What are the Terms and Conditions for Calmony Client, Community, CalmonyPay, and Business Accounts?

The following key terms are used throughout these Terms and Conditions:

"You" or "Your" means you, the person agreeing to these terms as a sole trader, a representative of a limited company or partnership, or representative of a sports or community group, not for profit organisation or charity.

"Property Agent" means the person agreeing to the terms as an Estate or Letting agent sole trader or a representative of a limited company or partnership as defined by ss 54 & 55, Housing and Planning Act 2016.

"Non Property Agent" means a limited business, sole trader, not for profit organisation, community group or charity not defined as a letting agent or property manager as defined by ss 54 & 55, Housing and Planning Act 2016. Non Property Agents can include but are not limited to:

Any limited company or sole trader business that is not defined as a letting agent or property manager as defined by ss 54 & 55, Housing and Planning Act 2016. For example: Accountants and bookkeepers, block management companies, build to rent companies, commercial agents or landlords, escrow (provision of), franchise groups, housing associations, landlords (residential or commercial), landlord partnerships, partnerships, payroll and payment services providers, professional services, right to manage companies as defined by the Commonhold and Leasehold Reform Act 2002, small and medium businesses, and social housing associations.
Not for profit organisations such as amateur sports clubs as defined by The Community Amateur Sports Clubs Regulations 2015.
Not for profit organisations such as community groups, social enterprises or registered charities.

"Calmony" or "We" means the trading style of agentOS Proptech Group Limited, a company registered with Companies House with registration number 05409547, with its registered office at 13 Lambourne Crescent, Llanishen, Cardiff, Wales, CF14 5GF. Calmony is authorised and regulated by the FCA (Firm Reference Number: 850923) as an Electronic Money Directive (EMD) and Payment Services Directive (PSD) agent.

"Authorised Users" means Property Agents and Non Property Agents, persons of significant control, employees, independent contractors and any person who are authorised by you to use Calmonyapp.com, CalmonyPay Services, and the Platform.

"BACS File" or "Bulk Payment File" refers to the electronic file format used for bulk payments processing.

"Barclays" means Barclays Bank PLC, a Bank authorised, registered and regulated by the Prudential Regulation Authority (PRA) under registration number 122702 and with the Financial Conduct Authority (FCA) under registration number 122702.

"Calmonyapp.com" or "Calmony.agentos.com" means the website or other electronic device application provided and maintained by Calmony.

"Calmony Client Account" means the electronic money account for receiving and making payments, held by Calmony with the funds held by Modulr or Barclays in a bank account.

"Calmony Business Account" means the electronic money account for receiving and making payments, held by Calmony with the funds held by Modulr or Barclays in a bank account.

"Calmony Community Account" means the electronic money account for receiving and making payments, held by Calmony with the funds held by Modulr or Barclays in a bank account.

"CalmonyPay Account" means the electronic money account for receiving and making BACS or Bulk Payments, held by Calmony with the funds held by Modulr or Barclays in a bank account.

"Calmony Account" means all types of accounts provided by Calmony including business account, client account, community account, BACS account, bulk payment account, and CalmonyPay account.

"CMP" means a government approved letting agent client money protection scheme approved under the Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.

"Collateral Account" means an account held by Modulr in the name of Modulr for holding the Collateral Account Amount in connection with Direct Debit Collections In payments, if required.

"Collateral Account Amount" means the amount required to be held in the Collateral Account, being the amount specified by Calmony in connection with Direct Debit Collections In payments, if required.

"Control" has the meaning given in section 1124 of the CTA 2010, and the expression change of Control shall be construed accordingly.

"Dedicated Calmony Barclays Client Bank Accounts" means a pooled client bank accounts with Barclays Bank PLC dedicated to Calmony.

"Direct Debit Collection In" means an authorised direct debit mandate set on an account of your customer, member or business and is a method of collection to automatically withdraw money from their bank account to your Calmony account as a one off or a reoccurring basis.

"Direct Debit Payment Out" means an authorised direct debit mandate on a Calmony account and is a method of payment where you have authorised a company or organisation to automatically withdraw money from your Calmony account as a one off or a reoccurring basis.

"Direct Debit Instruction" means an instruction sent by you using Calmony Direct Debits or organisation approved by its sponsoring payment service provider to originate such instructions as the authority to pay by Direct Debit from the payer's Account.

"Direct Debit Indemnity Claim" has the meaning given to it in the UK BACS Direct Debit scheme rules.

"EMI" means an Electronic Money Institution authorised and regulated as such by the FCA and the Electronic Money Regulations 2011.

"Modulr" means Modulr FS Limited ('Modulr'), who are authorised and regulated as an EMI by the Financial Conduct Authority (Firm Reference Number: 900573). Modulr issue to agentOS Proptech Group Limited the Calmony client electronic money account for Calmony to hold tenant and landlord funds in safeguarded accounts, and provide related payment services to clients.

"MLRO" means Calmony's appointed money laundering reporting officer.

"Normal Business Hours" means 9am – 5pm BST, Monday to Friday.

"Reconciliation" means comparing the Calmony client account statements to the agentOS.com CRM software account to ensure both financial figures match, including the running balance.

"RSW" means the Rent Smart Wales scheme run by Cardiff City Council under the Housing (Wales) Act 2014.

"Standing order" and "Standing Order Instruction" means a recurring payment that you instruct Calmony to make to another bank account on your behalf.

Any reference to legislation in this agreement includes any relevant subordinate legislation made under it and includes any amendment or re-enactment of that legislation from time to time.

Calmony Account: Calmony Client Accounts

1.1 The purpose of the Calmony Client Account is for the receiving and reconciling of clients money, including rents and payments, and for payments out to landlords, tenants, contractors, limited companies, sole traders, HMRC, deposit schemes and payment of customers or estate and letting agents paid invoiced incomes to the agents approved trading account, and paid invoiced incomes to non property agents approved trading accounts.

1.1.1 Calmony cannot provide you a client account if you are or operate within:

Adult services or sex shops
Arms dealers
Cash intensive businesses, e.g. convenience stores, restaurants, retail stores, liquor stores, cigarette distributors, vending machine operators, or parking garages
Casinos
Charities and non-profit organisations
Chemical industry
Crowdfunding platforms
Defence industry
Extractive and mining industries
High value goods dealers
Illegal or controlled drug, including cannabidiol products
Independent ATM owners and operators
Money service businesses
Online dating
Peer to peer lending businesses
Pharmaceutical and healthcare
Political groups
Precious metals and stones dealers
Private military firms
Scrap metal dealers
Trusts
Used car sales
Virtual assets service providers

1.2 Each account is designated to the Agent or Non Property Agent and named "[Company Name] CA". 'CA' is an industry standard abbreviation of the words 'Client Account'. The account will have an account number under one of Modulr's sort codes, or an IBAN associated with Modulr's bank identifier code (BIC). The Calmony Client Accounts are provided under Modulr's authorisation as an EMI.

