UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)

UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
GLD-2
OPENING OF ACCOUNT
1.
(a)
The applicant(s) (hereinafter referred to as the “Account Holder”) recognizes and acknowledges that:(i)
The gold market is volatile and that a loss may result from an investment in gold;
(ii)
The investment in gold provides no dividend yield or interest and gold prices would have to rise
sufficiently over the investment period in order to yield a profit on sale.
(b)
Subject to the terms and conditions herein (“Terms and Conditions”), the Account Holder may request and
authorize United Overseas Bank (Malaysia) Bhd (”Bank”) to open a gold investment account (hereinafter
referred to as “gold investment account”, which expression shall include gold investment account under the
name of Premier Gold Account, Gold Savings Account and such other gold investment accounts as may be
stipulated by the Bank from time to time). In opening the gold investment account, the Account Holder
shall abide by and be bound by these Terms and Conditions and as amended and in force from time to
time.
(c)
Prior to opening a gold investment account, the Account Holder shall open a Savings or Current Account
or alternatively designate an existing Savings or Current Account with the Bank (hereinafter referred to as
“Designated Account” ) to facilitate payment for purchases, collection of sales proceeds and debiting of
fees and charges under the gold investment account.
(d)
The Bank reserves the right to reject the application for opening a gold investment account should the
Account Holder omit or refuse to open a Designated Account. The account name, authorized signatories
and signing condition of the Designated Account linked to the gold investment account shall be exactly the
same as that of the gold investment account itself.
(e)
In opening a gold investment account, the Account Holder shall execute the Bank‟s standard Account
Opening Forms and shall give the Bank such mandate (if any), specimen signature(s) and any other
document(s) required by the Bank. The Bank shall be at liberty to reject any application without assigning
any reason thereto.
(f)
The gold investment account shall be governed by and subject to these Terms and Conditions, the Bank‟s
standard Account Opening Form as well as the Bank‟s banking practices as applicable from time to time
and the rules and regulations of Bank Negara Malaysia or any other authority having jurisdiction over the
Bank.
OPERATION OF ACCOUNT
2.
(a)
The Account Holder may from time to time purchase from and/or sell to the Bank gold under the gold
investment account. The gold purchased under the gold investment account represents an undivided and
unallocated gold with 999.9 fineness. Any balance of gold for the time being purchased by the Account
Holder but not yet resold shall be recorded in the gold investment account as owing and due by the Bank
and shall be dealt with according to these Terms and Conditions.
(b)
The prevailing selling/buying price so quoted shall be determined by the Bank at the Bank‟s sole and
absolute discretion taking into account all factors the Bank shall deem relevant including the prevailing
world and local market conditions for gold, the exchange rate between United States Dollar and Malaysian
Ringgit and the gold fineness.
(c)
The price quoted per unit at which each purchase order will be made, shall be the selling price as quoted
by the Bank at the time of the placement of the purchase instruction. Similarly the price quoted per unit at
which each sale order will be made, shall be the buying price as quoted by the Bank at the time of the
placement of the sale instruction.
(d)
The minimum initial purchase quantity required to open a new gold investment account shall be at such
quantity as may be prescribed by the Bank from time to time. Subsequent purchase/sale transactions shall
be at such quantities as may be prescribed by the Bank from time to time.
(e)
The Account Holder may purchase gold from or sell gold to the Bank at the Bank‟s prevailing price on a
normal business day which shall exclude Saturday, Sunday, public holidays for Malaysia, Singapore and
international holidays. The Bank reserves the right to widen the spread if the price volatility in the gold
market increases and shall not be liable for any failure or delay in meeting its obligations hereunder due to
causes beyond its control such as being unable to obtain quotations from the gold market.
(f)
Each purchase/sale order shall be by written instruction in such form as the Bank shall from time to time
prescribe and shall only be accepted by the Bank on a normal business day as provided in clause 2(e) and
shall also mean the normal banking hours when the Bank is open to conduct banking transactions and
such purchase/sale order(s) shall be irrevocable once received by the Bank.
