Bank Policies

Policies

Data Protection Policy (DPP)

Effective 1 July 2014

The purpose of this document ("Data Protection Policy") is to inform you of how Oversea-Chinese Banking Corporation Limited ("OCBC") manages Personal Data (as defined below) which is subject to the Singapore Personal Data Protection Act (No. 26 of 2012) ("the Act"). Please take a moment to read this Data Protection Policy so that you know and understand the purposes for which we collect, use and disclose your Personal Data.

By interacting with us, submitting information to us, or signing up for any products or services offered by us, you agree and consent to OCBC and its related corporations (collectively, the "Companies"), as well as their respective representatives and/or agents ("Representatives") (the Companies and Representatives collectively referred to herein as "OCBC", "us", "we" or "our") collecting, using, disclosing and sharing amongst themselves your Personal Data, and disclosing such Personal Data to the Companies' authorised service providers and relevant third parties in the manner set forth in this Data Protection Policy.

This Data Protection Policy supplements but does not supersede nor replace any other consents you may have previously provided to OCBC in respect of your Personal Data, and your consents herein are additional to any rights which any of the Companies may have at law to collect, use or disclose your Personal Data.

OCBC may from time to time update this Data Protection Policy to ensure that this Data Protection Policy is consistent with our future developments, industry trends and/or any changes in legal or regulatory requirements. Subject to your rights at law, you agree to be bound by the prevailing terms of this Data Protection Policy as updated from time to time on our website www.ocbc.com/business-policies. Please check back regularly for updated information on the handling of your Personal Data.

1. Personal Data

In this Data Protection Policy, "Personal Data" refers to any data, whether true or not, about an individual who can be identified (a) from that data; or (b) from that data and other information to which we have or are likely to have access, including data in our records as may be updated from time to time.

Examples of such Personal Data you may provide to us include (depending on the nature of your interaction with us) your name, NRIC, passport or other identification number, telephone number(s), mailing address, email address, transactional data and any other information relating to any individuals which you have provided us in any forms you may have submitted to us (including in the form of biometric data), or via other forms of interaction with you.

2. Collection of Personal Data

2.1 Generally, we collect Personal Data in the following ways:

(a) when you submit any form, including but not limited to application, declaration, proposal or referral forms;

(b) when you enter into any agreement or provide other documentation or information in respect of your interactions and transactions with us, or when you use our services;

(c) when you interact with our staff, including customer service officers, relationship managers and other representatives, for example, via telephone calls (which may be recorded), letters, fax, face-to-face meetings and email;

(d) when your images are captured by us via CCTV cameras while you are within our premises, or via photographs or videos taken by us or our representatives when you attend events hosted by us;

(e) when you use our services provided through online and other technology platforms, such as websites and apps, including when you establish any online accounts with us;

(f) when you request that we contact you, be included in an email or other mailing list; or when you respond to our request for additional Personal Data, our promotions and other initiatives;

(g) when you are contacted by, and respond to, our marketing representatives and agents and other service providers;

(h) when you submit an employment application or when you provide documents or information including your resume and/or curriculum vitae in connection with any appointment as an officer, director, representative or any other position;

(i) when you use our electronic services, or interact with us via our websites or use services on our websites;

(j) when we seek information about you and receive your Personal Data in connection with your relationship with us, including for banking products, insurance policies or job applications, for example, from business partners, public agencies, your ex-employer and the relevant authorities; and/or

(k) when you submit your Personal Data to us for any other reason.

2.2 When you browse our website, you generally do so anonymously but please see the section below on cookies. We do not, at our website, automatically collect Personal Data, including your email address unless you provide such information or log in with your account credentials.

2.3 If you provide us with any Personal Data relating to a third party (e.g. information on your customers, spouse, children, parents, and/or employees), by submitting such information to us, you represent to us that you have obtained the consent of such third party to you providing us with their Personal Data for the respective purposes.

2.4 You should ensure that all Personal Data submitted to us is complete, accurate, true and correct. Failure on your part to do so may result in our inability to provide you with products and services you have requested.

3. Purposes for the Collection, Use and Disclosure of Your Personal Data

3.1 Generally, OCBC collects, uses and discloses your Personal Data for the following purposes:

(a) responding to, processing and handling your complaints, queries, requests, feedback and suggestions;

(b) verifying your identity;

(c) managing the administrative and business operations of the Companies and complying with internal policies and procedures;

(d) facilitating business asset transactions (which may extend to any mergers, acquisitions or asset sales) involving any of the Companies;

(e) matching any Personal Data held which relates to you for any of the purposes listed herein;

(f) requesting feedback or participation in surveys, as well as conducting market research and/or analysis for statistical, profiling or other purposes for us to design our products, understand customer behaviour, preferences and market trends, and to review, develop and improve the quality of our products and services;

(g) preventing, detecting and investigating crime, including fraud and money-laundering or terrorist financing, and analysing and managing commercial risks;

(h) managing the safety and security of our premises and services (including but not limited to carrying out CCTV surveillance and conducting security clearances);

(i) project management;

(j) providing media announcements and responses;

(k) organising promotional events;

(l) in connection with any claims, actions or proceedings (including but not limited to drafting and reviewing documents, transaction documentation, obtaining legal advice, and facilitating dispute resolution), and/or protecting and enforcing our contractual and legal rights and obligations;

(m) managing and preparing reports on incidents and accidents;

(n) complying with any applicable rules, laws and regulations, codes of practice or guidelines or to assist in law enforcement and investigations by relevant authorities; and/or

(o) any other purpose relating to any of the above.

These purposes may also apply even if you do not maintain any account(s) with us, or have terminated these account(s).

3.2 In addition, OCBC collects, uses and discloses your Personal Data for the following purposes depending on the nature of our relationship:

(a) If you are a prospective customer:

(i) evaluating your financial and banking needs and providing recommendations to you as to the type of products and services suited to your needs;

(ii) assessing and processing any applications or requests made by you for products and services offered by OCBC; and/or

(iii) any other purpose relating to any of the above.

(b) If you are a retail banking customer, private investor, beneficial owner, guarantor, security provider or an appointed representative (including but not limited to a mandate holder or a power of attorney):

(i) opening, maintaining or closing of accounts and our establishing or providing banking services to you;

(ii)where account or relationship managers or agents have been assigned to service your account or portfolio, using your telephone number(s) to contact you from time to time in order to take your instructions, and/or provide you with information, updates, or recommendations and / or in accordance with the terms and conditions of our agreement with you;

(iii) facilitating the continuation or termination of the banking relationship or the daily operation of the services and credit and trading facilities and providing client servicing (including but not limited to responding to individual requests by customers, mailing services, conveyancing services, reporting services, clearing services, reconciliation services and providing customer satisfaction);

(iv) carrying out client reviews, for example, annual reviews of your portfolio;

(v) to establish your financial situation, risk profile, investment experience and investment objectives to help you consider the suitability of the products you have invested or intend to invest;

(vi) providing electronic banking services (including but not limited to Automatic Teller Machines, Cash Deposit Machines, Internet Banking, Mobile Banking and Phone Banking);

(vii) facilitating the transfer of funds within OCBC banking accounts or from OCBC accounts to external banking accounts and vice versa;

(viii) ensuring the ongoing credit worthiness of customers;

(ix) administering exceptional approvals, fee adjustments or waivers;

(x) managing investment products (which includes unit trusts, treasury products, shares, commodities, foreign exchange, Supplementary Retirement Scheme, initial public offering applicants or CPF Investment account holders and other investment products which OCBC may make available from time to time), and providing custody services;

(xi) providing offers and promotions in relation to co-branded products and services which you have applied for;

(xii) customer outreach and relationship management;

(xiii) meeting or complying with any applicable rules, laws, regulations, codes of practice or guidelines issued by any legal or regulatory bodies which are binding on OCBC (including but not limited to disclosures to regulatory bodies, conducting audit checks, surveillance and investigation, or customer due diligence);

(xiv) archival management (including but not limited to warehouse storage and retrievals);

(xv) administering credit, debit, and other cards (including but not limited to processing card applications, transactions and credit limit approvals);

(xvi) providing cheque deposit and issuance services;

(xvii) providing loans and overdraft facilities (including but not limited to the evaluation of credit risks and enforcement of repayment obligations);

(xviii) administering bancassurance products (including but not limited to the maintenance, management and operation of the products and services, communication with policy holders, and processing of any claims and payments arising under the respective policies);

(xix) administering fund services (including but not limited to the maintenance, management and operation of the services, and communication with investors);

(xx) administering and facilitating any offer of or other transactions dealing with securities, derivatives or other instruments or investments, and the execution of such transactions on a trading system or platform; and/or

(xxi) any other purpose relating to any of the above.

(c) If you are a bancassurance customer:

(i) processing and sending or receiving documents in respect of your insurance application;

(ii) administering, maintaining, managing and operating the products and services offered to you, including reinsured products by other companies and government-driven schemes;

(iii) sending updates and administrative notices to you in relation to the products and services used by you, including notification of maturity of payments and maturity of policies;

(iv) underwriting of policy risks;

(v) assessing and processing of any claims arising under your policy;

(vi) collecting premiums and debt collection; and/or

(vii) any other purpose relating to any of the above.

(d) If you are an employee, business partner, sole proprietor, investor , proxy voter, corporate shareholder, guardian, director, nominee director or guarantor, agent or representative of an organisation that is a business banking customer or otherwise has a corporate relationship with OCBC:

(i) opening or continuation of accounts and establishing or providing banking services;

(ii) facilitating the daily operation of the services, and credit and trading facilities (including but not limited to providing loans, gathering deposits, transferring funds, processing trades, reporting and/or clearing of trades, updating contact details of investors and investees, corporate action processing and entering into ancillary arrangements relating thereto);

(iii) facilitating the continuation or termination of the banking relationship (including but not limited to the closing of accounts);

(iv) managing investment banking (including but not limited to capital markets, corporate finance services and financing by mezzanine capital services);

(v) managing investment products (which includes unit trusts, treasury products, shares, commodities, foreign exchange, and other investment products which OCBC may make available from time to time), and providing custody services;

(vi) networking to maintain customer relationship;

(vii) providing client servicing (including but not limited to providing customer satisfaction, proxy voting and merchant servicing);

(viii) facilitating and carrying out due diligence checks;

(ix) administering fund services (including but not limited to the maintenance, management and operation of the services, and communication with investors);

(x) complying with any applicable rules, laws and regulations, codes of practice or guidelines or to assist in law enforcement and investigations by relevant authorities (including but not limited to disclosures to regulatory bodies, conducting audit checks, surveillance and investigation, or customer due diligence);

(xi) processing commission remuneration for sales representatives;

(xii) administering corporate / business credit, debit, and other cards (including but not limited to processing card applications, transactions and credit limit approvals);

(xiii) providing loans and overdraft facilities (including but not limited to the evaluation of credit risks and enforcement of repayment obligations);

(xiv) administering and facilitating any offer of or other transactions dealing with securities, derivatives or other instruments or investments, and the execution of such transactions on a trading system or platform; and/or

(xv) any other purpose relating to any of the above.

(e) If you are an employee or agent of a referrer or other intermediary:

(i) marketing and leads management;

(ii) processing commission remuneration; and/or

(iii) any other purpose relating to any of the above.

(f) If you are an employee, officer or owner of an external service provider or vendor outsourced or prospected by OCBC:

(i) managing project tenders or the supply of goods and services;

(ii) processing and payment of vendor invoices;

(iii) complying with any applicable rules, laws and regulations, codes of practice or guidelines or to assist in law enforcement and investigations by relevant authorities (which includes disclosure to regulatory bodies or audit checks); and/or

(iv) any other purpose relating to any of the above.

(g) If you are an OCBC shareholder:

(i) maintaining statutory registers and to manage the publication of shareholder statistics on annual reports and circulars;

(ii) providing shareholding listing for preference shares, subordinated debt and senior term issuances;

(iii) facilitating the implementation of projects (including but not limited to seeking approvals for new investments, additional fund raising exercises or bonus);

(iv) processing claims (including but not limited to processing claims for unclaimed cash distribution); and/or

(v) any other purpose relating to any of the above.

(h) If you are a party or counterparty to a transaction (for example, a beneficiary of a fund transfer or payment):

(i) providing cash, payment and transactional services (including but not limited to the execution, settlement, reporting and/or clearing of the relevant transaction); and/or

(ii) any other purpose relating to any of the above.

(i) If you submit an application to us as a candidate for an employment or representative position:

(i) conducting interviews;

(ii) processing your application which includes pre-recruitment checks involving your qualifications and facilitating interviews;

(iii) providing or obtaining employee references and for background screening;

(iv) assessing your suitability for the position applied for;

(v) processing staff referrals; and/or

(vi) any other purposes relating to any of the above.

