Common use of Financial, Compliance and Security Audits Clause in Contracts

Financial, Compliance and Security Audits. Merchant shall allow BlueSnap and/or any relevant Acquirer to conduct financial, compliance, and/or security audits upon 7 days written notice or 24 hours notice including but not limited to in the case of suspected fraud, unlawful or prohibited transactions, security concerns or security breach. Such audits shall include the right to examine all relevant accounts, books, financial data, bank records, customer details, and contact creditors, clients and partners, and security policies and records, server hosts, security certificates and server records and out-sourced arrangements. Merchant shall promptly provide access to all necessary documentation, and give full cooperation and disclosure as required to complete such audits. Merchant shall at all times maintain sufficiently robust security practices to secure End-User Customer data, and provide details of its security policies upon written request and cooperate with BlueSnap in the event of any major payment security incidents including data breach. Security measures should be periodically tested to ensure their effectiveness and Merchant shall comply with any reasonable requirement made by BlueSnap or any relevant Acquirer concerning security measures. BlueSnap may decline to process transactions in the event that it has concerns over security issues relating to the Merchant and may terminate this Agreement if it believes that the Merchant does not have sufficient security measures in place to protect payment data and End Customer Information.