(g)
No transfer of gold to other account holder(s) is allowed.
(h)
The Bank may mingle the gold with those of other account holders and/or store it wherever or elsewhere it
deems fit and/or lend it to the Bank‟s customers from time to time.
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UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
(i)
(j)
GLD-2
The Account Holder shall make full payment for any gold purchased from the Bank by authorizing the Bank
to debit the Designated Account and undertakes to maintain sufficient funds for this purpose. The Bank
shall not be obliged to effect any purchase instruction if there is insufficient funds in the Designated
Account.
The Account Holder shall ensure that any sale order shall be limited to the actual quantity of gold in the
gold investment account. In the event that there is insufficient gold in the gold investment account, the
Bank shall be at liberty to refuse to effect the sale instruction.
AUTHORIZED ACCOUNT SIGNATURES
3.
(a)
The Account Holder should notify the Bank promptly in writing of any change or variation in his signature or
those of the authorized signatories or the authorized manner of signing.
(b)
The Bank may in its absolute discretion honour any written instruction :
(i)
signed by an authorized signatory but presented after his death, regardless of whether the Bank
has received notice of death; or
(ii)
bearing a facsimile signature similar to the specimen signature with the Bank. “Facsimile
signature” includes any facsimile signature impressed using a rubber stamp.
ACCOUNT HOLDER’S INSTRUCTIONS
4.
(a)
The Bank shall act in accordance with the written instructions of the Account Holder signed in accordance
to the account mandate of the gold investment account/Designated Account. Where the instructions of the
Account Holder are ambiguous or unclear or where the Bank has any doubt as to the authenticity of the
instructions of the Account Holder, the Account Holder(s) agrees that the Bank shall not incur any liability
by reason of omitting to act on such instructions.
(b)
Where the gold investment account is in joint names or there are more than one authorized signatories:
(c)
(i)
all instructions for the purchase, sale and/or conversion transactions under the gold investment
account shall be acted upon by the Bank in accordance with the written mandate of the gold
investment account; and
(ii)
for all other matters, the Bank shall be entitled to act on the instructions, (whether oral or written)
of any one of the Account Holder or authorized signatories as the case may be.
If prior to acting on instructions received from one signatory, the Bank receives contradictory instructions
from another signatory, the Bank shall immediately thereafter act only on the mandate of all signatories to
the gold investment account.
JOINT ACCOUNTS
5.
(a)
In the event of death of any one of the joint accountholders of the gold investment account, the gold or
monies in the gold investment account will be paid to the surviving accountholder or held to the order of the
surviving accountholder in addition to and without affecting any right the Bank may have with regard to
such balance arising out of, amongst others, any lien, charge, pledge, set-off or any other claim or
counterclaim, actual or contingent. Any payment made by the Bank to the surviving accountholder shall
constitute a valid and complete discharge of the Bank‟s obligations in relation to the gold investment
account and will be binding on all the accountholders and their personal representatives and successors.
(b)
Where the gold investment account is opened jointly with a minor below the age of 18 years, by the parent
of the minor, the parent shall be the Account Holder. In the event of the Account Holder‟s death before the
minor attains the age of 18 years, the gold investment account shall be frozen and matters pertaining to the
gold investment account shall be referred to the executor/administrator of the Account Holder‟s estate.
(c)
For joint accounts, all accountholders shall be jointly and severally liable for all liabilities incurred in
connection with the gold investment account and upon the death, bankruptcy or insanity of any of the
Account Holder, the Bank may in its absolute discretion suspend the gold investment account.
NON INDIVIDUAL ACCOUNTS
6.
(a)
If the Account Holder is an incorporated company, any change in its constitution by amalgamation,
consolidation or otherwise shall not affect or determine its liability herein.
