Terms & Conditions

Last Updated: November 1, 2023

• Important Notice:

Please review the following terms and conditions carefully before using the Cashcom Prepaid Card issued in cooperation with Amwal for Electronic Banking Services. This document explains the terms and conditions of your Cashcom personal account and associated services. In addition, it contains basic information you need to know, including our privacy policy and any other relevant terms and conditions that apply to our services.

• Using the Card:

Your Cashcom Card is subject to the prevailing legislation in your jurisdiction, and all authorized transactions must comply with any regulations or directives issued by the Central Bank of Iraq, the Anti-Money Laundering and Countering Financing of Terrorism Office and MasterCard International. You are prohibited from using your card for fraudulent activities, suspected fraudulent transactions, or in violation of applicable laws, including those related to money laundering, terrorist financing, or any method that may damage the Cashcom, MasterCard, or AMWAL brand. In such cases, the company has the right to take the actions it deems appropriate. You will be legally and financially responsible for any such transactions. 

• Definitions:

The following words and phrases in these terms and conditions shall have the meanings set out for each of them unless the presumption indicates otherwise:

• Card Issuance:

Upon completion of the issuance and activation of the card, the company will deliver it with the client’s PIN in print or through the use of the smartphone application. The client is committed to maintaining the PIN at his full responsibility. It is a signature and acknowledgement by the client of his agreement to execute any requests, services or orders and not a claim in any way that he for use by any third person unless the company is clearly, explicitly and in writing informed in order to suspend and/or cancel the service and/or take any appropriate procedures at the company’s sole discretion. 

• Fees, Authorization and Limitations: 

The cardholder authorizes the company to charge annual fees and cash withdrawal fees at ATMs (local and international), in addition to any commissions or fees applicable to the use of the card. It is essential to provide accurate and honest personal information during the registration and subscription process. ** The cardholder also grants the company permission to share some of the information provided with subsidiaries, affiliated companies and relevant third parties (not including consultants and marketing partners) after ensuring the signing of approved non-disclosure agreements binding on those parties in order to protect the confidentiality of client information.

The client acknowledges and agrees that there are limitations for dealing with payment transactions carried out depending on their type, whether for a single transaction, monthly limitations depending on the type of client, and/or monthly limitations for the prepaid payment tool account as stated in the legislation in force and any amendments made to it. 

The company is obliged to inform the client about the balance of the prepaid payment tool account immediately after the end of any financial transaction through the available channels.

• Approved Transaction

The client agrees to authorize the company to settle financial transactions carried out to or on prepaid payment tool accounts immediately. The client will be notified immediately and in a timely manner.

The client acknowledges and agrees that the company will open a prepaid payment tool account, so that payment is made by e-money that is transferred by the company to the client’s account in exchange for the amounts of cash received and then that e-money is dealt with by the client using the prepaid payment tool.

The client acknowledges and agrees that there are limitations for dealing with payment transactions carried out depending on their type, whether for a single transaction, monthly limitations depending on the type of client, and/or monthly limitations for the prepaid payment tool account as stated in the legislation in force and any amendments made to it.

The client agrees to authorize the Company an absolute and irrevocable general authorization to credit the value of any transaction executed on the account of the Company’s prepaid payment tool.

• Rejected Transactions: 

The company is exempt from any liability if the transaction is rejected, even if the card has sufficient funds, due to technical problems, ATM failures, technical problems in computer systems, communication line failures, or the merchant’s refusal to accept the card.

The client acknowledges that the company is not responsible for any unexecuted and/or rejected operation for an unrelated reason and for any reason related to the operational systems of the service. 

1. Reporting Unauthorized Transactions:

If any unauthorized transactions occur without the client’s knowledge, the company should be immediately informed by calling Cashcom Client Service Center to report the fraudulent transaction within a specified time frame. Failure to report within this time frame may result in the client losing their right to claim the transaction amount.

• Discrepancies in the Transaction Amount:

In the event of discrepancies between the amount withdrawn according to the client’s statement and the company’s records, the company’s records will be considered accurate and binding on the cardholder. In the event of a difference between the amount withdrawn according to the cardholder’s statement and what is proven by the company’s records, the company’s records will be approved and binding on the cardholder.

