Terms & Conditions

KYC (Know Your Customer)

Refers to due diligence activities conducted by Al Nada Exchange Co. W.L.L (hereinafter referred to as Al Nada Exchange) as per regulatory requirements to ascertain the relevant information of the customer/sender.

Eligibility for using Al Nada Exchange App

• You should be over 21 years of age.
• You should be a resident in Kuwait with a valid Civil ID issued by PACI.

Registration Requirements

• Register as a customer of Al Nada Exchange and ensure all KYC information is up-to-date.
• Provide original and valid Civil ID at the branch for verification.
• Read and agree to the Terms and Conditions listed on the digital channel used (mobile app).

Compliance & Rejections

Activation of users for conducting online transactions is subject to AML/Compliance Department Approval, in line with Local and International AML/CFT Laws and Regulations.

Applications for activation of Mobile app user registration may be rejected due to insufficient or inaccurate information/documents, and matters related to AML Compliance Policies and Procedures. All subsequent changes in the profile of the customer are subject to enhanced verification and approval.

Fees and Charges for Transactions

Fees and charges for transactions are displayed at the time of initiating a transaction. By proceeding with the transaction, it is understood that you have agreed to the applicable charges for the transaction.

Notifications & SMS Alerts

Al Nada Exchange may send specific and timely notifications via email, pop-up screens on your mobile device, or SMS.

You agree and acknowledge that notifications may be delayed or prevented by factors affecting the service provider and other relevant entities, and we do not guarantee the delivery, timeline, or accuracy of the notifications. We will not be liable to you for any losses, damages, or expenses arising from non-delivery, delayed delivery, or wrong delivery of a notification.

Claims & Processing Times

Transfers/Remittances are considered executed and delivered unless a claim is received within 3 months for cash payouts and 6 months for bank transfers from the date the remittance was made. Remittances will usually be processed during the same day or latest by the next working day. In case of delays exceeding the next working day, Al Nada Exchange shall contact the customer to enquire whether the customer wishes to process the transfer or not.

Amendments & Rejections

Any amendments or re-issuance of the remittance transaction for whatsoever reason will be subject to regular charges and settlement of any rate differences, if applicable. Transactions may be rejected automatically while initiating the transaction, or subsequently, or while making payment as per updated Regulatory/Correspondent Bank's Compliance Policy and Procedures.

Data Authenticity & Timelines

Upon submitting the transaction, you confirm and acknowledge the correctness, authenticity, and legality of all transaction details and will be held responsible for the same.

Al Nada Exchange shall ensure that funds are credited to the beneficiary within a period not exceeding 5 working days from the date of transfer made by the Remitter/Sender. In case Al Nada Exchange is unable to credit the funds to the beneficiary, it shall notify the Remitter/Sender with the exact reason for non-credit of funds to the beneficiary.

Indemnification & Cancellation

Al Nada Exchange, its employees, and its agents are indemnified and held harmless from any claims including but not limited to delays, delivery failures, mistakes, or losses resulting from any wrong information in the transaction receipt, as well as force majeure events or circumstances beyond our control. Our liability is limited to performing necessary amendments in the shortest time possible. Al Nada Exchange has the right to recover any amount paid due to errors or oversight.

Intermediaries & Regulatory Compliance

• Al Nada Exchange reserves the right to use the services of intermediary banks and financial institutions in any country of its choice for the execution of this transfer.
• Correspondent and/or intermediary charges are applicable to some countries and will be deducted at the receiving end.
• All types of remittances conducted are subject to local AML Law 106/2013, international laws, and the Central Bank of Kuwait regulations. All customer information and supporting documents must be provided as per requirements. Transactions may be blocked if found suspicious.
• Senders and beneficiaries will be fully responsible for providing necessary evidence and clarification about any inquiry, including exact purpose of remittance, relationship, source of funds, etc.
• Al Nada Exchange will take all possible efforts to resolve any issues for services provided by a third party by coordinating with the concerned provider. Al Nada Exchange has no liability as an agent. The third party will be fully liable for its service.
• It is your responsibility to safeguard your login credentials and devices. All transactions submitted through your profile after login will be considered as submitted by you.
• For Western Union® Transfers, please refer to their existing terms and conditions available on leaflets within our branches or their website.
• Customers understand and agree that only personal transactions (remittances/transfers) are allowed through the digital channels.

Paying with K-Net

• Please use your own K-Net for making the payment for transactions. Credit cards/Prepaid cards are not accepted methods of payment. Using third-party K-Net may result in transaction cancellation/rejection to protect you from fraud.
• Transactions will be processed once the funds are credited to the respective bank account of Al Nada Exchange.

Transaction History

As part of the digital channel offering, Transaction History will be available for viewing purposes. However, this is provided for reference only and should not be considered as legal proof of transactions. Listed transactions may not be comprehensive or completely accurate due to differences in profile information.

You have to make a formal request to an Al Nada Exchange branch for a statement of transactions made.

