Introduction
Liquiditas (hereafter referred to as the “Company”, “we” or “us) a Financial Institution licensed in terms of the Financial Institutions Act, will act as the Data Controller in processing your personal data and/or personal data relating to individuals connected to your business in accordance with the Data Protection Act, Chapter 586 of the laws of Malta and which implements and further specifies the relevant provisions of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, better known as the General Data Protection Regulation (hereafter referred to as the “Regulation” or “GDPR”).
“You” or “your” shall mean you, any client of Liquiditas and any authorised person to operate the business relationship with Liquiditas or deal with us on your behalf.
This privacy policy (the “Policy”) explains how we collect, retain, process, share and transfer personal data about you and individuals connected to your business, and your respective rights under the Regulation.
Information we collect
The information collected by Liquiditas includes information that you provide to us, information that we generate about you and information collected from other sources.
When you enter into a business relationship with Liquiditas, we will collect Personal Data as necessary to offer and fulfil the products and services you request. Depending on the product or service you request, we require you to provide us with your personal details or personal data relating to individuals connected to your business, including:
name, gender, date and place of birth; contact details such as address, email address, landline and mobile numbers; and information concerning your identity such as photo ID, passport information, National Insurance number, Tax identification number, National ID card, tax residency and nationality.
The information that Liquiditas generates about you include:
- your financial information, your account(s) number(s) and history, transactions records, payments into your account including Company details;
- information we use to identify and authenticate you and individuals connected to your business;
- your credit risk rating and transactional behavior;
- due diligence checks, sanctions and anti-money laundering checks and information that we need to support our regulatory obligations for the detection of any suspicious and unusual activity;
- records of correspondence and other communications with you, including emails.
- Other sources of information collected from third parties include information received from Credit Reference Agencies, the Central Credit Register by the Central Bank of Malta, other reference databases and any publicly available sources of information.
Purpose and legal basis for processing your personal data
The Company uses your information for the following purposes:
- The provision of our service to you, including the access to the online portal through which we will manage the services being offered to you;
- The Company will process your information which is necessary for the performance of an agreement to which you are a party or in order to take steps at your request to entering into an agreement;
- The prevention and detection of crime including, fraud, tax evasion, terrorist financing and money laundering through our ongoing monitoring, mitigation and risk management, customer due diligence, name screening, transaction screening and customer risk assessments. This processing is necessary for compliance with legal obligations to which the Company is subject and for the purpose of the Company’s legitimate interest.
- Credit risk management – The Company has a legitimate interest in conducting a risk assessment prior to providing credit and on an ongoing basis thereafter;
- The protection of the Company’s legal rights and interests such as debt collection, enforcing or protecting the Company’s assets; court action; managing complaints or disputes. The Company has a legitimate interest to take action against you or other persons, in the case of joint borrowers or persons who give a guarantee or other security for your obligations to the Company.
- Marketing – For the Company to use your information to provide you with information about its products and services, and also products and services from other relevant third parties. The Company will always make sure that it obtains your consent before processing your information for marketing purposes. Furthermore, you will be granted the option to withdraw your consent for the processing of your information for marketing purposes at any time.
Disclosure of your personal data
The Company will share your information with others where it is lawful to do so including where the Company or any third party:
- needs it in order to provide you with the product or service;
- has a public or legal obligation to do so for the detection and prevention of fraud, tax evasion and financial crime;
- in connection with regulatory reporting, litigation or asserting or defending its legal rights and interests;
- under a legitimate interest to manage risk, including financial crime risk, verify your identity; or has obtained your consent to share it.
Specifically, the Company may share your information for the above purposes with others including:
- credit reference agencies and debt recovery agents;
- law enforcement, government, tax authorities, courts, dispute resolution bodies, our regulators, auditors and any party appointed or requested by our regulators to carry out investigations or audits of our activities;
- the Central Bank of Malta in order to update the Central Credit Register maintained by the Central Bank of Malta;
- other third parties involved in any disputes, including disputed transactions;
- fraud prevention agencies who will also use it to detect and prevent fraud and other financial crime and to verify your identity;
- anyone who you provided instructions or power of attorney or operates any of your accounts or service on your behalf.