(j) If you are an existing employee of OCBC:

(i) providing remuneration, reviewing salaries and bonuses, conducting salary benchmarking reviews, staff appraisals and evaluation, as well as recognising individuals for their services and conferring awards;

(ii) staff orientation and entry processing;

(iii) administrative and support processes relating to your employment, including its management and termination, as well as staff benefits, including travel, manpower, business continuity and logistics management or support, processing expense claims, medical insurance applications, leave administration, training, learning and talent development, and planning and organising corporate events;

(iv) providing you with tools and/or facilities to enable or facilitate the performance of your duties;

(v) compiling and publishing internal directories and emergency contact lists for business continuity;

(vi) managing corporate social responsibility projects;

(vii) conducting analytics and research for human resource planning and management, and for us to review, develop, optimise and improve work-related practices, environment and productivity;

(viii) ensuring that the administrative and business operations of OCBC function in a secure, efficient and effective manner (including but not limited to examining or monitoring any computer software and/or hardware installed within OCBC, your work emails and personal digital and storage devices);

(ix) compliance with any applicable rules, laws and regulations, codes of practice or guidelines or to assist in law enforcement and investigations by relevant authorities (including but not limited to disclosures to regulatory bodies, conducting audit checks or surveillance and investigation);

(x) administering cessation processes; and/or

(xi) any other purposes relating to any of the above.

(k) If you sit on the OCBC Board of Directors:

(i) facilitating appointment to the Board (including but not limited to managing the publication of directors' statistics on annual reports and circulars);

(ii) complying with any applicable rules, laws and regulations, codes of practice or guidelines or to assist in law enforcement and investigations by relevant authorities (including but not limited to disclosures to regulatory bodies or conducting due diligence);

(iii) administrative matters (including but not limited to the maintenance of statutory registers and lodgement of directors' fee);

(iv) managing insurance programmes; and/or

(v) any other purpose relating to any of the above.

3.3 In addition, where permitted under the Act, OCBC may also collect, use and disclose your Personal Data for the following purposes (which we may describe in our documents and agreements as "Additional Purposes" for the handling of Personal Data):

(a) providing or marketing services, products and benefits to you, including promotions, loyalty and reward programmes;

(b) matching Personal Data with other data collected for other purposes and from other sources (including third parties) in connection with the provision or offering of products and services, whether by OCBC or other third parties;

(c) administering contests and competitions, and personalising your experience at OCBC's touchpoints;

(d) sending you details of products, services, special offers and rewards, either to our customers generally, or which we have identified may be of interest to you; and/or

(e) conducting market research, understanding and analysing customer behaviour, location, preferences and demographics for us to offer you products and services as well as special offers and marketing programmes which may be relevant to your preferences and profile.

3.4 If you have provided your Singapore telephone number(s) and have indicated that you consent to receiving marketing or promotional information via your Singapore telephone number(s), then from time to time, OCBC may contact you using such Singapore telephone number(s) (including via voice calls, text , fax or other means) with information about our products and services (including discounts and special offers).

3.5 In relation to particular products or services or in your interactions with us, we may also have specifically notified you of other purposes for which we collect, use or disclose your Personal Data. If so, we will collect, use and disclose your Personal Data for these additional purposes as well, unless we have specifically notified you otherwise.

4. Disclosure of Personal Data

4.1 OCBC will take reasonable steps to protect your Personal Data against unauthorised disclosure. Subject to the provisions of any applicable law, your Personal Data may be provided, for the purposes listed above (where applicable), to the following entities or parties, whether they are located overseas or in Singapore:

(a) OCBC's related corporations;

(b) counterparties and their respective banks in relation to fund transfers, payments, drawing of cheques, and other transactions;

(c) third party recipients of bank reference letters;

(d) companies providing services relating to insurance and/or reinsurance to OCBC;

(e) agents, contractors or third party service providers who provide operational services to OCBC, such as courier services, telecommunications, information technology, payment, payroll, processing, training, market research, storage, archival, customer support investigation services or other services to OCBC;

(f) vendors or other third party service providers in connection with promotions and services offered by OCBC;

(g) credit reporting agencies;

(h) any business partner, investor, assignee or transferee (actual or prospective) to facilitate business asset transactions (which may extend to any merger, acquisition or any debt or asset sale) involving any of the Companies;

(i) external banks, credit card companies and their respective service providers;

(j) third party referrers;

(k) our co-brand and other business partners;

(l) our professional advisers such as our auditors and lawyers;

(m) relevant government regulators, government ministries, statutory boards or authorities and/or law enforcement agencies, whether local or overseas, including the Monetary Authority of Singapore, the Accounting and Corporate Regulatory Authority, and the Insolvency and Public Trustee Office, to comply with any directions, laws, rules, guidelines, regulations or schemes issued or administered by any of them, as well as to comply with listing and other requirements or directions of Singapore Exchange Limited and/or any other relevant securities exchange;

(n) surveyors, auctioneers, valuers or other third parties in relation to loans and other credit facilities such as mortgages;

(o) universities in relation to tuition fee loan reporting;

(p) hotels, travel agents and foreign embassies in relation to overseas travel arrangements for staff;

(q) the Central Provident Fund Board and its agent banks in relation to CPF investment products, payment schemes and processing excess payment refunds;

(r) brokerage houses, Central Depository (Pte) Limited, fund houses, registrars, custodians, nominee banks, external banks and investment vehicles in relation to asset management and investment product settlement processing;

(s) Credit Counselling Singapore, and collection and repossession agencies in relation to the enforcement of repayment obligations for loans and other credit facilities;

(t) foreign embassies and foreign credit reporting agencies in relation to credit reviews and the enforcement of repayment obligations for loans and other credit facilities;

(u) external business and charity partners in relation to corporate promotional events;

(v) telecommunications companies, the National Trades Union Congress, Singapore Press Holdings, local town councils and any other billing entities in relation to processing the payment of bills;

(w) commercial shops and retailers in relation to providing staff welfare benefits;

(x) any swap repository, trade data repository, reporting agent, clearing house, centralised clearing party (including any clearing member of such clearing house or centralised clearing party), clearing broker, multilateral or other trading facility, system or platform or such other communication net work or auction facility; and/or

(y) any other party to whom you authorise us to disclose your Personal Data to.

5. Use of Cookies

5.1 When you interact with us on our websites, we automatically receive and record information on our server logs from your browser. We may employ cookies in order for our server to recognise a return visitor as a unique user including, without limitation, monitoring information relating to how a visitor arrives at the website, what kind of browser a visitor is on, what operating system a visitor is using, a visitor's IP address, and a visitor's click stream information and time stamp (for example, which pages they have viewed, the time the pages were accessed and the time spent per web page).

5.2 Cookies are small text files stored in your computing or other electronic devices which allow us to remember you or other data about you. The cookies placed by our server are readable only by us, and cookies cannot access, read or modify any other data on an electronic device. All web-browsers offer the option to refuse any cookie, and if you refuse our cookie then we do not gather any information on that visitor.

5.3 Should you wish to disable the cookies associated with these technologies, you may do so by changing the setting on your browser. However, you may not be able to enter certain part(s) of our website.

6. Data Security

6.1 OCBC will take reasonable efforts to protect Personal Data in our possession or our control by making reasonable security arrangements to prevent unauthorised access, collection, use, disclosure, copying, modification, disposal or similar risks. However, we cannot completely guarantee the security of any Personal Data we may have collected from or about you, or that for example no harmful code will enter our website (for example viruses, bugs, trojan horses, spyware or adware). You should be aware of the risks associated with using websites.

6.2 While we strive to protect your Personal Data, we cannot ensure the security of the information you transmit to us via the Internet or when you use our electronic banking services (which includes Internet Banking, Mobile Banking and Phone Banking services), and we urge you to take every precaution to protect your Personal Data when you use such platforms. We recommend that you change your passwords often, use a combination of letters and numbers, and ensure that you use a secure browser.

6.3 If applicable, you undertake to keep your username and password secure and confidential and shall not disclose or permit it to be disclosed to any unauthorised person, and to inform us as soon as reasonably practicable if you know or suspect that someone else knows your username and password or believe the confidentiality of your username and password has been lost, stolen or compromised in any way or that actual or possible unauthorised transactions have taken place. We are not liable for any damages resulting from any security breaches, on unauthorised and/or fraudulent use of your username and password.

7. Third-Party Sites

7.1 Our website may contain links to other websites operated by third parties. We are not responsible for the privacy practices of websites operated by third parties that are linked to our website. We encourage you to learn about the privacy policies of such third party websites. Some of these third party websites may be co-branded with our logo or trademark, even though they are not operated or maintained by us. Once you have left our website, you should check the applicable privacy policy of the third party website to determine how they will handle any information they collect from you.

8. Contacting Us - Feedback, Withdrawal of Consent, Access and Correction of your Personal Data

8.1 If you:

(a) have any questions or feedback relating to your Personal Data or our Data Protection Policy;

(b) would like to withdraw your consent to any use of your Personal Data as set out in this Data Protection Policy; or

(c) would like to obtain access and make corrections to your Personal Data records, you can approach us via the following channels:

• Email us at dpo@ocbc.com
• Call our hotline at (65) 6538 1111
• Talk to our staff at any of our branches

 

8.2 You may also write to our Data Protection Officer as follows:

Data Protection Officer
OCBC Bank
65 Chulia Street
#07-00
OCBC Centre
Singapore 049513

Please note that if your Personal Data has been provided to us by a third party (e.g. The Central Depository (Pte) Limited), you should contact such party directly to make any queries, feedback, and access and correction requests to OCBC on your behalf.

8.3 If you withdraw your consent to any or all use of your Personal Data, depending on the nature of your request, OCBC may not be in a position to continue to provide its products or services to you or administer any contractual relationship already in place. This may also result in the termination of any agreements you have with OCBC, and your being in breach of your contractual obligations or undertakings. OCBC's legal rights and remedies in such event are expressly reserved.

9. Governing Law

9.1 This Data Protection Policy and your use of this website shall be governed in all respects by the laws of Singapore.

Business Internet Banking Security

Protecting your information and money has always been our priority mission. This section shares with you useful information about online security. It also gives you tips on protecting yourself from fraud.

 

Benefits & Risks Of Internet Banking

1. OCBC Business Internet Banking - Velocity@ocbc offers you an alternate electronic channel where you can perform business banking transactions and manage your company’s cash flow with easy access to account information.

With Velocity@ocbc you will be able to pay bills, process payroll and transfer funds online. You can view our full range of internet banking services here.

Velocity@ocbc offers you 24-hour access to your business accounts everyday. It is fast and convenient, allowing you to perform your transactions anywhere, anytime and from any computer with access to the Internet.

2. The Internet is a wide area network of computers connected around the world to facilitate data transmission and exchange. Due to the open nature of the Internet, all web-based services such as Velocity@ocbc are inherently subject to risks such as online theft of your User ID/User name, Password, Organisation ID, virus attacks, hacking, unauthorised access and fraudulent transactions.

While the Bank has put in place the necessary security practices and measures to safeguard against these risks, the Bank is still unable to guarantee the complete security of your transactions against any attacks from malicious programmes.

As an Internet Banking customer, you play an important role in safeguarding your account information.

 

Customer Service

If you have any queries, problems, grievances, disputes or claims relating to or arising out of the use of Velocity@ocbc service, you may call any of our Customer Service Officers on (65) 6538 1111. They are available to attend to you from Mondays to Fridays, 8:30a.m. to 6:00p.m. and will advise on the immediate steps to be taken by you and/or actions that we will take. Alternatively, you may send us an email by completing the feedback form at www.ocbc.com and we will try to respond to you within 24 hours provided we receive your notification during business hours and the following day is not Sunday or a public holiday, in which case we will reply on the next business day.

 

Dispute Resolution

We are committed to providing you with quality service. We will promptly attend to any claim or dispute which you may have in respect of or arising out of Velocity@ocbc Service. Without prejudice in any way to either party's right to take immediate steps to seek urgent relief before a Singapore court or the right to seek legal redress, we will immediately investigate any claim/dispute brought to our attention and will attempt to revert to you within seven (7) working days from the date of receipt of notification. Soon thereafter, we will consult you in good faith with a view to reaching a quick and amicable resolution of the matter, satisfactory to both parties.

 

Unavailability of Internet Banking

In the event that Velocity@ocbc Service is unavailable, you are encouraged to perform your transactions via OCBC eLobbies, OCBC Phone Banking and/or visit any of our branches.

 

Safeguarding Your Internet Banking Access

At OCBC Bank, we have implemented measures to safeguard your account information. However, to ensure that your online security and account information are not compromised, we recommend that you adopt the following OCBC Bank Internet Banking security guidelines:

 

1. Before entering your User ID/User name, Password, Organisation ID, you should always ensure that the website you are visiting belongs to OCBC Bank. This can be verified by the URL displayed in your browser as well as the Bank’s name in its digital certificate. This precaution will ensure that you are not revealing your credentials to a website other than OCBC Bank.

2. To ensure that you enjoy the highest level of security possible, all browsers and application software should be upgraded to support SSL 256-bit encryption or a higher encryption standard with the most updated security features available.

3. It is important to protect yourself against any forms of online theft of your User ID/User name, Password and Organisation ID. Each valid User ID/User name , Password and Organisation ID identifies you uniquely as one of our valued customers. Only authorised users are allowed to log in to our secured Internet Banking website(s).

 

Important tips on how you can safeguard and protect your account information.

(a) Password should be 8 to 12 characters.

      I.   It must contain at least 2 letters and 2 numerals

      II.  Characters cannot be repeated more than twice

      III.  First two characters must be different from your User ID

      IV. Password and Organisation ID cannot be identical

      V.  Password cannot be identical to the previous 10 passwords that you have used

      VI. Example of a password: velocity01#
            Password is case sensitive, for example Velocity01# is a different password from velocity01#

(b) Passwords should not be based on user-id, personal telephone number, birthday or any other personal/organisation information.

