Last modified: Mar 28, 2023 02:08 (UTC+08:00)
Business Current Account - Account Schedule
This is the Account Schedule for your Business Current Account. This forms part of your Agreement with us in respect of your Business Current Account. Except where otherwise defined in this Account Schedule, terms defined in the General Part will have the same meaning in this Account Schedule.
Parties to our Agreement
In respect of your Business Current Account, the terms of our Agreement apply to each Authorized Individual in their individual capacity and to the Company
Confirmation Statements - Your Company
You confirm that:
- you are an Authorised Individual (and will provide reasonable written evidence of such authority promptly on request);
- any details (including personal data) of People of Significant Control of the Company and of Authorised Individuals are accurate and have been lawfully supplied to us by you for the purposes of commencing the registration of their details for your Company’s Business Current Account;
- the Company is not registered or has its center of main interest in the “rejected jurisdiction” list ;
- the Company is not engaged in or linked in any way to any of the business activities listed in the Prohibited Industries ;
- no other company, partnership or unincorporated association has any holding or control in the Company;
- neither you and (where relevant) other People of Significant Control of your Company, nor the Company, nor any of the Company’s other directors, officers, employees, representatives or shareholders are the subject of any sanctions administered or enforced by any Sanctions Authorities;
- your Business Current Account is for business purposes and use only; and
- your Business Current Account is the Company’s only Business Current Account with us.
If any of the confirmations listed above become false, inaccurate or misleading, you must inform us immediately
Operation of your Business Current Account
Each Authorised Individual will have equal and full rights in respect of the operation of the Company’s Business Current Account and we will not require authorisation from all Authorised Individuals before carrying out an instruction from one of you. However, if you wish to close your Business Current Account you will need to follow the procedure as set out below at Closure of your Business Current Account.
Access to your Business Current Account
Each Authorised Individual will have access to the Business Current Account through the App and will have full permission to use any of the features without having to seek permission from any other Authorised Individual, including in relation to granting Third Party Providers access to, and authority to make payments from, the Business Current Account. All Authorised Individuals will be able to see all payment transactions made on the Business Current Account and access all other features of the App in relation to the Business Current Account and this may include seeing the full support history on the Business Current Account for all Authorised Individuals.
Change or Transfer a Shareholder's Beneficial Status
If an individual is in a position of influence to the shares of the company, or all or substantially all of the business assets. The company is sold or transferred in any situation that there is a significant change in any position of Significant Control of the company, you must immediately make notifications to us which confirm that the change has occurred.
We require any new present of Significant Control in the Company that has been undertaken to our standard identification and verification procedures (“ID&V Procedures via Identify”). More importantly, we may have to close the Business Current Account immediately if the requirements of Identification have not been completed instantly by the companies.
a- The changes of the companies are subject to the requirements of identifications from us, the customers are required to make notifications to us as soon as possible (in 10 days during which changes have been made).
b- The changes of information or company structures may enable us the right to accept or refuse your account. If a refused decision is made, the customer is required to close the account and set up a new account opening profile. If an approved decision is made, it is noticeable that depending on the case, Fees will be applied in conjunction with the opening account process (up to 500 EUR/GBP/CHF/CAD (or 4,125 HKD) (depending on which currency you choose and register for your account)).
If you inform us or we become aware of a dispute within the Company or between the Persons of Significant Control of the Company, we will go through the following process:
- We will place a restriction on the Business Current Account to state that we will only take written instructions from all Authorised Individuals of the Company in respect of the Business Current Account (this means we will not process payment instructions from the Business Current Account unless authorised to do so by all the Authorised Individuals of the Company); and
- We will only remove the restriction when all the Authorised Individuals have confirmed in writing that the dispute has been resolved.
It is your responsibility to inform us if there is any such dispute.
Following notification of a dispute, we will continue to allow existing direct debit mandates unless all the Authorised Individuals confirm in writing otherwise.
Closure of your Business Current Account
You may request that we close the Business Current Account, by providing written instructions from at least one Authorised Individual to do so.
In addition to our rights set out in the paragraph entitled “Closing your Account” in Section 3 (Managing your Account) of the General Part, we may close or suspend your Business Current Account immediately on notice and terminate our Agreement in respect of your Business Current Account if:
- any of the confirmation statements listed in the section entitled “Your Company” above are or become false, inaccurate or misleading or we reasonably suspect they are;
- your Company is wound up and removed from the company registry for any reason;
- your Company goes into insolvency, has a winding up petition filed against it, has a receiver or administrator appointed in respect of it, is unable to pay its debts as they fall due or, in respect of any of the foregoing, any analogous or similar procedure is instituted against it;
- we become aware of any dispute between the People of Significant Control of the Company or Authorised Individuals; or
- in the event of a change of control of your Company, any new Person of Significant Control does not pass our ID&V Procedures
“Authorised Individuals” means all individuals, who are both Persons of Significant Control and directors of the Company, who are authorised to operate and manage the Business Current Account on behalf of the Company (and “Authorised Individual” means any one of them).
“Person of Significant Control” means the person or those people listed in your Company’s public persons of significant control register.
“Sanctions Authorities” means the following national and supra-national authorities: United States Department of Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union and the UK’s Office of Financial Sanctions Implementation within Her Majesty’s Treasury