TERMS AND CONDITIONS GOVERNING BANKING ACCOUNTS
(Effective Date: 03.03.2023)
These terms and conditions (“Terms and Conditions”), as amended from time to time, sets-out the terms and conditions governing your banking account with Credit Investment Bank. By opening, maintaining and using your banking account or services related to it, you agree and accept these Terms and Conditions and any subsequent changes to it. Please read this document carefully.
A. DEFINITIONS AND INTERPRETATIONS
- Unless otherwise specified, the following definitions shall apply to these Terms and Conditions:
“Account” means any account opened by a Customer with the Bank;
“Account holder”, “you” or “your” means the person in whose name the Banking Account is opened andmaintained;
“Anti-Corruption Laws” means all applicable laws, rules and regulations relating to bribery and corruption including Malaysia’s Anti-Corruption Commission Act 2009, United States’ Foreign Corrupt Practices Act of 1977 and United Kingdom’s Bribery Act 2010;
“Anti-Money Laundering Laws” means all applicable laws, rules and regulations relating to anti-moneylaundering, anti-terrorism financing and proceeds of unlawful activities including Malaysia’s Anti-MoneyLaundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities 2001;
“Authorities” means Bank Negara Malaysia, Labuan Financial Services Authority, the Police or any otherlocal or international regulatory authorities;
“Authorities’ Directive” means any directive or instruction given by the Authorities restricting or prohibiting the Bank from performing any transaction or allowing the Banking Account to be operated;
“Authorized Signatory” means the person to whom the Mandate is given;
“Bank”, “us” or “we” means Credit Investment Bank which is licensed and regulated by Labuan Financial Services Authority (License No. 200127BI) with registered office address located at Unit Level 9(A) 2, Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Labuan F.T, Malaysia.
“BNM” means Bank Negara Malaysia, the Central Bank
“Electronic Banking Services” means the electronic banking services provided by the Bank which enables you to communicate with, obtain information from or give instructions and authorizations to the Bank usingelectronic devices such as computers, telephones, smartphones, and tablets through channels such as online banking, mobile banking;
“Force Majeure” means events or situations beyond the control of the Bank which continues for three (3)months or more including:
- earthquakes, floods, fire, plague, acts of God and other natural disasters; and/or
- terrorism, riots, civil commotion or disturbances, war (whether declared or not) and strikes;
“Freezing” means the Bank restricts or suspends any transactions being carried out on a Banking Accountincluding any deposits, withdrawals and fund transfers, inward & outward.
“Insolvency Matter” means:
- an act of bankruptcy or insolvency has been committed by you or the Authorized Signatory; or
- a petition for winding up or bankruptcy has been presented against you, your directors, your partnersor Authorized Signatory; or
- you, your directors, your partners or Authorized Signatory is wound-up or adjudicated bankrupt;
“Internal Matter” means any opposing, adverse or conflicting claims by (i) any directors, partners, Authorized Signatory, office-bearers, shareholders, members, trustees, beneficiaries, the other JointAccount holder or (ii) any persons alleging to be directors, partners, office-bearers, shareholders, members, trustees or beneficiaries. The opposing, adverse or conflicting claims include dispute over balances in the Banking Account, its operations or its Mandate;
“LFSA” means Labuan Financial Services Authority:
“Mandate” means the written authorization or resolution given by an Accountholder to another person to operate and manage a Banking Account;
“Organization” includes companies, corporations, sole proprietorships, partnerships, associations, societies, co-operative societies, management committees, trusts, trade unions and clubs;
“PDPA” means the Personal Data Protection Act 2010
“PIN” means Personal Identification Number;
“Sanctions Law” means any sanctions directive or order administered or enforced from time to time byMalaysia, the United States (in particular sanctions administered through US’ Department of Treasury’s Office of Foreign Assets Control (“OFAC”)), the United Nations Security Council, the European Union or other authorities against any individuals or entities which are located, organized or resident in adesignated country or territory;
“Security Details” includes Electronic Banking Password, PIN and any other confidential information,security codes and/or security devices used in relation to a Banking Account;
“Specific Terms” means specific conditions applicable to a Banking Account as set-out in its application form, brochures or other Bank issued documents;
“Terms and Conditions” means these terms and conditions and the Specific Terms, as may be amended from time to time.
