1.1     An application to open a Foreign Currency Account must be made using the Bank’s standard forms or other permitted channels. The opening of a Foreign Currency Account shall be administered by the Bank as per the provisions of the Foreign Exchange Policy Notices and directions issued by Bank Negara Malaysia.

1.1         An application to open a Foreign Currency Account must be made using the Bank’s standard forms or other permitted channels. The opening of a Foreign Currency Account shall be administered by the Bank as per the provisions of the Foreign Exchange Policy Notices (“FEP Notices”) and directions issued by Bank Negara Malaysia.

1.9     The account holder must make sure that monies paid to or received from other foreign currency accounts within the Bank or other Banks and any conversion of Ringgit for placements comply with prevailing provisions of the Foreign Exchange Policy Notices and directions issued by Bank Negara Malaysia.

4.1     Interest at such rates as the Bank may specify shall be paid on the FCFD Account in accordance with the prevailing practice of the Bank. Notification of the interest rates and any changes to the deposit rates by the Bank will be prominently displayed at the website and made available at Bank’s Banking Halls.

4.1     Interest at such rates as the Bank may specify shall be paid on the FCFD Account in accordance with the prevailing practice of the Bank. Any revision to the interest rates will be notified by the Bank in accordance with clause 20 will be prominently displayed at the website and made available at Bank’s Banking Halls.

6.3     In taking any action to freeze the FCA under these Terms and Conditions, including returning any cheques or other instruments deposited for collection or payment the Bank shall not be held liable for defamation and/or for breach of contract and/or for any losses damages expenses costs or charges whatsoever, regardless of whatsoever remarks which may be made by the Bank for the return. The account holder further agrees and undertakes to keep the Bank fully indemnified against any claims for damages losses expenses charges and costs (legal or otherwise including costs on a solicitor and client basis and party to party costs) which may be made against the Bank by any other person for the Bank’s action in freezing the FCA.

6.3     In taking any action to freeze the FCA under these Terms and Conditions, including returning any cheques or other instruments deposited for collection or payment the Bank shall not be held liable for defamation and/or for breach of contract and/or for any losses damages expenses costs or charges whatsoever, regardless of whatsoever remarks which may be made by the Bank for the return. The account holder further agrees and undertakes to keep the Bank fully indemnified against any claims for damages losses expenses charges and costs (legal or otherwise including costs on a solicitor and client basis and party to party costs) which may be made against the Bank by any other person for the Bank’s action in freezing the FCA unless the same is caused directly by the Bank’s fraud, negligence or willful breach.

6.4     If the Bank is sued or made a party to any suit arising out of the Bank’s action in freezing the FCA or if the Bank before or after freezing the FCA commences any suit (including any interpleader proceedings) against any party including the account holder, the account holder shall indemnify the Bank for all penalties losses damages claims expenses charges and costs (legal or otherwise including costs on a solicitor and client basis and party to party costs) which may be awarded by the court against the Bank or which the Bank may incur.

6.4     If the Bank is sued or made a party to any suit arising out of the Bank’s action in freezing the FCA or if the Bank before or after freezing the FCA commences any suit (including any interpleader proceedings) against any party including the account holder, the account holder shall indemnify the Bank for all penalties losses damages claims expenses charges and costs (legal or otherwise including costs on a solicitor and client basis and party to party costs) which may be awarded by the court against the Bank or which the Bank may incur unless the same is caused directly by the Bank’s fraud, negligence or willful breach.

7.4     The Bank may also suspend or close the FCA at any time to comply with any laws, court orders, regulations, sanctions and/or enactments or direction of a regulatory or enforcement authority.

7.5     The Bank also reserves the right to close any FCA at the discretion of the Bank by giving adequate notice to the account holder.

7.5     The Bank also reserves the right to close any FCA at its reasonable discretion by giving the account holder at least twenty-one (21) days prior written notice stating the reason for the closure, to the extent permitted by law, order, regulation or sanctions.

8.3     For FCCA classified as dormant, credit and/or debit transaction on the account may be restricted until the account is reactivated as per Clause 8.4 below.

