These Terms of Service of Voima Gold Oy have been last updated on 4th of December 2018.
1. Voima Gold
Voima Gold Oy (FI2843889-9) is a company registered in Finland.
In this Terms of Service agreement references to “Agreement” and “Terms of Service” mean this agreement, and references to “Voima Gold”, “Voima”, or “the company” mean Voima Gold Oy.
2. Acceptance of the Terms of Service
You can become Voima’s customer by registering for an account online, or by having an account created for You by Voima’s customer service. By becoming a customer You accept that this Agreement defines the business relationship between Voima and You.
Voima may modify this Agreement from time to time. For an updated Agreement to become effective, it must be published on the Voima website thirty (30) days before the effective date. Voima will also send a notification about such changes thirty (30) days before the effective date to the email address provided as a contact point by You.
If You disagree with the updated Terms of Service, You have the right to close Your customer account under the previous Terms of Service before the updated Terms of Service becomes effective. For closing Your customer account, You must make a written request to Your contact person in Voima, or via Voima’s general customer service contact. If You do not close Your customer account in this way, You are deemed to automatically accept the updated Terms of Service.
If your account is created after an updated Agreement has been made public on Voima’s website, You are bound by the updated Terms of Service immediately after account creation.
3. Identifying data, security & privacy
3.1 The source of your incoming money
Voima requires You to state Your source(s) of income of the funds used to deposit money to Your Voima customer account when the total sum of Your deposits exceeds 5000€.
Voima does this to comply with the Finnish legislation and the Finnish and international rules and regulations set to combat money laundering.
3.2 Know your customer requirements (KYC)
You authorize Voima to make such enquiries as it may deem necessary to satisfy itself about the validity of Your identity.
You undertake to provide the following information according to the verification level You wish to apply for. Such documents may be, but are not limited to; true contact information, photographic proof of identity, proof of address, information on beneficial owners, or source of funds. Voima requires the identification information in relation to this Agreement, in order to comply with all applicable laws and regulations, including all applicable anti-money laundering regulations.
You understand and accept that where an ownership interest is shared or where other parties are involved in the operation or administration of Your account, You may be required to provide additional photographic identities of all joint owners and any other relevant parties involved in the operation or administration of Your account. Business and trust account owners must also provide any requested institutional documentation – for example copies of trust deeds or incorporation documents, as well as photographic identification of beneficial owners and those operating or controlling the account.
If Your document expires or Your information changes during the period that Your account is open, You agree to provide updated documents and information about You or other parties associated with Your account. Failure to do so may cause delays in the process of handling Your requests and actions regarding Your account.
You accept that Your documents should be written in English or Finnish. In case where Your documents are in a foreign language, You agree to provide certified translations along with Your documents, at your expense.
3.3 Validating your account
In order to open a verification level 1 account, You need to validate your e-mail address. Validating your e-mail address allows You to make monetary deposits of up to 5000€ to Your Voima Gold -account. Deposits made to Your account can then be used to purchase gold via Voima’s service.
You need to apply for a higher verification level in order to raise your total deposit limit over 5000€. You can apply for such verification in Voima’s digital service by providing Voima Gold with all the valid Identification information and other information requested, according to the verification level.
3.4 Contact details
Voima Gold collects Your contact details in order to validate Your identity, to provide You with its service effectively and securely, and in order to comply with all the laws, rules and regulations set by the authorities.
You accept a duty to keep Your name, address and other contact details held by Voima Gold up to date and accurate.
You accept that Your failure to provide and maintain Your contact details updated may affect Voima Gold’s ability to protect Your gold holdings and right of ownership by correctly identifying the truthful owner.
Voima Gold does not sell any of the customer data to third parties for any purpose.
3.5 The use of your phone number and e-mail address
Voima Gold uses e-mail to notify You of any changes to these Terms of Service or other significant changes to its services or pricing. Voima Gold’s service automatically sends SMS messages that are used to notify You of certain actions made on Your Voima Gold account.
The e-mail address You provide may be used by Voima to contact You in order to inform You of upcoming events and services, to distribute a company newsletter, or to have a dialogue with you in regards to Voima’s services.
3.6 Declining to receive non vital contacts
You may deny us from contacting you with any content categorized as marketing by contacting the person in charge of personal information.
Person in charge of personal information:
samuli.keranen @ voimagold.fi
3.7 What details of your activity are publicly visible?
Voima Gold does not publish any of Your information. Your account information may be surrendered to duly authorized agencies only by court decision.
Voima Gold may report Your activity to duly authorized government agencies in order to investigate activity which arouses suspicion of money laundering or terrorist financing.
Your personal and financial data held at Voima Gold are protected from unauthorized access by a password and other access data which You as a customer have a duty to keep secret.
