The FBO Account Agreement is essential when establishing accounts where funds are held for the benefit of third parties. This document type is commonly used in the United States financial sector and must comply with federal and state banking regulations. The agreement includes crucial provisions regarding account structure, authorized signatories, compliance requirements, and operational procedures. An FBO Account Agreement is particularly important for ensuring clear accountability and proper management of funds held for others, while maintaining compliance with regulatory requirements including KYC and AML regulations.
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1. Parties: Identifies the financial institution and the account holder/beneficiary
2. Background: Explains the purpose of the FBO account arrangement and regulatory context
3. Definitions: Defines key terms used throughout the agreement including account types, beneficiary, and regulatory terms
4. Account Structure: Details how the FBO account will be structured and maintained, including segregation of funds
5. Operating Procedures: Specifies how transactions will be conducted, authorized, and documented
6. Fees and Charges: Outlines all applicable fees and charges for account maintenance and transactions
7. Representations and Warranties: States the parties' assertions regarding their authority, compliance with laws, and regulatory status
8. Term and Termination: Specifies duration of the agreement and conditions for termination or modification
9. Compliance Requirements: Details obligations under BSA, PATRIOT Act, and other regulatory requirements
10. Liability and Indemnification: Establishes liability limitations and indemnification obligations of parties
1. Electronic Services: Details online banking services, access protocols, and security measures when electronic banking is provided
2. Foreign Transaction Provisions: Addresses international transfer requirements, currency conversion, and cross-border compliance when applicable
3. Sub-Account Provisions: Details management and reporting requirements for multiple sub-accounts when multiple beneficiaries are involved
4. Interest Provisions: Specifies interest calculation and payment terms if the account bears interest
1. Schedule A - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule B - Authorized Signatories: List of individuals authorized to operate the account and their signing authorities
3. Schedule C - Operating Procedures Manual: Detailed procedures for account operations, reporting, and reconciliation
4. Schedule D - Required Reports: Specifics of required reports, their frequency, and format
5. Schedule E - KYC Documentation Requirements: List of required customer due diligence documents and ongoing compliance requirements
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