- Any reference in these Terms and Condition to:
- a party refers to the account holder holding the Banking Accounts including that person’s successors intitle and permitted assigns;
- words importing the singular shall include the plural and vice versa and words importing any gender shall include every gender;
- the subtitle headings and the division of provisions into sections and clauses in these Terms and Conditions are for ease of reference only and shall not be considered in the interpretation of the substantive provisions of these Terms and Conditions;
- where a word or phrase is given a particular meaning, other parts of speech and grammaticalforms of that word or phrase shall have the corresponding meanings;
- “person” includes any natural persons and Organization;
- where there are two (2) or more persons or parties included or comprised in the expression “you”or “Account holder”, these Terms and Conditions shall be binding upon such persons or parties jointly and severally.
- words applicable to natural persons will also apply to Organization; and
- any reference to any Act or statute is a reference to that Act or statute as amended, consolidated or re-enacted from time to
OWNERSHIP OF ACCOUNTS
- An individual Banking Account is owned by a natural person, whom will be the Accountholder and only the Accountholder has the right to the credit balance in the account.
- A Joint Account is owned by and in the names of two (2) or more persons (but not more than four (4) persons), all of whom will be the Accountholder and each of the Accountholder has the right to the creditbalance in the Unless we are instructed otherwise by the Joint Accountholders, we are entitled to assume that all Joint Accountholders have equal right and in equal portion to the credit balance in the account.
- You may provide a Mandate to certain Joint Accountholders as Authorised Signatory and Clause 2 willapply to the Mandate given. The Mandate shall remain in force until it is revoked by the Joint Accountholders and substituted with a fresh Mandate.
- The Bank may (i) collect cheques or other instruments payable to you individually or jointly; and (ii) give effect to any instructions for withdrawals or debiting given by you individually or jointly. The Bank mayreject collecting cheques drawn in your names that are separated by the phrase “and/or” or “or”.
- At the request of a Joint Accountholder and subject to Clause L.3 or any court order served upon us, upon the (i) death; (ii) the existence of Insolvency Matter; or (iii) mental incapacitation of any of you, the Bank may pay the balance in the Joint Account (in the portion and in the manner determined by the Bank) to the surviving, non-bankrupt or mentally fit Joint Account holder. For us to make the payment, the receiving Joint Account Holder must reasonably indemnify us against any claim, loss, damages, penalty, charges, cost and expense suffered or incurred by against us as a result of making the
- Any notice or communication given by us to any of you is considered to be given to all of
- These terms and conditions and all the obligations will bind the Joint Account Holder jointly and
COMPANY OR ORGANISATION ACCOUNT
- A company or an Organization account is owned by a company or Organization established or recognized by the laws of Malaysia, whom will be the Only the Accountholder has the right to the credit balance in the Banking Account.
- You may provide a Mandate to an Authorized Signatory. The Mandate shall remain in force until it isrevoked through a resolution passed or a revocation done in accordance with your constitution or by-laws and substituted with a fresh
- A partnership account is owned by the partners of the partnership, all of whom will be regarded as the Unless we are instructed otherwise, we are entitled to assume that all the partners have equal right and in equal portion to the credit balance in the account.
- The partners may provide a Mandate to an Authorized Signatory. The Mandate shall remain in force until it is revoked by the partnership and substituted with a fresh Mandate.
- At the request of the partners and subject to any court order served upon us, upon the (i) termination of the partnership due to death, retirement, termination of a partner or addition of a new partner; (ii) the existence of Insolvency Matter; or (iii) mental incapacitation of any of the partners, the Bank may pay the balance in the Partnership Account (in the portion and in the manner determined by the Bank) to the surviving, non- bankrupt or mentally fit partners. For us to make the payment, the receiving partners must reasonably indemnify us against any claim, loss, damages, penalty, charges, cost and expense suffered or incurred by us as a result of making the payment.
- Any notice or communication given by us to any of you is considered to be given to all of
- These terms and conditions and all the obligations will bind the partners jointly and
LIMITED LIABILITY PARTNERSHIP (LLP) ACCOUNT
- An LLP account is owned by an LLP established or recognized by the laws of Malaysia, whom will be the Accountholder. Only the Accountholder has the right to the credit balance in the Banking Account.
- The LLP may provide a Mandate to an Authorized Signatory. The Mandate shall remain in force until it is revoked by the LLP and substituted with a fresh Mandate.