(c) Passwords must be kept confidential and not be divulged to anyone.

(d) Passwords must be memorised and not be recorded anywhere.

(e) Passwords must be changed regularly or when there is any suspicion that it has been compromised or impaired.

(f) The same Passwords should not be used for different websites, applications or services, particularly when they relate to different entities.

(g) Please do not select the browser option for storing or retaining user name and password.

(h) Please check the authenticity of the bank's website by comparing the URL and observing the bank's name in its digital certificate or by observing the indicators provided by an extended validation certificate.

(i) Please check that the bank's website address changes from http:// to https:// and a security icon that looks like a lock or key appears when authentication and encryption is expected.

(j) Please do not allow anyone to keep, use or tamper with your 2FA (Two Factor Authentication) security token.

(k) Please do not reveal the OTP (One Time Password) generated by the 2FA token to anyone.

(l)  Please do not divulge the serial number of your 2FA token to anyone.

(m) Please check your bank account balance and transactions frequently and report any discrepancy.

(n) Please inform the bank immediately on the loss of mobile phones or change in mobile phone numbers.

4. Please install anti-virus, anti-spyware and firewall software in your personal/company computers and mobile devices, particularly when you are linked via broadband connections, digital subscriber lines or cable modems.

5. Please update the operating systems, anti-virus and firewall products with security patches or newer versions on a regular basis.

6. Please remove file and printer sharing in your computers, especially when you have internet access via cable modems, broadband connections or similar set-ups.

7. Make regular backup of critical data.

8. Consider the use of encryption technology to protect highly sensitive data.

9. Log off the online session and turn off the computer when not in use.

10. Do not install software or run programs of unknown origin.

11. Delete junk or chain emails.

12. Do not open email attachments from strangers.

13. Do not disclose personal, financial or credit card information to little known or suspect websites.

14. Do not use a computer or device which cannot be trusted.

15. Do not use public or internet cafe computers to access online banking or perform financial transactions.

16. You are advised not to access Velocity@ocbc using unauthorised operating system or programs, as it poses potential risk of malicious software infection.

17. If you notice any unusual/unauthorised transactions, please change your Password and notify us immediately. It is important that you inform us immediately by calling our Customer Service Hotline at (65) 6538 1111.

18. Your usage of Velocity@ocbc is subject at all times to the Terms and Conditions governing Electronic Banking Services for business. You should therefore read carefully and adhere to the recommended security practices. The Bank is not responsible for any loss or damage in connection to the use of Velocity@ocbc services unless such loss is attributable to our negligence or wilful default.

19. As a user of Velocity@ocbc, you have the right to (1) suspend your Internet Banking Access immediately should you suspect any unusual activity and/or unauthorised access, (2) terminate this service, (3) request for a new set of Velocity@ocbc password and (4) obtain information from the Bank regarding your online transactions.

 

Advisory On Phishing Scam

1. Customers are reminded that the bank will not make unsolicited requests for customer information through e-mail or on phone unless it is the customers who initiated the contact; and making clear that under no circumstances would the institution ask customers to reveal their PINs.

2. Customers are advised to personally enter the domain name of the bank in their browsers when logging onto the bank’s website; customers should not accept links or redirections from other websites or media for the purpose of logging onto the bank’s website.

3. Customers are advised to look for the SSL encrypted connection, indicated as https:// or a padlock, as well as check the institution's name in the website server digital certificate.

4. Customers are advised to be always on the alert for phony websites and suspicious emails (which may contain malicious software) purporting to be from the bank, they should report these immediately by contacting the bank.

How Malicious Software Works

• Hackers send phishing (please refer to the next section for more details) emails that may appear to originate from trusted companies. The email may appear to be an invoice or an accounting document. The malicious software could be hidden in the attachments in the email.

• If the attachment is opened/downloaded by the user, the malicious software will be downloaded onto the computer.

• Hackers may also entice victims into clicking on malicious links in the phishing emails to download the malicious software onto their computers.

• Once the malicious software is downloaded, it automatically installs.

• Installed malicious software then searches for files or activity related to online banking, extracting usernames, passwords and two factor authentication to conduct fraudulent money transfers:

• you may receive multiple prompts to login even when you have already entered your login information

• you may be asked to enter all your login information on one page, instead of two. e.g. the fraudulent website will ask for your Organisation ID, User ID, Password and One-Time-Password or Security Code all on a single page. On the legitimate Velocity@ocbc website, the login process is done over two pages:
    • First page: Organisation ID, User ID, Password
    • Second page: One-Time-Password or Security Code

• you may be prompted to enter the One-Time-Password or Security Code from your hardware token even if you did not perform any online transactions from your account.

What is Phishing?

Phishing is a form of social engineering. Phishing attacks use email or malicious websites to solicit personal information by posing as a trustworthy organisation. For example, an attacker may send email seemingly from a reputable credit card company or financial institution that requests account information, often suggesting that there is a problem. When users respond with the requested information, attackers can use it to gain access to the accounts. Phishing attacks may also appear to come from other types of organisations, such as charities. Attackers often take advantage of current events and certain times of the year, such as:

• natural disasters (e.g. Hurricane Katrina, Indonesian tsunami)
• epidemics and health scares (e.g. H1N1)
• economic concerns (e.g., IRS scams)
• major political elections
• holidays

 

Security Policy

At OCBC Bank, we are committed to protecting the security and confidentiality of your personal/organisation information so as to provide you with a safe and secure online environment. Our website uses commercially proven security hardware and software products. These security products include routers, firewalls, intrusion detection systems and secure operating system to safeguard your interest.

Industry standard Secure Socket Layer (SSL) communication protocol is the de facto cryptographic standard that we use for securing data communication between the browser and our website. Digital certificate technology is used to ensure transaction privacy, message integrity and server-side authentication. This also serves as an assurance that the website runs legitimately under the care of OCBC Bank.

All connections must pass through at least one router and one firewall to gain access to the server. The firewall checks for the appropriate source address and restricts unauthorised access to the appropriate server.

Additional technical security features include Verisign digital certificates, 256-bit encryption, one-way hashing of all user passwords and automatic logoff after 10 minutes.

 

OCBC Bank's Business Internet Banking – Velocity@ocbc is regularly reviewed and audited by external and internal auditors to ensure that your interest is safeguarded.

Apart from the security measures put in place by the Bank, you play an equally important role in ensuring your online security and account information is not compromised.

 

You should adopt the following recommended practices in protecting the security of your system:

(a) Do not share your User ID/user name or password with anyone.

(b) Do not display your account information in a manner that is visible to others and your PC should   never be left unattended. For your protection, Velocity@ocbc will automatically terminate your session if there is no activity for a period of time.

(c) Always use the recommended browser. All browsers and application software should be upgraded to support SSL 256-bit encryption.

(d) Always check that our website address changes from http:// to https:// and a security icon, usually in the form of a lock or key, appears when authentication and encryption is expected.

 

Understanding Your Obligations And Responsibilities

Your use of Velocity@ocbc is governed by the 'Terms and Conditions For Electronic Banking Services' found in our home page. It is important that you clearly understand your obligations and responsibilities before using OCBC's website.

As a user of Velocity@ocbc Service, you are to 1) comply with the standards and procedures established by OCBC Bank at all time 2) take all reasonable precautions and 3) observe with extreme care all security measures when accessing your online accounts or carrying out online transactions.

You will note that that under the said terms and conditions, you will remain liable for all instructions made through the use of your ICode and IPIN, whether or not authorised by you. OCBC Bank will not be liable for acting upon such instructions in good faith nor shall OCBC Bank be obliged to investigate the authenticity of such instructions.

 

You will also note that OCBC Bank shall not be liable to you in the following circumstances:

 (1) Failure on the part of the customer to adhere to the said terms and conditions

 (2) Failure to follow recommended security measures prescribed in 'Safeguarding your Internet Banking Access', found in our home page

 (3) Failure on the part of OCBC Bank to act on instructions of the Customer as a result of anything beyond OCBC Bank's control. This includes, amongst other things, any machine, equipment, system or software failing to work, failure to act by any third party and any act, omission or delay of any agent or third party. If any loss or damage results directly from OCBC Bank's security breach, gross negligence, wilful default or fraud then, OCBC Bank will be liable to the customer, and not to any third party, for the amount of any such loss or damage. However, OCBC Bank will not be liable to the customer for any loss of business, loss of reputation, loss of opportunity, loss of profits any type of special, consequential or indirect loss whatsoever.

 

Foreign Exchange Terms of Dealing

Foreign Exchange Terms of Dealing

This communication sets forth our standard terms of foreign exchange (FX) dealing generally with our clients (together with other market participants, "counterparties" or "you") in principal-to-principal transactions in wholesale FX markets (as well as when you act as agent for another principal).

Principal Trading and Conflicts of Interest

Oversea-Chinese Banking Corporation Limited ("OCBC Bank", "we" or "us") transacts and makes markets in the wholesale FX market. As such, OCBC Bank engages in price quoting, order taking, trade execution and other related activities. Unless explicitly agreed, OCBC Bank engages in these transactions strictly as principal on an arm's length basis for the benefit of OCBC Bank and does not act as agent or fiduciary or in any similar capacity on behalf of its counterparties.

Any statements made by or through OCBC Bank's personnel, our electronic systems or otherwise in the processing or execution of FX transactions should not be construed or relied upon as recommendations or advice. You (or your agent) should independently evaluate the appropriateness of any FX transaction based on the facts, trading objectives and circumstances relevant to you and your assessment of such transaction's merits.

In all of its communications and transactions with you, including in the handling of requests for firm or indicative quotes, trade requests, placement and execution of orders and all other expressions of interest that may lead to the execution of transactions, there exists the potential that OCBC Bank's interests may conflict with, diverge from or adversely impact your interests.

OCBC Bank, its related companies, their respective directors and/or employees (collectively "Related Persons") may or might have in the future interests in the FX transactions or the investment products relating to or in connection with the FX transactions. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to issuers of such investment products. OCBC Bank and its Related Persons may also be related to, and receive fees from, providers of such investment products.

 

Market Making

As a market maker that manages a portfolio of positions for multiple counterparties' competing interests, OCBC Bank acts as principal and may trade prior to or alongside a counterparty's transaction to execute transactions for OCBC Bank or to facilitate executions with other counterparties, to manage risk, to source liquidity or for other reasons. These activities can have an impact on (i) the prices we offer a counterparty on a transaction and (ii) the availability of liquidity at levels necessary to execute counterparty orders. Such activities potentially can trigger stop loss orders, barriers, knock-outs, knock-ins and similar conditions.

In addition, as a market maker, OCBC Bank may receive requests for quotations and multiple orders for the same or related currency pairs. OCBC Bank acts as principal and may seek to satisfy the requests of all of its counterparties and its independent risk management objectives, nevertheless, it retains discretion with respect to how to satisfy its counterparties, including with respect to order execution, aggregation, priority and pricing. OCBC Bank is not required to disclose to a counterparty when the counterparty attempts to leave an order that OCBC Bank is handling other counterparties' orders or OCBC Bank orders ahead of, or at the same time as, or on an aggregated basis with, the counterparty's order. OCBC Bank is under no obligation to disclose to a counterparty why OCBC Bank is unable to execute the counterparty's order in whole or in part.

 

Order Handling

When OCBC Bank accepts a counterparty's order that includes a price (such as a limit order), OCBC Bank is indicating a willingness to attempt to complete the trade at the price requested by the counterparty. Unless otherwise specifically agreed, OCBC Bank will exercise its reasonable discretion in deciding, which orders to execute, when to execute them, and how to execute them, including whether to execute all or part of the order.

OCBC Bank's acceptance of an order from a counterparty commits OCBC Bank to execute the order, in part or in full and at a price, as may be reasonably expected given market circumstance, as determined by OCBC Bank in its sole and absolute discretion. OCBC Bank's determination that an order has been filled will create a contract for the exchange of currency under the determined terms, consistent with the order received. The order may be cancelled by either party before the execution of such order commences.

As it relates to timing, OCBC Bank may look for market opportunities that satisfy both a price where we can execute a counterparty's order at the counterparty's price and earn a reasonable return for that activity, including while managing and prioritising other interests, positions and executions for OCBC Bank and other counterparties. When OCBC Bank is willing to execute an order with a counterparty, the price at which OCBC Bank would do so may include a mark-up over the price at which OCBC Bank transacted, or may have been able to transact, with other counterparties.

 

Pricing Factors

OCBC Bank adheres to the principle that prices offered should be fair and reasonable taking into consideration applicable market conditions, best execution practices and internal risk management practices and policies.

Unless otherwise agreed, any firm or indicative price quoted by OCBC Bank to a counterparty is an "all-in" price, inclusive of any mark-up above the price at which OCBC Bank may be able to transact, or has transacted, with other counterparties, regardless of the circumstances under which a counterparty receives or overhears a price. OCBC Bank has the sole and absolute discretion to offer different prices to different counterparties for the same or substantially similar transactions.

