TERMS AND CONDITIONS GOVERNING ACE ACCOUNT
Enumerated below are the General and Specific Terms and Conditions governing the opening of an ACE Account with the Bank:-
General Terms And Conditions
1. Opening an Account
1.1 To open an account, you are required to provide the following:-
1.1.1 The Specimen Card duly completed and signed in the presence of an authorised officer of the Bank.
1.1.2 An initial deposit of not less than USD3,000-00 for individual/joint personal account and USD10,000-00 for Sole Proprietorship/Partnership Firms, Company, Club, Society and Association.
1.2 The Bank reserves the right to stipulate and vary from time to time the minimum amount for:
1.2.1 Initial deposit required to be deposited at the time of opening an ACE account.
1.2.2 Monthly Average Daily Balance to be maintained in an ACE Account.
2. Introducer
An introducer who is known and must be acceptable to the Bank is required. The introducer must be present at the Bank to introduce the opening of an ACE Account.
3. Personal/Joint Account
A personal/joint-personal account is opened as follows:-
3.1 The Specimen Card must be signed in the presence of an authorised officer of the Bank. For a joint-personal account, all individuals must be present to sign the specimen card.
3.2 For a joint-personal account, a mandate for the operation of the account in the form and substance acceptable to the Bank must be obtained from all individuals. In the event of death of any joint account holder, unless indicated otherwise, the Bank is authorised to pay (subject always to the provisions of any law applicable to the situation prevailing therein from time to time), the balance standing to the credit of the account to the survivor(s) and such payment shall constitute a valid discharge of the Bank for the amount due on the account.
TERMS AND CONDITIONS – ACE ACCOUNT -1- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 4. Sole-Proprietorship/partnership Account
4.1 The Specimen Card is to be completed in the name of the firm and duly signed by the sole-proprietor or by all partners, if the firm is a partnership, in the presence of an authorised officer of the Bank. The Application Form is required to be submitted with the following documents for sighting/verification by an authorised officer of the Bank:-
4.1.1 Business License.
4.1.2 Registration Letter from Ministry of Commerce (MOC).
4.1.3 Patent.
5. Private/Public Limited Company/Club/Society/Association
5.1 The Specimen Card is required to be duly completed and signed by the authorised signatories of the company/club/society/association in the presence of an authorised officer of the Bank in accordance with the Board Resolution of the company/Minutes of Meeting of the Committee authorising the opening of account. The specimen card is required to be submitted with the following documents (where applicable) for sighting/ verification by an authorised officer of the Bank:-
5.1.1 Identity card/Passport of all authorised signatories.
5.1.2 List of the Board of Directors.
5.1.3 Company’s Certificate of Incorporation (Business License, Registration Letter from MOC, Insurance License, Registration Letter from Ministry of Economics and Finance (MOEF), Patent, Value Added Tax (VAT) certificate.
5.1.4 Memorandum & Articles of Association.
5.1.5 Board of Directors’ resolution/Minutes of Meeting pertaining to the opening of the ACE Account with Cambodian Public Bank and mandate for operation of the account.
5.1.6 Duly signed copy of the Bank’s ACE Account Rules by the authorised signatories.
6. Non-Government Organization (NGO)
6.1 The Specimen Card is required to be duly completed and signed by the authorised signatories of the NGO in the presence of an authorised officer of the Bank in accordance with the Board Resolution of the Directors/Minutes of Meeting of the Committee authorising the opening of the ACE account. The specimen card is required to be submitted with the following documents for sighting/verification by an authorised officer of the Bank:-
6.1.1 Agreement/MOU/Accord with the Ministry or Governmental Agency in Cambodia.
TERMS AND CONDITIONS – ACE ACCOUNT -2- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 6.1.2 Certified copy of the current member of the Executive Committee of the NGO.
