Effective May 12, 2020

Privacy Notice

1. Introduction

Monerium EMI ehf. (hereafter “Monerium“) understands that your privacy is important to you and that you care about how your personal data is used. We respect and value the privacy of all of our customers and will only collect and use personal data in ways that are described here, in our Privacy Policy, and in a way that is consistent with our obligations and your rights under the General Data Protection Regulation No. 2016/679 (hereafter “GDPR“).

Please read Monerium Privacy Policy for further and more detailed information about your privacy.

If you have any complaints regarding our use of your personal data you can submit a formal complaint to the Icelandic Data Protection Authority, Address: Rauðarárstígur 10, 105 Reykjavík, Iceland. Tel. +354 510 9600. E-mail: postur@personuvernd.is.

2. About us

Monerium is a limited liability company registered in Iceland. Monerium has been granted authorization, by the Icelandic Financial Supervisory Authority, to operate as an Electronic Money Institution according to Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions.

If you have any questions about this privacy policy or our privacy practices, please contact our Data Protection Officer in the following ways:

Full name of legal entity: Monerium EMI ehf.

Email: legal@monerium.com

Postal address: Lækjargata 2, 101 Reykjavík, Iceland.

This privacy notice explains how we use your personal data, how it is collected, how it is held, and how it is processed.

3. What personal data do we collect

We may collect some or all of the following personal data when you sign up and create an account. The following information may be collected and stored for administrative, service related, and/or legal purposes. Please note that the list is not exhaustive:

  • Registration and use information.
  • Transaction and experience information.
  • Information that you choose to provide us to obtain additional services or specific online services.
  • Information about you from third-party sources.
  • Other information we collect related to your use of our website or services.

4. How do we process your personal data

We may process your information for the following reasons:

  • To operate our website and to provide you with our services.
  • To manage our business needs.
  • To manage risk and protect our website, our services and you from fraud.
  • To market to you.
  • To comply with our legal obligations and to enforce the terms of our website and services.
  • To communicate with you, this may include responding to your requests.

5. How long will we keep your personal data

We will not keep your personal data for any longer than is necessary in light of the reasons for which it was first collected.

According to the anti-money laundering directive, Monerium must retain documents and information about you which are necessary to comply with due diligence requirements for the period of five years after the end of our business relationship. Under the Electronic Money Regulations from 2013, Electronic Money Institutions must keep certain records for seven years. We, therefore, use this precondition for some personal data that we receive from you.

6. How and where do we store or transfer your personal data

We will only store and transfer your personal data within the European Economic Area (the “EEA“) or to secure third countries which the European Commission has confirmed to have adequate level of data protection. The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein. This means that your personal data will be fully protected under the GDPR or to equivalent standards by law.

7. Do we share your personal data

We share your personal data with the Monerium group of companies, the suppliers we use, our partners who help us to provide our services, and with relevant fraud prevention agencies.

In some circumstances, we may be legally required to share certain personal data in order to comply with any legal or regulatory obligations or requests.

We will share your personal data with your consent or direction in order to comply with your rights to data portability for example if you authorize an account connection with a third-party account or platform.

8. How can you access your personal data

If you choose to know what personal data we hold, you can ask us for details of that personal data and for a copy of it. This is known as a subject access request and is available to you on our web feature.

Normally we don’t charge for a subject access request but a fee may be charged to cover administrative costs if the request is excessive. We will respond to your subject access request within one month of receiving it.

9. Changes to this privacy notice

We may change this Privacy Notice from time to time. This may be necessary to comply with relevant legislation or if our business changes in a way that affects personal data protection. The revised Privacy will be effective as of the published effective date.

If the revised version includes a substantial change, we will provide you with 30 days prior notice via email.

Want to learn more?

Feel free to drop us a line. We are always on the lookout for partners or the right members on our team

Contact us