Any firm or indicative price or mark-up or other terms of a transaction may vary according to our discretion depending on a broad range of factors. These include transaction or counterparty specific factors, including the overall size of the transaction, OCBC Bank's expenses associated with effecting the transaction, the credit and settlement risks associated with the transaction, operational risks, a return for OCBC Bank and the nature of our relationship with you including the level of service that we provide to you. In addition, OCBC Bank considers other factors, including prevailing market conditions, OCBC Bank's risk profile, inventory and risk appetite. OCBC Bank's provision of principal liquidity is therefore not independent from the interests of OCBC Bank, which may conflict with, diverge from or adversely impact your interests.

OCBC Bank may also differentiate pricing by platform or trading venue, which may result in you receiving different prices on different platforms or venues. Factors that may contribute to this differentiation by platform or venue include but are not limited to the conventions of the platform or venue, which may include minimum price increment, on-the-wire time, parameters for accepting or rejecting orders or trade requests, available order or trade types, underlying technology or latency, fees and other economic considerations, such as historic experience with the platform or venue.

OCBC Bank is under no obligation to disclose the amount of revenue that we expect to earn from a transaction, nor are we required to disclose the components of OCBC Bank's all-in price.

 

Pre-hedging Activities

When a counterparty indicates its interest in a potential transaction or provides OCBC Bank with a request to enter into a transaction, OCBC Bank may use that information to engage in pre-hedging activities, which may include entering into transactions prior to executing such potential transaction or request with a view to facilitating such potential transaction or request. Any transactions entered into by OCBC Bank with a view to facilitating such potential transaction or request will be entered into by OCBC Bank as principal, not as agent for the counterparty could be at different prices from the price at which OCBC Bank executes the transaction and may result in profit, or loss, to OCBC Bank.

Such pre-hedging activities will be undertaken for risk management purposes associated with one or more counterparty orders. OCBC Bank will consider prevailing market conditions (such as liquidity) and the size and nature of the potential transaction(s) when undertaking pre-hedging activities.

 

Handling of Electronic Trade Requests - "Last Look"

Unless expressly stated otherwise, prices communicated electronically by OCBC Bank on electronic platforms do not constitute offers to trade but rather are indications of interest subject to further review by us, and such indicative prices may be withdrawn at any time. Your electronic trade request constitutes an electronic offer to execute a transaction.

Upon receipt of your electronic offer to execute a transaction at a price and quantity, whether in response to an indication of interest or otherwise, OCBC Bank reserves the right to either accept or reject any trade request received from you based on an assessment of whether such trade request meets defined deal acceptance criteria.

The deal acceptance process, also referred to as "the last look window", may involve one or more checks, including, but not limited to, credit, available liquidity and malformed order checks as well as latency arbitrage protection. The latency arbitrage protection is introduced to prevent the acceptance of requests to trade that appear "on market" when initiated but are later found to have been "stale" or "off market" by the time the primary venues have updated their prices. The expected or typical period of time for making the deal acceptance decision is between 50 milliseconds and 300 milliseconds. Where trading is conducted via a third party venue, OCBC Bank complies with the maximum permitted last look window prescribed by such third party venue.

OCBC Bank does not pre-hedge or otherwise utilize the "offer to deal" information for anything other than deciding trade acceptance during the last look window when market making and applies last look symmetrically, which means trades are rejected if the prevailing market has moved materially either in the counterparties' favour or against them.

After reading this communication, if you have any questions concerning OCBC Bank's dealings with you, we encourage you to contact your usual OCBC Bank representative. This communication is subject to updates from time to time in order to address changing regulatory, industry and other developments.

Singapore

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Frequently Asked Questions

1. What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (US) Congress in March 2010 and become effective on 1 July 2014, with a phased implementation timeline where some obligations will be implemented over a period of 2.5 years. FATCA targets non-compliance with US tax laws by US Persons holding accounts and investments outside of US.

FATCA affects financial institutions (FIs) worldwide. The US has developed Intergovernmental Agreement (IGA) models and reached out to partner jurisdictions, including Singapore, using these bilateral IGAs as tools to facilitate FIs' compliance with FATCA.

 

2. What is the impact of FATCA?

FATCA requires all financial institutions (FIs) outside the US to report on a regular basis information about financial accounts held directly or indirectly by US Persons (both personal and business) to IRS or the local tax authorities. FATCA legislation also affects certain types of non-US businesses with US owners.

For Singapore-based FIs, we are required to undertake annual reporting to the Inland Revenue Authority of Singapore (IRAS) under the Singapore Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2014 arising from FATCA requirements.

OCBC is committed to being fully FATCA compliant. With effect from 1 January 2015, we will require customer establishing financial accounts with our Bank to provide us information on their FATCA statuses. We will also be reviewing our existing customer base to confirm the FATCA statuses of our customers and where necessary, we may have to contact our customers for further information and documentation.

 

3. Is FATCA applicable to personal or business customers?

FATCA impacts both personal and business customers.

It affects personal and business customers who are treated as a US Person for US Tax purposes.

The FATCA legislation also affects certain types of non-US businesses that have a FATCA status as Passive non-financial foreign entities with US owners.

Please note that OCBC is unable to provide any tax advice. In case of uncertainty, please consult professional tax advice, or refer to the IRS website and IRAS website for more information.

 

4. Is FATCA only applicable to US businesses?

No. FATCA impacts not only US businesses, it also imposes extra disclosure requirements on many non-US businesses. Financial Institutions (FIs) are required under the Act to reach out to many business customers globally to determine their status under FATCA. The aim of this exercise is to identify customers which are reportable under FATCA.

 

5. What is required from a business customer?

In order to establish your tax status under FATCA, we may need you to provide a Certification on your FATCA status and additional information or documentation to substantiate the status. Please refer to www.ocbc.com/business-banking/Forms.html on the FATCA documents required by OCBC.

Please note that you may receive more than one request for documentation if you have multiple relationships with different members of OCBC Group. It is important that you respond to all requests, even if you believe you have already supplied the requested information.

In addition, the way in which financial institutions (FIs) collect information from their customers in order to confirm their tax status under FATCA may vary. This may mean that in some instances you are asked for different documentation from OCBC than from another bank.

Please note that OCBC is unable to provide any tax advice. In case of uncertainty, please consult professional tax advice, or refer to the IRS website and IRAS website for more information.

 

6. How will incoming funds from US into a business account affect FATCA reporting?

FATCA entity classification of a customer will be based on the customer's declaration of its FATCA status to the Bank, as well as any additional information or documentation required to substantiate the status. In case of uncertainty of your FATCA status, please consult professional tax advice.

 

7. How frequent is FATCA information required?

FATCA is an ongoing process. If there is any change in your FATCA status, you have to notify us within 30 calendar days from the date of change.

If your account information changes, we may also contact you to obtain additional information or documentation to update your FATCA status with the Bank.

 

8. Under what circumstances would OCBC report account information to the IRS or local tax authority?

The purpose of FATCA is to prevent US Persons from using banks and other financial organisations to avoid US taxation on their global income and assets. OCBC will therefore report information to the Inland Revenue Authority of Singapore (IRAS) on all accounts (including personal and business) held directly or indirectly by US Persons, as well as certain types of non-US businesses that have FATCA status as Passive non-financial foreign entities with US owners. In addition, we may also need to report information about customers who do not provide the required documentation to us.

 

9. What will OCBC do if customer does not provide the information required under FATCA?

OCBC is committed to being fully FATCA compliant. Thus, OCBC may not open new accounts or offer additional products and services to customers who choose not to comply with OCBC's requests for documentation to establish their status under FATCA.

OCBC may need to report information about customers who do not provide the required documentation to us to the Inland Revenue Authority of Singapore (IRAS).

For more information regarding FATCA, please refer to the IRS website and IRAS website or contact your professional tax advisor for advice.

 

10. What do I do if I am unsure of my business FATCA status?

Please do consult professional tax advice.

 

Download FATCA Certification Forms to establish your foreign tax status.

Australia

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Hong Kong

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy;

f. the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

g. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Japan

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore or Japan.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore or Japan.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or Japanese law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Malaysia - Labuan branch

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner"
A person shall be deemed to be a controlling shareholder if he Controls more than 50% of the voting rights

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Myanmar

Effective 23 April 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Myanmar.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, Substantial Owners and Controlling Persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Myanmar.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited, Yangon Branch and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its Substantial Owners and Controlling Persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial Owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 10% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 10% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 10% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Myanmar law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy;

f. the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

g. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Taiwan

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Thailand

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, Substantial Owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited, including any of its branches in any jurisdiction and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial Owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

g. The Customer shall fully indemnify and hold OCBC Bank harmless in respect of any liabilities, losses, damages, claims, costs and/or expenses (other than loss of profit, loss of revenue or loss of business) which may be suffered or reasonably incurred by OCBC Bank directly or indirectly arising out of or in connection with:

i. (x) any material misrepresentation, or incomplete or inaccurate or false information you provided to us; (y) any withdrawal of consent, agreement or waiver referred to in this FATCA Policy; or (z) any breach of any terms of this FATCA Policy on the part of the Customer or the Consenting Person.

ii. any claims, proceedings or actions against OCBC Bank by the Consenting Person.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

e. Where the Customer is opening and/or maintaining account(s) with OCBC Bank and/or obtaining Services from us as an agent or a nominee for any Consenting Person, the consents, agreements and waivers in this FATCA Policy shall be deemed to be given by the Customer in its own capacity and on behalf of each such Consenting Person.

USA Agencies

Effective 1 January 2015
 

1. Definitions and Interpretation

In this FATCA Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Singapore.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 10% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 10% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 10% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

Vietnam

Effective 1 January 2015
 

1. Definitions and Interpretation


    Định nghĩa và diễn giải

In this FATCA Policy, the following capitalised terms have the following meaning:

Trong Chính sách FATCA này, những thuật ngữ in đậm dưới đây có ý nghĩa như sau:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Thông tin Tài khoản" có nghĩa là bất cứ thông tin nào liên quan đến bất kỳ tài khoản nào của Khách hàng mở tại Ngân hàng OCBC bao gồm nhưng không chỉ giới hạn đến số tài khoản, số dư tài khoản hoặc giá trị tài khoản, và những khoản tiền ghi có, rút và thanh toán đến hoặc từ tài khoản.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.

"Luật và Quy định pháp luật áp dụng" có nghĩa là nghĩa vụ của Ngân hàng OCBC phải tuân thủ với (i) luật, pháp lệnh, quy định, yêu cầu, thông báo, hướng dẫn, luật lệ, quy tắc thực hành trong nước và nước ngoài, dù là có hay không có liên quan đến Hiệp định liên chính phủ giữa các chính phủ hoặc các cơ quan có thẩm quyền của hai hay nhiều thẩm quyền tài phán khác nhau và (ii) bất cứ thỏa thuận nào giữa Ngân hàng OCBC và bất kỳ chính phủ hoặc cơ quan thuế ở bất kỳ thẩm quyền tài phán nào, và bao gồm nhưng không giới hạn FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Vietnam.

"Cơ quan Thẩm quyền" có nghĩa là bất kỳ quốc gia, tiểu bang hoặc chính quyền địa phương, phân khu hay cơ quan chính trị nào trực thuộc chính quyền đó, bất kỳ nhiệm sở, cơ quan thẩm quyền, công cụ quyền lực nào, cho dù là về mặt tổ chức tư pháp hoặc hành chính, tổ chức chính quy hoặc tự điều tiết, cơ quan thi hành pháp luật, tòa án, ngân hàng trung ương hoặc cơ quan thuế vụ ở bất kỳ thẩm quyền tài phán nào, dù trong hay ngoài quốc gia Việt Nam".

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Bên Chấp thuận" có nghĩa là bất kỳ cá nhân hay tổ chức nào có thông tin (bao gồm Thông tin Thuế) nhận được bởi Ngân hàng OCBC trong quá trình cung cấp Dịch vụ. Để tránh nghi ngờ, "Bên Chấp thuận" có thể bao gồm Khách hàng, Chủ sở hữu lớn và Người kiểm soát Khách hàng, bất cứ đối tượng nào được hưởng lợi về mặt lợi ích hoặc về mặt tài chính trong các giao dịch đã hoặc sẽ thanh toán bởi Ngân hàng OCBC.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Người Kiểm soát" có nghĩa là bất kỳ cá nhân nào thực hiện quyền kiểm soát cuối cùng đối với một tổ chức hoặc quỹ tín thác.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"Khách hàng" có nghĩa là bất kỳ Đối tượng nào có quan hệ với Ngân hàng OCBC liên quan đến Dịch vụ, cho dù là riêng hoặc chung với Đối tượng khác và, đối với công ty sẽ bao gồm người kế thừa của nó, đối với công ty hợp danh hoặc các tổ chức chưa hợp nhất khác gồm hai hay nhiều thành viên sẽ bao gồm người kế thừa, người chấp hành và người đại diện cá nhân của nó.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Vietnam.

