The following Terms and Conditions shall govern all Business Accounts of the Hongkong and Shanghai Banking Corporation Limited in the Republic of Maldives(hereinafter referred to as the ‘Bank’ and/or ‘HSBC’)
HSBC may offer Accounts and Services on such terms and conditions as HSBC may specify.
HSBC has the right to do the following (or any of them) from time to time:
Neither the Bank nor any member of the HSBC Group shall be liable for loss (whether direct or
consequential and including, without limitation, loss of profit or interest) or damage suffered by
any party arising out of:
(i) any delay or failure by the Bank or any other member of the HSBC Group in performing any of its duties under the account terms or other obligations caused in whole or in part by any steps which the Bank, in its sole and absolute discretion, considers appropriate to act in accordance with all such laws and regulations.
(ii) the exercise of any of the Bank’srights under this Clause.
In certain circumstances, the action which the Bank may take may prevent or cause a delay in the processing of certain information. Therefore, neither the Bank nor any member of the HSBC Group warrants that any information on the Bank’s systems relating to any payment messages and communications are the subject of any action taken. Subject to the overriding requirements of any applicable laws and group regulations, the Bank shall endeavor to notify the Account Holder of the existence of such circumstances as soon as it may reasonably practicable.
These Terms shall continue to apply notwithstanding their termination, any termination by HSBC or a member of the HSBC Group of the provision of any Services to the Customer or the closure of any Customer account.
The Bank may without prior notice, combine or consolidate the Account Holders Account/s with any liabilities to the Bank and set-off or transfer any sum/s standing to the credit of any such Accounts or any other sum/s owing to the Account Holder from the Bank on any other account or in any other respect whether such liabilities be actual or contingent primary or collateral and several or joint.
These Terms and Conditions shall be governed by and construed and take effect in accordance with the laws for the time, being in force in the Republic of Maldives and proceedings shall be brought in the Courts of the Republic of Maldives, provided always that the Bank may if it so desires take proceedings in the Courts of any other country or jurisdiction if it think fit, in which event the laws applicable to such Courts shall apply, and the Account Holder/s shall agree to submit to such Courts and such other laws and any legal costs, Court fees and lawyer fees incurred shall be added to the Account Holder/s indebtedness.
E-mail concerns to “email@example.com"
Capitalised terms used in these Terms and Conditions shall have the following meanings, unless the context otherwise requires:
“Account/s” means a business account but not limited to savings, current and fixed/time deposit accounts collectively.
“Account Holder/s” means Limited Liability Companies, or any other institutions and/or organizations acceptable to the Bank
“Authorities” means any judicial, administrative or regulatory body, any government, or public or government agency, instrumentality or authority, any Tax Authority, securities or futures exchange, court, central bank or law enforcement body, or any agents thereof, having jurisdiction over any part of HSBC Group.
“Business Day” means: for the purposes of these Terms and Conditions, a day (other than a Friday, Saturday or public holiday) on which banks are open for general business in the Republic of Maldives
“Compliance Obligations” means obligations of any member of the HSBC Group to comply with: (a) any applicable local or foreign statute, law, regulation, ordinance, rule, judgment, decree, voluntary code, directive, sanctions regime, court order, agreement between any member of the HSBC Group and an Authority, or agreement or treaty between Authorities and applicable to HSBC or a member of the HSBC Group (“Laws”), or international guidance and internal policies or procedures, (b) any [valid] demand from Authorities or reporting, regulatory trade reporting, disclosure or other obligations under Laws, and (c) Laws requiring HSBC to verify the identity of our Customers.
“Confidential Information” means any information that is designated by the Customer as confidential at the time of disclosure or that a reasonable person would consider to be confidential, non-public or proprietary in nature.”