1.3 In line with the regulatory requirements, 100% of client funds related to the e-money that Modulr has issued are segregated from Modulr's own funds and are held within designated Client Money Bank Accounts with Modulr's clearing bank, the Bank of England or with Calmony's pooled Barclays Client Bank Accounts.

1.3.1 This means 100% of client funds are protected from any risk associated with Modulr's solvency. Modulr uses a range of clearing banks for different services.
1.3.2 This means funds held in the Barclays Client Bank Accounts are covered by the Financial Services Compensation Scheme (FSCA) depositors protection if the institution fails.

Calmony Account: Calmony Community Accounts

1.4 The purpose of the Calmony Community Account is for the receiving and reconciling of community money, including membership fees, community funds, donations, fundraising funds, grants, and community sales. Payments out for running cost expenses, capital expenditure, donations, rents, suppliers, contractors, limited companies, sole traders, HMRC, not for profit organisations and community members.

1.5 Each account is designated to the Community Organisation and named "[Company Name] CA". The account will have an account number under one of Modulr's sort codes, or an IBAN associated with Modulr's bank identifier code (BIC). The Calmony Community Accounts are provided under Modulr's authorisation as an EMI.

1.6 In line with the regulatory requirements, 100% of client funds are segregated from Modulr's own funds and are held within designated Client Money Bank Accounts with Modulr's clearing bank, the Bank of England or with Calmony's pooled Barclays Client Bank Accounts.

1.6.1 100% of client funds are protected from any risk associated with Modulr's solvency.
1.6.2 Funds held in the Barclays Client Bank Accounts are covered by the FSCA depositors protection if the institution fails.

1.7 There are two Calmony Community Account types:

1.7.1 Community Account that does not allow Direct Debit payments to be taken from the account (sort code: 04-00-72).
1.7.2 Community Account that does allow Direct Debit payments to be taken from the account (sort code: To be confirmed).

Calmony Account: Calmony Business Accounts

1.8 The purpose of the Calmony Business Account is to separate the financial transactions of the business from the personal finances of its owners, partners or employees and to simplify the process of accounting and tax reporting. For the receiving and reconciling of sales incomes, customer payments, loan payment and investment incomes, and for payments out to directors, partners, shareholders, commercial landlords, contractors, suppliers, customers, limited companies, sole traders, and HMRC.

1.9–1.10 Each account is designated to the registered limited business, partnership or sole trader and named "[Company Name]". The account will have an account number under one of Modulr's sort codes, or an IBAN associated with Modulr's bank identifier code (BIC). The Calmony Business Accounts are provided under Modulr's authorisation as an EMI. In line with regulatory requirements, 100% of client funds are segregated and 100% are protected from any risk associated with Modulr's solvency.

Calmony Account: CalmonyPay Bulk Payments Accounts

1.11 The purpose of the CalmonyPay account is for the receiving and reconciling of company and sole trader money, including payroll, supplier and customer payments to be paid out using Calmony BACS and Bulk Payment feature to pay employees, shareholders, contractors, suppliers, HMRC and customers.

1.12–1.13 Each account is designated to the registered limited business, partnership or sole trader and named "[Company Name]". The account will have an account number under one of Modulr's sort codes, or an IBAN associated with Modulr's bank identifier code (BIC). In line with regulatory requirements, 100% of client funds are segregated and protected from any risk associated with Modulr's solvency. Funds held in the Barclays Client Bank Accounts are covered by the FSCA depositors protection if the institution fails.

Calmony Accounts: General

1.14 You will access Calmony Accounts via Calmony.agentOS.com, Calmonyapp.com or via the agentOS.com CRM system.

1.15 Calmony bank account statements to all Calmony Accounts are accessible within Calmony.agentOS.com, Calmonyapp.com & agentOS.com CRM system in a PDF format and exportable to Microsoft Excel.

1.16 While Calmony Account supplied by Modulr Finance Limited is a regulated electronic money product, it is not a bank and your funds held with Modulr are subject to customer eligibility of EMIs for UK Financial Services Compensation Scheme depositor protection as set out in the PRA 23/1 rule book (regulations).

1.17 The Modulr Introduced Client Terms of Service, PIS Terms of Service, PIS End User Terms of Service, and the Confirmation of Payment Terms of Service are appended to and form part of this agreement.

1.18 Your continued use of payments out, BACS & Bulk payments out, Standing Orders Instruction payments out, Direct Debit Payments Out, Direct Debit Collections In after any amendments to these Terms and Conditions shall constitute your acceptance of the amended Terms and Conditions.

1.19 Funds paid into any Calmony Accounts are subject to you conducting identification checks of your Payees. Upon request, Calmony can ask you to provide proof of identification check of your Payee to confirm the source of the funds.

1.20 Funds within a Calmony Account are held within a dedicated pooled Calmony Barclays Client Accounts or with Modulr and their accounts with the Bank of England.

Calmony Accounts: Direct Debit Payments Out

1.19 A Direct Debit Payment Out is a method of payment where you have authorised a company or organisation to automatically withdraw money from your Calmony account as a one off or a reoccurring basis.

1.20 If you have insufficient funds in your Calmony account to cover a pending Direct Debit Payment Out:

1.20.1 Calmony will notify you on day four (4) and day two (2) before a Direct Debit payment is due by email that there are insufficient funds to cover the payment.
1.20.2 Two (2) hours before the Direct Debit Payment is due, if there are still insufficient funds, Calmony will automatically cancel the Direct Debit to avoid clawback charges.
1.20.3 Calmony will notify you by email when the Direct Debit has been automatically cancelled due to insufficient funds.

1.21 You, not Calmony, are responsible for any issues resulting from the cancellation of a direct debit, including service disconnections, financial losses or fees incurred by the affected parties, and any administrative or logistical challenges.

1.22 An unauthorised Direct Debit Payment Out is an unauthorised direct debit mandate setup on your Calmony account without your prior authorisation or consent.

1.22.1 You, not Calmony, are responsible for ensuring that all direct debits connected to your Calmony account are authorised. If you become aware of an unauthorised direct debit, you must immediately cancel the Direct Debit and notify Calmony at support@calmony.co.
1.22.2 You must report the unauthorised direct debit within 60 days from the date the transaction appeared on your bank statement.
1.22.3 If you have reported an unauthorised direct debit within the timeframe specified in clause 1.21.2, Calmony will raise a Direct Debit Indemnity Claim with UK BACS Direct Debit Scheme. If the claim is approved, funds will be paid directly to the accounts the Direct Debit Payment Out was deducted from.
1.22.4 You understand that Calmony, Modulr or UK BACS Direct Debit Scheme may require additional information to process the claim and failure to provide additional information may result in the claim being refused.
1.22.5 You, not Calmony, are responsible for any losses incurred as a result of an unauthorised direct debit.

1.23 You agree to comply with applicable UK BACS Direct Debit scheme rules and relevant laws and regulations. You acknowledge the Direct Debit Payment Out terms and conditions are subject to UK BACS Direct Debit Scheme terms and conditions, including the Direct Debit Guarantee.

