TERM AND CONDITIONS FOR ACCOUNT OPENING
I. INDIVIDAUL ACCOUNT OPENING
The account holder agrees and consents to be bound by the conditions and agreements of the Bank as follows:
1. Savings Account:
1.1. The account holder shall make an initial deposit not lower than the amount fixed by the Bank, and the account balance shall at all times be not lower than the Bank’s Terms which are subject to changes as the Bank considers appropriate.
1.3. The account holder can withdraw, transfer money, pay for goods/services with or without using the passbook at the Bank’s offices.
1.4. The Bank will give the passbook to the account holder as evidence, which shall be kept in the safe place by the account holder. If it is damaged or lost, the account holder needs to contact the Bank to notify immediately.
1.5. In the event the balance of the deposits in the account of the account holder is lower than the minimum amount required by the Bank or no transaction is made for a period of more than 1 year, the account holder consents to pay to the Bank an account maintenance charge in the amount fixed by the Bank by having it deducted from the account of the account holder immediately; and if no deposit remains, the account holder allows the Bank to close the account immediately without notice.
1.6. The Bank agrees to pay to the account holder’s interest at the time specified and at the rate notified by the Bank each time, and the interest after withholding tax as required by the law is also included as a deposit in the account.
2. Current Account:
2.1. The account holder shall make an initial deposit not lower than the amount fixed by the Bank, and the account balance shall at all times be not lower than the Bank’s Terms which are subject to changes as the Bank considers appropriate.
2.2. In the event the balance of the deposits in the account of the account holder is lower than the minimum amount required by the Bank or no transaction is made for a period of more than 1 year, the account holder consents to pay to the Bank an account maintenance charge in the amount fixed by the Bank by having it deducted from the account of the account holder immediately; and if no deposit remains, the account holder allows the Bank to close the account immediately without notice.
2.3. The account holder shall pay the ordering cheques book, and the fee amount is fixed by the bank.
2.4. The account holder has to make sure that he/she has enough balance in account before issuing cheque to others. In the event the account holder issues cheque without sufficient fund, the account holder agrees and consents to the Bank to deduct from the account of the account holder for any applicable service charge. In addition to other fee charges, the account holder shall be subject to fine/penalty by applicable law.
2.5. In case the account holder has issued cheque to any person, but later on he/she decides not to make the payment to the said party, the account holder, before the cheque is honored to the said party, has to provide the Bank with a written letter requesting the Bank not to honor the payment.
2.6. Drawer/Account Holder Consent
2.6.1. The drawer/account holder authorizes the Bank to collect information contained in the present application and other information relevant to this application, and disclose it to third parties for the purposes established under the Article 8 of the Prakas on Credit Reporting.
2.6.2. The drawer/account holder understands that Credit Bureau Cambodia (CBC) and the Bank will be responsible for the collection, processing and dissemination of the data.
2.6.3. The drawer/account holder is entitled to access his/her information and complain to obtain the correction or deletion of such data when there is an adequate reason in line with the procedures established under the Prakas on Credit Reporting and the code of conduct.
3. Term Deposit Account
3.1. The account holder shall at each time deposit an amount of money not lower than the amount fixed by the Bank for the term of deposit.
3.2. On the maturity of the deposit term, the Bank agrees to pay to the account holder’s interest at the rate notified by the Bank as of the deposit date and/or the date of renewal of the deposit.
3.3. If on the maturity date of the term deposit, the account holder does not withdraw money or has no order issued otherwise, it shall be deemed that the account holder has agreed to transfer those money (Principal and Interest) to Savings Account.
3.4. Account holder is required to notify the bank at least 30 working days for closing of Term Deposit. Any exemption must seek Management’s approval. However, the Bank reserves the right to reject any exemption if the Bank foresees insufficient liquidity.
3.5. For any pre-matured closure of term deposit, the Bank will pay interest from the actual deposit term at the rate of savings account notified by the Bank at the relevant time.
4. The account holder undertakes to save harmless and keep the Bank howsoever indemnified against all losses, claims, demand, proceedings, actions, suits, damages, costs, charges, expenses and other liabilities whatsoever and whensoever incurred from my authorizations above, subject to the Banks’ right to reject at any time and at the Bank’s discretion for any reason whatsoever any cash, electronic fund transfer, cheques or other instrument received or as a consequence of the Bank refusing to act or acting on my instruction to close the account and paying the remaining balance in the account as per my instruction.