- If you have converted or are converting from a private company or a partnership to an LLP, we may requirethat the existing account be closed and a new LLP Account be opened.
- These Terms and Conditions and all the obligations will bind the LLP and the partners jointly and
- A trust account is owned by trustees of a trust established or recognized by the laws of Malaysia, whom willbe the Only the Accountholder has the right to the credit balance in the Banking Account.
- The trustees may provide a Mandate to an Authorized Signatory. The Mandate shall remain in force until it is revoked by the trustees and substituted with a fresh Mandate.
- You shall operate the Banking Account for the benefit of the beneficiary and in accordance with the trustinstrument (if any). We are not in any way under the obligation to ensure that you comply with the terms ofthe trust and you shall reasonably indemnify us for any claim, loss, damages, penalty, charges, cost and expense suffered or incurred by us as a result of your non-compliance with the trust.
- Any notice or communication given by us to any of the trustees is considered to be given to all of the
- These terms and conditions and all the obligations will bind the trustees jointly and
I. GENERAL TERMS AND CONDITIONS
1. Customer’s Obligations
- You must:
- Monitor the balances of your Banking Account;
- Keep your Security Details secure and confidential and not disclose or provide access to them to anythird party;
- Take reasonable precautions against unauthorized or fraudulent use of your Security Details such as not recording them in an easily accessed medium;
- Examine all statements of your Banking Accounts in a timely manner and immediately notify the Bank if there are any errors, irregularities, discrepancies or unauthorized transactions;
- Ensure that any transaction relating to your Banking Account is transacted through the proper Bank’s channels. If any transaction is conducted by you through any other means, we shall not be liable for any claim, loss, damages, penalty, charges, cost and expense suffered or incurred by you due to your actions;
- Not misuse, conduct illegal or fraudulent activities through the Banking Account or allow any third partyto do so;
- Immediately notify the Bank if:
- there is any change in your personal particulars such as your residential address, mailing addressand contact numbers;
- there is any change in your status or constitution (e.g. from a private company or a partnership to a limited liability partnership or from a sole-proprietorship to a partnership) and such notification will be supported by any documentation as the Bank may require;
- you lose or misplace your Security Details or they are breached, compromised or accessed by anythird party;
- you discover any unauthorized or suspicious transaction on your Banking Account.
- If you provide Mandate to an Authorized Signatory and unless you instruct otherwise, the Authorized Signatory is considered to have the authority to perform acts including:
- withdrawing or debiting any monies in the Banking Account;
- maintaining and closing the Banking Account;
- using any debit/ credit cards, if any and PIN for the Banking Account;
- using Electronic Banking Services and other services related to the Banking Account;
- giving any confirmations and instructions including standing instructions;
- signing and drawing any instruments and documents including indemnities required by the Bank; and
- applying, cancelling, modifying and do all things related to the above.
- You authorize the Bank to comply with the Authorized Signatory’s instructions or request when it is made inthe manner prescribed or acceptable to the Bank accompanied by any of Security Details, as if they are made by you.
- If we receive contradictory, unclear or what we reasonably consider as suspicious instructions from theAuthorized Signatory, we may require a written confirmation to be given by you before acting on the instruction without any liability on our part.
- In exercising the Mandate, the Authorized Signatory must comply with this Terms and Conditions.
- If the Authorized Signatory suffers an insolvency matter, is mentally incapacitated or dies, you must immediately provide us with a fresh Mandate. If you fail to do so, the Bank may freeze the Banking Account.
3. Freezing of Banking Accounts
- We may at our discretion, which we will exercise reasonably, freeze or suspend your Banking Accounts for any reasons, unless it is prohibited by Those reasons include:
- you suffer an insolvency matter;
- you are deemed as not being able to pay your debts;
- the occurrence or existence of an internal matter;
- the existence of an Authorities’ Directives
- you conduct or we suspect you or a third party is misusing, conducting illegal or fraudulentactivities through the Banking Account (this includes illegal deposit taking and scams);
- you misrepresented your identity or provided false, incorrect or misleading information or documentsrelating to the Banking Account;
- a Police report is lodged against you or on the Banking Account by any person including us;
- an investigation is being conducted by the Authorities or by us against you or the Banking Account;
- any facility granted to you through the Banking Account is suspended, recalled or terminated for any reason;
- your failure to inform the Bank of any change in your personal particulars such as your residentialaddress, mailing address and contact numbers;
- the death of the Account-holder or the Authorized Signatory;
- any debt is owed by you to the Bank whether as a borrower, security party or guarantor;
- you or the Authorized Signatory is mentally incapacitated;
- we receive a court order or other legal documents prohibiting the Banking Account from being operated;
- you abuse our Electronic Banking Services or our IT system;
- you breach these Terms and Conditions.