1.24 Calmony reserves the right to modify these Direct Debit Payments Out terms and conditions at any time and if instructed to do so by Modulr FS Ltd and UK BACS Direct Debit Scheme. Any changes will be updated in section 'Calmony Accounts: Direct Debit Payments Out' of these terms and conditions.

Calmony Accounts: Direct Debit Collections In

1.25 Use of Calmony's pay as you go Direct Debit Collection In is subject to your company's trading history and credit status. In addition, Calmony will set a maximum daily limit for:

1.25.1 The number of Direct Debit Collections In that can be made.
1.25.2 The combined amount of Direct Debit Collections In that can be made.

1.26 Calmony pay as you go Direct Debit Collections In cannot be used to collect funds for: pre pay cards, pay day loans, loans not regulated by FCA, gambling services, fines, or tax bills.

1.27 Calmony pay as you go Direct Debit Collections In will be electronically set up using the Calmony Online Direct Debit Mandate Form.

1.27.1 Only the account holder can set the Direct Debit mandate up, and Calmony will confirm this by carrying out an online identification check and confirmation of payee check.
1.27.2 Calmony active Direct Debit mandates will automatically be cancelled after 24 months from the original signing date. If payments continue, a new Calmony Direct Debit Mandate will need to be signed using the Calmony Online Direct Debit Mandate Form.

1.28 You, not Calmony, will be responsible for handling Direct Debit Collection In client disputes or requests for refunds with respect to Direct Debit Mandates.

1.28.1 If your Direct Debit Collection In client raises a Direct Debit Indemnity Claim which is subsequently approved by the Direct Debit scheme, you must notify Calmony by emailing support@calmony.co.

1.29 If your Direct Debit Collection In exceeds £10,000 a month, Calmony reserves the right to request a Collateral Account Amount of 0.5% of your monthly payments.

1.29.1 Collateral Account funds held are for clawback payments and Direct Debit Indemnity Claims.

1.30–1.34 Calmony shall be under no obligation to provide the Direct Debit Collection In Service unless and until the Collateral Account Amount is received in cleared funds. Calmony will review the Collateral Account Amount from time to time and notify you of any revisions. You shall pay the revised amount within 2 Business Days of Calmony's notice. Upon closing your Calmony account or the Direct Debit Payment In service, Calmony shall return the amounts in the Collateral Account to you within 35 days, after deducting any amounts needed to satisfy liabilities relating to the Direct Debit Payment In service.

1.35 You shall indemnify Calmony for any loss or damage or liability incurred as a result of paying out refunds received from the Direct Debit scheme with respect to a Direct Debit Indemnity Claim, where it is subsequently shown that any Direct Debit Indemnity Claim was invalid.

1.36 Payer issue management. In the event of Direct Debit Collection In payment issues, you shall pay a handling fee of £35 for each payer issue handled by Calmony with respect to the Direct Debit Mandates, including but not limited to disputes with reference to due date, amount, frequency, non-payment, refunds, complaints, Direct Debit Indemnity Claims and challenges.

1.37 Calmony may terminate or suspend the Direct Debit Collection In Service in whole or in part immediately by giving notice if Direct Debit Indemnity Claims exceed more than 1% of either the total Direct Debit Mandates per month, or 1% of the total value of Direct Debit Mandates on your Calmony Accounts for more than one month in any period.

Calmony Accounts: Standing Order Instructions

1.38 You may initiate a Standing Order with a Calmony Account by providing the account name, account number, sort code, payment reference, due date and amount to make the recurring payment to another UK bank account.

1.39 You, not Calmony, are responsible for providing accurate and complete information when setting up the Standing Order Instruction.

1.40 You may change or cancel a standing order at any time by updating the Standing Order Instruction on the Calmony Account at least one day prior to the next scheduled payment.

1.41–1.42 You, not Calmony, are responsible for any issues arising from insufficient funds or the cancellation of a Standing Order Instruction, including service disconnections, financial losses or fees incurred by the affected parties, and any administrative or logistical challenges. You are also responsible for communicating any cancellation to the relevant parties.

1.43 You, not Calmony, are responsible for ensuring that all Standing Order Instructions payments out of your Calmony Account are authorised. If you become aware of an unauthorised Standing Order Instruction, you must immediately cancel it.

1.44 In the event of a Standing Order Instruction payment issue, you shall pay a handling fee of £15 for each payment issue handled by Calmony, including but not limited to disputes with reference to due date, amount, frequency, non-payment, refunds, complaints, clawback claims and challenges.

1.45 You shall indemnify Calmony against any losses, costs, claims, damages, and expenses suffered or incurred by Calmony as a result of or in connection with incorrect or unauthorised Standing Order Instructions payments made from the Calmony Account.

1.46–1.47 By initiating a standing order Instruction with a Calmony Account, you agree to these terms. Your continued use of Standing Order Instructions after any amendments to this Agreement shall constitute your acceptance of the amended terms.

Calmony Account: Interest & Cash Deposits

2.1 The Calmony Account is an electronic money account where no interest will be paid on money held in the account.

2.2 Cash deposits cannot be paid directly to Calmony Accounts. To make cash payments to a Calmony account, you must:

2.2.1 Pay the cash deposit over the counter at a UK bank and into a UK bank account.
2.2.2 Once the cash deposit has cleared the UK bank account, you can then make an electronic payment to your Calmony Account.
2.2.3 Calmony Community Accounts can only accept cash deposits from a UK bank account of one of the registered officers, and with a completed signed Cash Deposit Declaration detailing the source of the cash fund with supporting evidence, including but not limited to cash payments from members, cash received from fundraising events, or cash donations from an individual.
2.2.3 Calmony Community Accounts that received cash donations over £100 from an individual person must confirm their ID and have recorded documented evidence that the ID has been reviewed and confirmed.

2.3 With Calmony Community Accounts, Calmony can request at any time a copy of your Cash Deposit Declaration and confirmation of the checking of ID for individuals who made cash payments over £100. Failure to provide either Declaration and Confirmation will result in the suspension of outbound payments, while acceptance of future cash deposits is reviewed by Calmony's MLRO.

AML Requirements to Open a Calmony Account

3.1 To open a Calmony Account, Calmony will carry out a full Anti Money Laundering (AML) check on you, any beneficial owners or persons having significant control, constitution members and any directors.

3.2 The information will be collated and submitted to Modulr FS Ltd for AML approval before ANY account can be opened.

3.3 It is your responsibility to provide the details required for AML checks and Calmony will not be responsible for any delays caused by carrying out AML checks.

3.4 Upon request, you may also be required to submit a copy of your AML policies and procedures.

3.5 To open a Calmony Account, Calmony will carry out 'adverse media' checks. Adverse media checks are checks of public registers and news publications. Your application may be refused if the 'adverse media' checks relate to financial crime. Calmony may share that information with your governing body or CMP provider.