5. In the event that cash deposit of more than or equal to USD10,000.00 or KHR40,000,000.00 or foreign currency equivalent is made by any person other than the account holder, the depositor is required to provide the Bank with his/her identification document. In Case, the depositor’s identification document is not available, the transaction can be processed given that the Bank can get confirmation with account holder via phone call or any other means provided by the account holder and is available from system, failing which the transaction shall be rejected at the Bank discretion.
6. In the event the account holder incurs debts due to the Bank, whether with or without collateral, the account holder agrees to allow the Bank to apply money out of the deposit account, as well as money owned by the account holder or constituting an account payable of the Bank, to the settlement of the debts immediately without notice.
7. The account holder agrees to allow the Bank to ask information or to disclose partly or wholly the details relevant to the account holder to any person as the Bank deems appropriate, and this consent shall last in perpetuity even if the account has been cancelled or closed.
8. The account holder agrees that the Bank shall have the right to disclose all credit information of the account holder to a juristic person which carries on the business of credit information and of which the Bank is a member, and that the said juristic person can disclose the credit information to Bank or financial institution members.
9. The Bank reserves the right to change, make additions to or cancel the rights, or agreements and conditions as it deems appropriate and binding upon the account holder without having to give notice.
10. Any delay in or abstention from exercising the Bank’s right according to the law, the agreements and conditions in this application, and the rules of the Bank is in no way deemed to constitute a waiver or consent by the Bank to the breach of agreements by the account holder.
11. The account holder consents to hold any document or letter of the Bank, which has been sent to the account holder’s address or office as notified in this application, has been duly sent by the Bank to the account holder. In the event of any changes in the account holder’s address, office and telephone number, the account holder will notify the Bank in writing immediately.
12. Foreign Account Tax Compliance Act (FATCA)
12.1. According to Participating Foreign Financial Institutions under the Foreign Account Tax Compliance Act (FATCA) of the United States of America (U.S) which requires enhanced due diligence procedures on customer/account holder of APD Bank to enable identification and reporting of U.S Person and substantial U.S shareholders of foreign entities to the Cambodian Competent Authority and ultimately, to the U.S Internal Revenue Service (IRS). Pursuant to an Inter-Governmental Agreement (IGA) between the Kingdom of Cambodia and the U.S, the Cambodian Competent Authority has issued guidance in order for Foreign Financial Institutions in Cambodia to comply with FATCA.
12.2. In some instances, APD Bank will request certain information to be submitted by its customer/account holder to meet its FATCA obligations. Failure by customer/account holder in submission of information to the Cambodian Competent Authority may result in a 30% withholding tax on certain payments of U.S source income, where applicable. Payments to the APD Bank’s customer/account holder will generally not be subject to withholding, provided that appropriate certification or other documentation concerning his/her status is provided to the APD Bank as instructed. To ensure that customer’s/account holder’s information is accurate, APD Bank requires customer/account holder to provide notification in the event of changes in customer information, including changes of residence address, mailing address, phone number, and nationality.
I confirm having
II. NON-INDIVIDUAL ACCOUNT OPENING
The acceptance of the application is at the sole discretion of ASIA-PACIFIC DEVELOPMENT BANK PLC. (the Bank) who reserves the right to reject the application without being obliged to disclose any reason thereof.
Enumerated below are the general rules and regulations governing the opening and operations of Current Account with the Bank.
1. Opening Account
To open account, you are required to provide the following:
1.1. The Specimen duly completed and signed in the presence of an Authorized Officer of the Bank.
1.2. An introducer from a reputable person/firm/corporation acceptable and known to the Bank is required. The introducer information must be completed at the introducer section in specimen.
1.3. A minimum initial deposit. The Bank reserves the right to stipulate and vary from time to time on the minimum initial deposit amount.
2. Joint Account
A joint account is opened in the same manner as a personal account except for the following:
2.1. The Specimen must be signed in the presence of an Authorized Officer of the Bank by all individuals wishing to open such an account.
2.2. A mandate on the operation of the account in the Specimen and substance acceptable to the Bank must be obtained from all individuals wishing to open such an account.
2.3. In the event of death of any joint account holder, unless indicated otherwise, the Bank is authorized to pay the balance standing to the credit of the account to the survivor(s) and such payment shall constitute a valid discharge by the Bank of the amount due on the account.
3. Proprietorship/Partnership Account
3.1. The Specimen is to be completed in the name of the Company and duly signed by the sole-proprietor or by all partners, if the Company is a partnership, in the presence of an Authorized Officer of the Bank. The Specimen is required to be submitted with the following documents for sighting/verification by an Authorized Officer of the Bank:
3.1.1. Certified True Copy of Business License.
3.1.2. Certified True Copy of Registration Letter from the Ministry of Commerce (MOC).
3.1.3. Certified True Copy of Registration Letter from the Ministry of Economy and Finance (MEF), where applicable.
3.1.4. Certified True Copy of Memorandum and Articles of Association/Partnership Agreement/Deed of Partnership/Article of Partnership (if available).
