TERMS AND CONDITIONS OF UNDERCOVER MILLIONAIRES CURRENCY

Table of Contents

Undercover Millionaires Currency

Undercover Billionaires International is an elite investment business network and wealth academy. Undercover Millionaires Currency (which falls under Undercover Billionaires) is a trade and investment company, through which members can invest and trade Undercover Millionaires Currency coins (UMCs). The organisation provides a platform for both natural and legal persons to buy and sell UMC coins, from and to each other exclusively.

These terms and conditions regulate the agreement between users and members and the organisation itself. These terms and conditions function primarily as legal protection of Undercover Millionaires Currency. No natural/ legal persons can hold Undercover Millionaires Currency liable for any inconveniences/ errors regarding an individual’s misconception of the operation of this organisation.

As an Undercover Millionaires Currency member, it is imperative to read through, understand and agree to the given terms and conditions. The system will fail to process any transactions or operations, under any account, if these terms and conditions are not agreed to. If a member agrees to these terms and conditions, then such agreement will be processed as a legal obligation by a member and user, to adhere to the given terms and conditions.

Disclaimer: Under the legal operations of a crypto currency, membership (of which) is done so fully at one’s own risk. Undercover Millionaires Currency has full discretion to and is subject to change its procedures, terms and conditions without warning.

Communication methods

Information pack

The system provides an Information pack for all users and members of Undercover Millionaires Currency. It is compulsory and beneficial, for all users and members to download and read through the given Information pack, regarding keeping up to date with the organisation; as well as with the system, its processes and company activities.  It is also advised that this pack be used with regards to keeping updated with the regular changes which occur within the system itself.

Facebook

Undercover Millionaires has a page (Undercover Millionaires) on Facebook; onto which information regarding Undercover Millionaires and Undercover Millionaires Currency is regularly communicated to members and potential members. Members are encouraged to utilise this account with regards to keeping up to date with regular changes and information concerning the organisation and its operative systems. This group also uses the Inbox facility, whereby members and potential members can communicate directly with the Administrative department, regarding any queries/ questions they may have.

WhatsApp

Undercover Millionaires Currency has created (and continues to create) multiple chatgroups on WhatsApp. These chatgroups are exclusive to users and members of Undercover Millionaires Currency; with the functions of facilitating the communication and assistance to and between members of the organisation. It is advised that investors and members join these chatgroups, to have consistent communication and updates, regarding changes and information concerning the organisation. Any participants of these chatgroups who do not comply with social network etiquette (with regards to respect of Undercover Millionaires, Undercover Billionaires, relative staff, relative investors, etc.); as well as those who infringe on the company’s right to dignity; will be removed from such groups, without warning.

Administrative Panel

The system utilises its communication platforms; whereby members have direct communication to the Administrative Panel. This offers direct assistance to members from the system itself, whilst changes and new information is communicated directly onto the Dashboard. Members can use the following features on the Dashboard for communication to the Administrative Panel regarding queries and newly posted information:

Broadcast – information and changes regarding the company/ organisation and the system are posted onto this platform (which is exclusive to members and users), to keep up to date with the operations of the organisation; as well as any information concerning members and the company/ organisation itself. When new information is hereby uploaded, a newsflash will appear upon login, to notify the accountholder about the new information.

Message Panel – this is a platform (which is exclusive to members and users) onto which members can communicate their queries directly to the Administrative panel.

Customer care

The following are schedules and available times for customers to have direct and personal customer care from Undercover Millionaires Currency:

Customer carelines:

Sandton branch – 011 082 9811/26/30/45/46/48/54/58

Braamfontein branch – 010 005 4508

Durban branch -031 003 2952

Cape Town branch – 021 412 1556

Polokwane branch – 015 101 0511

Email addresses:

Queries – undercovermillionairesqueries@gmail.com

FICA documents – umcficadocx@gmail.com

Ambassador – undercoverbillionariesembassad@gmail.com

Buy orders – umcbuyorders@gmail.com

Appointments and Office Branches:

Sandton branch: 12 Fredman drive

Sala House 1st floor 

Johannesburg, 2196

Durban branch: 11 Walnut road

  Regus Business centre 1st floor 

Durban, 4001

Cape Town: 24 Hans Stridom Avenue,

Icon Building 5th floor, office 501   

Cape Town, 8000 

Polokwane branch: 203 Parklain Hans van Rensburg street

Polokwane 0700

Clients may be personally assisted without an appointment, at any of the above-listed branches without appointments on Tuesdays and Wednesdays between 09h00 and 11h00. Thereafter, clients may only book appointments, at any of the above-listed branches, if such appointment is based on a query which needs personal assistance.