• Proof of Identity and Verification of Transactions:

For point-of-sale transactions, the client is required to provide proof of identity upon request by the merchant or service provider. The cardholder should also check the transaction amount on the receipt before signing it and keep a copy for their records.

• Instant Debit Card: 

A prepaid card is an instant debit card; therefore, all purchases will be immediately deducted from the card balance and do not grant the holder any other credit facilities. It authorizes the client to deduct the value of all withdrawals and transactions from the available balance on the card.

• Lost, Stolen or Damaged Card:

If a card is lost, stolen, damaged, or suspected of being fraudulent, the client must block the card by immediately calling Cashcom client Service Center. Then, the cardholder must provide a written notice taking full responsibility for all transactions made before the problem is reported. If the card is found later, the cardholder must inform the company in writing.

The client acknowledges and agrees that the card will be used within the regulations and instructions of the Central Bank of Iraq and the international payment companies Visa and MasterCard, and that it will not be used for suspicious acts or the financing of illegal and terrorist entities and organizations, or used to buy prohibited goods, illegal goods or smuggled goods, and any practices or actions that violate the regulations and laws of the Republic of Iraq.

The client acknowledges that the card will be used by him personally as he is the only holder and exclusive holder of the card who has applied for it. It will not be granted to third parties, whether relatives or non-relatives. Any wrongful use of the card by third parties holds the primary client who applied for the card in full legal responsibility and shall bear its consequences.

The client is responsible for verifying the details of the transaction in terms of the future of the transaction and the value before executing the transaction, ensuring the protection of the personal password and complying with all security and confidentiality rules as approved by the company, in addition to not making transactions without sufficient balance in his card.

• Card Data Protection: 

The client is responsible for protecting card information and ensuring its use in accordance with the terms and conditions and the company’s privacy policy. The company assumes no liability if the card is used by others or if the PIN is disclosed. All transactions authorized by the card are considered valid and accepted by the cardholder. 

The company is committed to exercising due diligence to take all necessary procedures and precautionary measures to ensure the security and confidentiality of client information and to provide the service in accordance with the legislation in force in Iraq and any instructions issued by the Central Bank of Iraq in this regard.

• Responsibility for Using the Card:

The client acknowledges that the card will be used by him personally as he is the only holder and exclusive holder of the card who has applied for it. It will not be granted to third parties, whether relatives or non-relatives.

The client assumes full responsibility for any prohibited use or misuse of the Cashcom Card. The client also acknowledges that the Cashcom Card will not be used to buy illegal goods or services that violate public order or public morals. The client agrees that the company has the right to monitor transactions performed on the Cashcom Card and the right to take the necessary and appropriate measures in cases where the card is used in suspicious or fraudulent transactions or related to money laundering and terrorist financing. The client is fully and absolutely responsible for any prohibited use or abuse of the Cashcom Card.

• Cashcom Card Validity and Replacement:

The card is valid until its expiration date printed on it. A card is considered cancelled if it expires and/or if it is damaged. A replacement card can be requested by submitting a request to the company.

• Card Replacement Request and Company Estimate:

A new card can be issued based on the client’s card upon the expiration of the first card. The company reserves the right to cancel or refuse to reissue a new card without the need to justify the reasons.

• Card Block due to a Wrong PIN:

The card will be kept at the ATM if the wrong PIN is entered 3 times in a row. In this case, the client must inform the company by calling the Cashcom Client Service Center, as described in clause (24).

• ATM and Point of Sale Services Provide:

The company does not assume any liability due to the lack of ATMs or point of sale services at merchants, regardless of the reasons and justifications.

• Transaction Records:

ATM records and sales vouchers with merchants are a final and binding record of transactions performed by the cardholder.

• Dealing with Deceased Cardholders: 

In the event of the death of the cardholder client, the relatives of the deceased must inform the company of the suspension of the cards and then visit the company’s headquarters to divide the estate in accordance with the law and instructions.

• In-app Security Notifications

The client must install the Cashcom mobile app in order to be able to receive in-app notifications for all withdrawals and purchases, follow all notifications regarding how the cards are used, and receive any updates that may occur.