3.2. In the case of a partnership account, the mode of operation of the account must be agreed upon by all the partners (and noted down/signed in the prescribed copies of the Specimen) in the presence of an Authorized Officer of the Bank.
4. Limited Company Account
The Specimen is required to be duly completed and executed by the account holder of the Company in the presence of an Authorized Officer of the Bank in accordance with the Board Resolution of the company authorizing the opening of the account. The Specimen is required to be submitted with the following documents for sighting/verification by an Authorized Officer of the Bank:
4.1. Certified True Copy of the Memorandum and Articles of Association/Status.
4.2. Certified True Copy of Registration Letter from the Ministry of Commerce (MOC).
4.3. Certified True Copy of Registration Letter from the Ministry of Economy and Finance (MEF), where applicable.
4.4. Certified True Copy of the Tax Registration Form.
4.5. Certified True Copy of the Board Resolution expressly authorizing
4.5.1. The opening of the account with the particular branch of the Bank.
4.5.2. Particular persons (and stating their full names, identification, and positions in the Company) to complete and sign the specimen for opening of account.
4.5.3. Particular persons (and stating their full names, identification, and positions in the Company) to operate the said account and stating the mode of operation.
5. Society/Club/NGO/Association Account
The Specimen is to be completed in the name of the relevant Society/Club/NGO/Association and duly signed in the presence of an Authorized Officer of the Bank by such authorized person(s) as is/are authorized for the purpose by the constitution of the Society/Club/NGO/Association. The specimen is required to be submitted with the following documents for sighting/verification by an Authorized Officer of the Bank:
5.1. Official Agreement and/or Registration Documents/Certificate with the Ministry of Interior and/or Governmental Agency in Cambodia.
5.2. Certified True Copy of the Minutes of Meeting authorizing the opening of the account at the particular branch of the Bank and further authorizing designated person(s) to operate the account in the manner as approved by the Society/Club/NGO/Association.
5.3. Certified True Copy of the Committee’s Minutes of Meeting or mandate given to a person or persons to act on behalf of the Society/Club/NGO/Association.
5.4. Certified True Copy of the Society/Club/NGO/Association rules and regulations/By-Laws.
6. Foreigner Account
The Specimen is to be completed and duly signed in the presence of an Authorized Officer of the Bank by such authorized person(s). The specimen is required to be submitted with the following documents for sighting/verification by an Authorized Officer of the Bank
6.1. A foreigner account may be opened by a non-resident (i.e. a person, firm, institution or company which is not a resident).
6.2. A non-resident is not permitted to have a resident account unless he or she has his or her professional activity or their main residence in Cambodia for more than 182 days.
6.3. A FATCA Form (By Foreign Individual Applicant) is to be duly completed and signed by a non-resident.
7. Embassy Account
The Specimen is to be completed in the name of the Embassy and duly signed in the presence of an Authorized Officer of the Bank by such authorized person(s) as is/are authorized for the purpose by the constitution of the Embassy. The specimen is required to be submitted with the following documents for sighting/verification by an Authorized Officer of the Bank
7.1. The request to open this account is supported by a letter duly signed by the Ambassador to this effect.
7.2. The Embassy is required to submit to the Bank a letter authorizing designated person(s) to operate the account in the manner as authorized by the Ambassador of the Embassy.
The imprint of the rubber stamp of the Company/Club/NGO/Association/Embassy must be affixed on the specimen together with the signatures of the person(s) authorized to operate the account.
9. Currency of Account
The account shall be maintained in USD, KHR or any other currencies as agreed by the Bank and all cheques drawn on it shall be designated as such.
10. Change of Records
Any Change of relevant records such as a change of authorized signatory(ies), change in address, telephone number(s) and change of the Memorandum and Articles of Associations shall be notified to the Bank in writing.