No queries, calls, emails and appointment-bookings will be attended to during office meetings and/or during the following hours:

Mondays – 09h00-10h00

Thursdays – 09h00-10h00

Personal Information

Financial Intelligence Centre Act 38 of 2001 (FICA)

Undercover Millionaires Currency requires members to provide their personal information; which complies with the Financial Intelligence Centre Act 38 of 2001 (FICA). This Act is used to provide legal protection and authorisation to the company/ organisation, as well as its members, with regards to the following aspects:

Information concerning South African citizens and residents

Verification of information concerning South-African citizens and residents

Information concerning foreign nationals

Verification of information concerning foreign nationals

Information concerning close corporations and South African companies

Verification of information concerning close corporations and South African companies

Information concerning foreign companies

Verification of information concerning foreign companies

Information concerning other legal persons

Verification of information concerning other legal persons

Information concerning trusts

Verification of Information concerning trusts

Additional requirements when person acts on authority of another

Verification in absence of contact person

Accountable institution maintain [sic] correctness of particulars

Particulars of third parties keeping records

Information to identify proceeds of unlawful activities or money laundering activities

Manner of reporting

Information to be reported concerning property associated with terrorist and related activities

Prescribed amount for cash transaction reporting (which are subject to change in accordance with company regulations and policies)

Information to be reported when a cash transaction is above the prescribed limit.

Information to be reported concerning a suspicious or unusual transaction report

Period for reporting

Internal rules concerning establishment and verification of identities

Internal rules concerning the keeping of records

Internal rules concerning reporting of information

Period for and manner of registration by accountable institutions and reporting institutions

Period within and manner in which executive body must submit written report to Centre

Manner in which appeal is to be lodged and payment of fee

Guidance notes

Offences and penalties

Title and commencement

Protection of Personal Information Act 4 of 3013 (POPI)

The Protection of Personal Information Act 4 of 2013, gives protection to the Undercover Millionaires Currency organisation, with regards to the gathering, storage, processing and usage of members’ personal information. In consideration of this Act, Undercover Millionaires Currency uses a specialised database (which processes members’ information) and uses a server onto which members’ personal information is stored. This information is exclusive to the organisation and is shared in a restricted manner and legal manner. Each subscriber agrees to have their personal information shared for reasons of processing transactions (the buying or selling of a UMC). Per the operation of the organisation itself, personal information of members is shared with other members ONLY when such members are paired to one another.

It is the responsibility of members to keep their personal information confidential. The organisation will not be held liable for personal information which is volunteered by members to others.

*For Power of Authority regarding accounts, refer to paragraph 2.4.

Promotion of Administrative Justice Act 3 of 2000 (PAJA)

The administrative department of Undercover Millionaires Currency is under the protection of the Promotion of Administrative Justice Act 3 of 2000 (PAJA). This Act ensures that all administrative procedures within the organisation are lawful, reasonable and procedurally fair. It also gives effect to written reasons for administrative action, in accordance to Section 33 of the Constitution of the Republic of South Africa, 1996; as well as to provide for matters incidental thereto.

*Power of Authority

It is per a user’s/ member’s discretion to give any other person the power of authority over his/ her account. The company will take no liability for any conjoint operative activities and decisions which are performed within such account. Any liability incurred within such circumstances; or under such account, will fall strictly onto both the accountholder and his/ her power of authority.

Beneficiary

Investors and members may register their next of kin onto their profile. To do so, investors and members must download the Beneficiary Application Form made available on the Undercover Millionaires Currency website. Applicants must read through and agree with the terms and conditions pertaining to the relevant application, before completing and submitting their application.

Fraudsters

Fraudsters are people who operate under fraudulent activities in the following ways: Fraudulence is the action or quality of cheating, lying, or deceiving a natural/ legal person (regarding personal details and transactions).

These terms and conditions refer to the following (as well as unspecified) fraudsters:

First-party fraudsters – these are parties who commit fraud/ fraudulent activities on their own profiles/ accounts.

Second-party fraudsters – these are parties who commit fraud/ fraudulent activities on other members’ profiles/ accounts.

Third-party fraudsters – these are parties who conjointly commit fraud/ fraudulent activities on their own or other people’s accounts.

As Undercover Millionaires Currency, it is our duty to ensure that management of accounts and membership result in the increase of honesty, integrity, emphasis on transparency, culture and ethical conduct within the organisation itself. Therefore, fraud risks are dealt with in the strictest of manners; as a contribution to the integrity and dignity of the organisation; as well as to discourage and alleviate potential fraudsters from operating within Undercover Millionaires Currency.

It is the responsibility of anyone who suspects/ knows of a fraudulent account, to report such fraudulence to the Administrative department of the organisation.

In the case that an account is suspected of fraudulent activities, or is associated with fraudulent activities; then such account will be automatically suspended, whilst it undergoes legal investigations within the Undercover Millionaires Currency organisation.

If credible evidence against a member regarding fraud, is gathered and such fraud is confirmed, such account will be blocked with immediate effect and blocked/ blacklisted in accordance with company procedures and regulations.

