The FBO Account Agreement is essential when establishing accounts where funds are held by one party in trust for another under English and Welsh law. This arrangement is common in various financial and professional service contexts, particularly where client funds need to be segregated from operational accounts. The agreement details the rights and responsibilities of all parties, compliance with UK regulatory requirements, and operational procedures. It is crucial for ensuring proper governance of client funds and maintaining compliance with FCA regulations and UK financial services law.
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1. Parties: Identification of the account provider, account holder, and beneficiary
2. Background: Context and purpose of the FBO arrangement
3. Definitions: Key terms used throughout the agreement
4. Account Structure: Details of how the FBO account will be structured and maintained
5. Operating Instructions: Rules for operating the account, including authorized signatories
6. Fees and Charges: Financial terms including all applicable fees
7. Representations and Warranties: Legal assurances from all parties
8. Termination: Conditions and process for ending the agreement
1. Additional Services: Optional banking services available to the account holder - include when additional banking services are offered beyond basic account management
2. Foreign Currency Provisions: Rules for handling multiple currencies - include when the account may handle multiple currencies
3. Online Banking Terms: Terms for digital access to the account - include when online banking services are provided
1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule 2: Authorized Signatories: List of persons authorized to operate the account
3. Schedule 3: KYC Requirements: Required documentation for Know Your Customer compliance
4. Appendix A: Account Opening Forms: Standard forms required for account opening
5. Appendix B: Operating Procedures: Detailed procedures for account operation and management
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