Overseas Remittance Service Terms and Conditions

Article 1 (Scope of Application)

These Terms and Conditions shall apply to the relationship between N&PKorea Co., Ltd. (hereinafter referred to as the “Company”) and customers (hereinafter referred to as the “Customer”) who use the Company’s “Small-Amount Overseas Remittance Service” (hereinafter referred to as the “Service”).

Article 2 (Real-Name Transactions)

The Customer shall conduct small-amount overseas remittance transactions with the Company under their real name. If the Company requests the Customer to provide identification documents or other necessary materials for real-name verification, the Customer shall comply accordingly.

Article 3 (Remittance Limits)

The limits on the amount that the Customer may remit through this Service shall be as follows:

1. The maximum limit per transaction for both remittance and receipt is USD 5,000.
2. The annual cumulative limit for both remittance and receipt is USD 50,000.

Article 4 (Designated Account)

1. The Company may remit or receive funds to or from customers only through the account opened under the Company’s name with a financial institution that was designated at the time of registration (including any change in registration) for the small-amount overseas remittance business (hereinafter referred to as the “Designated Account”). The Designated Accounts are as follows:
   Shinhan Bank 140-011-883602
   Shinhan Bank 140-013-793540
2. The Company shall post information regarding the Designated Account on its website and shall keep such information up to date.

Article 5 (Fees)

1. When the Company receives an application from a Customer to use this Service, the fee to be borne by the Customer (hereinafter referred to as the “Fee”) shall be as set forth in Appendix 1.
2. The Company shall post information regarding the Fee on its website and shall keep such information up to date.

Article 6 (Applicable Exchange Rate)

1. When the Company receives an application from a Customer to use this Service, the exchange rate applied to the Customer shall be determined as follows:
   For remittance, the rate shall be based on Shinhan Bank’s KRW/USD T.T.S. rate, with a margin of plus or minus KRW 15.
   For receipt, the rate shall be based on Shinhan Bank’s KRW/USD T.T.B. rate, with a margin of plus or minus KRW 15.
2. The Company shall post information regarding the applicable exchange rate on its website and shall keep such information up to date.

Article 7 (Payment and Receipt Amounts)

1. When a Customer deposits funds into the Designated Account to use this Service, the Company shall deduct the applicable fees, convert the remaining amount into foreign currency, and remit it to the recipient designated by the Customer.
2. When the Company receives an application from a Customer to use this Service, details regarding the payment and receipt amounts, expressed in both Korean won and foreign currency, shall be provided to the Customer either electronically or in written form.

Article 8 (Processing Time)

1. When the Company receives an application from a Customer to use this Service, the expected time required for payment or receipt shall be as follows:
   The time from when the Customer’s application is received until the funds are paid to the recipient shall range from 10 minutes to 2 business days (based on the business days of the respective partner companies in each country).
   The time from when a payment request is received from a foreign partner company until the funds are received shall also range from 10 minutes to 2 business days (after completion of real-name verification).
2. The Company shall post information regarding the expected processing time for payment or receipt on its website and shall keep such information up to date.

Article 9 (Modification and Cancellation of Remittance)

1. The Customer may request the Company to modify or cancel a remittance transaction that has not yet been completed — for example, where the funds have not been successfully deposited into the recipient’s account — by phone or by visiting a branch office. However, once the remittance has been completed, including successful deposit into the recipient’s account, modification or cancellation shall not be permitted.
2. When the Company receives a request from the Customer to modify or cancel a remittance, the Company shall process the request and notify the Customer of the result.

Article 10 (Notification of Remittance Results)

When the remittance has been completed, including successful deposit into the recipient’s account, the Company shall immediately notify the Customer of the result through the contact information registered in advance by the Customer.

Article 11 (Compensation for Damages)

In the event that the Customer suffers damages due to reasons attributable to the Company, the Company shall be liable for ordinary damages as prescribed by the Civil Act, and shall be liable for special damages only if the Company knew or could have known of such circumstances.

Article 12 (Refunds)

1. If the remittance process is not completed within 15 days from the date the Customer deposited the funds into the designated account after applying for the Service, without any fault attributable to the Customer, the Customer may request a refund from the Company.
2. Upon receiving a refund request under Paragraph 1, the Company shall, unless there are special circumstances, refund to the Customer the amount originally deposited into the designated account as well as any applicable compensation under Article 11 (Compensation for Damages).

Article 13 (Dispute Resolution Procedures)

1. The Company shall establish procedures for reflecting legitimate opinions or complaints raised by Customers in connection with small-amount overseas remittance services, and for compensating Customers for any damages incurred in relation thereto (hereinafter referred to as the “Dispute Resolution Procedures”).
2. The Company shall provide details regarding the method of filing a dispute, the procedures for handling disputes, and how Customers will be notified of the dispute resolution results, as set forth in Annex 2.
3. The Company shall disclose on its website the list of dispute resolution officers and persons in charge, including their contact information, and shall ensure that such information is kept up to date.

Article 14 (Retention of Transaction Records)

The Company shall retain records of payment and receipt transactions with Customers for a period of five (5) years in accordance with the Foreign Exchange Transactions Act and other applicable laws and regulations.

Article 15 (Confidentiality Obligations)

1. The Company shall not provide any Customer Information—which includes personal details, account information, details and performance of remittance transactions with the Company, or any other information learned through the provision of small-amount overseas remittance services (hereinafter referred to as “Customer Information”)— to any third party or use or disclose it for purposes other than business purposes without the consent of the Customer, except as required by applicable laws and regulations.
2. In the event that the Company breaches the provisions of Paragraph 1 due to negligence or other fault, or in case of theft or leakage of Customer Information, the Company shall be liable to compensate the affected Customer. However, the Company may be exempted from such liability if it proves that the breach was not caused by its willful misconduct or negligence.

Article 16 (Provision and Explanation of Terms)

1. When the Company establishes or amends the Terms, it shall publicly announce them through its website or other means, and clearly indicate the Terms when entering into contracts with Customers regarding small-amount overseas remittance services.
2. The Company shall provide the Customer with a copy of the Terms via electronic transmission (including email), facsimile, mail, or in person.
3. If a Customer requests an explanation of the Terms, the Company shall explain the important contents of the Terms by one of the following methods:
   1. Directly explaining the important contents of the Terms to the Customer.
   2. Displaying the important contents clearly through electronic means and obtaining an acknowledgment from the Customer via electronic means that they have fully understood the contents.

Article 17 (Governing Provisions)

Matters not stipulated in these Terms shall be governed by the Foreign Exchange Transaction Act and other applicable laws and regulations.

Article 18 (Jurisdiction)

In the event of any dispute arising in connection with this transaction, the parties shall, in principle, seek to resolve it through mutual agreement. However, if the parties cannot reach an agreement or fail to resolve the dispute, any legal action arising from this transaction shall be subject to the jurisdiction of the court as stipulated in the Civil Procedure Act.

Supplementary Provision (Effective Date)
These Terms shall apply from November 3, 2017.