An identical or similar procedure will be observed in matters pertaining to phishing scams.

An individual who chooses to ignore these issues, will do so at his/ her own peril.

Payment

Payment confirmation

It is important to ensure that all payments (made to either the system, or a paired individual) are approved by the recipient of such payment (ONLY when such payment reflects in the recipient’s account), through the system. If payments are not approved, the transaction will not be recognised, will remain pending and deemed incomplete and unsuccessful.

Undercover Millionaires Currency will not be held liable for any errors made by pairs/ members regarding payments and/or payment confirmation. However, if a payment error concerns the company/ organisation’s account, then Undercover Millionaires Currency will intercept and resolve such error in accordance with company procedures** (if such error pertains to Undercover Millionaires Currency’s own account and such error can be substantiated with a valid proof of payment). If such a payment error pertains to a third party, whom is a registered member of Undercover Millionaires Currency, then the company will intercept (ONLY if there is proof of payment).

Flag management

The “Flag It” option is available for both buyers and sellers. This function is to alert the Administrative panel about abuse from the other party/ pair (whether buying or selling), during a live transaction or the overall transaction. It is used to notify The Administrative panel, of a party/ pair, who is being non-compliant with systematic procedures.

When members click on “Flag it” they are given a provision to write a comment (and state the reason for flagging the transaction) and then send such message.

The flagged transaction will therefore appear on the Administrative panel and the relevant personnel will notice the comment placed by the flagger. Such personnel will thereafter resolve the query in accordance to the comment placed. Both the seller and the buyer will be contacted about the abuse raised on the Flag management.

Flag-It Status Indicator – this feature is used to indicate the status (reliability) of an accountholder.

Green – this indicates that the account/ accountholder has not been flagged and is reliable regarding complete and successful transactions. Should this individual get flagged, then his/ her status will change to Amber.

Amber – this indicates that the account/ accountholder has been flagged once and is semi-reliable regarding transactions. Should this individual get flagged again, his/ her status will change to Red.

Red – this indicates that the account/ accountholder has been flagged twice and is unreliable regarding complete and successful transactions. Should this individual get flagged again, his/ her account will be suspended.

Payments made with the incorrect amount (Buyers)**

It is the responsibility of a buyer to ensure that the amount of money paid to a seller is correct. All payments made from a buyer to a seller are irreversible. If an incorrect amount of money is paid to a seller, then the buyer will be credited UMCs in accordance to the value of their payment (if such transaction is not flagged). Undercover Millionaires Currency shall not be held liable for any losses incurred due to incorrect payments; regardless of whether such payment was intentional or negligent.

Confirmation/ Acceptance of incorrect payment (Sellers)

Sellers are responsible for ensuring that the payments confirmed/ approved under their Undercover Millionaires Currency account, are of the correct amount. All payments made from a buyer to a seller are irreversible. If a seller should approve an incorrect amount of payment; then such confirmation/ approval will be deemed valid and will furthermore be processed by the system.

If a seller receives an incorrect amount of payment, then it the responsibility of said seller/ recipient to flag the transaction. The procedure which will thereafter be adhered to is as follows:

Depending on the merits and circumstances of each case, Undercover Millionaires Currency will exercise the discretion concerning the cancellation of the pair or suspension of the appropriate account.

Undercover Millionaires Currency will also exercise its discretion concerning the accreditation of UMCs into the appropriate account (in accordance to the value of the amount of money paid [with direct reference to the currency rate of the date of transaction]).

Undercover Millionaires Currency shall not be held liable where a seller approves an incorrect amount of payment into their account; regardless of whether such approval was intentional or negligent.

Proof of payment

Please note that all members of Undercover Millionaires Currency are advised to keep their proof of payments (P.O.P). The company cannot assist members with regards to payment queries, if such queries are dependent on such P.O.P. The following are organisational requirements regarding proof of payments:

The P.O.P.  in use, must be clear and legible.

It is compulsory for the P.O.P. to reflect the appropriate bank account number to which the payment was made.

It is compulsory for the P.O.P. to reflect the appropriate bank account number from which the payment was made.

The P.O.P. must clearly reflect the amount of money paid.

Electronic proof of payments

An electronic P.O.P should be of original documents.

Bank slips

Individuals who use bank slips as P.O.P should ensure that such proof is legible.

Bank statements

If a bank statement is used for P.O.P. then such statement must be legible and should be certified (stamped) with the appropriate bank.

Guarantees

The value of 1 UMC

The value of an Undercover Millionaires Currency coin fluctuates as per the demand and supply of the UMC. The demand determines the fluctuation of the currency and such currency determines the value of the coin. Therefore, there is no fixed value for 1 UMC.

It is the responsibility of the investors of the organisation, to continuously update themselves daily with the relevant currency rates, to stay informed about the value of 1 UMC.