We will also exercise our reasonable discretion whether or not to provide you with notice of the Freezing. There may be instances where the Bank will not be at liberty to disclose the reason for the Freezing and shall have no obligation to do so.
- We may consider uplifting of the Freezing subject to the following:
- In respect of Insolvency Matter,
- for winding-up or bankruptcy petition, you must provide us with satisfactory evidence thatthe petition has been withdrawn or dismissed;
- for winding-up or bankruptcy orders, you must provide us with satisfactory evidence that theinsolvency has been dismissed or permanently stayed or the Official Assignee or liquidator has consented for the Account to be operated by you;
- if your Authorized Signatory suffers an Insolvency Event, you must provide us with a freshMandate; or
- we are ordered by a court of law to uplift the Freezing.
- In respect of Internal Matter,
- you provide us with either (i) a written statement signed by all your directors, office-bearers or partners; or (ii) a resolution passed by your board of directors, office-bearers or partners inaccordance with your constitution or bye-laws, confirming that the dispute has been settled and requesting us to uplift the Freezing; or
- we are ordered by a court of law to uplift of the Freezing.
- In respect of Court Judgments, Court Orders or similar decrees, the Bank is ordered by a court of lawto uplift of the Freezing;
- In respect of any Authorities’ Directives, the Bank is authorized in writing by the Authorities to uplift theFreezing;
- In respect of investigations,
- the Bank is satisfied that no further investigation is required; or
- the Bank is given a written statement from the Authorities satisfactory to us informing that theinvestigation has been discontinued;
- In respect of death,
- for individuals, if we are served with a Grant of Probate, Letter of Administration or an equivalentlegal document by the Accountholder’s personal representative;
- for Authorized Signatories, if we are served with a duly authorized fresh mandate.
- In respect of debt owing to the Bank, upon the Bank exercising the right to set-off the debt against thebalance in the Banking Account.
- In respect of your mental capacity,
- the Bank is satisfied that the state of your mental capacity does not affect your ability to operatethe Banking Account; or
- we are ordered by a court of law to allow your personal representative to operate the Banking Account.
- In so freezing, we may return any funds or other instruments whether deposited for collection or for payment. We will not be liable for any claim, loss, damages, penalty, charges, cost and expense suffered or incurred by you as a result the Freezing.
4. Instruction and Authorization
- You authorize us, whether or not your Banking Account is in credit or debit balance or may become overdrawn as a result, without further reference to you to act upon any of your instruction or request (including deposit and withdrawals) made in the manner prescribed or acceptable to the Bank andaccompanied by your Security Details and documents required by The instruction can be madepersonally or through the Electronic Banking Services;
You shall pay any debit balance amount upon demand from the Bank together with interest and applicable fees and charges. The rate of interest will be determined by the Bank from time to time based on theBank’s prevailing interest rates which will be notified to you from time to time by publication at our branches or on our website.
- Any transaction carried out by you may be subject to verification as the Bank requires including creditchecks and verification with any credit bureaus or agencies set up for the purpose of collecting and providing credit information.
Verification can be carried out manually or electronically and the Bank shall not be liable for any claim, loss,damages, penalty, charges, cost and expense suffered or incurred by you due to our reliance on the result of the verification.
- If you provide any instruction or confirmation through email, telephone (including mobile phone), telex or facsimile, the Bank is entitled to rely on it if we in good faith believes it is made by We may, but is notobliged, perform a call-back or conduct other forms of checking to confirm its authenticity prior to acting on the instruction. We shall not be liable for any loss, damage and expense or cost suffered or incurred by you if the communication did not in fact come from you.