8.4     To activate a dormant FCCA, the account holder or the authorised signatory(s) must carry out the following at any of the Bank’s branches:

i.    an over the counter debit cash cheque transaction, subject to verification of the identity of the account holder or the authorised signatory(s); or

ii.     a cash deposit, subject to verification of the identity of the account holder or the authorised signatory(s) electronically.

8.4     To activate a dormant FCCA, the account holder or the authorised signatory(s) must initiate an over the counter (OTC) debit / credit transfer transaction by providing a written instruction at any of the Bank’s branches. This transaction is allowed only with the authorization of an officer of the Bank.

10.3     The joint account holders shall jointly and severally indemnify and hold the Bank harmless against losses, claims, demands, proceedings, costs, expenses and other liabilities whatsoever and whenever incurred arising from any authorization issued by any of the joint account holders.

10.3     The joint account holders shall jointly and severally indemnify and hold the Bank harmless against losses, claims, demands, proceedings, costs, expenses and other liabilities whatsoever and whenever incurred arising from any authorization issued by any of the joint account holders, unless it can be proven that these losses, claims, demands, proceedings, costs, expenses and other liabilities are caused by fraud, negligence and/or willful default of the Bank.

11.3     The Bank is irrevocably allowed to debit the FCFD by giving seven (7) days prior notice to the account holder, for any sum that had been credited into the FCFD in the following situations:

i.    payments made, transferred or credited into the FCFD due to the Bank’s error and/or due to any claims by any third parties that the relevant amount had been mistakenly paid by the third party into the FCFD and/or due to any claim by the third party that he or she had been deceived, defrauded or misled into making the payment into the FCFD and/or due to any of the Bank’s operational and/or systems errors or malfunction and/or any other causes which are beyond the Bank’s reasonable control;

ii.    proceeds of cheques and/or money instruments which have been credited by the Bank into the FCFD earlier if these cheques and/or money instruments are subsequently dishonoured;

iii.    sums credited into the FCFD due to suspected tampered instruments / instructions / fraudulent transactions, regardless of whether the account holder is involved; or

iv.    payments under the FCFD due to requests from Bank Negara Malaysia and/or the Police and/or any other authorities pursuant to any applicable laws.

11.3     The Bank shall have the irrevocable right to debit the FCFD by (a) giving seven (7) days prior notice to the account holder or (b) immediately upon notice to the account holder, where the Bank deems it necessary to act promptly, for any sum that had been credited into the FCFD in the following situations:

i.    payments made, transferred or credited into the FCFD due to the Bank’s error and/or due to any claims by any third parties that the relevant amount had been mistakenly paid by the third party into the FCFD and/or due to any claim by the third party that he or she had been deceived, defrauded or misled into making the payment into the FCFD and/or due to any of the Bank’s operational and/or systems errors or malfunction and/or any other causes which are beyond the Bank’s reasonable control;

ii.     proceeds of cheques and/or money instruments which have been credited by the Bank into the FCFD earlier if these cheques and/or money instruments are subsequently dishonoured;

iii.     sums credited into the FCFD due to suspected tampered instruments / instructions / fraudulent transactions, regardless of whether the account holder is involved; or

iv.     payments under the FCFD due to requests from Bank Negara Malaysia and/or the Police and/or any other authorities pursuant to any applicable laws.

12.1     The Bank’s total liability to the account holder shall only be limited to actual direct loss suffered by the account holder, provided that the claim is supported by documentary evidence submitted by the account holder to the Bank. The Bank will not be liable for any exemplary or punitive damages, indirect, incidental, consequential and/or secondary loss or damage, including but not limited to any loss of profit or income or savings, expectation loss, reliance loss, pure economic loss or similar loss or damage that the account holder may suffer by reason of any act or omission of the Bank, even if the Bank had been advised of the possibility of such loss or damage in advance.

