BackTerms & Conditions

General Terms and Conditions for the Mountain Bank (“T&Cs”)

Version v1.2

1. Definitions and Interpretation

In these Terms and Conditions, unless otherwise stated:

  • “Bank” or “TMB” means The Mountain Bank, a financial institution licensed by Monetary Authority of Ta'ang State.
  • “Commercial Account” means an Account, specified under Clause 2.3, maintained by an individual, business or organisation for business, commercial or professional purposes.
  • “Customer/You/Your” means any individual, business or organisation that maintains an Account with the Bank or otherwise uses the Services provided by the Bank.
  • “Account” means any account maintained by the Customer with the Bank, including but not limited to current account, savings account, fixed deposit account, and wallet account.
  • “Stablecoin” refers to The Mountain Coin (TMC) which is pegged with Myanmar kyat.
  • “Application” refers to The Mountain Bank application of both mobile and website versions.
  • “Transaction ID” refers to Identification of transactions happening upon the The Mountain Bank (TMB) Network.
  • “Secret Code” refers to a set of numbers set by customers to verify and authorize for specific transactions.
  • “Personal Account” means any Account, specified in Clause 2.1, maintained by an individual in their personal capacity, and not for business or commercial purposes.
  • “Services” mean any banking or financial related services provided by the Bank to the Customer through physical branches, electronic platforms or any other means as may be made available by the Bank from time to time.
  • “User” means any Customer using the Mobile Banking Service of the Bank.

These terms and conditions shall be governed by and construed in accordance with the laws of Ta'ang State and the Republic of the Union of Myanmar.

2. Account Opening

2.1 Personal Accounts

A Customer, who is an individual, may open one or more of the following Personal Accounts:

  • Wallet Account (Level 1 - Basic User);
  • Wallet Account (Level 2 - KYC User);
  • Personal Current Account;
  • Saving Account; and
  • Fixed Deposit Saving Account.

2.2 Requirements to open a Personal Account

For Personal Account – Wallet Level 1 (Basic User) Requirements:

  • Be at least 18 years old and of sound mind (established via self-declaration during registration);
  • Provide a valid email address;
  • Provide or set up identification credentials such as password, PIN, or biometric logins as may be accepted by the Bank.

For Personal Account – Wallet Level 2 (KYC User) Additional Requirements:

  • Provide a valid identification document such as a National Registration Card, passport, or other documents as may be accepted by the Bank;
  • Provide a selfie picture during the upgrading and verification process (the Customer must update their selfie picture every six (6) months);
  • Comply with all applicable Know Your Customer (KYC) requirements.

2.3 Commercial Accounts (KYB Users)

A Customer, which is a registered commercial entity, business, or government department, may apply to open one or more of the following Commercial Accounts:

  • (a) Commercial Current Account;
  • (b) Merchant Account;
  • (c) Payroll Management Service Account;
  • (d) Other types of business accounts that the Bank may launch.

2.4 Requirements to open a Commercial Account

  • (a) Provide a valid company registration certificate, business licence, or other formal registration documents as may be accepted by the Bank;
  • (b) Ensure that the individual applicant or the authorized signatory possesses a verified Level 2 Wallet Account (KYC User) prior to submitting the commercial application;
  • (c) Provide a board resolution or other formal authorization approving the account opening and appointing authorized signatories in the case of a company or organization, or a signed declaration by the individual authorizing the opening of a bank account for business, commercial, or professional purposes in the case of a sole proprietorship;
  • (d) Provide a copy of the tax registration certificate and tax identification number issued by the relevant authority;
  • (e) Provide a valid business email address;
  • (f) Comply with all applicable Know Your Business (KYB) and ongoing Know Your Customer (KYC) due diligence requirements; and
  • (g) Provide or set up identification credentials such as password, PIN, or biometric logins for authorized users as may be accepted by the Bank.

2.5 Identity Verification and Compliance Monitoring

The Customer is required to provide complete, valid identification and documentation as part of the KYC and KYB requirements. The Bank reserves the right to request updated information and documentation from time to time to ensure ongoing compliance. The Bank, at its sole discretion, may refuse transactions, decline account openings, freeze existing accounts, and act as required by applicable laws if:

  • The Customer fails to provide complete, accurate, or up-to-date information and documentation upon request;
  • The Customer, its beneficial owners, or authorized signatories appear on any local or international sanctions list, blacklist, or are flagged under the Bank's internal Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) screening systems.