- If you authorize a third party to effect payment or debit monies from your Account such as through standing instructions, the Bank is entitled to act on the instruction without further reference to you. Standing instructions are subject to the stipulated minimum balance being maintained in the Banking
- At your request:
- The Bank is authorized to provide any information relating to your Banking Account, exchange rates or interest rates through email, telephone (including mobile phone), telex or Information orrates given through the telephone is not binding on the Bank unless we subsequently confirm them in writing;
- The Bank is also authorized to send any information, updates or reminders relating to your Banking Account or any transaction using messaging services to your mobile phone number or via email including any other updates that the Bank may make available from time to time.
- The Bank may refuse, without liability for any claim, loss, damages, penalty, charges, cost and expense suffered or incurred by you, to act on any instruction if:
- we reasonably believe that the instruction does not originate from you; or
- we reasonably suspect it is made fraudulently; or
- it is unclear, incomplete, not in the correct form or not properly authenticated; or
- the signature attached to the instruction does not correspond with that in the Bank’s records; or
- acting on the instruction would be contrary to any laws, Sanctions Law, policies, guideline or rules ofBNM, LFSA, the Authorities or the Bank; or
- we are not satisfied with either the documents provided or the results of the verification; or
- the Bank has any other valid reason not to do so, which the Bank may, but is not obliged to disclose toyou unless disclosure is required by law.
- You agree that the Bank can impose additional conditions for you to operate your Banking Account if thereexist any Internal Matter, Insolvency Matter or Authorities’ Directive.
- Any receipt or acknowledgement issued by the Bank is only valid if it is machine-validated or signed by anauthorized officer of the Bank and is provided to you immediately upon the completion of the transaction and the transaction is conducted through the Bank’s proper channel.
- You acknowledge that data and information relayed through third party electronic communication system such as the internet and cellular network may be accessed by unauthorized third party when in Wewill not be responsible for any malicious actions, misdirected data or information or disclosure which occurs due to the use of the third-party electronic communication channel.
5. Limitation of Liability
- To the extent permitted by law, we will not be liable to you or any other person for any direct, indirect, incidental, special, consequential, punitive or economic loss, loss of profits, loss of business, loss of use,loss of goodwill, loss of savings or other consequential, expenses, costs or damages in relation to the Banking Account, these Terms and Conditions or Specific Terms regardless of the cause of action (including tort) even if we are advised, or may have anticipated, the possibility of such loss, damage or expense unless it is due to our gross negligence, fraud or willful default.
- Regardless of anything contrary to these Terms and Conditions and to the extent permitted by law, the Bank’stotal liability to you for any claim (however arising) shall only be limited to actual direct loss suffered by youand the claim must be supported by documentary evidence satisfactoryto the Bank.
- You agree to reasonably indemnify the Bank for any reasonable claim, loss, damages, penalty, charges, cost and expense (including costs on a solicitor and client basis) which the Bank may incur or suffer as a result of:-
- your breach of these Terms and Conditions;
- your fraudulent acts;
- your disclosure of Security Details to any other person or in any manner including through emails or toa third party website;
- your failure to take reasonable steps to keep the Security Details private and/or secure at all times;
- your failure to report a breach, disclosure or compromise of the Security Details as soon asreasonably practicable upon being aware of the breach or loss respectively;
- the Bank acting on your or your Authorized Signatory’s instructions and authorizations;
- the Bank enforcing any of its rights against you;
- the Bank complying with any laws, Sanctions Law, policies, guideline or rules of BNM, LFSA, theAuthorities or the Bank; or
- the Bank complying with any judgment, order, decree or directive (whether or not they have the force of law) issued by any court of law, any legally constituted tribunal body or Authorities, directed to or relating to you and/or your Banking Account.
- If you use the Electronic Banking Services, we will not require you to indemnify us for the situations below (unless you are also at fault due to your gross negligence, fraud or willful misconduct):
- a technical breakdown or proven deficiency in the systems and equipment that is under the full controlof the Bank;
- a proven weakness or vulnerability in the security features and controls adopted by the Bank;
- transactions that occurred after you have notified the Bank that your Security Details have beencompromised or breached;
- transactions that occurred immediately prior to you notifying the Bank that your Security Details have been compromised or breached and the notification to the Bank was made forthwith;
7. Bank’s Right to Set-Off
- We are entitled at any time upon giving you at least seven (7) days prior written notice:
- combine or consolidate all or any of your Banking Accounts (including joint-accounts); and
- set-off or transfer any sum standing in the credit of the Banking Accounts to pay any monetaryobligations or liabilities that you owe to the The liability can be primary, collateral, joint or several.