11.1. You may make a deposit into your account by:
11.1.1. Completing the Bank’s Deposit Slip with the relevant particulars and presenting it at the appropriate counter together with the relevant cash/cheque/draft;
11.1.2. In the event that cash deposit of more than or equal to USD10,000.00 or KHR40,000,000.00 or foreign currency equivalent is made by any person other than the account holder, the depositor is required to provide the Bank with his/her identification document. In Case, the depositor’s identification document is not available, the transaction can be processed given that the Bank can get confirmation with account holder via phone call or any other means provided by the account holder(s) and is/are available from our system, failing which the transaction shall be rejected at the Bank discretion; and
11.1.3. Wait for the teller to return the counterfoil of the Deposit Slip. Ensure that the counterfoil bears the signature of the Authorized Officer of the Bank or is validated by the Bank’s teller machine. Any material alteration to the counterfoil will NOT be valid unless the alteration bears the full signature of an Authorized Officer of the Bank.
11.2. Cheques, Drafts, etc. are received for collection only and the counterfoil given to you should not be construed to mean that the deposit to your account has been cleared. You may draw against it by special arrangement or after the Bank has credited your account upon clearance of the items received for collection.
11.3. Cheques, Drafts, etc. deposited but which are subsequently dishonored may be returned, at your own risk and expense, to your last known address registered with the Bank.
12.1. Cheques issued and presented to the Bank for collection must comply with the National Bank of Cambodia’s Prakas.
12.2. You are responsible for the safekeeping of your cheque books. In the event that any cheque is lost, stolen or mislaid, you are to immediately report the matter by giving written notice to the Bank.
12.3. Cheques may not be drawn on the Bank except in the form and substance supplied by the Bank and registered for each account. Application for cheque books should be made on the pre-printed Cheque book Re-Order Form which is found in the cheque book. The Cheque book Re-Order Form must be duly signed by you and to protect your interests, you are requested to read and follow closely the notes of caution printed on the inside cover of the cheque book.
12.4. If you draw several cheques or issue several instructions for payment on the account and the aggregate amount of the cheques or payment instructions exceed your available credit balance or any prior arrangement made with the Bank, the Bank shall be entitled irrespective of the dates written on the cheques or the dates of the said instructions, time of receipt or amount to determine at its own discretion, which of these cheques or instructions are to be paid or executed.
12.5. You shall indemnify the Bank, as collecting banker, for any loss the Bank may incur by reason of its guaranteeing any endorsement and/or discharges on any cheque, bill, draft or any other instruments presented for collection and every such guarantee given by the Bank shall be deemed to have been given at your expressed request in each and every case.
12.6. Cheques may be drawn in English or Khmer. The Bank shall have the right at any time to the refuse collection and to dishonor any cheque issued in any other languages.
12.7. Drawer/Account Holders Consent
12.7.1. The drawer/account holders authorize(s) the Bank to collect information contained in the present application and other information relevant to this application, and disclose it to third parties for the purposes established under the Article 8 of the Prakas on Credit Reporting.
12.7.2. The drawer/account holders understand(s) that Credit Bureau Cambodia (CBC) and the Bank will be responsible for the collection, processing and dissemination of the data.
12.7.3. The drawer/account holders is/are entitled to access his/her information and complain to obtain the correction or deletion of such data when there is an adequate reason in line with the procedures established under the Prakas on Credit Reporting and the code of conduct.
Overdraft facilities may be allowed only at the discretion of the Bank. Interest will be calculated daily on the last debit balance at the rate prescribed by the Bank.
14. Stop Payment (Countermand of Payment)
14.1. Notice of your intention to stop payment of any cheque must be in writing. Ensure that the correct account number, correct cheque number(s) and relevant particulars (e.g. amount, date, payee, etc.) are stated in your letter of notification.
14.2. Only upon receipt and acknowledgment of your letter of notification will the Bank execute the instruction to place a “stop payment” on the cheque(s). The Bank shall not be responsible for any loss if the stop payment countermand is not brought to the knowledge of the Bank and the letter of notification is not received and acknowledged by the Bank.
14.3. Any instruction to stop payment of any cheque conveyed either verbally or by way of telephone, facsimile, internet e-mail, telex or telegram is not acceptable to the Bank. If, however, for any reason you have to do so, then you shall immediately confirm your instruction in writing. Notice is hereby given that the Bank shall not under any circumstances be responsible for any loss occasioned by you by virtue of your verbal, telephone, facsimile, internet e-mail, telex or telegram to stop payment of a cheque.
15. Alterations/Signature Differs
15.1. The Bank may refuse to honor cheques in which the signature differs from the Specimen supplied to the Bank. Any alteration on the cheques should be confirmed by the drawer’s full signature and the Bank may dishonor cheques which are confirmed by an initial or incomplete signature.
15.2. Electric/Electronic typewriter and erasable ink should not be used for drawing cheques. The Bank will not be liable for any loss arising from any alteration which cannot be readily detected.