3. Login Credentials for Application

3.1

The login credentials (such as username, email, and/or password) issued to each user serve as a unique identifier and are deemed equivalent to the user’s signature when accessing services in TMB’s application.

3.2

Users may change their login credentials at any time. For security reasons, users are advised to memorize their credentials and refrain from recording them or storing them in any manner that could compromise their confidentiality.

3.3

The login credentials are intended for the exclusive use of the account holder. By using the service, the account holder agrees not to disclose or share their credentials with any unauthorized individual. If credentials are shared, the account holder shall be fully responsible for all resulting transactions, including any unauthorized withdrawals, transfers, or access to financial information.

4. Deposits, Withdrawals and Transfer

4.1

TMB reserves the right to determine and revise, at its discretion, the minimum deposit amounts, limits on deposits, and conditions for accepting funds.

4.2

The customer is responsible for providing precise instructions and ensuring sufficient available balance for all withdrawal transactions. If the account balance is insufficient to meet the withdrawal request, TMB reserves the right to decline such transactions. Withdrawal instructions must be issued by the account holder or an authorized signatory utilizing their approved digital login credentials, Secret Code, or biometric authentication as recognized by TMB.

4.3

In the event of funds being erroneously credited to the customer’s account due to technical errors, human errors, or any other reason, the customer is obligated to notify TMB immediately. Such funds are not to be used by the customer, as they do not constitute lawful ownership.

4.4

TMB may refuse to process the customer’s account transactions if the instructions are ambiguous, incomplete, or conflict with legal requirements.

4.5 Fund Transfer Obligations

(a) Accuracy of Instructions: The customer is solely responsible for providing complete and accurate recipient information (including account numbers, wallet addresses, or user identifiers) when initiating any transfer of funds or Stablecoin (TMC) across the TMB Network. The Bank will execute transfers based strictly on the details provided by the customer.

(b) Irreversibility: Once a transfer is authorized by the customer (using their Secret Code, login credentials, or biometric authentication) and executed by the Bank, the transaction is final and irreversible. TMB assumes no liability and is under no obligation to reverse, trace, or recover funds sent to an incorrect or unintended recipient due to customer error.

(c) Compliance and Monitoring Limits: The Bank reserves the right to delay, intercept, or reject any transfer request without prior notice if the transaction exceeds the Customer’s assigned user level limits (as defined in Section 5), is flagged by internal fraud monitoring systems, or requires further investigation to comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.

(d) Network Operations: While TMB endeavors to process transfers in a timely manner, the Bank does not guarantee immediate settlement and shall not be liable for delays caused by network congestion, scheduled maintenance, or technical disruptions on the TMB Network.

5. Categories of Customers and User Levels

5.1

The Bank may, at its sole discretion, classify its Customers into distinct categories based on the nature and purpose of their relationship with the Bank and other criteria as may be determined by the Bank.

5.2

Each Customer category may be subject to specific terms, including eligibility criteria, permitted account types, applicable services, transaction limits, and documentation or due diligence requirements. These categories include:

  • Basic Users (Non-KYC): Customers who register for a bank account utilizing only an email address and self-certifying that they meet the minimum age requirement. Basic Users have not completed full identity verification and are strictly restricted to accessing the Level 1 Wallet Account. They are not permitted to access Level 2 Wallet Accounts, Commercial Accounts, or any other account types until full KYC verification is completed.
  • KYC Users: Customers who have completed full identity verification by submitting valid identification documents. KYC Users are granted access to all standard personal banking services, including the Level 2 Wallet Account, Personal Current Accounts, Saving Accounts, and Fixed Deposit Accounts.
  • KYB (Know Your Business) Users: Registered commercial entities, businesses, or government departments that have completed formal institutional verification. KYB Users are granted access to specialized business services, including merchant accounts and payroll management service accounts.

5.3

The Bank may, at its sole discretion, assign different levels of access or functionality to Customers using its mobile banking service based on the profile, usage history, and other criteria as may be determined by the Bank.

