing by TRUEMONEY and the TMCENTER.

Article 8: Cost and Expenses

In the performance of its duties hereunder, the TMCENTER shall be solely responsible in defraying direct and incidental costs and expenses incurred while engaging in and aiding in the marketing of the Payment Services.

Article 9: Advertising and Promotional Materials and Costs

• Except those specifically provided by TRUEMONEY, no advertising or promotional materials for Payment Services shall be used by the TMCENTER unless and until it has been submitted to and approved by TRUEMONEY. The cost of such advertising and promotional materials furnished by the TMCENTER shall be for the account of the said TMCENTER.
• TRUEMONEY may furnish the TMCENTER with sales promotional materials, such as price lists, sales plans, advertising suggestions, printed commercial information, and other pertinent materials that TRUEMONEY may have available from time to time for distribution in connection with the marketing and promotion of the Payment Services.

In the event TRUEMONEY will undertake any promotional or advertising campaigns for the Payment Services which, may be beneficial to the TMCENTER or TRUEMONEY, the TMCENTER may be required by TRUEMONEY to participate and the TMCENTER must give its full and unconditional support – including but not limited to featuring the TMCENTER’s premises in the advertisements without any monetary compensation from TRUEMONEY. The TMCENTER may produce, at its own expense without right of reimbursement, its own marketing materials, subject to the written approval of TRUEMONEY prior release.

Article 10: Priority Clause

The TMCENTER undertakes to give priority to TRUEMONEY business over competitors and to seek TRUEMONEY’s consent if it will market and sell competitor’s and other entities’ products and services similar to TRUEMONEY.

Article 11: TMCENTER’s Account

The TMCENTER hereby authorizes TRUEMONEY to add to or deduct from its existing TRUEMONEY account balance any of the following:

• all fines, penalties or charges incurred by TRUEMONEY as a result of any fraud or omission committed by the TMCENTER;
• any amount that the TMCENTER has to compensate due to a breach in any condition or stipulation stated in the TMCENTER Instruction Policy (Appendix “C”); and
• any amount that was inadvertently credited to the TMCENTER’s existing TRUEMONEY account due to system or human error.

Article 12: Customer Complaints

The TMCENTER must promptly act to address all Customer or potential Customer complaints relating to or in connection with the TRUEMONEY Payment Services. If the TMCENTER fails to redress such complaints, the TMCENTER must immediately inform TRUEMONEY’s Customer Loyalty Team at (02) 7718-9999 or e-mail support@truemoneyph.com. To assist the Customer Loyalty Team in addressing all Customer or potential Customer complaints, the TMCENTER shall provide TRUEMONEY the following information:

• the Customer’s name and TrueMoney Account Number;
• details of the transaction in question;
• the amount of the suspected error or disputed transaction and
• such other information that TrueMoney may deem appropriate or necessary in the resolution of the complaint.

Article 13: Refusal or Denial of Transactions

The TMCENTER agrees that TRUEMONEY may suspend, block, or refuse to process any transaction without incurring any liability if TRUEMONEY has reason to believe that:

• the Transaction may violate any Philippine Law, rules or regulations including Republic Act No. 9160 otherwise known as the “Anti-Money Laundering Act of 2001” and its subsequent amendments, namely, Republic Acts No. 9194, 10167, and 10365; or
• the transaction may directly or indirectly involve the proceeds of, or the use of, any illegal acts or activities.

Article 14: Contract Period

This Document accreditation shall take effect and shall govern all relations and transactions between the parties for a term of one (1) year provided that the TMCENTER remains active during the duration thereof and shall be automatically renewed for a similar period unless earlier terminated by either party by serving to the other party, at least thirty (30) days before the date of termination, a written notice.

Article 15: Service Fees for a TMCENTER

• A TMCENTER shall be entitled to receive service fees for Payment Service transactions successfully entered into by and between the TMCENTER and a customer.
• The service fee to which an TMCENTER is entitled shall be based on a schedule pre-determined by TRUEMONEY. A schedule of such fees can be found in Appendix “A” of this document.
• The values indicated in the service fee schedule may be changed upon the sole discretion of TRUEMONEY. TRUEMONEY shall inform its TMCENTERS in writing within fifteen (15) days from the changing of such values.

Article 16: Taxes

All amounts payable arising from or in connection with this Document or any transaction arising therefrom shall be considered as exclusive of all fees, taxes, imposts including Value Added Tax (VAT), and other liabilities to the government arising from or in connection with this Document and shall be for the exclusive account of the TMCENTER.