- If a liability is in a currency that is different from the Banking Account currency, you authorize the Bank toeffect the currency conversion at the Bank’s own rate of exchange then prevailing.
- If the liability that you owe to the Bank is contingent or in the future, the Bank’s obligation to make payment ofany sum standing to the credit of any of your Banking Accounts shall, to the extent necessary to cover such liability, be suspended until the happening of the contingency or future event.
- We shall earmark, withhold or set-off your Banking Account in such manner that we determine at our reasonablediscretion.
8. Bank’s Right to Debit Banking Account
- We are entitled at any time upon giving you at least seven (7) days prior written notice, or if a situationnecessitates immediately upon giving you notice, debit your Banking Accounts for any sum that was credited into your Banking Account:
- if there is suspicion that the instrument used, the instruction given or the transaction itself has been tempered with or is fraudulent in nature, whether or not you are involved; or
- if required by any laws, rules, regulations or directives of Authorities;
- if we receive a court order to that effect.
- We shall earmark, withhold or debit your Banking Account in such manner that we determine at our reasonable discretion.
9. Closure of Banking Accounts
- You may close your Banking Account at any time by giving us written notice and paying us all sumsoutstanding under your Banking The Bank may also close your Banking Account by giving at least fourteen (14) days’ prior written notice.
- The Bank reserves the right:
- auto–close your Banking Account if no initial deposit is placed within fourteen (14) days from the date ofthe account creation;
- close your Banking Account immediately:
- if your name appears in any alerts or warnings issued by the Authorities;
- if you materially breach this Terms and Conditions;
- if we are instructed by the Official Assignee, or a liquidator or receiver & manager to do so;
- if we are of the reasonable opinion that maintaining the Banking Account is against our policy;
- to comply with any laws, Sanctions Law, policies, guideline or rules of BNM, LFSA,the Authorities or the Bank.
We will also exercise our reasonable discretion whether or not to provide you with notice of the closure.
- In closing your Banking Account, we will also exercise our reasonable discretion whether or not to provideyou with notice of such closure.
- In closing a Banking Account, the Bank may but is not obliged to disclose the reason for the closure, unless such disclosure is required by law.
10. Transfer of Funds from the Banking Accounts using Electronic Banking Services
- If you transfer monies from any of your Banking Accounts to another banking account, whether belonging to you or any third party, the amount shall be automatically debited from your Banking Account uponcompletion of the transaction and considered as transferred to the receiving banking You are not entitled to request the Bank to refund or re-credit your Banking Account with the monies for any reasons whatsoever.
11. Interest and Assignment
- The interest payable on a Banking Account shall be based upon the rates and the terms as stipulated by the Bank from time to time, may be limited to certain types of Banking Account and subject to the required minimum balance being maintained.
- If your Banking Account is frozen for any reason, the Bank may subject to the Bank’s discretion, continue to pay interest on the credit balances.
- Other than assignments, transfers, charges or pledges in the Bank’s favor as security, you shall not assign, transfer, charge or pledge your Banking Account in any manner without our prior written consent.
12. Statement of Account
- Statements of your Banking Accounts will made available through the Electronic Banking Services.
- All statement of accounts and documents related to your Banking Accounts will be retained by the Bank inaccordance with our internal retention policy.
13. Power of Attorney
- If you provide another person with authority to act on your behalf and operate the Banking Account through a Power of Attorney (“PA”), we may but is under no obligation allow the appointed attorney to operate the Banking Account. You must provide us with PA documentation that meets our An attorney isnot allowed to open a Banking Account on your behalf. We shall be entitled to rely on the PA until we areinformed that the PA has been revoked. We have no duty to ensure that the attorney complies with the PA ordoes not exceed the attorney’s power under the PA. The Bank will not be liable for any loss, damage and expense or cost suffered or incurred by you as a result of acting on the PA.
14. Specific Terms and Conditions
- The Specific Terms will also govern your Banking Accounts and if there is any conflict or inconsistency with these Terms and Conditions, the Specific Terms shall prevail.
15. Change of Terms and Conditions
- The Bank reserves the right to add, modify or delete any of these Terms and Conditions or the Specific Termsat any time by giving fourteen (14) days prior written notice before implementing the The changes will take effect on the date stated in the notice. In situations where changes are made pursuant to laws or regulations, is administrative in nature or for clarification purposes, notice of a shorter period or immediate notice will be given to you.