Voima Gold utilizes industry standard best practice for security and processes of handling account passwords, resetting passwords and other critically important aspects of accessing Your account.
4. Contacting us
You may contact Voima Gold Oy through the following channels:
Phone: +358 9 612 1917
Voima Gold Oy
Please request an appointment to visit the office in order to ensure quick service.
It is important to note that Voima Gold Oy never asks for Your bank accounts login information for Your gold purchase or other intents.
5. Your assets
5.1 Client Accounts
You accept the banks Voima Gold selects to look after Your cash balances held at Voima Gold. The current banks are Nordea and Osuuspankki in Finland. These banks are referred to as ‘Bank' or ‘Banks’ for the rest of the document, with the particular bank(s) being dependent on context.
You accept that in selecting the Bank to look after Your cash currency balance Voima Gold has taken due care in ensuring that the Bank charged with looking after your money is of adequate standing.
You also accept and acknowledge the possibility of insolvency or bankruptcy of the chosen Banks, without considering them to be the responsibility of Voima Gold.
Funds received from You are directly placed into Voima Gold client account maintained at one of the Banks.
You accept that withdrawals of funds back to You may come from a different Bank account than the one you deposited into.
On your behalf Voima Gold is permitted to manage Your money for the following purposes
- It may be used to pay withdrawals of Your money back to you – but never beyond the extent to which you have available funds.
- It may be used to pay Voima Gold in respect of service and other charges earned according to the prevailing tariff.
- It may be used to buy physical gold on Your behalf, when You have exercised Your right to buy through Voima Gold service.
- Funds may be transferred between the company accounts held at the different Banks.
You accept and acknowledge that interest is not payable to You on any cash balance held in Your Voima Gold account.
5.2 Acceptable ways of making deposits to Voima Gold
Acceptable deposits to Voima Gold are: 1) bank transfer, 2) gold deposit. All deposits must meet the required proof of origins requested from You by Voima Gold.
5.3 Gold Deposits
You may deposit gold to Your Voima Gold account. You are required to provide the proof of origins of the funds to be deposited.
Voima may at any time request additional proofs of origin or decline from receiving a gold deposit if it feels the provided proofs of origin do not satisfy the company. You accept that Voima does not have to declare the reason for such a decline.
If a substantial reason for doubt arises which signifies a possible case of money laundering or terrorism funding, Voima Gold may freeze the funds until further investigation has been made.
5.4 Your deposit
You agree that You will not deposit in any way which obscures the source of deposited funds.
Voima Gold may exercise its discretion to allow the funds to be applied to Your Voima Gold account, provided it is Voima’s reasonable belief, supported by evidence You provide, that the deposit has come from You. Voima Gold may also seek additional information concerning the deposit's source, which You agree to provide.
You accept that Voima Gold retains the right to 'bounce back' funds to the originating bank account if You fail to provide the reference number tied to the specific bank transfer. You also accept that the Banks involved in returning those funds may deduct a fee which will not be refunded by Voima Gold.
5.5 Withdrawing your money
Subject to Your previous and correct verification of Your identity, and to the irrevocable clearance of Your deposited funds, You may make withdrawals of Your available money balance to Your bank account.
You undertake to re-check the details of Your bank account presented to You as You make Your withdrawal through Voima’s digital service, and you undertake to confirm Your withdrawal only if You are satisfied with the bank details presented to you. Voima will execute the bank transfer according to Your withdrawal request to the bank account stated by you via international SWIFT banking system.
You accept that Voima Gold may need to perform additional security checks and there may be some delay prior to sending You Your money. Any delay will depend both on the recent operation of Your Voima Gold account and on other circumstances of the withdrawal. If Voima Gold account has been promptly validated, and Your linked bank account has been long-standing and stable, You have the right to expect Your money to leave Voima Gold’s Bank account by the end of the business day following a request for payment received before 8AM local Finnish time (EET/EEST).
5.6 Arrears (unpaid deposits)
A registered transaction is canceled if the funds are not received on Voima’s client Bank account within 30 business days of the registered transaction on Your Voima Gold account.
5.7 Account suspension and closure
Voima Gold reserves the right to suspend or close Your account for reasons including, but not limited to:
- Voima Gold identifies information provided by You as false, or You or someone else are using the account illegally or fraudulently;
- You have acted violently or have made threats towards members of Voima Gold’s staff;
- You are in breach of these Terms of Service
You acknowledge that the suspension of Your account will prevent further deposits or withdrawals and the ability to buy or sell gold via Voima’s service. You accept that applicable fees will continue to be charged until the complete closure of Your account. You accept that Voima Gold is not under any obligation to disclose the details of its risk assessment to You.