Article 17: Termination 

• Notwithstanding the pertinent provisions of this Document, either party shall have the right to terminate this Document with or without cause by giving a prior thirty (30) day written notice to the other party. Notwithstanding the termination of this Document, the obligations and undertakings of the TMCENTER under Article 3 par. (f) hereof shall be deemed to survive said termination.
• In the event the TMCENTER commits a material breach of any of the terms of this Document, TRUEMONEY may at its option, terminate this Document effective immediately by giving a written notice thereof to the TMCENTER.
• TRUEMONEY may immediately terminate this Document if, in its fair and reasonable determination, the TMCENTER is not complying with its duties and obligations in accordance with this Document or does not meet the standards and/or qualifications required to remain as a TMCENTER.
• If the TMCENTER voluntarily or involuntarily undergo liquidation or insolvency proceedings, or if a receiver shall be appointed for all or any part of the TMCENTER’s properties or if there shall be a material breach by the TMCENTER of any of the terms and conditions of this Document, TRUEMONEY shall have the right to immediately terminate this Document.
• If the TMCENTER fails to meet aforementioned minimum “Walk-in Customers”, TRUEMONEY has the right to terminate this Document. A written notice will be sent to the TMCENTER informing him of the termination. If the TMCENTER subsequently requests for the revival of this Accreditation Document, the TMCENTER must submit a letter of intent and sign a new “True Money and Accredited Center Document” the approval of which shall depend solely on TRUEMONEY.

Article 18: Assignment 

• The TMCENTER shall not assign, transfer, change or in any manner purport to assign, transfer or change this Document or its rights hereunder or any part thereof without the prior written consent of TRUEMONEY.
• TRUEMONEY may transfer or assign this Document to any person, company or other entity that shall purchase or acquire all or substantially all of its properties, provided, however, that a prior written notice of at least thirty (30) days is served on the TMCENTER. In case of any such transfer or assignment, the TMCENTER shall have the option to terminate this Document by serving upon TRUEMONEY or its assignee a prior written notice at least thirty (30) days before the intended date of termination.

Article 19: Relationship 

• The relationship between TRUEMONEY and the TMCENTER shall be that of an accredited center. Thus, TRUEMONEY’s liability is up until only the authorized acts under this Document. Actions beyond the authority given under this Document shall be ultra vires. Nothing in this Document shall constitute or be deemed to constitute a partnership between the parties hereto, and the TMCENTER shall not hold itself out or allow itself to be held out as a partner of TRUEMONEY. Neither shall anything contained herein, or done in pursuance hereof, constitute the parties as legal representatives of the other for any purpose whatsoever.
• TRUEMONEY shall not be responsible for any act, negligence, or default of the TMCENTER or of the TMCENTER’s employees or representatives and the TMCENTER will keep TRUEMONEY indemnified against the same and all actions, proceedings, claims, demands, costs, damages and expenses in relation thereto.

Article 20: Amendment 

Any amendment, alteration or modification of this Document shall not be valid and binding unless and until the same is reduced in writing and signed by the parties hereto.

Article 21: Severability of Provisions 

If any one or more of the provisions contained in this Document or the application thereof to any situation or circumstance shall be invalid, illegal or unenforceable, or any document executed in connection herewith shall be declared by any court of competent jurisdiction as invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired. In the event of such partial validity, the parties shall seek in good faith to agree on replacing any such invalid provision with a provision which will fairly reflect the intention of the parties with respect to the validated provision.

Article 22: Settlement of Dispute and Venue by Document 

In the event of any dispute concerning the interpretation or implementation of any provision of this Document, the parties thereto shall, within thirty (30) days from occurrence thereof, negotiate in good faith in order to settle the dispute amicably. Should a settlement not be reached and TRUEMONEY is constrained to resort to court action to protect its rights and interests hereunder, it shall be entitled to an amount equivalent to twenty-five (25%) of the total sum recovered, as and by way of liquidated damages and attorney’s fees, plus the expenses of litigation recoverable under pertinent laws, provided, that attorney’s fees shall in no case be less than Fifty Thousand Pesos (PhP50,000). The venue of such court action shall be laid exclusively in the proper courts of Pasig City only to the exclusion of all other courts.