12.1     The Bank’s total liability to the account holder shall only be limited to actual direct loss suffered by the account holder, provided that the claim is supported by documentary evidence submitted by the account holder to the Bank. The Bank will not be liable for any exemplary or punitive damages, indirect, incidental, consequential and/or secondary loss or damage, including but not limited to any loss of profit or income or savings, expectation loss, reliance loss, pure economic loss or similar loss or damage that the account holder may suffer by reason of any act or omission of the Bank, even if the Bank had been advised of the possibility of such loss or damage in advance. Nothing in this Clause shall exclude the Bank's liability for direct financial loss caused by the Bank's own negligence or willful misconduct.

12.2     The account holder agrees to fully indemnify the Bank and hold the Bank harmless against all penalties, damages, claims, losses, costs, expenses (including legal costs on a solicitor and client basis), taxes or duties which may be incurred by the Bank in connection with any or all of the accounts whatsoever or the Bank’s execution of any instructions (notwithstanding such instructions may be fraudulent or unauthorised) unless the account holder can prove that these penalties, damages, claims, losses, costs, expenses, taxes or duties are caused by the gross negligence and/or willful default of the Bank.

12.2     The account holder agrees to fully indemnify the Bank and hold the Bank harmless against all penalties, damages, claims, losses, costs, expenses (including legal costs on a solicitor and client basis), taxes or duties arising from or which may be incurred by the Bank in connection with any or all of the accounts whatsoever or the Bank’s execution of any instructions (notwithstanding such instructions may be fraudulent or unauthorised) unless the account holder can prove that these penalties, damages, claims, losses, costs, expenses, taxes or duties are caused by the fraud, negligence and/or willful default of the Bank.

14.1     In accordance with the Foreign Exchange Policy, foreign currency accounts maintained by Residents shall be designated as either: (a) Trade Foreign Currency Account (“Trade FCA”); or (b) Investment Foreign Currency Account (“Investment FCA”).

14.1     In accordance with the Foreign Exchange Policy, FCA maintained by Residents shall be designated as either:

(a)          Trade Foreign Currency Account (“Trade FCA”); or

(b) Investment Foreign Currency Account (“Investment FCA”).

14.6     The account holder has an obligation to ensure that all inward and outward transactions to and from the FCA, and all transactions performed via the FCA, comply with the Foreign Exchange Policy Notices (“FEP Notices”) issued by Bank Negara Malaysia (“BNM”) pursuant to the Financial Services Act 2013 and Islamic Financial Services Act 2013, as amended or revised from time to time, and made available at BNM’s website at http://www.bnm.gov.my/fep.

14.7     The FEP Notices set out BNM’s approvals for transactions which would otherwise be prohibited, and inter alia the applicable requirements, restrictions, conditions, directions, limits and disclosure obligations. Transactions regulated under the FEP Notices include, without limitation, dealings in currency, borrowing, lending and guarantee, investment in foreign currency assets (onshore and offshore), payment/ receipt and remittance and export of goods. A summary of the key FEP Notices requirements are available at the Bank’s following website address: https://www.cimb.com.my/content/dam/cimb/personal/documents/help-support/fen-faqs.pdf and, in the event of any inconsistency, the requirements set out in the FEP Notices published on BNM’s website shall prevail.

14.8     Where funds credited into the FCA are derived from or related to any borrowing, loan or financing obtained by the account holder from a non-resident (as defined in the FEP Notices), the account holder declares and represents that such borrowing, loan or financing complies with the applicable FEP Notices, including the following:

(i)    the borrowing, loan or financing complies with any applicable limits, conditions, restrictions and reporting requirements prescribed under the FEP Notices; and

(ii)    the borrowing, loan or financing is not obtained from a non-resident financial institution (as defined in the FEP Notices).

14.9     The account holder undertakes to provide the Bank any supporting documents and/or declaration, whether before or after the transaction, as the Bank may reasonably require to verify the account holder’s compliance with the applicable FEP Notices, applicable laws, regulatory requirements, BNM directions, guidance or enquiries, and/or the Bank’s internal operational risk and due diligence requirements. The account holder shall fully co-operate and disclose to the Bank in a timely manner, accurate, true and complete information, supporting documents and/or application with self-declaration to BNM.