6.1.3 Certified copy of the Registration Certificate of the NGO.
6.1.4 Certified copy of the Executive Committee’s authorisation to authorise a person or persons to act/transact on behalf of the NGO in Cambodia (hereinafter referred as the authorised persons).
6.1.5 Certified copy of the Statute/Constitution/By-laws/Rules and Regulations governing the objects and activities of the NGO.
6.1.6 Certified copy of the Directors’ Resolution/Minutes of Meeting to open an ACE account with Cambodian Public Bank.
6.1.7 Certified copy of the Identity Card/Passport of all authorised persons and all signatories to the account.
6.1.8 Rubber Stamp, if any.
7. External Account
7.1 An account may be opened by a non-resident (i.e. a person who is not a resident) as per the definition or guidelines issued by the National Bank of Cambodia from time to time.
8. Currency of Account
8.1 The account shall be maintained in United States Dollar (USD) and all cheques drawn on it shall be denominated in USD.
9. Unclaimed Moneys
I/We/Representative of the organisation am/are aware of the provisions of the Article 71 of the Law on Banking and Finance, National Bank of Cambodia, wherein my/our deposit accounts will be classified as unclaimed money ten (10) years from the date of the last transaction initiated by me/us, and as such the funds in the account are required to be transferred to the to National Bank of Cambodia.
I/We/Representative of the organisation agree to come to the Bank in person prior to the expiry of the ten (10) years as aforesaid to perform a withdrawal or deposit transaction in order to re-activate the account. In consideration of the Bank agreeing to my/our/the organisation’s above request, I/we/representative of the organisation agree and undertake to hold the Bank harmless and indemnified against all liabilities whatsoever for any delay/omission/error in carrying out my/our/representative of the organisation’s above instructions.
If I/we/representative of the organisation fail to re-activate the account, I/we am/are aware that the Bank shall give us twenty one (21) days advance notice before arranging to transfer the funds in the account to the National Bank of Cambodia.
TERMS AND CONDITIONS – ACE ACCOUNT -3- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 10. Foreign Account Tax Compliance Act (FATCA)
10.1 Cambodian Public Bank Plc, together with its parent company Public Bank Berhad and its subsidiaries and branches ("PBB Group") are participating foreign financial institutions under the Foreign Account Tax Compliance Act ("FATCA") of the United States of America ("U.S."). FATCA requires enhanced due diligence procedures on customers/account holders of Cambodian Public Bank Plc to enable identification and reporting of U.S. Persons 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 Intergovernmental 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.
(**The Cambodian Competent Authority appointed by the Cambodian Government is the oversight body for the enforcement of FATCA provisions of the U.S. tax law governing the domestic financial institutions.)
10.2 In some instances, Cambodian Public Bank Plc will request certain information to be submitted by its customers/account holders to meet its FATCA obligations. Failure by customers/account holders to provide this information will result in reporting of customer/account holder information to the Cambodian Competent Authority and may result in a 30% withholding tax on certain payments of U.S. source income, where applicable. Payments to the Cambodian Public Bank Plc's customers/account holders will generally not be subject to withholding, provided that appropriate certification or other documentation concerning their status is provided to the Cambodian Public Bank Plc as instructed. To ensure that customer's/account holder's information is accurate, Cambodian Public Bank Plc requires that customers/account holders provide notification in the event of changes in customer information, including change of residence address, mailing address, phone number and nationality.
10.3 I/We/the Individual(s)/Representative of the organisation hereby confirm and declare that all information provided by me/us/U.S. shareholder(s) in this Form to the best of my/our knowledge is true and correct.
