The Client Account Agreement serves as the foundational document governing the relationship between financial institutions and their clients in the Philippines. It is essential for establishing new banking relationships and must comply with various Philippine regulations, including the New Central Bank Act, Securities Regulation Code, and Anti-Money Laundering Act. This agreement is typically used when opening new accounts, whether for individuals or corporate entities, and covers everything from basic account operations to complex financial services. The document includes provisions for account maintenance, transaction processing, fees, electronic banking services, data privacy protections, and regulatory compliance requirements. It needs regular updates to reflect changes in Philippine banking regulations and financial services laws.
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1. Parties: Identification of the financial institution and the client, including complete legal names and addresses
2. Background: Context of the agreement and the nature of the services being provided
3. Definitions: Definitions of key terms used throughout the agreement
4. Account Opening and Maintenance: Requirements and procedures for opening and maintaining the account
5. Services Provided: Detailed description of the services covered by the agreement
6. Client Obligations: Client's responsibilities, including providing accurate information and maintaining minimum balances
7. Fees and Charges: Complete fee structure and payment terms
8. Instructions and Authorizations: Procedures for giving instructions and authorizations regarding the account
9. Security and Access: Account security measures and access protocols
10. Privacy and Data Protection: Handling of personal information in compliance with the Data Privacy Act
11. Anti-Money Laundering Provisions: AML compliance requirements and procedures
12. Representations and Warranties: Standard representations and warranties from both parties
13. Liability and Indemnification: Limitations of liability and indemnification provisions
14. Term and Termination: Duration of agreement and termination procedures
15. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
16. General Provisions: Standard boilerplate provisions including notices, amendments, and severability
1. Electronic Services: Terms for online banking and electronic services, required if digital access is provided
2. Investment Services: Additional terms for investment accounts, required if investment services are offered
3. Foreign Currency Transactions: Terms for foreign currency dealings, required for multi-currency accounts
4. Joint Account Provisions: Special terms for joint accounts, required if joint accounts are offered
5. Corporate Account Provisions: Special terms for corporate clients, required for business accounts
6. Credit Facility Terms: Terms for any credit facilities, required if overdraft or credit services are offered
7. Trust Account Provisions: Special terms for trust accounts, required if trust services are offered
1. Schedule of Fees and Charges: Detailed breakdown of all applicable fees, charges, and commissions
2. Schedule of Services: Detailed description of available services and their specific terms
3. KYC Requirements: List of required documents and information for account opening
4. Authorized Signatories: Form for designation of authorized signatories and specimen signatures
5. Risk Disclosure Statement: Required risk disclosures for various services and products
6. Electronic Banking Terms: Detailed terms and conditions for electronic banking services
7. Privacy Policy: Detailed privacy policy and data protection procedures
8. Account Opening Forms: Standard forms required for account opening
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