14.10     The account holder acknowledges and understands that the Bank may decline, suspend, delay, reverse, reject and/or refuse to process any relevant transaction under the FCA and/or report any transaction under the FCA to BNM and any applicable authority in the event of (i) failure of the account holder to co-operate and comply with the provisions of Clause 14.9, and/or (ii) where the Bank reasonably believes that a transaction under the FCA may not comply with the applicable FEP Notices, applicable laws or regulatory requirements, or the transaction may constitute a potential attempt to circumvent the FEP Notices.

14.11     Where reasonably practicable and permitted by law or regulatory requirements, the Bank will notify the account holder of the reason for such action.

15     GOVERNING LAW

These Terms and Conditions are subject to and construed in accordance with the laws of Malaysia and the rules, regulations and guidelines of Bank Negara Malaysia and other relevant regulatory bodies to which the Bank is subject.

15     GOVERNING LAW

15.1     These Terms and Conditions are subject to and construed in accordance with the laws of Malaysia and the rules, regulations and guidelines of Bank Negara Malaysia and other relevant regulatory bodies to which the Bank is subject.

15.2     The availability and account holder’s operation of the Current Account and related services is conditional upon there being no breach of any prevailing laws, guidelines or regulations that may be imposed by any regulatory authority having jurisdiction over the Bank, including but are not limited to:

(i)    Financial Services Act 2013;

(ii)    Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001; and

(iii)    Malaysian Anti-Corruption Commission Act 2009.

17.2     The account holder also agrees, consents to and authorises the Bank to disclose any information relating to the account holder, the account holder’s affairs, the Current Account and/or any accounts maintained by the account holder with the Bank to:

(a) any of the Bank’s agents, service providers, auditors, legal counsel and/or professional advisors, in or outside Malaysia for facilitating and/or protecting the business, operations, facilities and services provided in connection with the Current Account by the Bank and its Group Companies (as defined below);

(b) any entity within the corporate group of CIMB Group Holdings Berhad, the Bank’s ultimate holding company (“Group Companies”) whether such Group Companies are residing, situated, carrying on business, incorporated or constituted within or outside Malaysia for facilitating the business, operations, provision of the Current Account, and performance of the contract by the Bank and its Group Companies;

(c) any tribunal, courts, governmental agencies or bodies or other relevant authorities to whom the Bank is required to make disclosures or have jurisdiction over the Bank whether in or outside Malaysia in order to comply with any order, demand, request or reporting requirement, or for the purposes of potential litigation or litigation involving the Bank as and when required or requested to do so from time to time and at any time;

(d) any financial institution, company and/or organisation that assist or facilitate the processing and/or fulfillment of transactions or instructions that the account holder has requested and/or given to the Bank;

(e) any insurer or takaful provider or insurance/takaful broker or direct or indirect provider of credit protection of the Bank or which is required for the maintenance and/or facilitation of the account holder’s affairs, the Current Account and/or any accounts maintained by the account holder with the Bank;

(f) any potential transferee or assignee with whom the Bank is negotiating the transfer, assignment and novation of the rights or obligations under or by reference to the Current Account; and

(g) such third parties and for the purpose(s) as identified in the CIMB Group Privacy Notice under the heading of ‘Disclosure of Your Personal Information’ and ‘How We Use Your Personal Information’ respectively.

The account holder understands and agrees that the consent given above cannot be withdrawn where such disclosure of the account holder’s information is necessary for the provision of the Current Account, related services or the performance of the contract with the account holder to comply with contractual or legal requirements.

Any disclosure by the Bank to Group Companies (within Malaysia) may also be for cross selling purposes provided always that disclosure for cross selling purposes shall not be effected if such disclosure is objected by the account holder.

The Bank may also disclose the account holder’s information such as name and contact details (excluding the account holder’s affairs or account) to third party business partners and strategic alliance partners for cross selling, marketing and promotional purposes if the consent from the account holder has been obtained.