5.4

Each user level may be subject to specific terms, including transaction limits, features, or authentication requirements, as may be determined by the Bank from time to time. These levels may include but are not limited to:

Level 1:

  • Limit up to 100,000 TMC per transaction.
  • Maximum daily transaction amount of 500,000 TMC.
  • Maximum holding balance of 1,000,000 TMC.
  • Limit of up to 5 transactions per day.

Level 2:

  • Limit up to 1,000,000 TMC per transaction.
  • Maximum daily transaction amount of 3,000,000 TMC.
  • Maximum holding balance of 10,000,000 TMC.
  • Limit of up to 30 transactions per day.
  • Access to Current Account, Fixed Deposit Account, and Saving Account.
  • Eligible to apply for KYB status to open a Commercial/Merchant Account and access Payroll Management Services.

5.5

The Bank reserves the right to change a Customer’s category or user level at any time without prior notice, in accordance with applicable regulatory requirements, its internal policies, and/or risk assessments.

6. Fees, Charges, and Interest

6.1

Interest rates, service fees, charges and applicable rates for all account-related services are outlined on the TMB’s official website.

6.2

Fees and charges will be debited from the customer’s account periodically or as specified in the applicable terms. TMB may debit fees on the first or last day of the month or at other designated intervals.

6.3

TMB reserves the right to revise fees, charges and interest rates at its sole discretion.

6.4

TMB has the right to recover any unpaid fees or charges from the customer’s account balance, including any withholding tax or other statutory deductions.

7. Privacy and Data Protection

7.1

TMB collects, processes, and safeguards personal data in accordance with applicable laws and regulations. The Bank will maintain the strictest confidentiality of all customer information, except where disclosure is explicitly required by law, regulatory directives, or a competent court order.

7.2

Notwithstanding Section 7.1, the Customer acknowledges and agrees that TMB may share necessary personal data with authorized third-party service providers, affiliates, or network partners solely for the purposes of executing requested transactions, maintaining platform security, or conducting mandatory Anti-Money Laundering (AML) and Know Your Customer (KYC) monitoring.

7.3

The collection, use, and protection of all customer data are comprehensively governed by TMB’s official Privacy Policy. By utilizing the Services, the Customer consents to the data practices outlined therein. For complete details, please visit: https://www.themountainbank.com/legal/privacy.

8. Account Deactivation, Termination and Closure

8.1

If a wallet account remains inactive for a period of 6 consecutive months, TMB reserves the right to deactivate the account.

8.2

Upon detecting four (4) consecutive months of inactivity, TMB will issue an initial notification via email stating that the account is inactive. If no activity occurs within two (2) months of this notification (totaling 6 consecutive months of inactivity), a final reminder email will be sent and the account may be immediately deactivated.

8.3

To reactivate a deactivated account, the user must pay a reactivation fee. If the account balance is insufficient to cover the fee, the amount will be recorded as a negative balance and automatically deducted from the user's next deposit.

8.4

The Customer may close their account by submitting a written request. All liabilities must be settled prior to closure.

8.5

The Bank may close an account with notice for non-compliance, inactivity, or regulatory reasons.

9. Customer Responsibilities

9.1

The Customer is required to ensure that information provided for opening and maintaining the account is accurate and up-to-date. Should there be any changes to the information provided, the Customer is required to inform TMB as soon as practicable.

9.2

The Customer shall monitor account activity and report suspicious transactions immediately to TMB.

9.3

The Customer shall comply with these Terms and Conditions as well as the terms and conditions for specific services as well as all applicable laws and directives.

10. Bank Responsibilities

10.1 Limitation of Liability

TMB shall only be liable for direct loss or damage arising exclusively from the Bank’s willful misconduct or gross negligence. Under no circumstances shall the Bank be liable for any indirect, incidental, special, punitive, or consequential damages, even if advised of the possibility of such damages.

10.2 Exclusions of Liability

The Customer acknowledges and agrees that TMB shall not be held responsible or liable for any loss, damage, delay, or failure to process transactions resulting from:

  • (a) The access or use of the Customer’s Account by any third party utilizing the Customer’s User ID, PIN, password, mobile PIN, biometric data, or other authentication methods;
  • (b) Force majeure events or circumstances beyond TMB’s reasonable control, including but not limited to the failure of equipment or communication systems, inoperative connection signals, computer viruses, cyber-attacks, unlawful third-party acts, or system downtime necessary for scheduled maintenance and upgrades;
  • (c) Delays, errors, or deficiencies caused by the Customer’s hardware, software, Internet Service Provider (ISP), or other third-party telecommunication networks;
  • (d) Standard operational processing times inherent to the execution of digital banking services and blockchain network settlements;
  • (e) Any non-compliance by the Customer with these Terms and Conditions, applicable laws, or specific service guidelines provided by TMB.