(b)
If the Account Holder is a partnership, all provisions herein contained shall bind all partners jointly and
severally notwithstanding any change in the constitution or name of the firm or the admission of any new
partner or modification or termination of any power of any partner.
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UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
GLD-2
FEES, CHARGES AND RIGHT OF DEBIT
7.
(a)
An administrative fee of such amount as determined by the Bank from time to time, will be charged per
month if the balance of the gold investment account at month end falls below the minimum threshold as
determined by the Bank from time to time.
(b)
A conversion fee shall be levied for each instruction to convert gold in the gold investment account to
physical gold. The fee charged shall be determined by the Bank at the point of the transaction.
(c)
The Account Holder shall ensure that there shall be sufficient funds in the Designated Account at all times
and authorizes the Bank to debit the account at any time with interest and all amounts payable to the Bank.
(d)
The Account Holder shall be liable to pay all costs, charges, disbursements, fees and expenses (including
but not limited to the Bank‟s legal fees) in connection with or incidental to the gold investment account
including but not limited to the enforcement of or preservation of any right of the Bank under the gold
investment account and/or its Designated Account.
(e)
The Account Holder shall be liable to pay for any goods and services tax or other taxes or levies which as
at the date of the opening of the Designated Account or at any date subsequent to the date of the opening
of the Designated Account, is required by law (including the Goods and Services Tax Act) to be paid to any
body or authority having jurisdiction over the Bank, in respect of any fees and charges charged or incurred
by the Account Holder in relation to the Designated Account.
(f)
Any goods and services tax or other taxes or levies incurred by the Bank in relation to the use of the
Designated Account and any other goods or services provided under the Designated Account shall be
borne and charged to the Account Holder and in the event that the Bank shall effect payment on behalf of
the Account Holder, the Account Holder shall be liable to reimburse the Bank for such amounts paid.
(g)
The Bank reserves the right to introduce, vary or revise from time to time, any fees and charges imposed
on the gold investment account by giving 21 days notice in advance. The mode or method of such
communication shall be at the absolute discretion of the Bank and shall include but without limitation, by
ordinary post, by notification in the mass media, by posting the notice in the Bank‟s branches, by inserting
the notice into the periodic statement of account, by electronic transmission (including via facsimile, mobile
phones, other devices or the internet) or by posting at the Bank‟s website or at the ATM or other terminals
under the control of the Bank.
STATEMENT OF ACCOUNT
8.
(a)
Statements of account will be sent by ordinary mail at monthly intervals or such other intervals as the Bank
may deem fit. If there is no movement in the gold investment account, the statement of account will be sent
on quarterly intervals.
(b)
If the Account Holder has successfully enrolled for the Bank‟s eStatement service, the Bank may, at its sole
discretion:(i)
choose not to send any physical statement of account to the Account Holder; or
(ii)
at the request of the Account Holder, send a physical statement of account to the Account Holder
subject to payment to the Bank of the then prevailing fees as determined by the Bank at its sole discretion.
(c)
(d)
The Account Holder is under a duty:
(i)
to check all entries in the statement of account; and
(ii)
to report promptly to the Bank any error or omission in it; and
(iii)
to sign and return any confirmation slip, including that related to auditing purposes (if requested
to do so); and
(iv)
to notify the Bank should the Account Holder not receive any statement of account that is due to
the Account Holder.
The Bank has the right to make adjustments to the gold investment account if any amount is erroneously
credited into the gold investment account. If the Bank does not receive a written objection from the Account
Holder to the contents of the statement of account within fifteen (15) days of the statement date, the
Account Holder shall be deemed to have accepted the contents of such statement of account as true and
accurate. Such statement of account shall be final, conclusive and binding on the Account Holder for all
purposes whatsoever including for purposes of legal proceedings.
CONVERSION TO PHYSICAL GOLD
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UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
9.