Referrals and transaction costs

Recruitment Bonus Structure

Referral bonuses

Level 1- This level consists of people who have joined directly under you and your bonus percentage from their total investment is 5%.

Level 2- This level consists of people who have joined under your level 1 down liners and your bonus percentage from their total investment is 3%.

Level 3- This level consists of people who have joined under your level 2 down liners and your bonus percentage from their total investment is 1%.

As an active investor of Undercover Millionaire Currency membership, I hereby agree to the following (pertaining to the recruitment bonus and referral bonus):

I (sponsor) shall profit 5% from each of the members I recruit (down-liners) directly.

I shall also profit 3% from each of the down-liners which are recruited by my own down-liners.

I shall profit 1% from each of the down-liners which are recruited by my down-liners’ recruiters. 

Transaction cost

Upon every successful transaction, each seller is charged a transaction cost of 2% from his/ her total account balance. The transaction cost is divided equally between the company and up-liners’ commission. This means that 1% is credited to the company’s account, while the remaining 1% is dispersed as commission, in accordance to the Recruitment Bonus Structure (Levels 1-3), to the relative seller’s up-liners.

Deactivation of accounts

Voluntary deactivation of account by investors

For an account to be deactivated voluntarily, such individual should initiate the Refund policy (as stated in paragraph 11).

Deactivation per insubordination to and defamation of Undercover Millionaires (and Undercover Millionaires Currency)

If any investor/member of Undercover Millionaires Currency is found guilty of defaming and disparaging the company in any manner; or on any platform (i.e. verbally, through social media [Facebook, WhatsApp, Twitter, and/or any other social media network and/or technological or written platform]), SMSs, phone calls, emails, or on any other platform or medium, or in any other way that will infringe on the organisation’s right to dignity, through his/her account; or through any other member’s account; then such actions/ activities will lead to immediate deactivation of his/ her account.

The deactivation of an account under the provisions stated in paragraph 6.2. will precede the company’s refund policy (the processes of which are stated in paragraph 11.). Furthermore, the said account will automatically be blacklisted and banned from any future Undercover Millionaires Currency activities and business ventures/ opportunities/ interactions. In addition to being so disqualified, the account and accountholder will be banned from any further association with Undercover Millionaires (and Undercover Millionaires Currency) with immediate effect.

Suspension of accounts

The following reasons are valid and justifiable grounds for suspension (and/or immediate termination, per discretion of the company):

Account which is suspected of fraudulent activities, the account will be suspended during the time of investigation

Inactivity/ stagnation of account for 6 months consecutively

Account which is flagged more than 2 times consecutively

Refund policy

Suspension due to inactivity/ stagnation of account

Accounts which are inactive/ stagnant for 6 consecutive months will be immediately suspended. If such accountholder would like to have his/her account unsuspended/ reactivated, then such member should call the customer careline of the nearest branch and request to have it unsuspended. Should the suspended account remain suspended for an additional 6 consecutive months; with no request to have it unsuspended, then it will lead to such account being deactivated by the system.

Blocked accounts

The following accounts qualify to be blocked by the system:

Account which is suspended due to its operation under/ association with fraudulent activities – if such party is found guilty of fraud

Account which is suspended for 6 months consecutively for inactivity/ stagnation

Termination of accounts

The following reasons are valid and justifiable grounds for immediate termination of a member’s/user’s account per discretion:

Fraudulence – if member is found guilty of fraudulent activities

Multiple suspensions of account

Succession of the refund policy

Blocked accounts (if such account has been blocked for 6 consecutive months)

Blacklisted accounts (per the company’s discretion)

Blacklisting of members

The following reasons/ offences accounts validly and justifiably qualify an investor to be blacklisted:

Account which is suspended due to its operation under/ association with fraudulent activities

Account which is deactivated due to insubordination to and defamation of Undercover Millionaires Currency

Insubordination/ defamation of the company

It is compulsory and obligatory for all members who use the system to indicate engagement in a transaction, to ensure that they follow such request, for the transaction to be complete.

Refund policy

Members of Undercover Millionaires Currency may receive a refund, only under the following circumstances:

If such a member requests to make a complete withdrawal from his/ her account, through the system

If such a member’s account has been paired 5 times consecutively and none of these pairs have resulted in progressive sales; or such pairing has pended for 90 days consecutively (without any cancellations)

If such a member’s successful sell orders do not exceed his/ her initial investment

Upon the request of such a member

Within 60 working days of such a request

** If an individual; intentionally or negligently makes an unforeseen payment directly into the organisation’s account, then such payment will be deemed valid and non-refundable. If such an individual is not a subscriber of Undercover Millionaires Currency, then the alleged payment will deem automatic registration and subscription into the organisation’s system and the individual will be credited UMCs in accordance to the value of the said payment.