Community and Sports Groups: Additional AML Requirements to Open a Calmony Community Account

3.6 Community and Sports Groups are required to provide their constitution agreement detailing:

3.6.1 All Community and Sports Groups registered officers, all of which will be subject to Calmony AML check procedures.
3.6.2 All officers who have the permission to authorise payments from the Calmony Community Account.
3.6.3 Constitution agreement details procedures for: requirements for membership; procedures for accepting cash payments, approving and making payments; governance for adding and removing members, including the procedure to notify Calmony and the AML check of new members; and dissolution procedure, including the Calmony requirement for funds to be returned to the payee source account number and sort code.

3.7 Provide evidence that your Community and Sports Group is active, by providing with your application:

3.7.1 Details of your website, social media pages or social media private group.
3.7.2 Names of all of your active members.
3.7.3 Upon request, grant Calmony temporary access to your social media private group for review.
3.7.4 Provide evidence of membership with your National Governing Body, if applicable.
3.7.5 Provide copies of your public liability insurance or National Governing Body public liability insurance.
3.7.6 Upon request, provide evidence of DBS checks that have been conducted on officers.

3.8 User logins for accessing the Calmony Community Account are only issued to AML checked Community and Sports Groups registered officers.

3.9 Only the finance officer and other officers confirmed in the constitution are permitted to have full access to authorise payments. All other officers have delegate access that allows the adding of payment requests and adding payees, but not authorising payments.

3.10 It is Calmony policy not to accept Community and Sports Groups that are but not limited to: political groups, activist groups, non-inclusive groups, or gambling or sex industry groups.

3.11 If the Community and Sports Group has the potential to be linked to the groups listed in clause 3.10, Calmony will carry out adverse media checks on the group, officers and members.

Property Agent Client Money Protection Schemes (CMP) Requirements

4.1 Calmony is an FCA registered (850923) Electronic Money Directive (EMD) and Payment Services Directive (PSD) agent.

4.2 Calmony is not a Property Agent and is registered with Companies House as a software developer. Calmony maintains Calmony Client Accounts and holds client money on behalf of Property Agents. Under The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2018, Calmony is not required to join a government approved client money protection scheme.

4.3 Calmony is not a Client Account Service Provider (CASP) as Calmony does not manage, initiate, manually process or under outsourcing arrangements make the payments or reconcile the client account for you, the Property Agent. Calmony only provides the payment and banking technology for Property Agents to receive rental monies and make payments out to landlords, tenants, contractors, trading accounts, utility companies and governing bodies. You process your own payments when using the Calmony Faster Payment feature and Google Authenticator app to initiate a payment to another UK bank or Building Society account.

4.4 You are required to provide a copy of your CMP or RSW membership certificate annually.

4.5 If you are unable to provide confirmation of CMP or RSW membership within 30 days of a request, Calmony will notify you that the Calmony Client Account is without CMP or RSW membership and will suspend outgoing payments until CMP or RSW Wales membership is in place.

4.5.1 If you are unable to provide confirmation of CMP or RSW membership within 60 days of a request, Calmony will give notice of the procedure to close the account and return funds to payees, subject to Calmony payment fees.
4.5.2 Terms 21.1 and 21.2 will not apply.
4.5.3 You are responsible for ALL fees associated with returned funds to payees.
4.5.4 In the event of closing your Calmony Client Account, the Calmony Client Account is not transferable. Neither you, another EMI, nor Calmony is responsible for providing a new FCA approved client bank account or for arranging the transfer and cancellation of standing orders and other payments to the Calmony Client Account.

4.6 Subject to your government approved CMP governing body and your membership requirements, if you are not required to have CMP insurance with a Calmony Client Account, you must provide written confirmation from your CMP provider that CMP cover is not required with a Calmony Client Account.

Continued Monitoring of AML, Use of Clients' Money and CMP Membership

5.1 On successful completion of AML checks and opening of Calmony Client Account, Calmony will:

5.1.1 Issue Delegate Access login to Calmonyapp.com platform, and if you are a Property Agent, the ability to make payments from the platform will not be granted until Calmony has received confirmation of your CMP registration and CMP insurance. If you are NOT a Property Agent, Calmony will upgrade the login to Full Access.
5.1.2 Securely store application documents and AML reports.
5.1.3 Acknowledge within the agentOS Proptech Group Limited Privacy and GDPR Policy that information will be shared and held by Griffin Bank Ltd, Credas.co.uk and Truelayer.
5.1.4 Continue AML monitoring using companycheck.co.uk to monitor agents for changes in: shareholding over 25%, change of directorship or change in person of significant control; adverse credit rating; and company name and registered address.
5.1.5 If a Community and Sports Group retires and appoints a new officer, you are required to immediately inform Calmony. An AML check will be required for the newly appointed officer, the retired officer's login details will be immediately deactivated, and failure to notify Calmony within 30 days of the newly appointed officer or the retirement of an officer will result in suspension of outgoing payments from the Calmony Community Account (excluding Direct Debit Payments Out).

5.2 Calmony will monitor the funds paid to your approved trading account payee and if transfers exceed 20% of all funds paid into the client account, Calmony will notify you and your registered CMP provider, if you are a Property Agent. The notification will recommend to your CMP provider that a 'Bank Client Funds Assessment' is carried out by The Letting Partnership Ltd, for which you will be required to cover the health check fees. For Non Property Agents, the recommendation will be for your chartered or certified accountant to carry out a 'Bank Client Funds Assessment'.

5.3 Calmony monitors payments in and out of over £5,000 of the Calmony Client Account and may contact you to confirm the purpose of payments and confirm that it is in accordance with CMP and AML legislation.

5.4 Calmony monitors payments in and out to Payees who are an owner, director, shareholder or person of significant control of the Agent or Non Property Agent.

5.5 Calmony monitors payments out to any payees set as a payee type 'tenant'. If the total payments out exceeds 3 in a 100-day period, Calmony may require an AML check of the individual.

5.6 For Property Agents, Calmony will continue to monitor your membership to CMP scheme. If membership has relapsed, ceased or you are struck off, Calmony will contact you to confirm if alternative CMP membership has been obtained. If you do not have an active CMP membership, Calmony will start the process of closing your Calmony Client Account.

5.7 On an annual basis, Calmony will contact you to provide copies for:

Property Agents: CMP membership certificate, CMP accountants report (if applicable), confirmation CMP not required (if applicable), and AML policies and procedures (if applicable).

Non Property Agents: Right to Manage Companies (RTM) must provide a copy of their Claim Notice or Management Agreement and confirmation of their Companies House annual accounts submission. Limited companies or sole traders not defined as a letting agent or property manager must provide confirmation of their Companies House annual accounts submission or self assessment tax submission if a sole trader. Not for Profit amateur sports clubs must provide their annual company tax return or confirmation of CT600E submission, if applicable. Social enterprises, not for profit organisations, or registered charities must provide their annual company tax return or confirmation of tax relief claim to HMRC.

5.8 If you do not provide confirmation of any document set out in clause 5.6 within 28 days of a request, Calmony will notify you that the Calmony Client Account is not in compliance and will suspend outgoing payments until compliance is demonstrated.