"FATCA" có nghĩa là mục 1471 đến mục 1474 của Đạo Luật Thuế Vụ năm 1986 của Hoa Kỳ, các sửa đổi của nó và bất kỳ quy định liên quan hoặc tương tự pháp luật, điều ước quốc tế, thỏa thuận liên chính phủ, thỏa thuận tổ chức tài chính nước ngoài, quy định, hướng dẫn hoặc văn bản chính thức của bất kỳ Cơ quan Thẩm quyền nào ở bất kỳ thẩm quyền tài phán nào trong hoặc ngoài quốc gia Việt Nam.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Ngân hàng OCBC" nghĩa là Oversea-Chinese Banking Corporation Limited, bao gồm cả những người kế nhiệm và người nhận chuyển nhượng.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Đối tượng" có nghĩa là bất  kỳ cá nhân, tổ chức, công ty, công ty hợp danh, công ty liên doanh, quỹ tín thác, đầu tư bất động sản, công ty trách nhiệm hữu hạn, tổ chức chưa hợp nhất hoặc là những tổ chức khác.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, or (if applicable) such information as OCBC Bank may reasonably require regarding each of its Substantial owners and Controlling persons.

"Thông tin Cá nhân" liên quan đến Khách hàng và bất kỳ Bên Chấp thuận nào có nghĩa là (i) đối với Khách hàng và Bên Chấp thuận là cá nhân, đó là tên đầy đủ, ngày sinh, nơi sinh, địa chỉ cư trú, địa chỉ gởi thư, thông tin liên hệ (bao gồm số điện thoại liên lạc), và bất kỳ mã số nhận diện thuế, số an sinh xã hội, quyền công dân, nơi cư trú và nơi chịu thuế hoặc (nếu có) những thông tin cần thiết khác mà Ngân hàng có lý do hợp lý để yêu cầu Khách hàng và Bên Chấp thuận; (ii) đối với với Khách hàng và Bên Chấp thuận là tổ chức, đó là ngày và nơi đăng ký kinh doanh hoặc thành lập, địa chỉ đăng ký, địa chỉ hoạt động và nơi hoạt động, mã số nhận diện thuế, tình trạng thuế, nơi chịu thuế hoặc (nếu có) những thông tin cần thiết khác mà Ngân hàng có lý do hợp lý để yêu cầu liên quan đến Chủ sở hữu lớn và Người Kiểm soát của Khách hàng.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Dịch vụ", trong mối quan hệ với Khách hàng có nghĩa là, nhưng không chỉ giới hạn đến (i) việc mở, duy trì và đóng tài khoản ngân hàng; (ii) việc phát hành, duy trì, quản lý, và chấm dứt hợp đồng bảo hiểm; (iii) việc cung cấp bất kỳ dịch vụ ngân hàng hoặc dịch vụ tài chính và sản phẩm (bao gồm nhưng không chỉ giới hạn đến, dịch vụ ngân hàng bán lẽ, hạn mức tín dụng, dịch vụ thẻ tín dụng, cho vay, môi giới, dịch vụ ngân hàng đầu tư, dịch vụ tài chính doanh nghiệp, cung cấp vốn thứ cấp, dịch vụ thị trường vốn, dịch vụ sản phẩm ngân quỹ và giao dịch tài chính phái sinh); duy trì mối quan hệ giữa Ngân hàng OCBC và Khách hàng (bao gồm nhưng không chỉ giới hạn đến, các họat động tiếp thị và khuyến mãi các sản phẩm và dịch vụ tài chính và ngân hàng); và (v) bất kỳ hành động hay tài liệu nào mà Ngân hàng OCBC hổ trợ, triển khai bất kỳ khoản (i) đến (iv) nêu trên (bao gồm nhưng không chỉ giới hạn đến họat động nghiên cứu và phân tích).

"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own at least 10% of charter capital of the corporate; certain persons that directly or indirectly own more than 20% of charter capital of the corporate or entity contributing over 10% of charter capital of the corporate or entity, (2) with respect to a private company, the owners of the private company and (3) other certain persons who actually govern the corporate or entity.

"Chủ sở hữu lớn" bao gồm (1) đối với công ty hoặc tổ chức, đó là những cá nhân trực tiếp hoặc gián tiếp sở hữu từ 10% trở lên vốn điều lệ của công ty hoặc tổ chức đó; những cá nhân trực tiếp hoặc gián tiếp sở hữu từ 20% trở lên vốn điều lệ của tổ chức góp trên 10% vốn điều lệ của công ty hoặc tổ chức đó, (2) đối với công ty tư nhân, đó chủ doanh nghiệp tư nhân và (3) cá nhân khác thực tế chi phối công ty hoặc tổ chức đó.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

"Thông tin Thuế" liên quan đến Khách hàng và bất kỳ Bên Chấp thuận nào, có nghĩa là (i) bất kỳ chứng từ hoặc thông tin (và kèm theo bản sao kê, miễn trừ và chấp thuận theo yêu cầu của Ngân hàng OCBC vào từng thời điểm cụ thể) liên quan trực tiếp hoặc gián tiếp đến tình trạng thuế của Khách hàng và bất kỳ Bên Chấp thuận nào; (ii) Thông tin Cá nhân của Khách hàng và bất kỳ Bên Chấp thuận nào; và (iii) Thông tin Tài khoản.

 

2. Tax Withholding and Compliance Provisions


     Khấu trừ thuế và Những quy định Tuân thủ

2.1. Provision of Information

       Cung cấp thông tin

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

    Khách hàng phải cung cấp cho Ngân hàng OCBC Thông tin Cá nhân của Khách hàng, và theo yêu cầu hợp lý của Ngân hàng OCBC, Thông tin Cá nhân của bất kỳ Bên Chấp thuận nào  theo hình thức và vào thời gian mà Ngân hàng OCBC yêu cầu ở từng thời điểm cụ thể.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

    Khi có sự thay đổi hoặc bổ sung Thông tin Cá nhân của Khách hàng và (nếu có) bất kỳ Bên Chấp thuận nào, Khách hàng phải nhanh chóng thông báo cho Ngân hàng OCBC về sự thay đổi hoặc bổ sung đó (và trong bất cứ trường hợp nào cũng không trễ hơn 30 ngày kể từ ngày thay đổi hoặc bổ sung).

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

    Khách hàng phải, và, nếu có, thúc đẩy Bên Chấp thuận khác hoàn thành và ký những chứng từ và tiến hành các hành động theo yêu cầu hợp lý của Ngân hàng OCBC từng thời điểm cụ thể nhằm mục đích tuân thủ Luật và Quy định pháp luật áp dụng của Ngân hàng OCBC.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

    Khách hàng đồng ý rằng Ngân hàng OCBC có thể trực tiếp yêu cầu bất kỳ Bên Chấp thuận cung cấp hoặc xác nhận tính chính xác về Thông tin Cá nhân của họ mà không cần thông qua Khách hàng nếu Ngân hàng OCBC có cơ sở hợp lý cho rằng việc này là đúng đắn.

2.2. Disclosure of Information

       Công bố Thông tin

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

    Khách hàng đồng ý rằng Ngân hàng OCBC có thể công bố Thông tin Thuế của Khách hàng và Thông tin Thuế của bất kỳ Bên Chấp thuận nào cho bất kỳ Cơ quan Thẩm quyền nào trong bất kỳ thẩm quyền tài phán nào nhằm bảo đảm việc tuân thủ của Ngân hàng OCBC theo Luật và Quy định pháp luật áp dụng.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

    Khách hàng từ bỏ, và, theo yêu cầu hợp lý của Ngân hàng OCBC, đồng ý thúc đẩy bất kỳ Bên Chấp thuận nào khác từ bỏ bất kỳ hạn chế nào, nếu không, sẽ cản trở khả năng của Ngân hàng OCBC khi công bố Thông tin Thuế nhằm mục đích tuân thủ Luật và Quy định pháp luật áp dụng, và cụ thể là, sẽ công bố Thông tin Thuế theo cách thức quy định tại khoản 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

    Khách hàng đồng ý rằng Ngân hàng OCBC có thể trực tiếp yêu cầu bất kỳ Bên Chấp thuận nào đồng ý việc công bố thông tin theo quy định tại khoản 2.2a.và/ hoặc từ bỏ bất kỳ hạn chế nào về công bố thông tin, nếu Ngân hàng OCBC có cơ sở hợp lý cho rằng việc này là đúng đắn.

2.3. Failure to Provide Information

       Không thể cung cấp thông tin

The Customer agrees that:

Khách hàng đồng ý rằng:

a. where the Customer fails to comply with its obligations under 2.1 above; or

    khi Khách hàng không tuân thủ trách nhiệm của mình theo khoản 2.1 ở trên; hoặc

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

    khi bất kỳ Bên Chấp thuận nào không tuân thủ những yêu cầu của Ngân hàng OCBC nêu tại khoản 2.1 hoặc 2.2, hoặc

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

    khi Thông tin Cá nhân (cho dù Thông tin Cá nhân này liên quan đến Khách hàng hoặc bất kỳ Bên Chấp thuận nào hay không) không chính xác, không hoàn chỉnh, không được cập nhật; hoặc

d. for whatever reason OCBC Bank is prevented (under Vietnamese law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

    vì bất cứ lý do gì Ngân hàng OCBC bị trở ngại (theo luật Việt Nam hoặc quy định khác) không thể công bố Thông tin Thuế của Khách hàng và/ hoặc (những) Bên Chấp thuận cho Cơ quan Thẩm quyền theo yêu cầu của Luật và Quy định pháp luật áp dụng,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

Ngân hàng OCBC có thể tiến hành một hoặc nhiều hành động sau đây vào bất cứ thời điểm nào mà Ngân hàng yêu cầu nhằm đảm bảo việc tuân thủ Luật và Quy định pháp luật áp dụng:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

    Khấu trừ hoặc giữ lại một phần từ bất kỳ khoản tiền nào mà Khách hàng và/ hoặc (những) Bên Chấp thuận phải trả tại Ngân hàng OCBC;

2. refuse to provide new Services to the Customer;

    từ chối cung cấp Dịch vụ mới cho Khách hàng;

3. terminate the Customer's account(s) with OCBC Bank;

    chấm dứt (những) tài khoản của Khách hàng với Ngân hàng OCBC;

4. discontinue entirely or in part OCBC Bank's relationship with Customer; and

    ngừng toàn bộ hoặc một phần quan hệ của Ngân hàng OCBC với Khách hàng; và

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

    cung cấp (dù là trước hoặc sau khi tiến hành các hành động tại mục 3 và 4 của khoản này) Thông tin Thuế liên quan đến Khách hàng và/hoặc bất kỳ những Bên Chấp thuận nào cho Cơ quan Thầm quyền của bất kỳ thẩm quyền tài phán nào.

 

3. Customer Confirmations


     Xác nhận Khách hàng

By using or accepting the Services, the Customer confirms and agrees that:

Bằng việc sử dụng hoặc chấp nhận những Dịch vụ, Khách hàng xác nhận và đồng ý rằng:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this FATCA Policy, has received adequate explanation, and understands the implications of this FATCA Policy by which Customer irrevocably agrees to be bound;

    không ảnh hưởng đến các điều khoản và điều kiện áp dụng điều chỉnh mối quan hệ giữa Ngân hàng OCBC và Khách hàng, Khách hàng xác nhận rằng Khách hàng đã đọc Chính sách FATCA này, đã nhận được lời giải thích thỏa đáng, và hiểu được ý nghĩa của Chính sách FATCA này mà Khách hàng đồng ý một cách không thể hủy ngang về việc chịu sự ràng buộc theo đó;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this FATCA Policy is irrevocable;

    bất kỳ thỏa thuận, miễn trừ, xác nhận được đưa ra, hoặc sẽ được đưa ra theo chính sách FATCA này là không thể hủy ngang;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this FATCA Policy;

    Ngân hàng OCBC không chịu bất kỳ chi phí hoặc tổn thất nào mà Khách hàng (hoặc những Bên Chấp thuận) có thể xảy ra do Ngân hàng OCBC tiến hàng bất kỳ những hành động được phép hoặc thực thi bất kỳ quyền nào theo Chính sách FATCA;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this FATCA Policy;

    bất kỳ khoản rút tiền hoặc thanh toán nào được thực hiện bởi Ngân hàng OCBC theo bất kỳ Dịch vụ nào sẽ chịu sự điều chỉnh của Chính sách FATCA này;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this FATCA Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this FATCA Policy;

    Khách hàng phải nhận được hoặc, tùy từng trường hợp, đã nhận được sự chấp thuận cần thiết từ mỗi Bên Chấp thuận về việc cung cấp Thông tin Thuế của họ cho Ngân hàng OCBC và Thông tin Thuế đó sẽ được công bố bởi Ngân hàng OCBC theo Chính sách FATCA này; Khách hàng phải thông báo cho mỗi Bên Chấp thuận về quyền của Ngân hàng OCBC theo Chính sách FATCA này;

f. this FATCA Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

    Chính sách FATCA này không ảnh hưởng, và bổ sung thêm cho, các quyền và quyền hạn của Ngân hàng OCBC theo các điều khoản và điều kiện điều chỉnh mối quan hệ giữa Khách hàng và Ngân hàng OCBC.

 

4. General


     Điều khoản chung

a. In the event of any conflict or inconsistency between any of the contents of this FATCA Policy and other terms and conditions that govern the Customer’s relationship with OCBC Bank, this FATCA Policy shall prevail.

