The Account Bank Agreement is a fundamental document used to establish and govern the banking relationship between a financial institution and its clients under Belgian law. This agreement is essential when opening and maintaining bank accounts in Belgium, whether for corporate entities, partnerships, or individuals. It sets out the comprehensive framework for the provision of banking services, including account operations, electronic banking facilities, payment services, and reporting requirements. The document ensures compliance with Belgian banking regulations, including the Belgian Banking Law of 2014, anti-money laundering requirements, and EU directives such as PSD2 and GDPR. The agreement is particularly important in the Belgian context due to the country's role as a major financial center and home to various international institutions, requiring careful attention to both domestic and EU regulatory requirements.
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1. Parties: Identification of the Account Bank and the Account Holder(s)
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation
4. Appointment and Account Opening: Terms of the bank's appointment and account establishment process
5. Account Operations: Basic rules for operating the account, including deposits, withdrawals, and instructions
6. Bank's Obligations: Core responsibilities and duties of the bank regarding account maintenance and service provision
7. Account Holder's Obligations: Key responsibilities of the account holder including providing information and maintaining minimum balances
8. Fees and Charges: Structure and payment of banking fees and charges
9. Security and Access: Security measures, authentication procedures, and access protocols
10. Statements and Reporting: Frequency and format of account statements and other reporting obligations
11. Anti-Money Laundering Compliance: AML requirements and compliance procedures
12. Data Protection: GDPR compliance and data processing terms
13. Liability and Indemnification: Scope of liability and indemnification obligations of both parties
14. Term and Termination: Duration of agreement and termination provisions
15. Force Majeure: Circumstances excusing performance of obligations
16. Notices: Communication methods and contact details
17. Governing Law and Jurisdiction: Belgian law as governing law and jurisdiction for disputes
18. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Multi-Currency Provisions: Additional terms for handling multiple currencies when the account holder requires multi-currency functionality
2. Electronic Banking Services: Terms governing online and mobile banking services when such services are provided
3. Special Reporting Requirements: Additional reporting obligations for specific client categories or regulatory requirements
4. Credit Facilities: Terms governing any overdraft or credit facilities if offered with the account
5. Third Party Access: Provisions governing access by authorized third parties when relevant
6. Tax Reporting: Special tax reporting requirements for certain account types or client categories
7. Payment Services: Detailed terms for specific payment services when offered
8. Interest Calculations: Terms for interest calculation and payment if interest-bearing accounts are offered
1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule 2 - Account Opening Forms: Standard forms required for account opening and KYC documentation
3. Schedule 3 - Authorized Signatories: List of authorized signatories and their signing powers
4. Schedule 4 - Electronic Banking Terms: Detailed terms and conditions for electronic banking services
5. Schedule 5 - Operating Procedures: Detailed procedures for account operations and instructions
6. Schedule 6 - Service Level Agreement: Specific service levels and performance standards
7. Appendix A - Data Processing Terms: Detailed GDPR-compliant data processing terms
8. Appendix B - Security Procedures: Detailed security protocols and procedures
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