SPICE Finance Ltd (‘SFL’)
- SPICE Finance Ltd (‘SFL‘), holds the following licences with the Financial Services Commission Mauritius and Bank of Mauritius,
(i) a Leasing licence; and,
(ii) a Deposit Taking license respectively,
- In the performance of its duties SFL will have access to a potential client’s (‘You‘) personal information.
- The present document explains how SFL will process your data.
- It is mandatory for SFL to abide by the Data Protection Act 2017 (“DPA”). The DPA is designed to strengthen the control and personal autonomy of individuals over their personal data, in line with the General Data Protection Regulation (EU) 2016/679 (‘GDPR’). SFL is registered with the Data Protection Office Mauritius as a Data Controller, which means it can determine the way it collects and processes data.
- It will be necessary for You to provide us with certain information, in respect of your identity and other details relating to You, or, in case of an investor that is not a natural person, information relating to Your officers, directors, partners, members or employees (“Personal Information“).
- Personal Information is subject to certain legal safeguards under the DPA. The DPA prescribes the way in which SFL and/or its agents and service providers, may collect, retain and handle Personal Information.
- SFL will be a ‘controller’ of Your personal information for the purposes of the DPA, and will process, or arrange the processing of, Your Personal Information by its service providers, including broker-dealers and Your custodian. The following information is applicable to SFL’s client in all cases, and contacts/prospects in some cases, as noted below.
With whom does SFL share Your Personal Information?
- SFL may share certain of Your Personal Information with the following third parties for the reasons stated below:
a) Advisers (e.g., auditors) to SFL relating to or in connection with Your dealings with us;
b) Law enforcement agencies; regulatory or tax authorities and other governmental or public agencies or authorities, and;
c) IT/software service providers who maintain SFL internal networks/systems.
- They may in turn use the services of their affiliates or service providers to process Your personal information where necessary or appropriate.
- SFL will not be able to provide services to You without processing Your Personal Information for the purposes identified below.
- SFL has reviewed the purposes and appropriateness of its activities, and those of the processors of Your Personal Information. SFL lawfully processes your data for the reasons set out below:
a) To facilitate SFL’s ability to perform its obligations to You under the documents that together form the basis for Your contractual relationships with SFL, as well as its ability to comply with applicable rules and regulations including the requirement to comply with any regulatory or tax reporting requirements;
b) to carry out money laundering/terrorist financing checks, conflict checks, for purposes of fraud prevention, to comply with any applicable auditing or financial reporting requirements;
c) to comply with information disclosure requests from regulatory, tax or other governmental or public authorities; and
d) to communicate information SFL thinks may be of interest to You.
- In addition to the above, your personal information will also be processed based on the legitimate interests of SFL including:
a) To help detect, prevent, investigate, and prosecute fraud and/or other criminal activity;
b) To manage SFL’s information technology and to ensure the security of its systems;
c) To disclose information to a governmental, tax or regulatory body, or other intermediaries, counterparties, court, auditors or other third parties and to conduct compliance activities, when SFL think this is in any of their, or someone else’s interest;
d) To investigate and respond to any complaints about SFL and SFL business or any incidents relating to SFL or its business and to help maintain quality and to deal with complaints and disputes; and
e) To manage and administer SFL’s business and to improve relationship with You and our other investors, and assist with investor relationship management, and for marketing and business development activities and analysis;
What personal information will be collected and used?
- When processing Your personal information, SFL is subject to, and will comply with, the relevant requirements contained in the Data Protection Act as SFL believes is applicable:
- The types of personal information relating to You we may process include, for example:
a) Your (or your officers’, directors’, partners’, members’, or employees’) name, address, date of birth and gender;
b) Your (or your officers’, directors’, partners’, members’, or employees’) bank account details, source of funds/wealth information, accounts, and bank statements;
c) Copies of your (or your officers’, directors’, partners’, members’, or employees’) passport, driver’s license and other official documentation required for identity or address verification purposes;
d) Demographic information such as employment and other related information;
f) Investigation data such as due diligence checks, which are pertinent to SFL’s obligations with regards to anti-money laundering and combating terrorist financing.
How do we use your personal information?
- SFL will process your personal information to undertake the necessary and appropriate actions to offer its services. SFL will do this while complying with the applicable legal and regulatory obligations, to exercise its right at law or under contracts.
- How long is Your Personal Information retained?
a) SFL will regularly review the Personal Information that it processes relating to You to ensure that the Personal Information is accurate and up-to-date and will not retain Your Personal Information for no longer than is necessary in relation to the purposes for which Your Personal Information is processed, and in accordance with regulatory requirements.
b) Generally, SFL will retain Your Personal Information for seven (7) years after You discontinue all relationship with SFL. Personal information may be retained for longer if it is required by law, or by a tax or regulatory authority, a law enforcement agency or other governmental or public body or considered necessary to allow SFL to act in accordance with its specific set of circumstances, for example, considering an actual or a potential legal action or regulatory investigations.
- Your rights in relation to the Personal Information SFL process about you. You have various rights under DPA in relation to the Personal Information that SFL process, relating to You. These include:
a) The right to request access to Your Personal Information;
b) The right to withdraw consent at any time, without affecting the lawfulness of processing based on consent before its withdrawal;
c) The right to have Your Personal Information rectified;
d) The right to have Your Personal Information erased;
e) The right to request that Your Personal Information is only used for restricted purposes;
f) The right to object to Your Personal Information being processed, for example, for marketing;
g) (in some circumstances) the right to require certain of Your Personal Information to be transferred to You or a third party; and
h) The right to lodge a complaint with the relevant data regulatory body. For more information about your rights under the new Data Protection legislation, please consult the Data Protection Office website: dataprotection.govmu.org
i) You can seek to exercise any of these rights by contacting our Data Protection Officer on [email protected].