Memorandum Account agreements are utilized when parties need to track and monitor specific financial activities without creating a traditional bank account. These agreements are particularly relevant in Singapore's sophisticated financial sector, where complex banking arrangements require separate tracking of specific transactions or exposures. The document establishes the framework for maintaining such accounts, including reporting requirements, access rights, and compliance with MAS regulations. The Memorandum Account structure is commonly used for internal accounting, regulatory reporting, or tracking specific financial relationships between parties.
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Key Requirements PROMPT example:
Memorandum Account
"Need to draft a Memorandum Account agreement for our Singapore subsidiary to track internal treasury transactions between departments, with specific provisions for multi-currency reporting and quarterly reconciliation requirements."
1. Parties: Identification of the financial institution and account holder
2. Background: Purpose and context of the memorandum account arrangement
3. Definitions: Key terms used throughout the agreement
4. Account Structure: Details of how the memorandum account operates
5. Recording and Reporting: Requirements for transaction recording and reporting
6. Access and Controls: Security measures and access rights
7. Term and Termination: Duration and termination conditions
1. Interest Calculations: Provisions for interest calculations when applicable to the memorandum account
2. Foreign Currency Provisions: Rules and procedures for handling multiple currencies in the account
3. Electronic Access: Terms and conditions for digital access to the account
1. Fee Schedule: Details of any applicable fees and charges
2. Authorized Signatories: List of persons authorized to operate the account
3. Reporting Templates: Standard formats for required reports
4. Technical Specifications: Technical details for account operation and integration
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