• Data Disclosure Authorization:

The cardholder authorizes the company to disclose his data or the relevant card account information to the regulatory bodies represented by the Central Bank of Iraq, the Anti-Money Laundering Office and any sovereign body. The data is updated periodically, and the client is notified of the expiration date of the official documents submitted during the registration process.

• Account Freeze:

A prepaid payment tool account is considered frozen if no financial transaction has been made on it for one year and in the event that it is not possible to communicate with the account holder and all means of contacting him are exhausted.

The company can notify the client that his account will be frozen at least one month before the expiration of the period stipulated above. 

The prepaid payment tool account will be suspended until the client personally or his representative is authorized by a judicial power of attorney or duly authorized authorization, or the authorized signatory in the case of a legal person to review the payment service provider at its headquarters 

In the event that the client or his legal representative reviews the company in order to reactivate the fixed prepaid payment tool account or withdraw the balance, the company is committed to reactivating the prepaid payment tool account or immediately liquidate the existing balance as requested by the client.

• Account Suspension and Blacklisting:

The client acknowledges and agrees that the company will not be responsible for any errors and/or damages and/or expenses that may be incurred by the client as a result of any violation of these terms and conditions by him. The client also commits and undertakes to bear all compensation, claims and damages that the company may suffer as a result of any violation by the client of these terms and conditions and/or for any reason or at the request of any other party.

The client acknowledges, knows and agrees that the company has the right to charge additional fees to be determined by the company if it is found that the client used the card incorrectly or suspected some transactions made on it.

The company reserves the right to suspend a client’s account and cards if the client’s name appears on a blacklist issued by the authorities or interested parties. The company may suspend or cancel a client’s account without prior notice.

In case of wrongful use of the card, it will be frozen. The client must also provide Amwal with what will be requested through the competent department.

• Prohibition of Dealing in Specific Currencies:

Dealing in digital, encrypted and virtual currencies is strictly prohibited in accordance with the instructions provided by the Central Bank of Iraq. This ban ensures compliance with the due diligence procedures set out in the laws and regulations of the Central Bank of Iraq and the Anti-Money Laundering and Countering Financing of Terrorism Office. 

• Contact Information:

If the client is not satisfied with the service provided to him, he has the right to file a complaint with the company’s Client Complaints Unit or call the Client Service Center at any time or visit the company’s headquarters if desired.

In case of any problems with the card, cardholders should contact Cashcom Client Service Center using the phone number provided: (+964662103107) or email: helpme@cashcompay.com

If the client is not satisfied with the outcome of the complaint, the client can resort to the Central Bank of Iraq by calling (60-4630301) or sending an email to media.office@cbi.iq or personally visiting the Central Bank of Iraq building.

The client acknowledges that the company has the right, after being informed of this, and in the event of any cause or violation by the client, to stop and/or cancel the service at any time and without incurring any legal or contractual liability on the company in any way.

• Jurisdiction

The client acknowledges and agrees that the legislation in force governs the relationship between him and the company. In the event of any dispute, the Iraqi judiciary will be referred to as it is the competent authority to consider any dispute related to these terms, conditions and services.

• Dispute Resolution:

Any disputes between the client and the company regarding the interpretation or enforcement of these terms are subject to the exclusive jurisdiction of the competent courts. To object to any card transaction, contact Cashcom Client Service Center within the specified time frame in accordance with applicable laws and regulations. The company will process the disputed transactions in accordance with the laws and regulations stipulated by the competent authorities.

• Terms and Conditions and their Update:

The terms and conditions of the prepaid card issued by Amwal should be constantly reviewed and updated by visiting the company’s official website (www.Cashcompay.com) as well as the company’s smartphone app (Cashcom app).

The company must provide the client with a copy of the terms and conditions signed with him and any notes, or statements related to the prepaid payment tool account, even if there is a judicial dispute between the client and the service provider.

The client acknowledges and agrees that the company reserves the right at all times to amend the terms and conditions related to the service. He also acknowledges his agreement to the amendment and his commitment to those terms and conditions after amending them because he has taken due care to verify the extent to which the terms and conditions have been changed. The company will do its best to inform the client about the amendment without incurring the minimum responsibility due to his lack of knowledge of the amendments made.