However, the account holder may at any time revoke or withdraw the above mentioned consent to disclosure of information by the Bank to Group Companies (within Malaysia) and to third party business partners and strategic alliance partners for cross selling, marketing and promotional purposes by contacting the Bank at the following telephone number or address (which may be changed by the Bank from time to time by notice to the account holder): Customer Resolution Unit (CRU). P.O. Box 10338, GPO Kuala Lumpur, 50710 Wilayah Persekutuan. Tel: +603 6204 7788 / e-mail: contactus@cimb.com

17.2     The account holder also agrees, consents to and authorises the Bank to disclose any information relating to the account holder, the Current Account and/or any accounts maintained by the account holder with the Bank to:

(a) any of the Bank’s agents, service providers, auditors, legal counsel and/or professional advisors, in or outside Malaysia for facilitating and/or protecting the business, operations, facilities and services provided in connection with the Current Account by the Bank and its Group Companies (as defined below);

(b) any entity within the corporate group of CIMB Group Holdings Berhad, the Bank’s ultimate holding company (“Group Companies”) whether such Group Companies are residing, situated, carrying on business, incorporated or constituted within or outside Malaysia for facilitating the business, operations, provision of the Current Account, and performance of the contract by the Bank and its Group Companies;

(c) any tribunal, courts, governmental agencies or bodies or other relevant authorities to whom the Bank is required to make disclosures or have jurisdiction over the Bank whether in or outside Malaysia in order to comply with any order, demand, request or reporting requirement, or for the purposes of potential litigation or litigation involving the Bank as and when required or requested to do so from time to time and at any time;

(d) any financial institution, company and/or organisation that assist or facilitate the processing and/or fulfillment of transactions or instructions that the account holder has requested and/or given to the Bank;

(e) any insurer or takaful provider or insurance/takaful broker or direct or indirect provider of credit protection of the Bank or which is required for the maintenance and/or facilitation of the account holder’s affairs, the Current Account and/or any accounts maintained by the account holder with the Bank;

(f) any potential transferee or assignee with whom the Bank is negotiating the transfer, assignment and novation of the rights or obligations under or by reference to the Current Account; and

(g) such third parties and for the purpose(s) as identified in the CIMB Group Privacy Notice under the heading of ‘Disclosure of Your Personal Information’ and ‘How We Use Your Personal Information’ respectively.

The account holder understands and agrees that the consent given above cannot be withdrawn where such disclosure of the account holder’s information is necessary for the provision of the Current Account, related services or the performance of the contract with the account holder to comply with contractual or legal requirements.

The Bank may also disclose the account holder’s information (excluding the account holder’s account) to other entities within the Group Companies and/or third parties such as business partners and strategic alliances for marketing and promotional purposes if the prior consent from the account holder has been obtained expressly for such disclosure.

However, the account holder may at any time revoke or withdraw the above-mentioned consent and authorisation for marketing and promotional purposes by contacting the Bank at the following telephone number or address (which may be changed by the Bank from time to time by notice to the account holder): Customer Resolution Unit (CRU). P.O. Box 10338, GPO Kuala Lumpur, 50710 Wilayah Persekutuan. Tel: +603 6204 7788 / e-mail: contactus@cimb.com

17.4     In addition to the Bank’s rights under Clause 17.3, the Bank is authorized to contact and / or notify the account holder by post and/or electronic mail and/or telephone and/or short messaging service (SMS) and/or courier service and/or any other reasonable mode of communication selected by the Bank based on existing mailing address(es), e-mail address(es), telephone number(s) and/or any other contact particulars of the account holder deposited or recorded with the Bank. Information or notification so sent by the Bank shall comprise of such information or notification which the Bank deems appropriate or necessary and may include but not limited to any information in relation to the Current Account and/or any information relating to any services, benefits, promotions, programmes of the Bank and/or of any other party held jointly or in conjunction with the Bank

17.4       In addition to the Bank’s rights under Clause 17.3, the Bank is authorized to contact and / or notify the account holder by post and/or electronic mail and/or telephone and/or SMS and/or courier service and/or any other reasonable mode of communication selected by the Bank based on existing mailing address(es), e-mail address(es), telephone number(s) and/or any other contact particulars of the account holder deposited or recorded with the Bank. Information or notification so sent by the Bank shall comprise of such information or notification which the Bank deems appropriate or necessary and may include but not limited to any information in relation to the Current Account and/or any information relating to any services, benefits, promotions, programmes of the Bank and/or of any other party held jointly or in conjunction with the Bank