    Nếu có bất kỳ mâu thuẫn hoặc không thống nhất giữa những nội dung của Chính sách FATCA và những điều khoản và điều kiện điều chỉnh mối quan hệ giữa Khách hàng và Ngân hàng OCBC, Chính sách FATCA sẽ ưu tiên áp dụng.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

    Không phụ thuộc vào bất kỳ các điều khoản và điều kiện nào khác điều chỉnh mối quan hệ giữa Khách hàng và Ngân hàng OCBC (bao gồm nhưng không chỉ giới hạn đến những điều chỉnh hoặc sửa đổi đến các điều khoản và điều kiện đó), Ngân hàng OCBC có thể điều chỉnh, cập nhật, và sửa đổi Chính sách FATCA này đơn phương vào bất kỳ lúc nào theo yêu cầu của Ngân hàng để đảm bảo sự tuân thủ với Luật và Quy định pháp luật áp dụng.

c. If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

    Nếu toàn bộ hoặc một phần của Chính sách FATCA này bất hợp pháp, vô hiệu, hoặc không thề thực thi được theo luật của bất kỳ một thẩm quyền tài phán nào, thì điều đó sẽ không ảnh hưởng đến tính hợp pháp, hiệu lực hoặc thực thi các điều khoản đó ở bất kỳ một thẩm quyền tài phán khác hoặc phần còn lại của Chính sách FATCA này tại thẩm quyền tài phán đó.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this FATCA Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.

    Việc yêu cầu các tư vấn độc lập về nghĩa vụ của mình theo Chính sách FATCA này cũng như những hệ quả theo đó từ các chuyên gia có đủ năng lực về thuế hoặc luật pháp là trách nhiệm của Khách hàng. Ngân hàng OCBC không cung cấp các tư vấn thuế hoặc luật pháp và cũng không tư vấn Khách hàng liên quan đến thuế thu nhập Liên bang Hoa Kỳ hoặc những nghĩa vụ thuế khác là hệ quả theo đó theo từng hoàn cảnh cụ thể của Khách hàng.

Singapore

Effective 5 December 2016
 

1. Definitions and Interpretation

In this CRS Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation (and if applicable):

(i) the account number;
(ii) account balance or value;
(iii) currency denomination;
(iv) gross receipts;
(v) withdrawals and payments to or from the account;
(vi) the total gross amount of interest paid or credited to the account;
(vii) the total gross amount of interest, dividends and other income generated with respect to the assets held in the account, in each case paid or credited to the account or with respect to the account;
(viii) the total gross proceeds from the sale or redemption of property paid or credited to the account; and
(ix) the total gross amount paid or credited to the Customer with respect to the account, including the aggregate amount of any redemption payments made to the Customer.

"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to OCBC Bank: (i) local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules and codes of practice, including whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including, but not limited to, the CRS.

Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Controlling Person" means any natural person who exercises control over a legal person or a legal arrangement, such as a corporation, partnership, trust or foundation. In the case of a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term "Controlling Person" must be interpreted in a manner consistent with the Financial Action Task Force Recommendations. Where no natural person or persons is or are identified as exercising control of the entity through ownership interests, the controlling person of the entity is deemed to be the natural person who holds the position of senior managing official.

"CRS" means the Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the Organisation for Economic Co-operation and Development and any associated similar or analogous legislation, treaty, regulation, instruction or other official guidance of any Authority in any jurisdiction.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Controlling Person, means: (i) where the Customer and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, contact information (including telephone number), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship(s), standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency(ies) and tax residency(ies) or (if applicable) such other information as OCBC Bank may reasonably require regarding such Customer and any Controlling Person; (ii) where the Customer and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, address, registered address, address of place of business, tax identification number (or functional equivalent), tax status, tax residency, financial statements, certification of its CRS status/classification, whether it is a passive NFE (as that term is defined by Applicable Laws and Regulations) with one or more Controlling Persons, or (if applicable) such other information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Tax Information" in respect of a Customer and any Controlling Person, means: (i) any documentation or information (and accompanying statements, forms, representations, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Controlling Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Controlling Person; (ii) Personal Information of the Customer and any Controlling Person; (iii) Account Information; and (iv) any other information received by OCBC Bank in relation to the Customer, including (but not limited to) information collected and maintained pursuant to AML/KYC procedures.


 

2. Tax Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Controlling Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Controlling Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition if the Customer has not done so already.

c. The Customer must, and, where applicable, procure such Controlling Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Controlling Person to provide or confirm the accuracy of their Personal Information without involving the Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any Controlling Person to any Authority in any jurisdiction for the purpose of ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any Controlling Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any Controlling Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 or 2.2 above; or

b. where any Controlling Person fails to comply with OCBC Bank's requirements set out in 2.1 or 2.2 above; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to the Customer or any Controlling Person) is inaccurate, incomplete, misleading or is not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from disclosing the Tax Information of the Customer and/or any Controlling Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. refuse to provide new Services to the Customer;

2. terminate the Customer's account(s) with OCBC Bank;

3. discontinue entirely or in part OCBC Bank's relationship with Customer;

4. provide (whether before or after taking actions as described in items 2 and 3 of this section) the Tax Information relating to the Customer and/or any Controlling Person to an Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this CRS Policy, has received adequate explanation, and understands the implications of this CRS Policy by which the Customer irrevocably agrees to be bound;

b. any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this CRS Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any Controlling Person) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this CRS Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this CRS Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Controlling Person for the provision of his or her Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this CRS Policy and the Customer must inform each Controlling Person of OCBC Bank's powers under this CRS Policy;

f. this CRS Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between the Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this CRS Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this CRS Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this CRS Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this CRS Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this CRS Policy in that jurisdiction.

d. It is the Customer's and each Controlling Person's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this CRS Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers and/or Controlling Persons regarding the US federal income tax or other tax consequences that may be applicable to them in the Customer's (or the relevant Controlling Person's) particular circumstances.

Frequently Asked Questions

1. What is CRS?

The Common Reporting Standard ("CRS") is a global standard for automatic exchange of financial account information. It was developed by the Organisation for Economic Cooperation and Development ("OECD"). It is also commonly known as Automatic Exchange of Information ("AEOI") or sometimes as global Foreign Account Tax Compliance Act ("FATCA").

CRS is designed to mitigate offshore tax evasion. It is intended to provide participating jurisdictions transparency on the financial assets held offshore by their tax residents. CRS is a reporting regime and it does not impose a new taxation regime.

 

2. What is the impact of CRS?

CRS requires financial institutions based in CRS participating jurisdictions to identify customers' tax residencies and report financial accounts held directly or indirectly by foreign tax residents to the local tax authorities in the jurisdiction where the financial institutions are based. The local tax authorities are expected to exchange this information with the relevant tax authorities in other participating jurisdictions.

To facilitate the exchange of information, participating jurisdictions must enter into Competent Authority Agreements ("CAA") which may be bilateral or multilateral. The Singapore Government has enacted legislation to allow the implementation of CRS in Singapore and has entered into bilateral CAAs with jurisdictions to facilitate the exchange of information. The complete list of CAA can be found here. The first exchange of information shall take place by September 2018.

OCBC is committed to being fully CRS compliant. With effect from 1 January 2017, we will require customers establishing financial accounts with our Bank to provide us information on their CRS statuses. We will also review our existing customer base to confirm CRS statuses of our customers and where necessary, we may have to contact our customers for further information and documentation.

 

3. Is CRS applicable to personal or business customers?

CRS impacts both personal and business customers. Under Singapore CRS law, OCBC is required to:

  • Seek customers' cooperation to identify their tax residencies; and
  • Report financial accounts held directly or indirectly by customers who are foreign tax residents to the Singapore tax authority.

Customers should be aware that details of their financial assets may be made available to the tax authorities of the jurisdiction they are tax residents of.

 

4. What is required from a customer?

In order to establish your status under CRS, we will require you to complete a Self-Certification form to declare your CRS status and tax residency and provide additional information or documentation to substantiate the declaration. The self-certification form will be available for download at www.ocbc.com/business-banking/forms.html from 1 January 2017 onwards.

Please note that you may receive more than one request for documentation if you have multiple relationships with different members of OCBC Group. It is important that you respond to all requests, even if you believe you have already supplied the requested information.

In addition, the way in which financial institutions ("FIs") collect information from their customers in order to confirm their tax status under CRS may vary. This means that, in some instances, you may be asked for documentation from OCBC that differs from other banks.

 

5. How frequent is CRS information required?

OCBC is required to monitor, on an ongoing basis, changes to customers' CRS information.

If there is any change to the following types of account information that will impact your CRS status, you have to notify us within 30 calendar days from the date of change:

a. Change in the entity's nature of business
b. Change of business's country of domicile
c. Change of business's country of incorporation
d. Change of business's country of tax residency
e. Change of business' Taxpayer Identification Number (TIN)
f. Change of registered business address
g. Change of registered mailing address
h. Change of shareholding structure
i. Change of controlling person/s
j. Change of residential address/es of declared controlling person/s
k. Change in tax residency of controlling person/s
l. Change in TIN of controlling person/s

Where we detect changes and/or updates to account information that may potentially impact your CRS status and/or tax residency, we may also contact you to obtain additional information or documentation to verify your CRS status with the Bank.

 

6. What will OCBC do if a customer does not provide the information required under CRS?

OCBC is committed to being fully CRS compliant. Thus, OCBC will not open new accounts or offer additional products and services to customers who choose not to comply with OCBC's requests for documentation to establish status under CRS.

OCBC may need to report information about customers who do not provide the required documentation to us to the Inland Revenue Authority of Singapore (IRAS).

 

7. What do I do if I am unsure of my business CRS status?

Please consult your professional tax and/or legal advisors.

 

8. Will there be withholding of taxes under CRS?

There will be no requirement for withholding of taxes under CRS.

 

9. What if I have multiple tax residencies?

Information will be reported via IRAS to tax authorities in each jurisdiction which Singapore has signed CAA with.

 

10. What is my tax residency?

Tax residency is defined by each jurisdiction's local tax laws and therefore the determination of tax residency for one jurisdiction may vary from that of another jurisdiction. It is possible that a person could be considered a tax resident in more than one jurisdiction.

If this may be the case for you, please check whether both jurisdictions have in place an avoidance of double taxation treaty which may attribute your tax residency exclusively to one jurisdiction.

 

11. What are the consequences for incorrect self-certification?

Each participating jurisdiction will put in place penalties for wilful false certifications.

 

12. Will other banks ask me to certify my tax residency?

Yes, all financial institutions in CRS participating jurisdictions are required to identify the tax residency/ies of their customers or to-be customers.

 

13. I am a Singapore tax resident, which tax authority will my information be provided to?

For accounts opened with OCBC by Singapore tax residents, OCBC is not required to report their information under CRS. In certain circumstances, OCBC is required to collect and report information pertaining to the controlling person/s of a Singapore tax resident company.

 

14. Will my account information in OCBC's possession be publicly available?

No, your account information held by OCBC will not be made publicly available by us. If you are a tax resident of a jurisdiction other than Singapore, OCBC may be required to report your information to the IRAS. The IRAS will then disseminate your information to the tax authorities in the jurisdiction of which you are a resident. The participating jurisdictions with which the information is exchanged are expected to have a strong rule of law to ensure the confidentiality of information exchanged and to prevent any unauthorised use.

 

15. Will information of my trust be reportable, to whom and how?

Information reporting under CRS in the context of a trust may vary, depending on whether the status of the trust is determined to be a financial institution or a passive non-financial entity under CRS. The settlor, trustee, protector, beneficiaries and/or any other natural person having control over the trust may be reported. Please refer to table 7 and table 8 of the OECD handbook for a snapshot of the financial activity to be reported in case of a trust.

 

16. If I am a resident of a non-CRS participating jurisdiction, will my information still be collected and report to the IRAS?

Singapore has adopted the wider approach to CRS compliance and this wider approach requires Financial Institutions to collect information from all customers who are non-Singapore tax residents. However, OCBC will only report information of customers who are tax residents of a jurisdiction which has signed a bilateral CAA with Singapore.

 

17. What happens if I don't have a taxpayer identification number ("TIN")?

There are only two exceptions in which TIN is not required to be collected or reported:

a. TIN is not issued by the jurisdiction where you are tax resident in*; and
b. Domestic law of the jurisdiction where you are resident in does not require the collection of such TIN.

* TIN is considered not to be issued by a jurisdiction where (a) the jurisdiction does not issue a TIN to its residents, or (b) the jurisdiction has not issued a TIN to a particular individual or entity.

 

18. Will real estate property be reportable?

Generally, only information pertaining to Financial Accounts is reportable. Under CRS, Financial Accounts do not include a non-debt, direct interest in real estate property. However, shares or units in a real estate investment trust would generally be considered Financial Accounts.

 

19. If I have a joint account, what is the amount to be reported for me?

Each holder of the joint account is attributed the entire balance or value of the account as well as the entire amounts paid or credited to the joint account. Accordingly, the entire amount in the joint account will be reported for you.

 

20. What will be reported - the gross account balance or the net balance after deducting loans granted by OCBC?

Gross account balance will be reported.

You may download the Self-Certification forms to declare your tax status from 1 January 2017 onwards.

 

Disclaimer

Please note that OCBC is unable to provide any tax advice. In case of uncertainty with respect to your tax residency or CRS classification, please consult professional tax and/or legal advisor/s or refer to the OECD website and the Inland Revenue Authority of Singapore ("IRAS") website for more information.