16. Right to Debit Account
The Bank shall have the absolute right to debit your account for any cheque, draft or other instruments previously credited or discounted in the case of their dishonor or non-payment and any other charges/expenses incurred as a result thereof.
17. Right to Set off
The Bank may at any time without prior notice, to set-off or transfer any sum(s) standing in the credit of this Account towards satisfaction of any liability jointly or severally on any other accounts of the Depositor.
18. Service Charge
18.1. The account holders agree to pay and authorize the Bank to debit the account for the following charges
18.1.1. The service charge as stipulated by the Bank will be levied on all accounts;
18.1.2. The service charge on each cheque dishonored due to insufficient funds and/or stop payment;
18.1.3. Issuance of new cheque book(s); additional/ duplicate copy of bank statements; and
18.1.4. Any other reasonable fees and charges imposed by the Bank from time to time for services and facilities rendered to the account holder.
18.2. The Bank reserves the right from time to time to levy any other service charges or to vary the existing service charges by displaying the new service charges at the Bank and the Bank’s website (if any).
A statement of your account will be rendered once a month. You agree and undertake to examine with due care all the entries in the statement promptly and to report immediately to the Bank of any error or discrepancy found therein. If the Bank does not receive any notification in writing within fourteen (14) calendar days from the last day of the month covered by the statement on any error or discrepancy as regards to the debit or credit entries in the statement, then you are deemed to have accepted such entries made up to the date of the last entry in the statement as correct, binding, final and conclusive. You shall not after the expiry of the aforesaid period of fourteen (14) calendar days question any item in the statement on any account whatsoever provided always the Bank shall have absolute right to reverse out any credit item erroneously credited to your account. You further undertake to refund and indemnify the Bank against any loss which the Bank may incur by reason of the erroneous credit entry(ies) to your account.
20.1. Should any of your cheques, drafts, etc. deposited be lost, mislaid, misplaced, mutilated or destroyed in the ordinary course of collection of the Bank, you hereby agree that you shall not hold the Bank liable for any loss, liability or damage which you may sustain, incur or be liable to arising from such occurrence.
20.2. When the Bank accepts or incurs liabilities on your behalf or at your request, any funds or securities and other valuables deposited with the Bank belonging to you and in the hands of the Bank shall automatically become security to the Bank. The Bank shall have the right to retain such funds or securities or valuables in the hands of the Bank or any part thereof and be entitled at its absolute discretion even to dishonor your cheques until the liabilities are settled.
20.3. You hereby give your consent to the Bank to disclose information such as may be required by the National Bank of Cambodia in compliance with their directive and/or to the Bank and other financial institutions for the purpose of a bona fide credit evaluation or if completed by the Bank. In doing so, the Bank shall be absolved from any responsibility or liability whatsoever.
20.4. Should the Bank retain or is obliged to retain solicitors to enforce any of its rights hereunder or otherwise whether by judicial proceedings or any other manner in relation to your account, you shall be liable to pay to the Bank all costs, fees and charges in relation thereto and the Bank shall have the right to debit your account with all costs, fees and charges.
20.5. You agree that the Bank shall not be responsible for and you shall fully indemnify the Bank and hold the Bank harmless against all losses, costs and expenses which may be incurred by you or by the Bank with any or all the banking accounts whatsoever, or the execution by the Bank of any instruction or if any of your banking accounts or any part thereof is reduced or frozen by any government or official authority.
21. Closing of Account
21.1. Should you wish to close your account, you are to comply with the following:
21.1.1. To give written notice duly signed by you, of your intention to close your account. Instruction to close your account conveyed either verbally or by way of telephone, Internet e-mail, telex or telegram is not acceptable to the Bank.
21.1.2. To return all unused cheques immediately to the Bank.
21.2. You shall conduct your account in a satisfactory manner and in accordance with these rules, failing which the Bank may at its absolute discretion close your account by giving written notice and the Bank shall not be bound to disclose or assign any reason therefor.
21.3. The Bank reserves the right at its sole discretion at any time to prevent any operation of the account, if the Bank suspects that the account is being used for any illegal purpose whatsoever.
22. Change of Rules
The Bank reserves the right from time to time and without further notice to add new rules, vary or modify the existing rules as set out above as it may in its discretion deem necessary. Any addition, variation or modification shall immediately be considered as final and binding.
23. Rules and Regulations
In addition to the rules and regulations of the Bank, the operation of your account shall be governed by and be subject to the rules, regulations and guidelines from time to time issued by the National Bank of Cambodia (NBC) and other relevant regulatory bodies whether or not such rules, regulations and guidelines have the force of law.
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