GLD-2
Subject to the Bank‟s absolute discretion, the Account Holder may request to convert the gold purchased or standing
in the gold investment account to physical gold. A conversion fee which shall be determined by the Bank at the point
of transaction will be charged for the conversion. The Bank reserves the right to reject the request and is not obliged
to set aside and/or allot/deliver any of the gold purchased in its physical form. The Bank shall not purchase the
physical gold that is converted from the gold investment account.
RETENTION OF ACCOUNT HOLDER’S RECORDS
10.
The Account Holder agrees that the Bank is not obligated to maintain any records of the Designated Account,
including but not limited to the account opening forms, Statement of Account, correspondences or documents in
relation to the Designated Account, exceeding any retention period as set out under the Bank‟s internal policies,
guidelines and procedures and/or as provided under any applicable laws or regulations of any country having
jurisdiction over the Bank.
CLOSURE/FREEZING OF ACCOUNT
11.
(a)
In the event that there is no transaction with zero balance in the gold investment account for a period of 12
consecutive months, the account will be automatically closed without prior notice and the Account Holder
shall not hold the Bank liable for any loss or damage(s) suffered by the Account Holder.
(b)
The Bank shall at anytime at its sole discretion prevent a gold investment account from operating, if the
Bank suspects that the gold investment account is being used for any illegal purpose whatsoever. The gold
investment account shall also be deemed closed upon notification to the Bank of any events happening
that requires its closure by operation of law.
(c)
Notwithstanding clause 11(a) above, the Bank shall be entitled to close the gold investment account for any
reason, without any obligation to assign any reason by giving 14 days notice to the Account Holder. In the
event that there is any gold in the gold investment account, the Account Holder hereby acknowledges and
authorizes the Bank to sell the said gold in such manner and upon such terms and conditions as the Bank
shall think fit. The net proceeds of the sale shall be credited into the Designated Account or any other
account maintained by the Account Holder at the sole discretion of the Bank. The Bank shall not be
responsible for any loss, if any, in the sale of the gold or for any loss or depreciation in value of the gold
arising from or through any cause. The Account Holder shall irrevocably accept the decision and discretion
of the Bank in respect of the timing, price and terms of sale of the gold which shall be final, binding and
conclusive and shall not be questioned by the Account Holder on any account.
BANK’S RIGHT TO COMBINE ACCOUNTS AND SET-OFF
12.
(a)
In addition to any general right of set-off under law or any other agreement, the Account Holder agrees that
the Bank may at its absolute discretion, and by giving prior notice to the Account Holder, at any time
combine, consolidate or merge all or any of the Account Holder‟s accounts or the gold investment account
or any part (whether current, deposit, loan or otherwise) with the Bank, including accounts situated
overseas, whether held singly or jointly by the Account Holder with any other persons.
(b)
The Bank may, upon the expiry of 7 days‟ notice to the Account Holder, set off or transfer any sums
standing to the credit of those accounts, including the gold investment account (whether matured or not) in
or towards satisfaction of any of the Account Holder‟s liabilities to the Bank or under any other agreement
whether such liabilities be present, future, actual or contingent, primary or collateral, and several or joint.
(c)
Where a combination, set-off or transfer requires the conversion between currencies, the conversion will be
calculated at the Bank‟s then prevailing spot rate of exchange (as fixed by the Bank at its absolute
discretion) for purchasing the currency.
(d)
Upon the issuance of the notice mentioned in Clause 12(a) above, the Account Holder agrees that the
Bank has the right to earmark or to place a hold on the gold and/or the gold investment account, prior to
the setting-off and you shall not be entitled to withdraw any of the gold and/or gold investment account,
without our prior written consent.
(e)
The Bank shall have a lien on the gold and/or gold investment account for all present and future fees,
charges, costs, expenses and disbursements incurred by the Bank in any legal proceedings as well as all
monies due, owing or incurred to the Bank by the Account Holder under these Terms and Conditions or on
any account which the Account Holder may have with the Bank whether held singly or jointly with any other
persons.