 

Australia

Effective 1 July 2017
 

1. Definitions and Interpretation

In this CRS Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation (and if applicable):

(i) the account number;
(ii) account balance or value;
(iii) currency denomination;
(iv) gross receipts;
(v) withdrawals and payments to or from the account;
(vi) the total gross amount of interest paid or credited to the account;
(vii) the total gross amount of interest, dividends and other income generated with respect to the assets held in the account, in each case paid or credited to the account or with respect to the account;
(viii) the total gross proceeds from the sale or redemption of property paid or credited to the account; and
(ix) the total gross amount paid or credited to the Customer with respect to the account, including the aggregate amount of any redemption payments made to the Customer.

"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to OCBC Bank: (i) local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules and codes of practice, including whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including, but not limited to, the CRS.

Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Controlling Person" means any natural person who exercises control over a legal person or a legal arrangement, such as a corporation, partnership, trust or foundation. In the case of a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term "Controlling Person" must be interpreted in a manner consistent with the Financial Action Task Force Recommendations. Where no natural person or persons is or are identified as exercising control of the entity through ownership interests, the controlling person of the entity is deemed to be the natural person who holds the position of senior managing official.

"CRS" means the Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the Organisation for Economic Co-operation and Development and any associated similar or analogous legislation, treaty, regulation, instruction or other official guidance of any Authority in any jurisdiction.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Controlling Person, means: (i) where the Customer and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, contact information (including telephone number), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship(s), standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency(ies) and tax residency(ies) or (if applicable) such other information as OCBC Bank may reasonably require regarding such Customer and any Controlling Person; (ii) where the Customer and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, address, registered address, address of place of business, tax identification number (or functional equivalent), tax status, tax residency, financial statements, certification of its CRS status/classification, whether it is a passive NFE (as that term is defined by Applicable Laws and Regulations) with one or more Controlling Persons, or (if applicable) such other information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Tax Information" in respect of a Customer and any Controlling Person, means: (i) any documentation or information (and accompanying statements, forms, representations, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Controlling Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Controlling Person; (ii) Personal Information of the Customer and any Controlling Person; (iii) Account Information; and (iv) any other information received by OCBC Bank in relation to the Customer, including (but not limited to) information collected and maintained pursuant to AML/KYC procedures.

 

2. Tax Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Controlling Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Controlling Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition if the Customer has not done so already.

c. The Customer must, and, where applicable, procure such Controlling Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Controlling Person to provide or confirm the accuracy of their Personal Information without involving the Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any Controlling Person to any Authority in any jurisdiction for the purpose of ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any Controlling Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any Controlling Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 or 2.2 above; or

b. where any Controlling Person fails to comply with OCBC Bank's requirements set out in 2.1 or 2.2 above; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to the Customer or any Controlling Person) is inaccurate, incomplete, misleading or is not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from disclosing the Tax Information of the Customer and/or any Controlling Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. refuse to provide new Services to the Customer;

2. terminate the Customer's account(s) with OCBC Bank;

3. discontinue entirely or in part OCBC Bank's relationship with Customer;

4. provide (whether before or after taking actions as described in items 2 and 3 of this section) the Tax Information relating to the Customer and/or any Controlling Person to an Authority in any jurisdiction.

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this CRS Policy, has received adequate explanation, and understands the implications of this CRS Policy by which the Customer irrevocably agrees to be bound;

b. any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this CRS Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any Controlling Person) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this CRS Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this CRS Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Controlling Person for the provision of his or her Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this CRS Policy and the Customer must inform each Controlling Person of OCBC Bank's powers under this CRS Policy;

f. this CRS Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between the Customer and OCBC Bank.

4. General

a. In the event of any conflict or inconsistency between any of the contents of this CRS Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this CRS Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this CRS Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this CRS Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this CRS Policy in that jurisdiction.

d. It is the Customer's and each Controlling Person's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this CRS Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers and/or Controlling Persons regarding the US federal income tax or other tax consequences that may be applicable to them in the Customer's (or the relevant Controlling Person's) particular circumstances.

Hong Kong

Effective 1 January 2017
 

1. Definitions and Interpretation

In this CRS Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation (and if applicable):

(i) the account number;
(ii) account balance or value;
(iii) currency denomination;
(iv) gross receipts;
(v) withdrawals and payments to or from the account;
(vi) the total gross amount of interest paid or credited to the account;
(vii) the total gross amount of dividends paid or credited to the account;
(viii) the total gross amount of other income generated with respect of the financial assets held in the account, in each case paid or credited to the account or with respect to the account;
(ix) the total gross proceeds from the sale or redemption of financial assets paid or credited to the account; and
(x) the total gross amount paid or credited to the Customer with respect to the account, including the aggregate amount of any redemption payments made to the Customer.

"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to OCBC Bank: (i) local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules and codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including, but not limited to, the CRS.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.

"Controlling Person" includes any natural person who exercises control over a legal person or a legal arrangement, such as a corporation, partnership, trust or foundation. In the case of a trust, such term includes the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term includes persons in equivalent or similar positions. The term "Controlling Person" may be interpreted in a manner consistent with the Financial Action Task Force Recommendations. Where no natural person or persons is or are identified as exercising control of the entity through ownership interests, the controlling person of the entity may be deemed to be the natural person who holds the position of senior managing official.

"CRS" means the Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the Organisation for Economic Co-operation and Development and any associated similar or analogous legislation, treaty, regulation, instruction or other official guidance of any Authority in any jurisdiction.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Controlling Person, means: (i) where the Customer and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, contact information (including telephone number), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship(s), standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency(ies) and tax residency(ies) or (if applicable) such other information as OCBC Bank may reasonably require regarding such Customer and any Controlling Person; (ii) where the Customer and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, address, registered address, address of place of business, tax identification number (or functional equivalent), tax status, tax residency, financial statements, certification of its CRS status/classification, whether it is a passive NFE (as that term is defined by Applicable Laws and Regulations) with one or more Controlling Persons or (if applicable) such other information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services" in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Tax Information" in respect of a Customer and any Controlling Person, means: (i) any documentation or information (and accompanying statements, forms, representations, self-certification, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Controlling Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Controlling Person; (ii) Personal Information of the Customer and any Controlling Person; (iii) Account Information; and (iv) any other information received by OCBC Bank in relation to the Customer, including (but not limited to) information collected and maintained pursuant to AML/KYC procedures.

 

2. Tax Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, whether it is controlled by any Controlling Person, and where reasonably required by OCBC Bank, the Personal Information of any Controlling Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Controlling Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition if the Customer has not done so already.

c. The Customer must, and, where applicable, procure any Controlling Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Controlling Person to provide or confirm the accuracy of their Personal Information without involving the Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any Controlling Person to any Authority in any jurisdiction for the purpose of ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any Controlling Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any Controlling Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with any of its obligations under 2.1 or 2.2 above; or

b. where any Controlling Person fails to comply with any of OCBC Bank's requirements set out in 2.1 or 2.2 above; or

c. where any Personal Information (regardless of whether such Personal Information is in relation to the Customer or any Controlling Person) is inaccurate, incomplete, misleading or is not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or otherwise) from disclosing the Tax Information of the Customer and/or any Controlling Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. refuse to provide or to continue to provide Services to the Customer;

2. terminate the Customer's account(s) with OCBC Bank;

3. discontinue entirely or in part OCBC Bank's relationship with the Customer;

4. without notice to the Customer and/or any Controlling Person, provide (whether before or after taking actions as described in items 2 and 3 of this section) the Tax Information relating to the Customer and/or any Controlling Person to an Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this CRS Policy, has received adequate explanation, and understands the implications of this CRS Policy by which the Customer irrevocably agrees to be bound;

b. any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this CRS Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any Controlling Person) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this CRS Policy, unless such costs or loss is caused by the negligence of OCBC Bank;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this CRS Policy;

e. the Customer must obtain or, as the case may be, has obtained the requisite consent from each Controlling Person for the provision of his or her Tax Information to OCBC Bank and the disclosure of such Tax Information by OCBC Bank under this CRS Policy and the Customer must inform each Controlling Person of OCBC Bank's powers under this CRS Policy;

f. this CRS Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between the Customer and OCBC Bank from time to time.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this CRS Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this CRS Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modifications of such terms and conditions), OCBC Bank may amend, update, and revise this CRS Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this CRS Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this CRS Policy in that jurisdiction.

d. It is the Customer's and each Controlling Person's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this CRS Policy. OCBC Bank do not provide and are unable to advise Customers and/or Controlling Persons regarding any tax or legal matters, including without limitation the US federal income tax, or other tax consequences that may be applicable to them in the Customer's (or the relevant Controlling Person's) particular circumstances.

Japan

Effective 1 January 2017
 

1. Definitions and Interpretation

In this CRS Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation (and if applicable):

(i) the account number;
(ii) account balance or value;
(iii) currency denomination;
(iv) gross receipts;
(v) withdrawals and payments to or from the account;
(vi) the total gross amount of interest paid or credited to the account;
(vii) the total gross amount of interest, dividends and other income generated with respect to the assets held in the account, in each case paid or credited to the account or with respect to the account;
(viii) the total gross proceeds from the sale or redemption of property paid or credited to the account; and
(ix) the total gross amount paid or credited to the Customer with respect to the account, including the aggregate amount of any redemption payments made to the Customer.

"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to OCBC Bank: (i) local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules and codes of practice, including whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including, but not limited to, the CRS.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore or Japan.

"Controlling Person" means any natural person who exercises control over a legal person or a legal arrangement, such as a corporation, partnership, trust or foundation. In the case of a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term "Controlling Person" must be interpreted in a manner consistent with the Financial Action Task Force Recommendations. Where no natural person or persons is or are identified as exercising control of the entity through ownership interests, the controlling person of the entity is deemed to be the natural person who holds the position of senior managing official.

"CRS" means the Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the Organisation for Economic Co-operation and Development and any associated similar or analogous legislation, treaty, regulation, instruction or other official guidance of any Authority in any jurisdiction.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Controlling Person, means: (i) where the Customer and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, contact information (including telephone number), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship(s), standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency(ies) and tax residency(ies) or (if applicable) such other information as OCBC Bank may reasonably require regarding such Customer and any Controlling Person; (ii) where the Customer and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, address, registered address, address of place of business, tax identification number (or functional equivalent), tax status, tax residency, financial statements, certification of its CRS status/classification, whether it is a passive NFE (as that term is defined by Applicable Laws and Regulations) with one or more Controlling Persons, or (if applicable) such other information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services" in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Tax Information" in respect of a Customer and any Controlling Person, means: (i) any documentation or information (and accompanying statements, forms, representations, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Controlling Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Controlling Person; (ii) Personal Information of the Customer and any Controlling Person; (iii) Account Information; and (iv) any other information received by OCBC Bank in relation to the Customer, including (but not limited to) information collected and maintained pursuant to AML/KYC procedures.

 

2. Tax Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Controlling Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Controlling Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition if the Customer has not done so already.

c. The Customer must, and, where applicable, procure such Controlling Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Controlling Person to provide or confirm the accuracy of their Personal Information without involving the Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any Controlling Person to any Authority in any jurisdiction for the purpose of ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any Controlling Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any Controlling Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with any of its obligations under 2.1 or 2.2 above; or

b. where any Controlling Person fails to comply with any of OCBC Bank's requirements set out in 2.1 or 2.2 above; or

c. where any Personal Information (regardless of whether such Personal Information is in relation to the Customer or any Controlling Person) is inaccurate, incomplete, misleading or is not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Singapore law or Japanese law or otherwise) from disclosing the Tax Information of the Customer and/or any Controlling Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. refuse to provide new Services to the Customer;

2. terminate the Customer's account(s) with OCBC Bank;

3. discontinue entirely or in part OCBC Bank's relationship with the Customer;

4. provide (whether before or after taking actions as described in items 2 and 3 of this section) the Tax Information relating to the Customer and/or any Controlling Person to an Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this CRS Policy, has received adequate explanation, and understands the implications of this CRS Policy by which the Customer irrevocably agrees to be bound;

b. any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this CRS Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any Controlling Person) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this CRS Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this CRS Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Controlling Person for the provision of his or her Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this CRS Policy and the Customer must inform each Controlling Person of OCBC Bank's powers under this CRS Policy;

f. this CRS Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between the Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this CRS Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this CRS Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this CRS Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this CRS Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this CRS Policy in that jurisdiction.

d. It is the Customer's and each Controlling Person's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this CRS Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers and/or Controlling Persons regarding the US federal income tax or other tax consequences that may be applicable to them in the Customer's (or the relevant Controlling Person's) particular circumstances.

Taiwan

Effective 1 January 2019
 

1. Definitions and Interpretation

In this CRS Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation (and if applicable):

(i) the account number;
(ii) account balance or value;
(iii) currency denomination;
(iv) gross receipts;
(v) withdrawals and payments to or from the account;
(vi) the total gross amount of interest paid or credited to the account;
(vii) the total gross amount of dividends paid or credited to the account;
(viii) the total gross amount of other income generated with respect of the financial assets held in the account, in each case paid or credited to the account or with respect to the account;
ix) the total gross proceeds from the sale or redemption of financial assets paid or credited to the account; and
(x) the total gross amount paid or credited to the Customer with respect to the account, including the aggregate amount of any redemption payments made to the Customer.

"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to OCBC Bank: (i) local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules and codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including, but not limited to, the CRS.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Taiwan.