11. PBe Service
11.1 Individuals who apply for the Cambodian Public Bank Service must be eighteen (18) years old and above.
11.2 I/We/ hereby agree and undertake to indemnify the Bank and at all times keep the Bank fully and completely indemnified from and against all claims and demands, actions and proceedings, loss and expenses including legal costs as between solicitor and client and all other liabilities of whatsoever nature or description which may be made or taken or incurred or suffered by the Bank in connection with or in any manner arising out of the said authorisation given by me/us. I/We further agree that my/our liabilities shall be a continuing liability and shall remain in full force and effect until the Bank's liabilities if any is fully discharged to the Bank's satisfaction. I/We have read and understood the Terms and Conditions of access to the Bank's Cambodian Public Bank Service and hereby agree that the Terms and Conditions shall be binding on me/us. I/We hereby declare that there is no change to my/our latest mandate for the operation of the account(s) to the Bank.
TERMS AND CONDITIONS – ACE ACCOUNT -4- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 12. Change of Records
12.1 Any change of address, signature, authorised signatories or particulars that are recorded with the Bank shall be notified to the Bank in writing.
13. Deposit
13.1 You may make a deposit into your account by:
13.1.1 Completing the Bank’s pay-in slip with the relevant particulars and presenting it at the appropriate counter together with the relevant cash/cheque/draft/postal/ money order; and
13.1.2 Ensuring that the counterfoil copy bears the signature of the authorised officer of the Bank or is validated by the Bank’s teller machine. Any material alteration to the counterfoil copy will invalidate it unless the alteration bears the full signature of an authorised officer of the Bank.
13.2 Cheques, drafts, postal and money orders etc. are received for collection only and the counterfoil copy given to you should not be construed to mean that the funds have 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.
13.3 Cheques, drafts, postal and money order etc. deposited, but which are subsequently dishonored may be returned by post at your own risk and expenses to your last known address registered with the Bank.
14. Cheques
14.1 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 loss in writing to the Bank.
14.2 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 a cheque book should be made on the printed application form which is found in the cheque book. The application form must be duly signed by you and to protect your interests, you are requested to read and adhere to the notes of caution printed on the inside cover of the cheque book.
14.3 If you draw several cheques or issue several instructions for payment on the account and the aggregate amount of the cheques or payment instruction exceeds 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 amounts, to determine at its own discretion which of these cheques or instructions are to be paid or executed.
14.4 All account holders will indemnify the Bank, as a collecting bank form any loss which 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.
TERMS AND CONDITIONS – ACE ACCOUNT -5- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 15. Overdraft
15.1 Overdraft (OD) facility is not allowed under the ACE Account.
16. Alterations/Signature Differs
16.1 The Bank may refuse to honor cheques in which the signature differs from the specimen supplied to the Bank.
16.2 Alterations on cheques even though confirmed by your full signature are not allowed and the Bank will dishonor all cheques with alterations without further reference to you.
16.3 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.
17. Countermand of Payment
17.1 Notice of your intention to countermand payment of any cheque must be in writing. Ensure that the correct account number, correct cheque number and relevant particulars (for e.g. amount, date, payee etc.) are stated in your letter of notification.
17.2 Only upon receipt and acknowledgment of your letter of notification will the Bank execute the order countermanding payment of the cheque. The Bank shall not be responsible for any loss if the countermand is not brought to the knowledge of the Bank and the letter of notification is not received and acknowledged by the Bank.
17.3 Any instruction to countermand payment of any cheque conveyed either verbally or by way of telephone, facsimile or internet e-mail 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 or internet e-mail to countermand payment of a cheque.
18. Right to Debit Account
The Bank shall have the absolute right to debit your account for any cheque, draft, postal and money order 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.
TERMS AND CONDITIONS – ACE ACCOUNT -6- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 19. Right of Set-Off
All account holders agree that in addition to any general lien or other similar right to which the Bank as bankers may be entitled in law, the Bank at any time, without prior notice, may combine or consolidate any or all of the banking accounts with and the liabilities to the Bank and set-off or transfer any sum or sums standing in the credit of any or all the banking accounts in or towards satisfaction of any of your liabilities to the Bank whether such liabilities to the Bank be primary or collateral or several and joint. Further, in so far as your liabilities to the Bank are contingent or future, the Bank’s liabilities to you to make payment of any sum(s) standing to the credit of any of your banking accounts shall to the extent necessary to cover such liabilities be suspended until the happening of the contingency or future event.
