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

1.1         An application to open a Multi Currency Account (“MCA”) must be made using the Bank’s standard forms or other permitted channels. The opening of a MCA 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 Malaysia for placements comply with prevailing provisions of the Foreign Exchange Administration Rules 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 Malaysia for placements comply with prevailing provisions of the FEP 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 19.

6.3     In taking any action to freeze the MCA 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 MCA.

6.3         In taking any action to freeze the MCA 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 MCA 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 MCA or if the Bank before or after freezing the MCA 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 MCA or if the Bank before or after freezing the MCA 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 freeze, suspend or close the MCA 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 MCA 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 MCA 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.

8.4         To activate a dormant MCA, the account holder / 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.

10.2     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.

10.2       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.

11.1     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.

11.1       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.

11.2     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.

11.2       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.

13.3     Any receipt of export proceeds by Resident exporter in foreign currency shall be credited into the Trade MCA. Resident exporters shall be obligated to receive the full value of export proceeds for their Export of Goods in Malaysia within six (6) months from the date of shipment, unless the proceeds are deemed to fall within the exceptions specified in Notice 7 of the Foreign Exchange Policy Notices.

13.3       Any receipt of export proceeds by Resident exporter in foreign currency shall be credited into the Trade MCA. Resident exporters shall be obligated to receive the full value of export proceeds for their Export of Goods in Malaysia within six (6) months from the date of shipment, unless the proceeds are deemed to fall within the exceptions specified in Notice 7 of the FEP Notices.

13.5     For purposes of this Clause 13, the definitions in the Foreign Exchange Policy Notices shall apply, including:

“Domestic Ringgit Borrowing (“DRB”)” means (a) any Borrowing in Ringgit Malaysia obtained by a Resident from another Resident; or (b) any obligation considered or deemed as Domestic Ringgit Borrowing under any of the Foreign Exchange Policy Notices.

“Export of Goods” means (a) movement or transfer or goods by land, sea or air from Malaysia to any territory outside Malaysia; or (b) transfer of ownership in goods originated from Malaysia by a Resident entity to a Non Resident outside Malaysia or to a Labuan entity declared by the Bank as a Non-Resident under section 214(6)(a) of the Financial Services Act 2013 or section 225(6)(a) of the Islamic Financial Services Act 2013.

“Resident” means (i) a citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside Malaysia and is residing outside Malaysia; (ii) a non-citizen of Malaysia who has obtained permanent resident status in Malaysia and is ordinarily residing in Malaysia; (iii) a body corporate incorporated or established, or registered with or approved by any authority, in Malaysia; (iv) any unincorporated body registered with or approved by any authority in Malaysia; (v) the government or any state government.

13.5       For purposes of this Clause 13, the definitions in the FEP Notices shall apply, including:

“Domestic Ringgit Borrowing (“DRB”)” means (a) any Borrowing in Ringgit Malaysia obtained by a Resident from another Resident; or (b) any obligation considered or deemed as Domestic Ringgit Borrowing under any of the FEP Notices.

“Export of Goods” means (a) movement or transfer or goods by land, sea or air from Malaysia to any territory outside Malaysia; or (b) transfer of ownership in goods originated from Malaysia by a Resident entity to a Non-Resident outside Malaysia or to a Labuan entity declared by the Bank as a Non-Resident under section 214(6)(a) of the Financial Services Act 2013 or section 225(6)(a) of the Islamic Financial Services Act 2013.  

“Resident” means (i) a citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside Malaysia and is residing outside Malaysia; (ii) a non-citizen of Malaysia who has obtained permanent resident status in Malaysia and is ordinarily residing in Malaysia; (iii) a body corporate incorporated or established, or registered with or approved by any authority, in Malaysia; (iv) any unincorporated body registered with or approved by any authority in Malaysia; (v) the government or any state government.

N/A 

13.6     The account holder has an obligation to ensure that all inward and outward transactions to and from the MCA, and all transactions performed via the MCA, comply with the 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.

13.7       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.

13.8       Where funds credited into the MCA 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).

13.9       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.

13.10     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 MCA and/or report any transaction under the MCA 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 13.9, and/or (ii) where the Bank reasonably believes that a transaction under the MCA 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.

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

14 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.

14          GOVERNING LAW

14.1       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.

14.2       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.

19 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 MCA in accordance with Clause 7.1 if they do not agree to the Amendment.

19          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 MCA in accordance with Clause 7.1 without any closure fee or penalty if they do not agree to the Amendment.

21     MISCELLANEOUS

The account holder may make any complaint relating to the MCA, with any of the Bank’s 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.

21          MISCELLANEOUS

21.1       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.

The account holder may submit a complaint relating to the MCA, to any of the Bank’s 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