Continued Constitution and AML Monitoring of Community and Sports Groups

5.9 Community and Sports Groups registered officers will be required to confirm every six months that they are still active and registered officers.

5.10 In the event it is confirmed or discovered that a Community and Sports Groups registered officer has been removed, is no longer active or has retired, Calmony will immediately deactivate the Calmony user login.

5.11 Calmony monitors any Direct Debit Payment Out over £100, if a Direct Debit payee is not a registered business (for example an individual using Stripe to collect money), Calmony may require an AML check to be carried out on the individual.

5.12 Calmony records Community and Sports Groups officers' personal bank details on the Calmony Beneficiaries of Interest register and monitors payments in and out of the Calmony Community Account. If the sums or payments in or payments out exceed 20% of a 90-day period, Calmony will notify you to carry out a suspicious activity review by the MLRO.

Refusal of Continued AML Checks

6.1 If you, your shareholders, persons of significant control, or directors refuse a continued AML check or are 28 days overdue from a request of information to provide documents or carry out a check, Calmony will suspend ALL payment services on the Calmony Client Account.

6.2 If the request for information to carry out additional AML checks is still outstanding after 60 days, Calmony will:

6.2.1 Register the failure on the Calmony (agentOS Proptech Group Limited) risk register.
6.2.2 Instruct the Calmony Money Laundering Reporting Officer (MLRO) to report the risk to Modulr.
6.2.3 Instruct the Money Laundering Reporting Officer (MLRO) to report the risk to your CMP provider or chartered or certified accountant or the National Crimes Agency (NCA).
6.2.4 Process all funds paid into the Calmony Client Account to be returned to the payee account where applicable.
6.2.5 Start the process to close the Calmony Client Account.

Property Agents CMP Accountant's Report & Non Property Agents Accountant's Report

7.1 Calmony Client Account can provide upon request a safeguarding letter that details your Calmony Client Account is an FCA designated client account.

7.2 For Property Agents, annual accountant's reports can be provided by a Financial and Client Money Health Check carried out by The Letting Partnership Ltd. These reports are available upon request and are subject to The Letting Partnership's health check fees. The Letting Partnership Ltd will share the report with Calmony.

7.3 For Property Agents, if your annual accountants report is not conducted by The Letting Partnership Ltd, a copy of the annual report is to be submitted to Calmony upon request.

7.4 Non Property Agents are required upon request to submit their annual client account accountants report.

7.5 Non Property Agents Partners, Directors, Owners, Non Executives and Trustees who's company or not for profit organisation entrust handling of client money within the Calmony Client Account must have their client account inspected annually. This is achieved through providing an accountants report completed by a chartered or certified accountant.

Property Agents and Tenancy Deposits

8.1 You must nominate one or more UK Government approved Tenancy Deposit Protection Scheme provider(s) for Calmony to add as an approved Payee to process and transfer deposits to.

8.2 Deposits can only be held in the Calmony Client Account if they are registered with an approved insured deposit registration scheme. Calmony may ask you to provide evidence of money being held with the relevant scheme on request, and you must do so within 7 days of such a request.

8.3 You, not Calmony, are responsible for ensuring tenants' deposits are correctly and accurately registered with the assigned deposit scheme and the payment to the custodial scheme (if applicable).

8.4 It is your responsibility to comply with the deposit protection requirements of the Housing Act 2004 and you should ensure that when doing so you allow at least two working days for payments to be sent from your Calmony Client Account to any scheme.

Unidentified Payments

9.1 Payments into the Calmony Client Account, Calmony Community Account, or Dedicated Barclays Client Bank Accounts that cannot be identified and reconciled must be returned to the payee source account number and sort code using the Calmony.agentOS.com, Calmonyapp.com or agentOS.com CRM return funds feature within 48 hours.

9.2 Unknown payments that are unable to be returned to the sender, received into the Dedicated Barclays Client Bank Accounts, will be reported to the respective CMP scheme provider (if applicable). The funds will be posted to a suspense account and processed in accordance with the CMP scheme regulations regarding unclaimed client funds.

Calmony AML Checking and 24-Hour Monitoring of Your Payees

10.1 With Calmony Client and Community Accounts, you are required to have an approved AML check of all your Payees before you will be able to make and process a payment.

10.2 With Calmony Business or CalmonyPay accounts, approved AML checks of a Payee will be at the discretion of Calmony.

10.3 If your customer has a caution on their AML account, you will be required to confirm with Calmony's Money Laundering Reporting Officer (MLRO) to review the AML check and confirm if payments can proceed.

10.4 If your customer fails an AML check, you will not be able to make and process a payment to them or their UK bank or building society account.

10.5 Payees who are on the Calmony AML Exempt Payee Register currently include: government approved deposit schemes, HMRC, utility companies, and local authorities.

10.6 If you need to add a Payee to the Calmony AML Exempt Payee register, you can make an application via Calmony.agentOS.com or Calmonyapp.com to Calmony's Money Laundering Reporting Officer (MLRO) to review inclusion.

10.7 On opening a Calmony Account, your existing Payees can be added without an AML check under special privilege (grandfathering), subject to:

10.7.1 Providing a special privilege list of Payees with full name, account number, sort code submitted to the Calmony MRLO officer for review and assessment.
10.7.2 The Payee is not an overseas person with or without a UK bank or building society account.
10.7.3 A signed declaration that you have conducted your own AML checks on all persons on the special privilege request list.
10.7.4 Existing Payees who do not pass Calmony MRLO assessment will require a Payee AML check.

10.8 As part of Calmony's FCA Customer Duty, within business hours Calmony aims to complete AML checks within the same day so you are able to make payments, with the exception of weekends and bank holidays:

10.8.1 On weekends, completion of AML checks can take up to 62 hours when requests are made after 5pm on Friday (aim to approve by 11am on Monday).
10.8.2 On bank holiday Mondays, completion of AML checks can take up to 86 hours when requests are made after 5pm on Friday (aim to approve by 11am on Tuesday).
10.8.3 On Easter and Christmas bank holidays, completion of AML checks can take up to 110 hours when requests are made after 5pm on Thursday (aim to approve by 11am on Tuesday).

10.9 Monitoring of Payees:

10.9.1 Calmony conducts automated monitoring of all new payees added to your account and continuous monitoring of payees with financial activity against the OFSI (Office of Financial Sanctions Implementation) consolidated Sanctions database once a day.
10.9.2 Each payee that requires monitoring incurs a monthly OFSI monitoring fee as detailed in the Calmony fees list.
10.9.3 Calmony will automatically contact you on strong matches and will require you to conduct an AML check.
10.9.4 Payees showing no financial activity for six (6) consecutive months will be removed from monitoring to avoid unnecessary charges.
10.9.5 Monitoring will automatically resume if a previously inactive payee engages in new financial activity and a charge will apply.
10.9.6 Calmony reserves the right to conduct ad hoc reviews of any payee regardless of activity status if suspicious activity is detected or reported.