20     RESERVATION OF RIGHTS

The Bank may vary (whether by adding to, deleting from or otherwise amending) (“Amendment”) any of these Terms and Conditions by giving the account holder at least twenty-one (21) calendar days’ notice before the Amendment is effective. The notice of the Amendment may be given by: (i) notice of the Amendment being displayed at the Bank’s premises and website generally and where detailed provisions regarding the Amendment may be provided to the account holder upon request or the notice may itself contain details of the Amendment; or (ii) the notice being sent by the Bank to the account holder’s last known address; or (iii) the notice being advertised in one newspaper of the Bank’s choice; or (iv) the notice being sent by electronic mail or by any other means of notification which the Bank may select and the Amendment shall take effect and be binding from the date specified in the notification. The account holder may close the account holder’s FCA in accordance with Clause 7.1 if they do not agree to the Amendment.

20     VARIATION

The Bank may vary (whether by adding to, deleting from or otherwise amending) (“Amendment”) any of these Terms and Conditions by giving the account holder at least twenty-one (21) calendar days’ notice before the Amendment is effective, provided that such Amendment is made for (a) complying with any applicable laws, court order, regulations sanctions and/or enactments or direction of a regulatory or enforcement authority; (b) facilitating changes in the product features, business operations, processes or systems requirements of the Bank and/or its Group Companies that affect all customers of similar products; or (c) such other reasons the Bank may specify in the notice. The notice of the Amendment may be given by: (i) the notice being sent by the Bank directly to the account holder via its last known address and/or email and/or SMS; (ii) notice of the Amendment being displayed at the Bank’s branches, banking halls and on the Bank’s website generally and where detailed provisions regarding the Amendment may be provided to the account holder upon request or the notice may itself contain details of the Amendment; or (iii) the notice being advertised in one newspaper of the Bank’s choice; or (iv) the notice being sent by electronic mail or SMS or by any other means of notification which the Bank may select and the Amendment shall take effect and be binding from the date specified in the notification. The account holder may close the account holder’s FCA in accordance with Clause 7.1 without any closure fee or penalty if they do not agree to the Amendment.

22     MISCELLANEOUS

The account holder may make a complaint relating to the FCA with any Bank branch. If the account holder is not satisfied with the explanation or solution provided by the branch, the account holder may contact the Bank’s Customer Resolution Department at the following address, telephone number and e-mail address (or such other address, telephone number and e-mail address which the Bank notified to the account holder): Customer Resolution Unit (CRU). P.O. Box 10338, GPO Kuala Lumpur, 50710 Wilayah Persekutuan Tel: +603-6204 7788 / e-mail: contactus@cimb.com.

22     MISCELLANEOUS

22.1      If the account holder becomes aware of any offer or giving of benefit, gratification, gift, commission or consideration by the Bank’s personnel, officer(s) or director(s), the account holder may report it in accordance with CIMB’s Whistle Blowing Policy as set out in https://www.cimb.com/en/who-we-are/overview/corporate-governance/code-of-conduct/whistle-blowing.html.              

22.2     The account holder may submit a complaint relating to the FCA to any Bank branch. If the account holder is dissatisfied with the explanation or solution provided by the branch, the account holder may contact the Bank’s Customer Resolution Department at the following address, telephone number and e-mail address (or such other address, telephone number and e-mail address which the Bank notified to the account holder): Customer Resolution Unit (CRU). P.O. Box 10338, GPO Kuala Lumpur, 50710 Wilayah Persekutuan Tel: +603-6204 7788 / e-mail: contactus@cimb.com. The Bank will provide progress updates and communicate a decision as soon as practicable. If the account holder remains dissatisfied with the Bank's final decision, the account holder may escalate to: Ombudsman for Financial Services (OFS) / FMOS: www.fmos.org.my / Tel: 03-2272 2811