"Controlling Person" includes any natural person who exercises control over a legal person or a legal arrangement, such as a corporation, partnership, trust or foundation. In the case of a trust, such term includes the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term includes persons in equivalent or similar positions. The term "Controlling Person" may be interpreted in a manner consistent with the Financial Action Task Force Recommendations. Where no natural person or persons is or are identified as exercising control of the entity through ownership interests, the controlling person of the entity may be deemed to be the natural person who holds the position of senior managing official.

"CRS" means the Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the Organisation for Economic Co-operation and Development and any associated similar or analogous legislation, treaty, regulation, instruction or other official guidance of any Authority in any jurisdiction.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Controlling Person, means: (i) where the Customer and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, contact information (including telephone number), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship(s), standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency(ies) and tax residency(ies) or (if applicable) such other information as OCBC Bank may reasonably require regarding such Customer and any Controlling Person; (ii) where the Customer and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, address, registered address, address of place of business, tax identification number (or functional equivalent), tax status, tax residency, financial statements, certification of its CRS status/classification, whether it is a passive NFE (as that term is defined by Applicable Laws and Regulations) with one or more Controlling Persons or (if applicable) such other information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services" in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Tax Information" in respect of a Customer and any Controlling Person, means: (i) any documentation or information (and accompanying statements, forms, representations, self-certification, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Controlling Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Controlling Person; (ii) Personal Information of the Customer and any Controlling Person; (iii) Account Information; and (iv) any other information received by OCBC Bank in relation to the Customer, including (but not limited to) information collected and maintained pursuant to AML/KYC procedures.

 

2. Tax Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, whether it is controlled by any Controlling Person, and where reasonably required by OCBC Bank, the Personal Information of any Controlling Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Controlling Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition if the Customer has not done so already.

c. The Customer must, and, where applicable, procure any Controlling Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Controlling Person to provide or confirm the accuracy of their Personal Information without involving the Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any Controlling Person to any Authority in any jurisdiction for the purpose of ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any Controlling Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any Controlling Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with any of its obligations under 2.1 or 2.2 above; or

b. where any Controlling Person fails to comply with any of OCBC Bank's requirements set out in 2.1 or 2.2 above; or

c. where any Personal Information (regardless of whether such Personal Information is in relation to the Customer or any Controlling Person) is inaccurate, incomplete, misleading or is not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Taiwan law or otherwise) from disclosing the Tax Information of the Customer and/or any Controlling Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. refuse to provide or to continue to provide Services to the Customer;

2. terminate the Customer's account(s) with OCBC Bank;

3. discontinue entirely or in part OCBC Bank's relationship with the Customer;

4. without notice to the Customer and/or any Controlling Person, provide (whether before or after taking actions as described in items 2 and 3 of this section) the Tax Information relating to the Customer and/or any Controlling Person to an Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this CRS Policy, has received adequate explanation, and understands the implications of this CRS Policy by which the Customer irrevocably agrees to be bound;

b. any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this CRS Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any Controlling Person) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this CRS Policy, unless such costs or loss is caused by the negligence of OCBC Bank;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this CRS Policy;

e. the Customer must obtain or, as the case may be, has obtained the requisite consent from each Controlling Person for the provision of his or her Tax Information to OCBC Bank and the disclosure of such Tax Information by OCBC Bank under this CRS Policy and the Customer must inform each Controlling Person of OCBC Bank's powers under this CRS Policy;

f. this CRS Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between the Customer and OCBC Bank from time to time.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this CRS Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this CRS Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modifications of such terms and conditions), OCBC Bank may amend, update, and revise this CRS Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this CRS Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this CRS Policy in that jurisdiction.

d. It is the Customer's and each Controlling Person's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this CRS Policy. OCBC Bank do not provide and are unable to advise Customers and/or Controlling Persons regarding any tax or legal matters, including without limitation the US federal income tax, or other tax consequences that may be applicable to them in the Customer's (or the relevant Controlling Person's) particular circumstances.

Disclosure of Financial Account Information Policy (DOFAI)

Korea

Effective 16 January 2017
 

Disclosure of Financial Account Information Policy

1. Definitions and Interpretation

In this DOFAI Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation (and if applicable):

  • the account number;
  • account balance or value;
  • currency denomination;
  • gross receipts;
  • withdrawals and payments to or from the account;
  • the total gross amount of interest paid or credited to the account;
  • the total gross amount of interest, dividends and other income generated with respect to the assets held in the account, in each case paid or credited to the account or with respect to the account;
  • the total gross proceeds from the sale or redemption of property paid or credited to the account; and
  • the total gross amount paid or credited to the Customer with respect to the account, including the aggregate amount of any redemption payments made to the Customer.

"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to OCBC Bank: (i) local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules and codes of practice, including whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including, but not limited to, the CRS and FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside the Republic of Korea("Korea").

"CRS" means the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information signed by the Government of the Korea on 29th October 2014 in relation to agreements with the participating jurisdictions from time to time to improve international tax compliance based on the standard for automatic exchange of financial account information developed by the Organisation for Economic Co-Operation and Development and any implementing regulations and any official instruction or guidance of any Authority whether within or outside Korea.

"Controlling Person" means any natural person (including individuals holding 25% and more of the equity of an entity) who exercises ultimate effective control over an entity or trust. In the case of a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. Controlling Person also includes actual owner pursuant to the Article 5-2 (1) 1. of the Law on Reporting and Using Specified Financial Transaction Information.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"DOFAI" means disclosure of financial account information pursuant to, but not limited to, CRS and FATCA.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended from time to time and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside Korea.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited acting through its Seoul branch and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Controlling Person, means: (i) where the Customer and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, contact information (including telephone number), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship(s), standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency(ies) and tax residency(ies) or (if applicable) such other information as OCBC Bank may reasonably require regarding such Customer and any Controlling Person; (ii) where the Customer and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, address, registered address, address of place of business, tax identification number (or functional equivalent), tax status, tax residency, financial statements, certification of its CRS status/classification, whether it is a passive NFE (as that term is defined by Applicable Laws and Regulations) with one or more Controlling Persons or (if applicable) such other information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Tax Information" in respect of a Customer and any Controlling Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Controlling Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Controlling Person; (ii) Personal Information of the Customer and any Controlling Person; (iii) Account Information; and (iv) any other information received by OCBC Bank in relation to the Customer, including (but not limited to) information collected and maintained pursuant to AML/KYC procedures.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Controlling Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Controlling Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition if the Customer has not done so already.

c. The Customer must, and, where applicable, procure such Controlling Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Controlling Person to provide or confirm the accuracy of their Personal Information without involving the Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any Controlling Person to any Authority in any jurisdiction for the purpose of ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any Controlling Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any Controlling Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 or 2.2 above; or

b. where any Controlling Person fails to comply with OCBC Bank's requirements set out in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Controlling Person) is inaccurate, incomplete, misleading or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under Korean law or otherwise) from disclosing of the Tax Information of the Customer and/or any other Controlling Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. Deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Controlling Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 2 and 3 of this section) the Tax Information relating to the Customer and/or any of Controlling Person to an Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this DOFAI Policy, has received adequate explanation, and understands the implications of this DOFAI Policy by which the Customer irrevocably agrees to be bound;

b. any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this DOFAI Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any Controlling Person) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this DOFAI Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this DOFAI Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Controlling Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this DOFAI Policy; and the Customer must inform each Controlling Person of OCBC Bank's powers under this DOFAI Policy;

f. this DOFAI Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between the Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this DOFAI Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this DOFAI Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this DOFAI Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this DOFAI Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this DOFAI Policy in that jurisdiction.

d. It is the Customer's and each Controlling Person's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this DOFAI Policy. OCBC Bank do not provide tax or legal advice and are unable to advise Customers and/or Controlling Persons regarding the US federal income tax or other tax consequences that may be applicable to them in the Customer's (or the relevant Controlling Person's) particular circumstances.

UK

Disclosure of Financial Account Information Policy

1. Definitions and Interpretation

In this DOFAI Policy, the following capitalised terms have the following meaning:

"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.

"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to CDOT, CRS, DAC and FATCA.

"Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside the United Kingdom.

"CDOT" means the International Tax Compliance (Crown Dependencies and Gibraltar Regulations 2014 (S1 2014/520) as amended from time to time and any related official instruction or guidance of any Authority.

"CRS" means the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information signed by the Government of the United Kingdom of Great Britain and Northern Ireland on 29th October 2014 in relation to agreements with the participating jurisdictions from time to time to improve international tax compliance based on the standard for automatic exchange of financial account information developed by the Organisation for Economic Co-Operation and Development and any implementing regulations and any official instruction or guidance of any Authority whether within or outside the United Kingdom.

"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.

"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.

"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.

"DAC" means the Directive on Administration Cooperation in Tax Matters (Council Directive 2011/16/EU (as amended from time to time)) and any implementing regulations and any official instruction or guidance of any Authority of the United Kingdom or any other EU jurisdiction.

"DOFAI" means disclosure of financial account information pursuant to, but not limited to, CDOT, CRS, DAC and FATCA.

"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended from time to time and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside the United Kingdom.

"OCBC Bank" means Oversea-Chinese Banking Corporation Limited acting through its London branch and shall include its successors and assigns.

"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.

"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.

"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).

"Substantial Owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust.

"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.

 

2. Tax Withholding and Compliance Provisions

2.1. Provision of Information

a. The Customer must provide OCBC Bank with the Customer's Personal Information, and where reasonably required by OCBC Bank, the Personal Information of any Consenting Person, in such form and within such time, as OCBC Bank may from time to time require.

b. When there is a change or addition to the Personal Information of the Customer and (where applicable) any Consenting Person, the Customer must update OCBC Bank promptly (and in any event no later than 30 days from the date of the change or addition) of the change or addition.

c. The Customer must, and, where applicable, procure such other Consenting Person to, complete and sign such documents and do such things as OCBC Bank may reasonably require from time to time for purposes of OCBC Bank's compliance with Applicable Laws and Regulations.

d. The Customer agrees that OCBC Bank may directly require any Consenting Person to provide or confirm accuracy of their Personal Information without involving Customer if OCBC Bank reasonably considers it appropriate.

2.2. Disclosure of Information

a. The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.

b. The Customer waives, and, where reasonably required by OCBC Bank, agrees to procure any other Consenting Person to waive, any applicable restrictions that would otherwise hinder OCBC Bank's ability to disclose Tax Information to comply with Applicable Laws and Regulations, and in particular, to disclose Tax Information in the manner described in 2.2a.

c. The Customer agrees that OCBC Bank may directly require any other Consenting Person to agree to the disclosure described in 2.2a and/or waive any otherwise applicable restrictions on such disclosure, if OCBC Bank reasonably considers it appropriate.

2.3. Failure to Provide Information

The Customer agrees that:

a. where the Customer fails to comply with its obligations under 2.1 above; or

b. where any of the other Consenting Persons fails to comply with OCBC Bank's requirements in 2.1 or 2.2; or

c. where the Personal Information (regardless of whether such Personal Information is in relation to Customer or any other Consenting Person) is inaccurate, incomplete, or not promptly updated; or

d. for whatever reason OCBC Bank is prevented (under United Kingdom law or otherwise) from making disclosure of the Tax Information of Customer and/or any other Consenting Person(s) to the relevant Authority as may be required by Applicable Laws and Regulations,

OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:

1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;

2. refuse to provide new Services to the Customer;

3. terminate the Customer's account(s) with OCBC Bank;

4. discontinue entirely or in part OCBC Bank's relationship with Customer;

5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.

 

3. Customer Confirmations

By using or accepting the Services, the Customer confirms and agrees that:

a. without prejudice to the applicable terms and conditions governing the relationship between OCBC Bank and the Customer, the Customer confirms that the Customer has read this DOFAI Policy, has received adequate explanation, and understands the implications of this DOFAI Policy by which Customer irrevocably agrees to be bound;

b. any agreement, waiver, confirmations given in, or to be given pursuant to, this DOFAI Policy is irrevocable;

c. OCBC Bank is not liable for any costs or loss that the Customer (or any other Consenting Persons) may incur because of OCBC Bank taking any actions permitted by or exercising any powers under this DOFAI Policy;

d. any withdrawal or payment amount made by OCBC Bank pursuant to any Services shall be subject to this DOFIA Policy;

e. the Customer must obtain or, as the case may be, have obtained the requisite consent from each Consenting Person for the provision of his/her/its Tax Information to OCBC Bank and the disclosure of any of such Tax Information by OCBC Bank under this DOFAI Policy; the Customer must inform each Consenting Person of OCBC Bank's powers under this DOFAI Policy;

f. this DOFAI Policy is without prejudice, and in addition, to OCBC Bank's rights or powers under the terms and conditions governing the relationship between Customer and OCBC Bank.

 

4. General

a. In the event of any conflict or inconsistency between any of the contents of this DOFAI Policy and other terms and conditions that govern the Customer's relationship with OCBC Bank, this DOFAI Policy shall prevail.

b. Notwithstanding any other terms and conditions that govern the Customer's relationship with OCBC Bank (including but not limited to amendments or modification provisions of such terms and conditions), OCBC Bank may amend, update, and revise this DOFAI Policy unilaterally at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations.

c. If all or any part of this DOFAI Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this DOFAI Policy in that jurisdiction.

d. It is the Customer's responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this DOFAI Policy. OCBC Bank does not provide tax or legal advice and is unable to advise Customers regarding the US federal income tax or other tax consequences to them under the Customer's particular circumstances.