Overseas Payees & Non-Resident Landlords (NRL)

11.1 Property Agents — you, not Calmony, are responsible for landlords with an overseas address, UK care of address, overseas contact details, or overseas bank account details to be registered with HMRC as a Non-Resident Landlord.

11.2 You, not Calmony, are responsible for any tax demand from HMRC for the non-deduction and payment of NRL tax.

11.3 Calmony Account does not and cannot accept international payments into the Calmony account.

11.4 Payments for overseas Payees can only be paid into a UK bank, Wise.com EMI or building society account, where an international payment can be made.

Confirmation of Payee

12.1 Before a payment can be made to the payee bank account, you are required to confirm that the bank account details the payment is going to are correct.

12.2 In the event of bank account details being edited or changed, a new confirmation of payee check will be required.

12.3 If the confirmation of payee is not an exact match, it remains your decision whether to continue or not. If payment is made to the wrong account, Calmony may not be able to recover the payment.

Payments, BACS & Bulk Payments and CalmonyPay

13.1 Calmony Accounts are unable to pay any Payee (including tenant, landlord, supplier, contractor, deposit scheme, customer or yourself) if the funds for the payment are not cleared into the Calmony Account or the Dedicated Barclays Client Bank Accounts assigned to a Calmony Account.

13.2 You will be required to install the Google Authenticator App to Two Factor Authentication authorise faster payments from Calmony Accounts.

13.3 You shall indemnify Calmony against any losses, costs, claims, damages, and expenses suffered or incurred by Calmony as a result of or in connection with incorrect or unauthorised payments made from the Calmony Account or Barclays.net BACS payment system.

13.4 You must notify Calmony without delay upon becoming aware of any incorrect or unauthorised payment made from the Calmony Account, Barclays.net BACS payment system, Calmony.agentOS.com, or Calmonyapp.com by emailing support@calmony.co.

13.5 Payment Processing using Calmony Bulk Payments and CalmonyPay. The BACS File may be used for processing payments for payroll, suppliers, tenant, landlord and customer payments, subject to the following conditions:

13.5.1 Providing accurate information within the BACS file, including but not limited to account names, account and sort code numbers, payment references, and amounts payable.
13.5.2 Complying with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws, regulations, and guidelines regarding payments to payees.
13.5.3 You, not Calmony, are responsible for the accuracy and legality of payments processed using the BACS File.
13.5.4 You have permission to make payments to your payees.

13.6 With BACS file errors, Calmony shall not be liable for any errors or omissions in the BACS File or for any actions taken or not taken by you or any third party as a result of the use of the BACS File.

13.7 With BACS File Payment Delays, Calmony shall not be liable for delays with the transferring of funds from yours or your customers' external bank or EMI accounts to your Calmony Account, resulting in your BACS payment not being processed on the payment processing date set within your BACS file or due to the lack of cleared funds in your Calmony Account.

13.8 CalmonyPay payment total limits are subject to your company's trading history and credit status.

13.8.1 If your Bulk or BACS payment file exceeds your agreed daily limit, some of your payments will not be processed and Calmony shall not be liable for delays with the transferring of funds from your Calmony account to yours or your customers' external bank.

Payment App and Requests for Payment

14.1 Calmonyapp.com, Calmony.agentOS.com and agentOS.com CRM system provides a service via payagent.app that enables agents to request:

Payments via the Payee's banking app, provided by Modulr open banking services.
The setup of a reoccurring weekly or monthly payment via the Payee's banking app and the setting up of a bank standing order, provided by Modulr open banking services.
Debit card payment provided by Barclays ePDQ services.
Credit card payments provided by Barclays ePDQ services.

14.2 Calmony provides an SSL point of sale web page for taking payments for the agent's website.

14.3 The banks that currently support open banking payments include: AIB, Bank of Ireland UK, Bank of Scotland, Barclays, Danske Bank UK, First Direct, Halifax, HSBC, Lloyds Bank, Monzo, Nationwide, Natwest, Revolut, Royal Bank of Scotland, and TSB.

14.4 The card service providers currently supported by the payment app include: Visa debit and credit cards, Mastercard debit and credit cards, and Maestro.

14.5 Payments made via the Payee's banking app will usually clear and be paid into your Calmony Account on the same day.

14.6 Payments made using debit or credit cards and processed by Barclays ePDQ services can take between 2 and 3 working days to be paid into your Calmony Account.

14.7 No interest is earned by Calmony on card payments held and the agent acknowledges that it is not due any interest on funds.

14.8 Calmony charges are a fixed charge (not a percentage of the transaction) on all open banking single payments and re-occurring payments, and the rate is subject to the Calmony Account subscription package you have subscribed to.

14.9 Debit and Credit card payments using the payment app and processed by Barclays ePDQ services are subject to the Barclays ePDQ terms and conditions, which are appended to and form part of this agreement (available at: https://www.barclaycard.co.uk/business/terms-of-use).

14.10 Fees for processing payments from payagent.app are detailed on the Calmony fees list.

14.11 Payments using the payment app are paid in full to the Calmony Account and fees for processing the payment are charged on your Calmony invoice and collected by direct debit.

14.12 Card payments are limited to £3,000 per transaction. If a higher limit is required, a request can be made to Calmony where a personal guarantee from a director or other principal of a business for clawback of card payments and all other funds owed under these terms and conditions will be required.

14.13 If for any reason the agent wishes to cancel a single or re-occurring payment, the agent, not Calmony, will be required to notify the Payee to instruct them to cancel the payment from their bank.

14.14 If for any reason the agent wishes to cancel a debit or credit card payment, they must notify Calmony via the Calmony app. Subject to payment scheme timings of Barclays ePDQ service, Calmony will process the refund ONLY to the original payment debit or credit card.

14.15 Calmony will inform the agent as soon as reasonably practicable of any debit or credit payments cancelled by the Payee.

14.16 If a Payee cancels their payment, Calmony is under no obligation to pay the agent in respect of the cancelled payment and has no liability to the agent in respect of the cancellation.

14.17 Calmony is not responsible for any aspect of third-party services, including security, availability, support or functionality. The agent and their Payees use such services at their own risk and are responsible for all payments initiated or otherwise affected by such third-party services.

14.18 Calmony will not be required to provide the Agent with any details regarding any problems found during their or any third-party provider's AML or KYC checks or any fraud checks. Calmony may choose to provide such detail, but will not do so where it would cause Calmony to be in breach of AML or CMP legislation.

14.19 Calmony may apply additional checks with the Calmonyapp.com app to reasonably determine if a payment is considered high risk. The agent agrees to respond promptly to any reasonable requests for information to facilitate Calmony and Calmony's Money Laundering Report Officer (MLRO) in conducting such checks, and acknowledges that any delay in responding may result in suspension of payment services from the Calmony Client Account.

14.20 The agent must notify Calmony without delay (and in any event within 13 months of a processed payment) upon becoming aware of any Unauthorised Payment via the online banking app or via debit or credit card, by emailing support@calmony.co.