If Voima Gold suspends Your account it will not result in the expropriation of your property. Voima Gold will remove the suspended status from Your account as soon as the reason for suspension is remedied.
If Voima Gold closes Your account Voima will sell any gold in the account and, if the account has been validated and it is legal to do so, Voima will return the cash currency balance to Your bank account by bank transfer.
6.1 Location and form
Voima Gold purchases gold bars from recognized market professionals, and according to the practices which exist in the local markets.
The gold is held as weighed and numbered bars in a Voima Gold -bar form. A vast majority of the gold is held in vault(s) controlled by Voima Gold. A small quantity of gold is always temporarily held at the gold contractor refineries vaults and the accounts are handled by Voima Gold.
Gold bars constitute of investment gold, being not less than 99.99% purity and of a weight and manufacturer accepted by the gold markets.
Voima Gold bars held in the vaults constitute of 99,99% purity.
Gold holdings on your Voima Gold account are counted as 99,99% pure gold, and are denominated in grams and kilograms.
6.2 Gold quality
Voima Gold warrants that every gram of gold on your account is a gram of the 99,99% pure gold content (fine gold) of a 99,99% (or greater) gold bar held:
- in the Voima Gold vault;
- or at the contractor refineries vaults and the accounts being handled by Voima Gold subject to the terms and conditions between the two companies.
Any breach of this warranty shall be remedied by Voima Gold itself arranging a replacement through the trusted and known gold market professionals, or, failing that, by replacing any shortfall, or substandard material out of its own funds.
6.3 Ownership of gold bars in Voima Gold’s vaults
You agree that Your ownership does not necessarily relate to a specific serial numbered bar but to a specific quantity of gold in a vault. Voima Gold acknowledges that the gold You own exists, is in the vault, and is Yours. Being physical it is capable of being withdrawn as 1 kg and 100 g gold bars, subject to paying the physical withdrawal fee according to the company tariff. Any amount that is not divisible by 100 grams can be withdrawn in its complete value by first selling the gold and then by requesting a wire withdrawal for the cash currency balance.
6.4 Voima Gold’s Storage Agreements and responsibility with the transportation and temporary vault operators
You authorize Voima Gold to act as Your agent for arranging custody of Your gold with the relevant transportation and vault operator companies. Voima Gold confirms to you that it has ensured all relevant safety measures on agreement of contracts with the chosen transportation and temporary vaulting operators.
In the gold supply chain Voima Gold does not use any additional, or third party contractors regarding transportation or storage of the gold, other than is absolutely necessary to ensure the practicality of storage, transportation and the liquidity of client assets.
7. Ownership records
Voima Gold maintains the master copy of ownership records.
Your Voima Gold account balance is visible on Voima’s website and in Voima’s mobile application via Your personal account.
8. Your right of gold withdrawal
You have a right of withdrawal of Your gold from Voima Gold, as 1 kg and 100 g cast bars. As of now the bars may be withdrawn at Voima’s Helsinki office. Voima also offers a delivery service by request, where the pricing is set on a case by case manner.
Your wish to withdraw gold will be accommodated only for quantities of and above 100 grams and in the form of whole numbers of appropriate gold bars of 100 g and 1 kg in sizes.
You understand and accept that Voima Gold charges withdrawal fees according to its tariff, and that these may vary according to the amount of gold you are withdrawing.
Any changes to the pricing will be made available in Voima’s digital service, and a notice of such change is also communicated to You by e-mail.
Delivery service for the physical gold is available to You via request. Pricing, taxation and other expenses related to delivery transporting services will be stated on the delivery contract of each case separately. You can leave a request for delivery of Your holdings to the Voima customer service e-mail or by calling the Voima customer service number.
9.2 Withdrawal from a vault
You can request a withdrawal for Your physical gold at any time. Small quantities may most of the time be withdrawn during the opening hours of the main office at:
Bulevardi 5, 00120 Helsinki, Finland.
Due to strictly controlled gold handling procedures it is best to always give a notification of withdrawal intent and leave a request for withdrawal ahead of time. Daily reserves for withdrawals may run out due to exceptionally high demand on a specific day.
We encourage You to leave a request ahead of time for all withdrawals of 1 kg and above to avoid any unnecessary visits to the offices.
Voima Gold is not responsible for any costs caused to You for an unnecessary visit to its offices.
10. Termination of this Agreement
You may close Your account and terminate this Agreement by first selling or withdrawing your gold, then by requesting a withdrawal of Your cash currency balance back to your bank account, and finally by requesting closing of your Voima customer account by sending a written notice to your Voima contact person or to Voima’s general customer service contact.
11.1 Risks that are not Voima Golds responsibility
Gold price movements — As in any investment You are exposed to the risk of potential loss arising from a falling gold price during the time in which You own gold. This risk is not Voima Gold’s responsibility.