Article 23: Confidentiality 

The TMCENTER agrees to maintain the confidentiality of the provisions of any and all matters relative hereto, except as regulated by law or regulation or as agreed upon with TRUEMONEY. All information and knowledge received by the TMCENTER or its employees and representatives under and by virtue of this Document shall be deemed to be confidential. The TMCENTER undertakes to bind its representatives and employees to respect the confidential nature and secrecy of all such information and knowledge and shall not disclose or cause to be disclosed such information or knowledge to others. The TMCENTER agrees and understands that a violation of this provision constitutes a material breach which, in addition to such other remedies to which TRUEMONEY may be entitled to under the law, gives TRUEMONEY the right to immediately terminate this Document.

Article 24: Data Privacy Act

TMCENTER shall comply with the provisions of Republic Act 10173 or the Data Privacy Act of 2012 including its implementing rules and regulations and all orders, rulings or decisions issued pursuant thereto. TMCENTER shall only process, use or disclose any data in accordance with said law.

Article 25: Mode of Communication

All provisions in this Document that requires the service of a written notice shall be made in writing, or by electronic mail.

Article 26: Entire Document 

This Document contains the entire understanding between the parties and supersedes any prior understanding and/or document among the parties with regard to the subject matter of this Document. There are no representations, documents, arrangements, of understandings, oral or written, among the parties hereto relating to the subject matter of this Document which are not fully expressed herein. Any amendment hereto or revision hereof shall be in writing, signed by or on behalf of the parties to be bound or burdened thereby.

Article 27: Non-waiver 

Any failure of a party to enforce at any time any of the provisions of this Document including but without limitation the termination provisions hereof shall not be construed to be a waiver of such provision or of the right of a party thereafter to enforce such provision.

By affixing your electronic signature and clicking “I Accept”,  you affirm your intention to be bound by the Terms and Condition of the Accreditation as a True Money Center.

APPENDIX “A”

SERVICE FEE PAYMENT SCHEME

A. Fees Charged to Customers and Service Fees of TMCENTERs for Non-Remittance/Non-Padala Transactions. Prices and commissions is effective as July 1, 2020. Rates may change and TMCENTERs will be informed accordingly

GCash Cash-in, Bills Pay and Load customer fees and earnings per TMCenter

APPENDIX “B”
TMCENTER REQUIRED DAILY PERFORMANCE

Table below reflects the monthly  transaction average requirement for TMCENTERs for 2020.  TMCENTER performance below the targets will be subject for review and may be basis for deactivation of the TMCENTER wallet up to and including termination of this Document.  TRUEMONEY reserves the right to provide updated targets as necessary.

APPENDIX “C”
TMCENTER INSTRUCTION POLICY

1. Introduction

1.1. Background
TrueMoney is a Non-Bank Financial Institution (NBFI) that aims to work with local business owners to serve communities in the Philippines that are not serviced by banking institutions or if serviced, have insufficient access to any banking services. TrueMoney Centers (referred to as ‘TMCENTERs’) are those authorized by TrueMoney to act as such TMCENTERs who will be providing the following payment services to customers:
a.Customer Registration (Open TrueMoney Account for Customers);
b.Pera In
c.Bills Payment (Pabayad);
d.Mobile Load Service (Paload);

The TMCENTER Instruction Policy (“Policy”) was developed to ensure the rendition of high quality customer service by a TMCENTER and minimize customer complaints due to bad customer service, which may affect TrueMoney’s reputation.  TMCENTERs are monitored by the Dispute Team and Risk and Compliance Team in cooperation with the Customer Loyalty Team to ensure that document breaches, Policy violations and fraud are properly detected, investigated, reported, and recorded.

1.2. Objective
The objective of this document is to provide guidelines in relation to the TMCENTERs’ performance of the TrueMoney business such as but not limited to helping in the marketing and sale of Payment Services to ensure high quality of customer service and provide great customer satisfaction. This document also includes list of violations and offenses that will be subject to sanctions up to and including termination of document.

1.3. Scope
This Policy applies to all TMCENTERs in the Philippines.

1.4. Revision
This Policy will be reviewed on an annual basis and will be revised based on business needs and changes.  Any change or revision to this Policy will be communicated to all TMCENTERs through the most expedient means.

2. List of TMCENTER Violations and Offenses
This section lists down different types of TMCENTER violations and offenses in the conduct of the TrueMoney business which will be subject to sanctions and penalties depending on the degree of the violation or offense.