14.21 Calmony may suspend payments out, if in Calmony's reasonable opinion, such suspension or amendment is required — for example, as a result of excessive or anticipated excessive payments, refunds, pending disputes, deterioration of the agent's financial situation or credit rating, other suspected fraudulent or otherwise suspicious activity related to the agent's use of Calmony's payment app. Calmony will notify the agent of such suspension unless to do so would be unlawful.

Fees

15.1 Calmony charges are a fixed charge (not a percentage of the transaction) on all single payments and re-occurring payment requests using the payment app, and the rate is subject to the Calmony subscription package you have subscribed to.

15.2 Fees for processing payments from the component of the Calmonyapp.com payment app are detailed on the Calmony fees list.

15.3 Calmony Accounts may charge a monthly account fee, subject to your subscription package. Full subscription charges and fees can be found on the Calmony fees list.

15.4 A number of transactions of funds paid in and out, and transfers in and out of the Calmony Account may be included in your subscription package. Transactions over the free limits are subject to a per transaction charge.

15.5 Other charges which may be incurred in your use of the Calmony Account include confirmation of payee checks and AML checks.

15.6 Calmony Account will give 30 days' notice of any increase in transaction fees, confirmation of payee fees, AML check fees, or Calmonyapp.com payment fees. You will be notified on the Calmony and agentOS invoice emailed to your billing contact.

15.7 Calmony will give 2 months' notice of any increase to the monthly subscription fee for the Calmony Account, including changes from Free to Paid subscription packages. You will be notified on the Calmony and agentOS invoice emailed to your billing contact.

15.8 The Calmony Account monthly subscription fee is payable monthly in advance by Direct Debit from the nominated Calmony Fees Account. The monthly fee is due from the opening of the account.

15.9 Calmony Account transaction fees for payment in and out, transfer fees, confirmation of payee fee and AML check fee are payable monthly in arrears by Direct Debit from the nominated Calmony Fees Account.

15.10 In the event of a Direct Debit payment not being processed or being cancelled, Calmony will contact you to check there has been no technical error and take a manual payment.

15.11 With Calmony Client Accounts, CalmonyPay Accounts and Calmony Business Accounts, four (4) days after a Direct Debit payment is outstanding Calmony reserves the right to take fees owed directly from the account.

15.12 Five (5) days after a Direct Debit payment is outstanding, access to the Calmony Account will be suspended until the outstanding payment has been cleared and Direct Debit reinstated.

15.13 In the event of 2 months' outstanding invoice for the Calmony Account, Calmony will start the process of closing the Calmony Account and returning the funds to the payee source account and sort code.

15.14 From 1st December 2023, the free subscription was retired. Calmony customers were notified and from that notification date had 90 days to continue to transact, agree to the upgrade from Free Subscription to Essentials Subscription, or close the account.

15.15 Calmony Clients that have dormant Calmony Client Bank Accounts with zero balance and/or no payments in or payment outs within 90 days, the account will be auto upgraded to the next subscription package with no option to downgrade. You will be notified on the Calmony and agentOS invoice emailed to your billing contact.

15.16 After Calmony has informed you that Calmony intends to auto upgrade the subscription, you will have 7 days to transact through the account to avoid the auto upgrade on the subscription package.

Refund or Return of Payments

16.1 In accordance with AML good practice, Calmony Accounts will only process refunds and return of funds to the payee source account number and sort code.

Payments to Property Agents and Non Property Agents' Trading Accounts

17.1 Calmony Client Account will only approve payments to an agent's confirmed business trading account.

17.2 Calmony Client Account automatically monitors payments to the approved trading account. If payments exceed 20% of the total payments in for a 90-day period, Calmony will notify you and, if you are a Property Agent, will notify your CMP scheme provider, recommending a spot check is carried out.

Clawed Back Funds

18.1 You confirm and understand that a clawback is a reverse transaction that requires funds to be returned from the account to the original source. Clawbacks can be initiated by Calmony, UK banks, a government agency, or any other authorised entity.

18.2 With Property Agents, to ensure you and the Calmony Client Account meet client account requirements of your CMP insurance and membership, you, not Calmony, will be responsible for any payments made into the Calmony Client Accounts that are clawed back by the payee, payee's bank, or their card payment issuer.

18.3 Calmony will notify you immediately when Barclays or Modulr notify Calmony that funds have been clawed back, and Calmony will transfer the sum of the clawed back funds from your Calmony Client Account.

18.3.1 Calmony cannot guarantee to notify you if funds are clawed back.
18.3.2 You, not Calmony, are responsible for any costs associated with the clawback process, including administrative fees, legal expenses, and any other costs incurred by Calmony.
18.3.3 You, not Calmony, are responsible for any costs associated with funds that are paid out before they are clawed back.
18.3.4 Payments by open banking request are subject to the Faster Payment APP (Authorisation Push Payment) Reimbursement Scheme (PSR) which relates to the prevention of fraud and compensation.
18.3.5 If agentOS receives a claim from a payment request you issued and is required to reimburse, Modulr has a £100 claims excess on the returned funds and a £35 Fraud Administration Fee per claim, which agentOS will pass on to you.
18.3.6 agentOS is required to maintain an APP Fraud Collateral Account with a minimum balance set by Modulr. If you receive a claim from a payment request you issued and are required to reimburse, you will be required to contribute to the APP Fraud Collateral Account.

18.4 You are required to transfer the clawed back funds from your trading account to the Calmony Client Account by 5pm on the same day to ensure the client account reconciles.

18.5 If the clawed back funds are not received into the Calmony Client Account by 5pm, Calmony will suspend all payments out of the Calmony Client Account. In addition, Calmony will record on the Calmony risk register a 'non satisfactory event' and will report to you and, if you are a Property Agent, to your CMP provider recommending a review of the Calmony Client Account.

18.6 In the event of a clawback, Calmony reserves the right to clawback any payments made from your Calmony Account to your payee.

18.6.1 You, not Calmony, are responsible for any costs associated with the Calmony Payee clawback process, including administrative fees, legal expenses, and any other costs incurred by Calmony, you or your Payee.

Charges for Holding Balances

19.1 Calmony reserves the right to pass on any charges incurred by Barclays or Modulr (such as negative interest charges) as a result of holding cash balances in bank accounts or holding e-money balances in EMI accounts.

Your Responsibilities

20.1 You are responsible for all activity occurring under your User accounts (logins) to Calmony.agentOS.com, Calmonyapp.com, the Calmony Accounts, or agentOS.com CRM system, including but not limited to: changing bank account details, requests for payments, transfers, payments, requesting BACS payments, permissions with AML checks and confirmation of payee checks, and fees due to use of Calmony Accounts.

20.2 You shall notify Calmony immediately of any unauthorised use of any password or accounts or any other known or suspected breach of security or data protection within 24 hours as set out by your obligations under GDPR legislation.

20.3 You may not allow any third parties access to Calmony Accounts other than your accountants, auditors, Letting Partnership Ltd and your CMP Scheme provider.