- A notice will be given to you accordingly. If you do not accept the changes, you should immediately cease using and close your Banking Account.
16. Acceptance of the Terms and Conditions
- By you opening, maintaining and using your Banking Accounts, you agree and accept this Terms andConditions.
- If at any time you do not accept these Terms and Conditions, you should immediately cease using and close your Banking Account.
17. Disclosure of Customer Information and Personal Data
- Save for marketing and/or cross-selling purposes, in which the rules and/or regulations on mandatory “opt-in” requirements will be complied with, you consent and authorize the Bank to collect, process, disclose, transfer, maintain, store and retain your personal data that you provide to or that the Bank has obtainedabout you and your Banking You consent and agree for the Bank to disclose your financialcondition, details of Banking Accounts and relationship with the Bank:
- to comply with an order or request made by an enforcement agency in Malaysia under any written law for the purposes of investigation or prosecution of an offence;
- required by the Inland Revenue Board of Malaysia under section 81 of the Income Tax Act 1967 for purposes of facilitating exchange of information pursuant to taxation arrangements or agreements having effect under section 132 or 132A of the Income Tax Act 1967;
- in relation to the performance of any supervisory duties by the Authorities;
- in relation to the conduct of centralized functions, which include audit, risk, management, finance or information technology or any other centralized function within the Bank.
- in relation to a due diligence of a corporate exercise approved by the board of directors of the Bank in connection with merger and acquisition, capital raising exercise or sale of assets or whole or part of business;
- if necessary to carry out and complete a transaction or any other instruction or Mandate given byme/us.
- Further you also consent and agree for the Bank to disclose your financial condition, details of BankingAccounts and relationship with the Bank to:
- Authorities in Malaysia and elsewhere for the purpose of complying with legal, regulatory, compliance and risk management requirements including for compliance with US’ Foreign Account Tax Compliance Act (“FATCA”) and Organization For Economic Cooperation and Development’s Common Reporting Standards (“CRS”);
- parties providing services (including outsourcing vendors, lawyers, nominees, custodians, centralized securities depository, registrar and intermediary/correspondent banks) to the Bank;
- the Bank’s agents, consultants and professional advisers;
- the Bank’s assignees; and
- any other person or entity to whom disclosure is permitted or required by any law, regulation or governmental directive.
- Your consent under this paragraph shall survive your demise, insolvency, incapacity, the termination of these Terms and Conditions and closure of your Banking Account.
18. Force Majeure
- The Bank shall not be liable to you or any third party for any inconvenience, injury, expense, liability, damages,loss of profits, earnings or goodwill if:
- the Bank is unable to perform any of its obligations or provide any services due to Force Majeure; or
- if monies credited or debited from the Banking Accounts becomes inaccessible or diminish in value due to Force Majeure.
- Where any currency in which the Bank must make payment becomes unavailable due reasons including restrictions on convertibility or transferability or Force Majeure, the Bank may make payment in such other currency at the exchange rate determined by the Bank.
19. Severability and Waiver
- If any of the Terms and Condition is found to be illegal or prohibited, they shall be ineffective only as to the illegal or prohibited parts. The remaining Terms and Conditions shall not be affected.
- Any waiver or indulgence granted by the Bank shall not prevent the Bank from enforcing the other parts of theTerms and Conditions which are unaffected by such waiver or indulgence, or to require compliance with any waived condition or to revoke the indulgence at a later date. The rights and remedies provided by law are not excluded by these Terms and Conditions.
20. Successors Bound
- These Terms and Conditions shall be binding upon your heirs, personal representatives and successors-in-title and the Bank’s successors-in-title and assigns of the Bank. Your obligations and liabilities shall continue notwithstanding any change by amalgamation, reconstruction or otherwise in the constitution of the Bank.
21. Electronic Banking Services
- Your use of Electronic Banking Services is further subject to its Specific Terms and if there is any conflict or inconsistency, the Specific Terms will prevail.
- Any goods and services tax or levies imposed by law or required to be paid in respect of any monies payableto or received by the Bank on any expenses incurred or to be incurred by the Bank (except where prohibited by law) shall be borne by you.
23. Dormant Account
- You agree that if no transactions is carried out on your Banking Account for a specific period as determinedby the Bank at its reasonable discretion, the Bank may consider the Banking Account dormant and impose a charge or fee on that account and subsequently close it with fourteen (14) days prior written notice to you.
