The Account Bank Agreement serves as the foundational document governing the banking relationship between financial institutions and their clients under Austrian law. This agreement is essential when establishing new banking relationships or updating existing arrangements to comply with current regulatory requirements. It comprehensively addresses account operations, electronic banking services, security procedures, and regulatory compliance obligations. The document incorporates requirements from key Austrian legislation including the Banking Act (BWG), Payment Services Act (ZaDiG), and Financial Market Anti-Money Laundering Act (FM-GwG), while also ensuring compliance with EU-wide regulations such as GDPR. The Account Bank Agreement is particularly crucial for businesses maintaining accounts in Austria, providing clarity on rights, obligations, and operational procedures while ensuring regulatory compliance.
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1. Parties: Identification of the account bank and the account holder(s)
2. Background: Context of the agreement and relationship between parties
3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation
4. Appointment and Duration: Formal appointment of the account bank and term of the agreement
5. Account Opening and Operation: Terms governing the opening, maintenance, and operation of the account(s)
6. Account Bank's Rights and Obligations: Core responsibilities and rights of the bank in managing the account
7. Account Holder's Rights and Obligations: Core responsibilities and obligations of the account holder
8. Instructions and Communications: Procedures for giving and acting on account instructions
9. Fees and Charges: Fee structure and payment terms for banking services
10. Security and Access: Security measures, authentication, and access controls
11. Anti-Money Laundering and KYC: Compliance requirements and procedures
12. Confidentiality and Data Protection: Treatment of confidential information and personal data
13. Liability and Indemnification: Allocation of risks and responsibilities between parties
14. Termination: Conditions and procedures for ending the agreement
15. Governing Law and Jurisdiction: Application of Austrian law and dispute resolution provisions
1. Electronic Banking Services: Terms for online and mobile banking services, if offered
2. Special Account Types: Provisions for specific account types (savings, fixed term, etc.)
3. Payment Services: Detailed terms for payment processing if extensive payment services are required
4. Foreign Currency Accounts: Additional terms for accounts held in foreign currencies
5. Interest Provisions: Detailed terms for interest calculation and payment if applicable
6. Credit Facilities: Terms for any overdraft or credit facilities if offered
7. Corporate Account Provisions: Special terms for corporate customers if applicable
8. Joint Account Provisions: Terms for joint account holders if applicable
9. Third Party Service Providers: Terms for accessing accounts through authorized third parties
10. Force Majeure: Provisions for extraordinary events affecting service delivery
1. Schedule 1 - Account Details: Specific details of account(s) to be opened and maintained
2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Schedule 3 - Authorized Signatories: List of authorized persons and signature specimens
4. Schedule 4 - Operating Procedures: Detailed procedures for account operations and instructions
5. Schedule 5 - Electronic Banking Terms: Specific terms and conditions for electronic banking services
6. Schedule 6 - Forms: Standard forms for account operations and instructions
7. Schedule 7 - Service Level Agreement: Performance standards and service levels if applicable
8. Appendix A - Regulatory Disclosures: Required regulatory disclosures and information
9. Appendix B - Data Processing Terms: Detailed terms for personal data processing under GDPR
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