10.3 Customer Indemnification

The Customer agrees to indemnify, defend, and hold harmless TMB, its affiliates, directors, officers, employees, and third-party service providers from and against any and all claims, liabilities, damages, losses, costs, fines, and expenses (including reasonable legal and judicial fees) arising out of or directly related to:

  • (a) Any breach or violation by the Customer of these Terms and Conditions or any applicable laws and regulations;
  • (b) The Customer's misuse of the Account, Services, or the TMB Application;
  • (c) The infringement of any third-party rights by the Customer;
  • (d) Any fraudulent activity, money laundering, or illegal operations conducted through the Customer's Account;
  • (e) Any action taken by the Bank in executing instructions provided by the Customer or any person utilizing the Customer's authenticated login credentials.

11. Security Measures for Customers

11.1

In the event of a data breach or unauthorized access to a customer's account, TMB will promptly notify affected customers via email and in-app notification. Notifications will include the nature of the breach, the information potentially compromised, and recommended protective measures.

11.2

TMB operates a one-device-per-account policy. The Customer will receive immediate email and in-app alerts if a login attempt is made from a new or unauthorized device. This is to ensure real-time awareness and enable swift response to unauthorized activity.

11.3

If a customer suspects unauthorized access or reports a lost or stolen device, they must submit a formal complaint through the TMB mobile application or official website. Upon receipt of such a complaint, TMB will temporarily freeze the affected account to prevent further access. The freeze will remain in effect for a limited period, as determined by TMB’s internal policies, pending verification and resolution.

11.4

Following a breach, TMB will undertake immediate steps to investigate the incident, contain the breach, prevent recurrence, and assess potential impact. These steps may include security patches, forced logouts, password resets, and additional authentication requirements.

11.5

Where required by law or regulation, TMB will report data breaches to relevant regulatory authorities, including but not limited to financial regulators and data protection bodies, within the timeframe prescribed by applicable legislation.

12. Force Majeure

12.1

TMB shall not be held liable for any failure to perform its obligations under these Terms and Conditions due to unforeseen circumstances or force majeure events, including but not limited to:

  • Natural disasters (e.g., earthquakes, floods, storms, etc.).
  • War or armed conflict.
  • Major disruptions to trade or transport.
  • Government orders or regulations that restrict or block operations.
  • Any other event or situation that is beyond the reasonable control of the Bank, which prevents or delays the Bank’s ability to perform its duties.

13. Dispute Resolution and Grievance Mechanism

13.1 Initial Contact

The Customer may raise immediate inquiries or minor operational issues through TMB’s official customer service Telegram channel. The Bank will endeavor to resolve routine matters promptly through this primary support channel.

13.2 Formal Grievance

If an issue cannot be resolved through initial customer service channels, or if the dispute involves financial losses, unauthorized transactions, or account restrictions, the Customer must file a formal complaint in writing via the designated grievance email address or official website form. The complaint must include the Account details, relevant Transaction IDs, and a clear description of the dispute.

13.3 Investigation and Resolution

TMB will acknowledge receipt of the formal complaint within three (3) business days and review the grievance in good faith. The Bank aims to provide a formal resolution or status update within fourteen (14) business days, depending on the complexity of the investigation.

13.4 Finality

The Customer agrees to cooperate fully with any internal investigation. Upon completion of the review, the Bank will issue a final determination. To the fullest extent permitted by applicable laws in Ta’ang State and the Republic of the Union of Myanmar, the Bank’s decision regarding the grievance shall be final and binding.

14. Amendments

The Bank may amend these Terms and Conditions at any time by providing prior notice through email and/or any channel deemed appropriate by the Bank. The Customer agrees that continued use of the Services by the Customer after the effective date of such amendments shall constitute the Customer's acceptance of the revised Terms and Conditions.