"Connected Person" means a person or entity whose information (including Personal Data or Tax Information) is provided by, or on behalf of, the Customer to any member of the HSBC Group or otherwise received by any member of the HSBC Group in connection with the provision of the Services. In relation to the Customer, a Connected Person may include, but is not limited to, any guarantor [of the Customer], a director or officer of a company, partners or members of a partnership, any “substantial owner”, “controlling person”, or beneficial owner, trustee, settler or protector of a trust, account holder of a designated account, payee of a designated payment, representative, agent or nominee of the Customer, or any other persons or entities having a relationship to the Customer that is relevant to its banking relationship with the HSBC Group.
“Controlling persons” [generally] means individuals who exercise control over an entity (for a trust, these are the settlor, the trustees, the protector, the beneficiaries or class of beneficiaries, and any other individual who exercises ultimate effective control over the trust, and in the case of a legal entity other than a trust, such term means persons in equivalent or similar positions of control).
“Customer Information” means Personal Data, confidential information, and/or Tax Information of either the Customer or a Connected Person (including accompanying statements, waivers and consents).
“Financial Crime” means money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or violations, or attempts to circumvent or violate any Laws or regulations relating to these matters.
“HSBC” / “Bank” means THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED a banking corporation duly incorporated under the Laws of Hong Kong SAR, and having its Registered Office at No. 1, Queens Road, Central Hong Kong and carrying on business at its branch office at MTCC Tower First Floor 24, Boduthakurufaanu Magu Male 20 – 05
“HSBC Group” means HSBC Holdings plc, and/or any of, its affiliates, subsidiaries, associated entities and any of their branches and offices, and “any member of the HSBC Group” has the same meaning.
“Loss” means any claim, charge, cost (including, but not limited to, any legal or other professional cost), damages, debt, expense, tax, liability, obligation, allegation, suit, action, demand, cause of action, proceeding or judgment, however calculated or caused, and whether direct or indirect, consequential, punitive or incidental.
“Personal Data” means any data relating to an individual (and corporate entities, in those countries where data privacy law applies to corporates), from which the individual can be identified, including, without limitation, sensitive personal data, name(s), residential address(es), contact information, age, date of birth, place of birth, nationality, citizenship, personal and marital status.
“Services” means, without limitation, (a) the opening, maintaining and closing of the Customer’s bank accounts, (b) the provision of credit facilities and other banking products and services to the Customer (including, for example, securities dealing, investment advisory, broker, agency, custodian, clearing or technology procuring services), processing applications, ancillary credit assessment and product eligibility assessment, and (c) the maintenance of HSBC’s overall relationship with the Customer, [including marketing or promoting financial services or related products to the Customer, market research, insurance, audit and administrative purposes]. “substantial owners” means any individuals entitled to more than 10% of the profits of or with an interest of more than 10% in an entity either directly or indirectly. “Tax Authorities” means domestic or foreign tax, revenue, fiscal or monetary authorities.
"Tax Information" means any documentation or information (and accompanying statements, waivers and consents) relating, directly or indirectly, to the tax status of a Customer (regardless of whether that Customer is an individual or a business, non-profit or other corporate entity) and any owner, “controlling person”, “substantial owner” or beneficial owner of a Customer, that HSBC considers, acting reasonably, is needed to comply (or demonstrate compliance, or avoid noncompliance) with any HSBC Group member's obligations to any Tax Authority. “Tax Information” includes, but is not limited to, information about: tax residence and/or place of organisation (as applicable), tax domicile, tax identification number, Tax Certification Forms, certain Personal Data (including name(s), residential address(es), age, date of birth, place of birth, nationality, citizenship).
“Tax Certification Forms” means any forms or other documentation as may be issued or required
by a Tax Authority or by HSBC from time to time to confirm the tax status of an account holder
or the Connected Person of an entity.
Reference to the singular includesthe plural (and vice versa).
ACCEPTANCE OF TERMS AND CONDITIONS
I/We hereby acknowledge that I/we have read and fully understood the Terms and Conditions and that I/we am/are aware of the obligations, liabilities and rights there under and accept the foregoing Terms and Conditions.