(f)
The Bank shall have the right but is not obliged to buy the gold on which it has a lien after the Bank shall
have given to the Account Holder, as the case may be, a notice in writing to pay the sums due within 14
days of the notice and of the Bank‟s intention to purchase the gold on default of payment. The purchase
shall be at the Bank‟s then prevailing buying price for the purchase of such gold.
(g)
The proceeds payable by the Bank following a purchase under clause 12(f) shall be applied in payment of
all unpaid fees, charges and monies due, owing or incurred as aforesaid by the Account Holder and the
residue if any shall be paid to the Account Holder.
INTEREST AND TAXES
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UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
GLD-2
13.
(a)
No interest shall be payable by the Bank in respect of the gold investment account.
(b)
The Bank shall be entitled to impose and deduct from the Designated Account in respect of any taxes,
levies or charges whatsoever imposed by law or required to be charged by any regulatory body on the gold
investment account now or from time to time.
DORMANT ACCOUNT STATUS AND UNCLAIMED MONIES
14.
The gold investment account shall be classified as Dormant when the account has no Account Holder initiated
transactions for a consecutive period of 730 days or such other period as may be stipulated by the Bank from time to
time. The gold investment account is however not subjected to the Unclaimed Monies Act 1965.
INDEMNITY
14.
The Account Holder agrees to indemnify the Bank for all losses, costs, damages, claims and expenses, including
legal fees and costs (on a full indemnity basis), howsoever suffered or incurred by the Bank:
(a)
in the performance of its functions as a banker for the Account Holder;
(b)
in connection with the Bank‟s enforcement of its rights hereunder or as a result of any non-compliance
under these Terms and Conditions by the Account Holder; and
(c)
any imposition of taxes under taxation laws or regulations of any country having jurisdiction over the Bank.
DEPOSIT INSURANCE
15.
The Account Holder has been informed that the gold investment account is not insured by Perbadanan Insurans
Deposit Malaysia (PIDM).
CIRCUMSTANCES BEYOND THE BANK’S CONTROL
16.
The Bank may at its absolute discretion suspend operations of the gold investment account if as a result of force
majeure, any calamity or conditions, industrial actions, computer breakdown or sabotage or any other reason, the
Bank‟s customer records, accounts and/or services are not available or access to such records, accounts or services
is hindered.
DISCLOSURE
17.
The Account Holder agrees that the Bank (including the Bank‟s officials, employees, agents or any other persons
who the Bank grants access to its records, correspondence or any material relating to the Account Holder or the
Account) can disclose at any time at the Bank‟s absolute discretion without prior notice to the Account Holder, any
information relating to the Account or the Account Holder or any person who is authorised by the Account Holder
(either alone or otherwise) to operate the Account or to act on behalf of the Account Holder in giving instructions or to
perform any acts hereunder, to the following persons: –
(a)
any branch, agency, representative office, affiliated, associated or related corporation of the Bank and
their respective officers, servants or agents, whether situated in or out of Malaysia (collectively “UOB
Group Members”) for any of the following purposes:(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
providing the Account Holder with banking services;
reporting;
data matching;
improving and furthering the provision of other services by the Bank or any of the UOB Group
Members to you;
fraud or crime prevention;
investigating, preventing or otherwise in relation to money laundering and criminal activities;
debt collection;
outsourcing the Bank‟s operations;
performance of duties as an officer of the Bank or in connection with the conduct of audit or the
performance of risk management;
facilitating the performance of the Bank or any of the UOB Group Member‟s function;
compliance with the UOB Group‟s policies, guidelines, directives or requirements;
corporate exercise;
any legal process initiated by or served on the Bank;
(b)
any person or organisation, whether in Malaysia or elsewhere, who provides electronic or other services to
the Bank for the purpose of providing, updating, maintaining and upgrading the said services, including but
not limited to investigating discrepancies, errors or claims;
(c)