20.4 Calmony will from time to time upgrade and modify Calmony.agentOS.com and Calmonyapp.com; as a user of the service, you must accept the upgrades or modifications.

20.5 Calmony cannot be held responsible for any losses due to bugs or errors in Calmony.agentOS.com or Calmonyapp.com. You are responsible for checking any transactions that take place within Calmony.agentOS.com and Calmonyapp.com and to make sure that bank account payments are correct.

20.6 Calmony reserves the right to limit, suspend or discontinue aspects of Calmony.agentOS.com or Calmonyapp.com in the event of a security breach. Calmony will give reasonable notice of the limiting, suspension or discontinuation, and Calmony cannot be held responsible or liable for any loss or damage suffered by you, whether direct, indirect or consequential.

Minimum Term and Closing Accounts

21.1 Your Calmony Client Bank Account requires a minimum twelve (12) month contractual term from opening of the first account.

21.1.1 Early termination will result in all remaining monthly subscription fees becoming immediately due.
21.1.2 After the twelve (12) month period, the agreement continues into a rolling twelve (12) month commitment term.
21.1.3 You must give thirty (30) days' written notice before the end of your current commitment term.
21.1.4 This does not affect Calmony's right to suspend or terminate your account for breach of terms.

21.2 The Calmony Client Bank Account cannot be closed if there is any remaining balance. You must transfer all funds out of the account prior to closure. Any funds remaining in the account after notice of closure will result in continued application of all fees and subscription charges until the account is fully emptied and properly closed.

21.3 In the event of closing your Calmony Account, the Calmony Account is not transferable. Neither you, another EMI, nor Calmony is responsible for providing a new FCA approved client bank account or for arranging the transfer and cancellation of standing orders and other payments to the Calmony Account.

21.4 If you are a Property Agent with CMP, when the account is closed Calmony will inform your CMP provider and recommend a health check.

21.5 Process for closing an account:

21.5.1 Please email support@calmony.co requesting account closure. A closure date will be set for the last working day of the following month.
21.5.2 All fees, including the monthly subscription and an estimate of future transaction charges, are immediately due.
21.5.3 Calmony will issue an invoice for the future monthly subscription (if applicable) and estimated transaction charges.
21.5.4 All fees due and outstanding are immediately deducted from the account and will include a payment reference 'Bank fees inv XXXXX'. It is your responsibility, not Calmony's, to top up these fees in the account if required.
21.5.5 Once the account is closed, if the estimated transaction charges exceed actual transaction use, Calmony will issue a refund.

Transferring Legal Ownership of a Calmony Account

22.1 In the event of the Property Agent's or Non Property Agent's business being sold or there being a change in Control, the new entity and owners would be required to go through the Calmony application process as set out in clauses 3.1 to 3.4.

22.2 In the event of a successful application, the new entity and owners would be required to sign these terms and conditions. Once signed, Calmony will start the process of moving the Calmony Account to the new entity and owners.

22.3 Calmony will rename the designated account to the registered business.

Treating Customers Fairly Policy and Complaints

23.1 In line with FCA guidance and Calmony core values, a formal complaints procedure is available.

23.2 If you need to make a complaint, the first stage is to follow the Calmony complaints process; full details are on the agentOS GDPR, Security and Privacy Policy.

23.3 If you are not satisfied with the outcome of the complaint, and you believe the complaint relates to the financial service that Calmony has provided, you can refer the complaint to either the Financial Ombudsman Service or the Financial Conduct Authority.

Non-Contact, Administration & Liquidation of Your Business

24.1 If there is no contact from you or Calmony is informed you have ceased trading and funds or rents continue to be paid into the Calmony Account, Calmony will:

Return the funds to the originator Payee if the account number and sort code is available on the inbound payment transaction.
If you are a Property Agent, liaise with your CMP provider to confirm the action needed for any funds that remain and cannot be returned.
If you are a Property Agent, instruct the administrator/liquidator to liaise with your CMP provider regarding access to the Calmony Client Account.
Any payments in or out of the Calmony Account will be subject to the current transaction fee.

24.2 Calmony will consider a Calmony Account to be a dormant account when there is no activity after 6 months, and Calmony's attempts to contact the account holder go unanswered from month 7 to end of month 9.

24.3 Calmony's dormant account policy is that once an account becomes dormant, the account will be closed and funds transferred to the dedicated Calmony Client Account named Calmony Dormant Client Account Funds, held in the Dedicated Calmony Barclays Client Bank Accounts.

24.5 In the event of a claim to return Calmony dormant account funds, Calmony will require:

Confirmation that the applicant is legally entitled to the funds.
Confirmation of which payees' funds belong to (if client funds).
No outstanding Calmony subscription or transaction fees.

Once the Return of Dormant account funds requirements have been met, funds will be transferred to a nominated account for non-client funds or to a client account for client funds.

Suspicion of AML and CMP Activity Reporting Process

25.1 Any suspicion of AML or CMP activity will be reported to Calmony's money laundering reporting officer (MLRO), who will review and record the details on the Calmony risk register.

25.2 The MLRO will check with the person reporting: who is under suspicion and who are the connected parties; what is the reason for suspicion; when and what are the details; what explanation was given by the client (if applicable) for the decision taken.

25.3 The MLRO will add the details, dates, times, and amounts to the Calmony risk register, including any documentation. The MLRO will then contact you, the agent, to explain that a suspicion has been raised and that Calmony is legally duty bound to review.

25.4 The MLRO will explain why the risk has been raised and check with you, the agent, to understand the circumstances and whether you have taken the correct due diligence checks.

25.5 If the review outcome requires no action, the outcome decision is recorded on the Calmony risk register and the report is closed.

25.6 If the suspicion remains, the conclusions are added to the risk register and reported to the National Crime Agency (NCA) via communication@nca.gov.uk (AML suspicion), and if you are a Property Agent — to your CMP provider (CMP suspicion), your chartered or certified Accountant, and you.

25.7 You, not Calmony, are responsible for any and all fines for any breach in AML regulations.

25.8 Calmony's Whistle Blower and CMP reporting policy enables employees to directly report to the CMP scheme if they suspect suspicious activity, without seeking permission or approval from Calmony's MLRO officer.

General

26. Calmony is part of agentOS Proptech Group Ltd and Calmony may contact you regarding the Group's other software, apps and services.

Version History

Date	Who	Change/Variation
14/05/2025	Glyn Trott	V 1.4 added 21.1 term that introduced a 6-month minimum term, and 10.9 term requiring the 24-hour OFSI check.
12/06/2025	Glyn Trot	Removed reference to requirement for AML exemption, as OFSI auto monitoring supersedes the requirement.

Important Note

These Terms and Conditions also incorporate by reference the Modulr Introduced Client Terms of Business, Modulr Account Terms and Conditions, PIS Terms of Service, PIS End User Terms of Service, Barclays ePDQ Terms of Use, and the Confirmation of Payment Terms of Service, all of which form part of the complete agreement between you and Calmony. For any questions, contact support@calmony.co.