- Once a Banking Account is considered as dormant, you can either reactivate the account or close it at anytime.
24. Enquiries, Complaints and Communication
- If you have any queries, disputes, claims or complaints relating to your Banking Accounts or these Terms and Conditions, you agree to contact the Bank using the following contact points:
Credit Investment Bank,
Unit Level 9(A) 2, Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 Labuan F.T, Malaysia.
Telephone: +603 2181 7700
Email address: [email protected]
- You must specify the nature of your query, dispute, claim or complaint and provide other details or information as we may require (e.g. for a disputed transaction, you should provide your name, the Banking Account number, the date and amount of the disputed transaction, the nature of the dispute and the reason why you are disputing the transaction) and you acknowledge and agree that such a query, dispute, claim or complaint shall be investigated, handled and/or resolved in accordance with the Bank’s query, complaint, claim and dispute resolution policy and procedure.
- You undertake that any complaint, claim or dispute made by you shall be true and legitimate and you agree that you will be liable for any loss, damage and expense or cost suffered or incurred by the Bank for anyfalse or fraudulent claim, complaint or dispute.
25. Compliance with Regulatory Requirements
- You confirm and undertake that all the transactions undertaken through your Banking Account are strictlylawful in nature and not use of channel funds in your Banking Accounts contrary to Sanctions Law. You also agree to abide by and comply with any regulatory requirement or directive issued by Authorities including those relating to FATCA, Sanctions Law and CRS (“Regulatory Requirement”).
- You shall disclose all information required to ensure compliance with the Regulatory Requirement and you confirm and undertake that the information furnished are true, correct and final.
- You agree and consent to any actions taken by the Bank for purpose of complying with the Regulatory Requirement particularly classifying you as a reportable account, withholding or earmarking any amount in your Banking Account, debiting any amount as required and closing your Banking Account.
26. Anti-Corruption, Anti-Money Laundering and Sanctions
- Anti-Corruption Laws:
You shall at all times operate your Banking Account in compliance with Anti-Corruption Laws.
- Anti-Money Laundering:
You shall at all times ensure that no funds moving to and from your Banking Account are proceeds of, or will be used for any unlawful activity in contravention of any Anti-Money Laundering Laws.
You undertake that you shall not:
- use your Banking Account, directly or indirectly, for transactions involving any unlawful activity;
- conceal or disguise the true nature of any unlawful activity; or
- utilize any monies from your Banking Account for any money laundering or other unlawful purpose.
You confirm and declare that you are not an individual that is (i) currently subject to anySanctions or (ii) located or resident in a country or territory that is the subject of
- You will not directly or indirectly, make available in any way any proceeds from your Banking Accountto any individual or entity subjected to Sanctions or for any sanctioned purpose of for the benefit of anysanctioned countries/territory.
- You acknowledge that the Bank may not be able to process affected transactions that involve or aresuspected to involve a breach of Sanctions or any requirements imposed by any authority having jurisdiction over the Bank or the affected transactions. The Bank shall not be responsible in any way for any failure or delay in processing any such transaction.
- You declare and undertake to the Bank that:
- you are not an undischarged bankrupt or is wound-up and that no Insolvency Matter have beeninstituted against you under the laws of Malaysia or any other jurisdiction;
- the information provided by you to the Bank is true and correct and you authorize the Bank to verify the same with any party and using any source as the Bank deems appropriate; and
- you consent to the disclosure of information by the Bank under Clause 17 (Disclosure of CustomerInformation and Personal Data).
- Unless there is a specific manner or mode of communication required by law or regulation, we may deliverany notice, statement of Banking Account or any other communication to you (i) personally by e-mail or (ii) through the Electronic Banking Services; or (iii) any medium of our choosing.
- For a notice or communication that is general in nature, it will be made available to you through any medium of our choosing or publishing it on our website cibmy.com. It will be effective on the stated effective date.
- We will use your last known contact details that we have in our If you have more than one (1)Banking Account and the contact details are not the same, we are entitled to use the most recent details.
29. Governing Law
- These Terms and Conditions are governed by the laws of Malaysia. The Bank may commence proceedings against you in any other jurisdiction, irrespective of your place of residence or business, or the place where the Banking Account is maintained.