any person or organisation, whether in Malaysia or elsewhere, which the Bank engages for the purpose of
performing or in connection with the performance of services or operational functions which have been outsourced;
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UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
GLD-2
(d)
the police or any public officer conducting an investigation in connection with any offence including
suspected offences;
(e)
credit card companies and financial institutions in connection with credit card enquiries;
(f)
other banks, financial institutions, credit bureau or credit reference agents (only for credit information);
(g)
the Bank‟s auditors, solicitors and professional advisors;
(h)
the Bank‟s stationery printers, vendors of the computer systems the Bank uses and to such persons
installing and maintaining them, and other suppliers of goods or service providers the Bank engages;
(i)
any receiver appointed by or on behalf of the Bank or any other party;
(j)
any credit bureau of which the Bank is a member, and any other members and/or compliance committee of
such credit bureau;
(k)
any rating agency, insurer or insurance broker or direct or indirect provider of credit protection;
(l)
any actual or potential participant or sub-participant in relation to any of the Bank‟s obligations under the
banking agreement between the Account Holder and the Bank, or assignee, novatee or transferee (or any
officer, employee, agent or adviser) of any of them;
(m)
for transactions effected or processed with or without the Account Holder‟s authority in or through
automated teller machines of other banks or financial or non-financial institutions or terminals or other card
operated machines or devices the Bank approves, to the bank, financial institution or non-financial
institution, trader or other party accepting the use of the automated teller machines card and their
respective agents or contractors;
(n)
any court, tribunal or authority, whether governmental or quasi-governmental with jurisdiction over the
Bank or any of the UOB Group Members
(o)
any person to whom the Bank or any of the UOB Group Members is permitted or required to disclose to
under the law of any country;
(p)
any other person to whom such disclosure is considered by the Bank to be in its interest, or the interest of
any of the UOB Group Members (not applicable to strategic alliance for marketing and promotional
purposes);
(q)
any person connected to the enforcement or preservation of any of the Bank‟s rights under these Terms
and Conditions;
(r)
the Central Credit Bureau or any other authority or body established by Bank Negara Malaysia or any other
authority having jurisdiction over the Bank; and
(s)
any of the Account Holder‟s directors or authorised persons.
COMPLIANCE WITH COURT ORDERS
22.
The Bank and the UOB Group Members can act in any way they see fit, without consulting the Account Holder
beforehand, if they are served with a court order issued by a court of any jurisdiction. The Account Holder agrees that
he will not hold the Bank and/or any of the UOB Group Members liable for any loss or damage in connection with
their actions.
DATA PROTECTION
23.
The Account Holder hereby confirms that the Account Holder has received, read, understood and agreed to be bound
by the Privacy Notice issued by the Bank (which is available at the Bank‟s branches as well as at the Bank‟s website
at www.uob.com.my) and the clauses in these Terms and Conditions as may relate to the processing of the Account
Holder‟s personal data, which may include, but is not limited to, the Account Holder‟s name, address, occupation,
contact details, information captured on security systems (including a recording of the Account Holder‟s image on
Closed Circuit Television (CCTV)), the information contained in the Designated Account held by the Account Holder
either singly or jointly with any other person, the type of products and/or services that the Account Holder has
subscribed to with the Bank and such other necessary data regarding the Account Holder and his/her transactions
with the Bank (“Personal Data”). For the avoidance of doubt, the Account Holder agrees that the said Privacy Notice
shall be deemed to be incorporated by reference into these Terms and Conditions.
24.
The Account Holder agrees and consents that the Bank may transfer the Personal Data outside of Malaysia. All
Personal Data held by the Bank and UOB Group Members will be accorded a reasonable level of protection against
any loss, misuse, modification, unauthorised or accidental access or disclosure, alteration or deletion.
25.