20. Interest
20.1 The method of calculation of interest on the credit balance in the account will be based on the monthly average daily balance above the minimum threshold balance as stipulated and imposed by the Bank from time to time.
20.2 Your account will attract interest stipulated by the Bank from time to time at the prevailing interest which will be announced by the Bank from time to time subject always to the right of the Bank to withhold the interest earned by you or such sums as are required to be withheld as withholding tax or any other taxes levied as may be imposed by the relevant authorities from time to time.
20.3 Interest will be calculated monthly and such interest shall be credited into the account as at the last day of the month.
20.4 The Bank reserves the right at any time to revise the rate of interest by displaying the new rates at the Bank’s premises.
21. Service Charge
21.1 A monthly charge as stipulated by the Bank will be levied on the account which does not meet the Bank’s minimum monthly average credit balance requirement.
21.2 A service charge will be levied on each cheque represented or dishonoured due to insufficient funds. Where payment of a cheque has been countermanded, a service charge will also be levied if the cheque is dishonored due to insufficient funds.
21.3 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’s premises.
TERMS AND CONDITIONS – ACE ACCOUNT -7- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 22. Statements
A statement of your account will be rendered once a month provided that there is at least one transaction during the 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 twenty one (21) days from the statement date 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 last entry in the statement as correct, binding, final and conclusive and thereby to have adopted all transactions therein. You shall not after the expiry of the aforesaid period of twenty one (21) days question any item in the statement on any account whatsoever provided always the Bank shall have absolute right to reverse out any credit items erroneously credited into 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 entries to your account.
23. Liability
23.1 Should any of your cheques, drafts, postal and money order etc. deposited be lost, mislaid, misplaced, mutilated or destroyed in the ordinary course of collection by 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.
23.2 When the Bank accepts or incurs liabilities on your behalf or at your request, any fund or security and other valuables deposited with the Bank belonging to you and in the hands of the Bank shall automatically become security of 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 liability is settled.
23.3 All account holders 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 companies in the Public Bank Group and other financial institutions for the purpose of a bona fide credit evaluation. In so doing, the Bank shall be absolved from any responsibilities or liabilities whatsoever.
23.4 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, all account holders 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.
23.5 All account holders agree that the Bank shall not be responsible for and all account holders 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 of all the banking accounts whatsoever or the execution by the Bank of any instructions or if any of your banking accounts or any part thereof is reduced or frozen by any government or official authorities.
TERMS AND CONDITIONS – ACE ACCOUNT -8- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK 24. Closing of Account
24.1 Should you wish to close your account, you are to comply with the following:
24.1.1 To give a 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, facsimile or internet-email is not acceptable to the Bank.
24.1.2 To return all unused cheques immediately to the Bank.
24.2 All account holders 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 thereof. In the event there are available funds in your account, the Bank may issue a banker’s cheque less administrative cost or other costs incurred by the Bank and may post the said banker’s cheque to your last known address registered with the Bank.
24.3 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.
25. Change of Rules
The Bank reserves the right from time to time and without further notice to the account holders add new rules or to vary or modify the existing rules as set out above as it may in its discretion deemed necessary. Any addition, variation or modification shall immediately be considered as final and binding.
26. 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 issued by the National Bank of Cambodia, the Association of Banks in Cambodia and other relevant bodies and associations from time to time whether or not such rules, regulations and guidelines have the force of law.
27. Service All communications including the service of any legal process sent by post or left at your address last registered with the Bank shall be deemed to have been duly delivered and received by you.
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TERMS AND CONDITIONS – ACE ACCOUNT -9- eFORMS(CAMPU)/CA002/REV092019 CAMBODIAN PUBLIC BANK