Status of Transactions

• •Completed (or) processed: Transactions have been processed by Al Nada Exchange and does not mean credit/receipt to the beneficiary. To know the credit status, you will have to make an enquiry through the contact us page stating the transaction number.
• •Created: Transaction has not yet been processed by Al Nada Exchange. A created transaction is a temporary status and may eventually become either completed, rejected or expired.
• •Expired (or) rejected (or) canceled: Transaction has not been processed by Al Nada Exchange and will definitely not be processed. This is due to non-receipt of payment for the transaction.

Login Credentials and OTP

• Al Nada Exchange Digital Channels require a login, with login credentials set up by you, to start the services. OTPs (One Time Passwords) are implemented at critical places to ensure control on access and activity.
• You are responsible for the confidentiality and use of your login credentials and OTP. You must not disclose them to any third party, nor authorize any third party to use your profile. We recommend changing credentials at periodic intervals.
• You must notify Al Nada Exchange immediately if you suspect credentials have been compromised or if there has been unauthorized access.
• You must notify Al Nada Exchange when you update your mobile number to avoid OTPs being sent to the new owner of the number.

Security Issues, Software and Hardware Compatibility

You will ensure that you maintain and update/upgrade all software, hardware, and/or equipment to remain compatible with Al Nada Exchange digital channels at your own risk. Senders must ensure devices are free from malware, viruses, Trojans, or other contaminants.

Al Nada Exchange is at liberty to change or upgrade its software/hardware and has no obligation to support older versions. The digital platforms are provided 'as is' without warranties of any kind.

Forbidden Activities on the Platform

• •Copying, distributing, or disclosing any part of the platform in any medium, including automated scraping.
• •Using any automated system (robots, spiders, offline readers) to access the platform in a manner that overloads servers.
• •Transmitting spam, chain letters, or unsolicited email.
• •Interfering with or compromising system integrity, or deciphering transmissions.
• •Uploading invalid data, viruses, worms, or other software agents.
• •Collecting or harvesting personally identifiable information.
• •Impersonating another person, conducting fraud, or hiding your identity.
• •Bypassing security measures used to restrict access.

Profile Inactivation

Al Nada Exchange has the right to inactivate the digital profile of a customer without any intimation due to untimely response, insufficient/inaccurate information, or compliance matters. Al Nada Exchange will not be liable for any consequences. Customers can request inactivation by visiting a branch and submitting a formal request.

Record Maintenance

Al Nada Exchange will maintain records of transactions, KYC, and feedback as mandated by laws and regulations. You agree not to challenge the admissibility or authenticity of these electronic records.

Liability Conditions

• Any transaction originating from your device using your credentials will be deemed to have originated from you.
• You will be liable for all losses from unauthorized transactions if credentials are compromised.
• Illegal or improper use will result in account suspension.
• Internet/email communication is not entirely secure or error-free.
• Al Nada Exchange does not accept liability for errors or omissions in email statements. Senders indemnify Al Nada Exchange against actions resulting from sending statements via email.

Accuracy of Information

You are responsible for the correctness of information supplied. Al Nada Exchange accepts no liability for consequences arising from erroneous or incomplete information. Please advise Al Nada Exchange of any errors as soon as possible for correction on a 'best effort' basis.

Assignment & Rights Transfer

Al Nada Exchange has the exclusive right to assign or transfer its rights and obligations in whole or in part to any entity of its choice. You are not entitled to assign or transfer any rights/obligations without prior written consent.

Intellectual Property Rights

The intellectual property of Al Nada Exchange is owned by Al Nada Exchange or its affiliates. No part of the digital channels may be reproduced, distributed, republished, or modified without prior written permission.

Indemnification Agreement

You agree to fully indemnify and hold Al Nada Exchange, its affiliates, service providers, and agents harmless from all liabilities, losses, charges, and legal fees resulting from your use, misuse, or purported misuse of Al Nada Exchange Digital Channels.

Variation in Terms and Conditions

Al Nada Exchange may vary these terms by giving no less than 30 days notice. Continued use of the digital channels after the variation date constitutes acceptance of the amended terms.

Severability of Provisions

If any provision becomes illegal, invalid, or unenforceable, the legality and validity of the remaining provisions will not be affected.

Notice & Electronic Communication

Al Nada Exchange is entitled to send notifications and promotional messages via SMS, email, or in-app alerts. Electronic delivery fulfills all legal obligations. Communication will be in English. Notices are deemed received at the time of sending.

Feedback and Complaint Mechanism

Customers can register feedback/complaints via the contact page or by emailing support.app@alnadaexchangekw.com. Al Nada Exchange reserves the right to investigate violations and report suspected unlawful activities to officials in or outside Kuwait.

Governing Law and Jurisdiction

These Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Kuwait. Any dispute or claim shall apply Kuwaiti law, and the courts of Kuwait shall have jurisdiction.