We will not process Special Categories of Personal Data (including racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership, genetic data, biometric data used for uniquely identifying a natural person, data concerning health, or data concerning a natural person’s sex life or sexual orientation), unless authorized by law. In any event, we will always specify the purpose for which such Personal Data shall be used and the legal basis for its processing. Furthermore, we will only use such Personal Data for the purposes for which it was collected and not for any other purposes.
Processing for the purposes referred above shall be subject to appropriate safeguards for the rights and freedoms of the data subject, including pseudonymisation and encryption of personal data and other technical and organisational measures to ensure compliance with the principle of data minimization:
- where such purposes can be fulfilled by processing which does not permit, or no longer permits, the identification of data subjects, those purposes shall be fulfilled in that manner.
- the ability to timely re-establish the availability of and access to personal data in the event of a physical or technical incident;
- a process of regular testing and evaluation of the effectiveness of technical and organizational measures in order to guarantee the safety of processing.
Transfers to Third Countries
We shall strive to send your data only to other EU countries or other countries which ensure proper protection for your data. When transferring your data to countries which are not deemed as such, proper measures in terms of the GDPR shall be applied to ensure the protection of your Personal Data.
Retention of information
In accordance with the Company’s Data Retention Policy, your personal data will be retained for a period of five years from the end of our business relationship or for a longer period when required by a competent authority. Your account and transaction data will be retained by the Company for a period of ten years to comply with fiscal legal requirements.
Your rights
You have a number of rights in relation to the personal data that the Company holds about you. These rights include:
- the right to access information the Company holds about you and to obtain information about how the Company processes it;
- the right to withdraw at any time your consent without affecting the lawfulness of processing based on such consent before its withdrawal;
- where applicable, the right to receive certain information you have provided to the Company in an electronic format and/or request the Company to transmit it to a third party;
- the right to request the Company to rectify your information if it is inaccurate or incomplete;
- the right to request in certain circumstances the Company to erase your personal data, unless this is necessary for compliance with a legal obligation to which the Company is subject to or for the establishment, exercise or defence of a legal claim;
- in certain circumstances the right to obtain from the Company restriction to your personal data; and
- the right to object at any time to processing of your personal data for direct marketing purposes and to be subject to a decision based solely on automated processing, including profiling, which produces legal effects or similar significant effects to you, unless such decision is necessary for entering into, or performance of the agreement between you and the Company.
If you wish to make any inquiry regarding your personal data, have any questions regarding this Privacy Policy or our data protection practices, or if Yyou wish to can exercise your rights at any time, please by contacting us at directly by email on: privacy@liquiditas.com
Any request must be in writing and must also include your name, address and a description of the information or correction required. We may also ask for other identification documentation. Such information is essential so that we can identify you properly.
Likewise, if you have any questions about this Privacy Policy or our data protection practices, please contact our Data Protection Officer.
Complaints
You have also the right to raise complaints or concerns about the Company’s use or processing of your personal information with the body regulating data protection in your country. In Malta, this is the Office of the Information and Data Protection Commissioner (details are available at https://idpc.gov.mt/en/Pages/Home.aspx).
Changes to Privacy Policy
Liquiditas may, from time to time and at its discretion, make changes to this Policy. The date of the last modification is stated at the beginning of this document. All additional changes will be included in the latest Privacy policy published on this website, so that you will always understand our current practices with respect to the information we gather, how we might use that information and disclosures of that information to third parties. Any changes to this Policy will become effective upon publishing this site.
We will seek your express consent to any changes to how we use or disclose your Personal Data if requested by law but otherwise use of this site or our services following such changes constitutes your acceptance of the revised statement then in effect.
How we keep your personal data secure
We store your personal information on secure servers that are managed by us and maintained by our service providers. Personal information that we store or transmit is protected by security and access controls, including username and password authentication, two-factor authentication, and data encryption where appropriate.
In the event of a Data Breach following your Personal Data, we shall always abide by the law and inform you and the competent authorities as required.