Politically Exposed Person (PEP)
A politically exposed person (PEP) is an individual who holds a prominent public position or office, such as a head of state, senior government official, senior executive of a state-owned corporation, or a high-ranking military officer. PEPs may also include their family members and close associates. Due to their positions of power and influence, PEPs may be at a higher risk of involvement in corruption or other illicit activities.In the context of financial services, PEPs are considered to be higher-risk clients and are subject to enhanced due diligence and monitoring by financial institutions to prevent money laundering, fraud and other financial crimes. Banks and other financial institutions are required to identify and assess the risk associated with PEPs, and may be subject to regulatory penalties if they fail to do so.
U.S TAX resident
U.S. person tax refers to the federal income tax system in the United States, which applies to U.S. citizens and resident aliens. U.S. citizens and resident aliens are taxed on their worldwide income, regardless of where it is earned. U.S. citizens and resident aliens are also subject to U.S. estate and gift taxes on their worldwide assets.U.S. citizens and resident aliens are required to file a tax return with the Internal Revenue Service (IRS) every year, reporting their income and claiming any deductions or credits to which they are entitled. The tax rate on U.S. citizens and resident aliens is progressive, meaning that the higher the income, the higher the tax rate. The tax rates for the current year can be found on the IRS website.The definition of a U.S. person can be more extensive than just a U.S. citizen or resident alien, and can include U.S. entities such as corporations, partnerships, and trusts.It’s important to note that the U.S. has agreements with certain countries to avoid double taxation, that means that citizens or residents of those countries that are also U.S. persons may have some exemptions or credit on their foreign taxes paid.
Your Instant, Easy, and Safe Mobile Payment App
Simplify Your Asset Exchange Experience
We’ve got the right solution to keep your funds safe
Turn Your Finances into a Rewarding Adventure!!
Swipe, Shop, and Celebrate: Financial Freedom with Damex Visa Cards!
Unlock the True Potential of Your Finances
Helping medium and high-risk clients improve the efficiency and profitability of their global payments processes
Accessing corporate bank accounts has become more and more difficult over recent years, particularly for companies deemed to be medium or high risk.
Damex offers three alternative custody solutions.
Find out more about Damex.
Join the DAMFAM.
We are dynamic, we are progressive, we are united.
We are dedicated to make ownership and management of Digital Assets simplified.
As you may have read, Damex’s retail arm has been acquired by Ziglu, one of the world’s leading licensed cryptocurrency platforms. We’re ready to officially join forces, so you can benefit from Ziglu’s platform.
If you are a UK or Gibraltar retail customer, we invite you to transfer your account and services with Ziglu.
If you are an EEA customer migration to Ziglu will be available in phase two, expected in Q1 2025.
The transfer process of your Damex account to Ziglu is simple and secure.
Simply follow the link in your email to create your Ziglu account, where you will be guided through the necessary steps to confirm your account details and agree to Ziglu’s Terms of Service.
Suppose you are already a Ziglu customer then, good news! In that case, simply email us at [email protected] requesting a balance transfer to your Ziglu account. Once we’ve done all the necessary verification we will connect your Ziglu account and you will see your Damex funds reflected there within 5 business days, at no cost to you.
Once you’ve been verified as a Ziglu customer, Damex will receive a prompt and any remaining balance on your Damex App will be automatically transferred to your Ziglu account within 5 business days, at no cost to you.
Accounts & Payments
Exchange & Trading Features
Crypto Yield Accounts
Cards [UK only, GIB feature access from 2025]
Settings & Other
There is no charge to a customer when ordering either a Virtual or Physical card.
Ziglu does not currently support direct debits for the account. It’s recommended that customers change any required direct debits to a supported account.
Transactions will be charged to the currency the card has been issued in. Any transactions that take place outside of the issued currency will incur the Mastercard FX rate fee. When traveling there is the option to temporarily convert currency into either USD or EUR with a favourable FX rate, transactions will then be linked to that currency.
More information on asset support and services offered by Ziglu for Damex clients can be found here.
Not all assets provided by Damex are offered by Ziglu. If you own one of the following assets, you must exchange or withdraw it from the Damex App before signing up with Ziglu:
If you do not wish to transfer your Damex account to Ziglu, you can withdraw your assets and close your account.
Apple Pay is currently not present in Gibraltar