We believe it is appropriate to note that traditional banks dissolve the value of your currency funds held in their bank on a day to day basis by creating loans. Still they are not responsible for the value loss of your currency holdings in the bank.
Monetary politics — Governments and other agencies for whatever reason, might seek to constrain or tax the ownership of gold to the disadvantage of its owners. However in many countries the taxation in investment gold is low or non existent. It is Your responsibility to take heed of the local taxation law on investment gold. The laws and regulations in each country may change over time. This risk is not Voima Gold’s responsibility.
Bank insolvency — Your cash currency balances at Voima Gold are deposited in accounts at highly rated Finnish banks, but your money's safety after all is dependent on the bank’s integrity. All banks are subject to possible failure. Depending on a number of factors in the event of bank failure You might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long. This risk is not Voima Golds responsibility.
[Note that when you use your money on the Voima Gold account to buy gold, your exposure to bank insolvency as described above, ceases. The responsibility is then moved on to Voima Gold according to these Terms of Service.]
Identity theft — If Your Voima Gold account login credentials and password are compromised, you are at risk of unauthorized access to your account. Voima Gold seeks to minimize the risks to You associated with identity theft. Voima Gold is not responsible for the consequences of an identity theft unless the breach of security can be shown to have occurred because of Voima Gold’s gross negligence.
Liquidity risk — The risks associated with a lack of immediate liquidity on gold markets are not a Voima Gold responsibility.
It is appropriate to note that gold trades 150 billion to 200 billion euros per day globally.
System availability — Voima Gold -service is accessible to You digitally via internet browser or smart phone any through using the worldwide internet connections. The internet might become inaccessible for periods of time. This could prevent You from executing a transaction which you would otherwise have made. This risk is not Voima Gold’s responsibility. Tremendous amounts of resources are put to ensure the stability of all Voima’s services, as they are at the core of the business, customer service, and security.
Force Majeure — Voima Gold will not be liable to You for any delay or failure to perform its obligations and services if such delay or failure arises from any unforeseeable causes beyond its reasonable control including, but not limited to, lightning, earthquakes, labour disputes, rationing, utility failures, war, terrorism, riots, acts of God, embargoes, and actions of any government agency or subdivision. Nevertheless, Voima Gold does take all reasonable precautions to prepare for all possible scenarios of events. Continuous work is done in order to improve preparedness.
11.2 Risks which are Voima Gold’s responsibility
Voima Gold accepts it has duties of care with regard to aspects of risk to Your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.
Subject to the provisions for exclusions and limits of liability in these Terms of Service Voima Gold accepts liability for failing in this duty.
Physical gold theft — Your gold could conceivably be stolen from a vault by determined thieves. Voima Gold accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality.
Subject to the provisions for exclusions and Limits of liability in these Terms of Service Voima Gold accepts liability for failing in this duty.
Theft of Customer money — Money held in the Voima Gold Client account could be illegally transmitted through the banking system by a determined thief, or thieves.
Subject to the provisions for Exclusions and Limits of liability in these Terms of Service Voima Gold accepts liability for failing in this regard.
Voima Gold insolvency - The insolvency of Voima Gold Oy would not affect Your property rights with regard to money or gold in Your Voima Gold account, but it could possibly cause some inconvenience and delay for You in taking hold of that property.
12. In the event of your death or incapacity
If the You become incapacitated, or You die, You permit Voima to allow Your account to be maintained on Your behalf by Your duly authorized attorney.
Voima Gold processes Your Voima Gold account according to the instructions of Your authorized executors or administrators.
Voima Gold is permitted to seek legal advice in the jurisdiction of Your account administration, at the expense of Your account.
13. Reference codes and commissions
Voima Gold may run reference code campaigns which allows Voima Gold customers to earn a portion of the commission or premium charged on trades made by customers they have referred to Voima or of their storage fees.
14. Applicable Law
The law governing the provision of the Voima Gold service to the Customer is the law of Finland and any disputes arising in respect hereof shall be governed exclusively by the Finnish courts.
You agree to comply with all relevant laws of any territory in which you make use of the Voima Gold service.
Voima Gold is a company registered in Finland and is regulated by Finnish Law which covers well established principles of statutory property rights and statutory company law.
It is appropriate to note that Voima Gold’s regulatory status is markedly different from the financial services industry. Voima however strongly encourages many of the laws and regulations set for financial services and complies with for example, money laundering rules and regulations.
You are responsible for paying such local taxes as are or may be applied on gold purchases, gold sales and gold custody, and on any associated charges, and such taxes are added to charges where appropriate.
Voima Gold does not officially offer taxation guidance.