A. Customer Registration/Know Your Client (KYC) Process
1.Signing up customers with fake information and documents i.e. Identification Card (ID);
2.Non-compliance with the KYC process i.e., not applying the face to face requirement for the registration/KYC process of new customers, not asking for a copy of a valid government identification card with picture; and
3.Signing up customers with incomplete details required in the registration form.

B. Poor Customer Service
1.Non-fulfilment of services to customers due to lack of cash (liquidity issues);
2.Being rude to customers; bad communication skills;
3.Dismissing a customer who has a complaint; and
4.Taking advantage of customers by charging them with higher fees than the fees prescribed by TrueMoney.

C. Non-compliance to TrueMoney Product Pricing
1.Charging additional fees to customers which are not authorized by TrueMoney; and
2.Charging higher fees than the fees per official TrueMoney Product Pricing.

D. TrueMoney Branding and Promotion
1.Failure to seek TrueMoney’s approval for any TrueMoney related marketing materials that will be produced by the TMCENTER;
2.Failure to seek TrueMoney’s approval for any TrueMoney products and services related promotions that will be offered to the customers;
3.Releasing of marketing materials and administering promotions not in accordance with TrueMoney’s Branding, Marketing and Promotional Guidelines;
4.TMCENTER is not able to exhibit TrueMoney’s marketing materials such as X-stand, signage, sintra boards, parasol, banners and brochures; and
5.TMCENTER is not able to carry and implement any TrueMoney initiated promotions and campaigns.

E. Fraud
1.Conducting of activities for the purpose of earning improper service fees;
2.Connivance with customers or TrueMoney employees to commit fraud in relation to TrueMoney related transactions;
3.Misappropriating in whole or in a part of the amount transacted by the customer in availing TrueMoney Payment Services; and
4.All other fraudulent activities and other activities done with malicious intent.

F. Other TMCENTER Document Breaches
1.Failure to inform TrueMoney Customer Loyalty Team about customer complaints that it failed to address at the TMCENTER’s site or location;
2.Non-compliance to the priority clause as stated in the TMCENTER Document;
3.Breach of confidentiality;
4.Assignment, transfer or change of rights to conduct TrueMoney business to other parties without notification to and approval by TrueMoney;
5.Change of business location without informing TrueMoney; and
6.Failure to meet the liquidity requirement, the minimum number of required walk-in customers and required daily performance targets.

3.Types of Sanctions and Penalties
The steps in carrying out the sanctions/penalties generally follow graduated steps including written warning letters, indemnification or restitution and termination of document.  However, in cases of fraud, gross or serious violations and offenses, the action would be immediate termination if proven true based on investigation results.  An investigation will be conducted by TrueMoney before imposing sanctions and penalties upon a TMCENTER.

A. First Written Warning Letter
This is a minor admonition for a light offense or violation committed by a TMCENTER requiring him to exercise extra care and diligence in observing established TMCENTER Instruction Policy and operating procedures in the conduct of TrueMoney business so as to prevent a repetition of the offense or violation.

B. Second Written Warning Letter
If the TMCENTER does not satisfactorily address TrueMoney’s stated concerns in the first written warning letter within one (1) month period after receipt of the first warning letter, then a second (2nd) written warning may be issued.  

C. Final Written Warning Letter
If the TMCENTER still does not satisfactorily address TrueMoney’s stated concerns in the first and second written warning letters within a one (1) month period after receipt of the second warning letter, then a final written warning will be issued with a one (1) month monitoring period.  The letter shall specifically provide that in case the TMCENTER fails to address TrueMoney’s concerns, then termination of document will ensue.  

D. Indemnification
If the TMCENTER’s act or omission arising from his fault, negligence or fraud results to any loss or damage upon TrueMoney, the TMCENTER shall, in addition to the prescribed penalty or termination, be required to restitute, indemnify or restore the loss incurred by TrueMoney.  This will also include the right of TrueMoney to withhold and/or apply the service fees earned by the TMCENTER as a result of fraud.

E. Termination of Document
The termination of the accreditation document for cause shall be the maximum penalty for the commission of gross, willful or repetitive violation of established provisions of the TMCENTER Instruction Policy. The same penalty shall apply in cases of fraud, irregularities or dishonest acts committed by a TMCENTER or the TMCENTER’s authorized representatives.

4.Effectivity

This Policy shall take effect upon signing of the “Terms and Conditions of Accreditation as a True Money Center"