Privacy Policy
- Confidentiality of information
1.1 The Bank will treat all of the personal information of Account Holders as private and confidential even if You are no longer a customer. However, the directors, officers and/or staff of the Bank may be required to provide evidence and information and the Bank will only disclose such information about the account of the Account Holder to third parties if certain specific circumstances arise (in particular but not limited to circumstances where there is evidence of activities which constitute or would, had they occurred in Dominica, constitute a criminal offence in the Dominica).
1.2 The Bank shall treat all information relating to the accounts of the Account Holder and the transactions associated therewith as strictly confidential. The Bank shall disclose such information only to the Account Holder or as instructed by the Account Holder.
1.3 In order to guarantee such confidentiality, the Bank reserves the right to withhold information requested to it unless the requestor or the beneficiary of the information is entitled to receive it.
1.4 The Bank shall not incur any liability towards the Account Holder by exercising its right to protect the confidentiality of information concerning the Account.
1.5 The Bank shall not incur any liability where confidentiality is violated by any Correspondent Bank whether or not that Correspondent Bank provider is bound by terms of confidentiality.
- Law on the use of personal information
2.1 Pursuant to the laws of the Dominica, regulating use of personal information, the data which may be collected from the Account Holder shall only be used and communicated to third parties in order to meet the legal and regulatory obligations and for administration, IT operations, accounting and payment processing purposes.
2.2 Natural persons have a right of access and rectification as provided for by the law. All requests to this effect must be submitted to the Bank in writing.
2.3 The information thus required is compulsory and the Account Holder is required to provide it to the Bank. Failing this, the Bank shall be entitled not to pursue the application of the Account Holder.
2.4 The Bank shall not incur any liability in case confidentiality is violated by any third party providers of the Bank bounded to confidential terms.
- Data Collection and Use
3.1 The Bank may collect, store, and process personal data provided by the Account Holder during the account application process and throughout the relationship with the Bank. This includes but is not limited to identification details, financial information, transaction history, and communication records.
3.2 The Bank shall only use personal data for legitimate business purposes, including account management, fraud prevention, risk assessment, regulatory compliance, and customer service.
3.3 The Bank may process personal data using automated systems for fraud detection, transaction monitoring, and security analysis.
- Sharing of Information with Third Parties
4.1 The Bank shall not sell, lease, or otherwise distribute personal information to third parties except under the following circumstances:
To comply with legal, regulatory, or governmental requests;
To fulfill banking services through third-party providers, such as payment processors or IT service providers, who are contractually obligated to maintain confidentiality;
To protect the rights, safety, and security of the Bank, its customers, or the general public.
4.2 Where required by law, the Bank shall seek consent before sharing data with third parties outside of legal or regulatory obligations.
- Data Security
5.1 The Bank implements appropriate technical and organizational measures to safeguard personal data from unauthorized access, loss, destruction, or alteration.
5.2 The Bank cannot guarantee absolute security, and Account Holders acknowledge the inherent risks of transmitting information online or through electronic communication channels.
- Data Retention
6.1 The Bank shall retain personal data only for as long as necessary to fulfill its legal and regulatory obligations, resolve disputes, and enforce agreements.
6.2 After the retention period, personal data shall be securely deleted or anonymized, unless legal or regulatory requirements dictate otherwise.
- International Data Transfers
7.1 Personal data may be processed and stored in jurisdictions outside the Dominica, where data protection laws may differ.
7.2 In such cases, the Bank shall ensure that appropriate safeguards are in place to protect personal data in accordance with applicable legal requirements.
- Rights of Data Subjects (GDPR Compliance)
8.1 Right to Access
The Account Holder has the right to request a copy of the personal data held by the Bank, along with information on how it is processed, stored, and shared.
8.2 Right to Rectification
The Account Holder may request corrections to inaccurate or incomplete personal data held by the Bank.
8.3 Right to Erasure (“Right to be Forgotten”)
The Account Holder may request deletion of personal data where: The data is no longer necessary for the purposes collected. The Account Holder withdraws consent (where applicable).The data was unlawfully processed.
The Account Holder objects to processing, and no overriding legitimate grounds exist. However, the Bank may retain certain data as required by legal or regulatory obligations.
8.4 Right to Restrict Processing
The Account Holder may request to limit the processing of their data under specific circumstances, such as during a dispute regarding data accuracy or unlawful processing.
8.5 Right to Data Portability
Where applicable, the Account Holder has the right to receive their personal data in a structured, commonly used, and machine-readable format and to request the transfer of such data to another financial institution.
8.6 Right to Object to Processing
The Account Holder may object to the processing of their personal data if:
Processing is based on legitimate interests, and the Account Holder asserts an overriding interest.
Data is used for direct marketing purposes.
8.7 Automated Decision-Making & Profiling
The Bank may use automated decision-making in risk assessment, fraud detection, and creditworthiness evaluation. The Account Holder has the right to request human intervention in such cases.
- Third-Party Processors & Data Sharing Compliance
9.1 Approved Third-Party Processors
The Bank may engage third-party service providers for:
Payment processing (e.g., card issuers, wire transfer networks).
Identity verification & fraud prevention (e.g., KYC/AML compliance).
IT infrastructure & security (e.g., cloud storage, cybersecurity firms).
Regulatory reporting & compliance (e.g., tax reporting, financial auditors). All third-party processors are required to:
Implement confidentiality agreements and data protection measures. Process data only under the Bank’s explicit instructions.
Maintain compliance with GDPR (where applicable) and Dominica data protection laws.
9.2 Cross-Border Data Transfers
Data may be transferred outside of the Dominica to jurisdictions with different privacy standards.The Bank shall ensure that all international transfers meet legal safeguards, such as:
Standard Contractual Clauses (SCCs) for EU-based data transfers.
Binding Corporate Rules (BCRs) for intra-group data exchanges.Adequacy decisions by relevant authorities.
9.3 Government & Regulatory Requests
The Bank may be required to share personal data with regulators, law enforcement, or tax authorities.
Any such disclosure will be strictly limited to what is legally required.
The Bank will notify the Account Holder of any legally permitted disclosure unless prohibited by law.
- Marketing & Communications
10.1 Direct Marketing
The Bank may send marketing communications regarding financial products and services. Account Holders can opt-out of marketing communications at any time.
10.2 Cookies & Online Tracking
The Bank’s website may use cookies to enhance user experience and collect anonymized analytics. Users can manage cookie preferences through browser settings.
The Digital Account Holder of Foxbit Bank Ltd. affirms that he/she/it has received a copy of these Privacy Policy has read and approved them, and undertakes to accept them in their entirety by execution hereof.