In the event the Account Holder provides Personal Data relating to third parties, including data relating to the Account
Holder‟s next-of-kin and dependents (where the Account Holder is an individual) or data relating to the Account
Holder‟s directors, shareholders, officers, individual guarantors and security providers (where the Account Holder is a
Page 6
UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
GLD-2
corporation), for the purpose of opening or operating the Account with the Bank or otherwise subscribing to the
Bank‟s products and services, the Account Holder:
(a)
confirms that the Account Holder has obtained their consent or are otherwise entitled to provide this data to
the Bank and for the Bank to use it in accordance with these Terms and Conditions;
(b)
undertakes that the Account Holder has informed the said third parties to read the Privacy Notice at the
Bank‟s website www.uob.com.my;
(c)
has informed the said third parties:(i)
that the Bank may collect or verify their personal and financial data with third party sources;
(ii)
that Bank may disclose their personal data to classes of third parties described in the Bank‟s Privacy
Notice;
(d)
agrees to ensure that the personal and financial data of the said third parties is accurate;
(e)
agrees to update the Bank in writing in the event of any material change to the said personal and financial
data; and
(f)
agrees to the Bank‟s right to terminate these Terms and Conditions should such consent be withdrawn by
the said third parties.
26.
Where the Account Holder instructs the Bank to effect any sort of cross-border transaction (including to make or
receive payments), the details relevant to the cross-border transaction (including data relating to those involved in the
said transaction) may be received from or sent abroad, where it could be accessible by overseas regulators and
authorities in connection with their legitimate duties (e.g. the prevention of crime). In instructing the Bank and/or the
Bank‟s agents to enter into any cross-border transaction on the Account Holder‟s behalf, the Account Holder agrees
to the above said disclosures on behalf of the Account Holder and others involved in the said cross-border
transaction.
27.
Additionally, but always subject to any laws (including regulations, guidelines and/or obligations) applicable to the
Bank and UOB Group Members (whether in or outside Malaysia), the Account Holder agrees that the Bank and UOB
Group Members, and its merchants and strategic partners may contact the Account Holder about products, services
and offers, which the Bank believes may be of interest to the Account Holder or benefit the Account Holder
financially. Notwithstanding the foregoing, the Bank will only disclose the Account Holder‟s Personal Data (excluding
data relating to the Account Holder‟s affairs or Account) with the Bank‟s merchants and strategic partners where the
Account Holder‟s express prior consent has been obtained.
28.
The Account Holder may choose not to receive any direct marketing materials from the Bank or UOB Group
Members by writing in to the Bank at „Personal Financial Services, P.O. Box 13525, Menara UOB, Jalan Raja Laut,
50738 Kuala Lumpur‟ (or such other address notified by the Bank) with the Account Holder‟s request and the Bank
will abide by the Account Holder‟s latest written instructions to the Bank.
29.
The Account Holder acknowledges that certain communications such as statement of account and the Bank‟s
websites contain standard information regarding the Bank‟s other products and services that cannot be removed
without affecting the delivery/provision of the Bank‟s services and/or products, the operation of the Designated
Account and/or facilities with the Bank, and/or without imposing additional costs to the Account Holder.
30.
The Account Holder is entitled to request in writing:
(a)
(b)
(c)
(d)
for any information in relation to the Account Holder‟s Personal Data that the Bank holds or stores, upon
payment of a prescribed fee;
for any information held or stored by the Bank to be updated, amended and/or corrected;
for the Bank to limit the processing of the Account Holder‟s Personal Data held or stored by the Bank; and
to make an enquiry or complaint in respect of the Bank‟s processing of the Account Holder‟s Personal
Data.
For requests under (a) or (b), the Account Holder may make a request to the Bank via the Bank‟s Data Access
Request Form or Data Correction Request Form respectively. These forms are available at the Bank‟s branches as
well as at the Bank‟s website at www.uob.com.my.
The Account Holder may direct all the Account Holdder‟s requests to any of the Bank‟s branches or „Customer
Communications Management, UOB Call Centre, P.O. Box 11212, Menara UOB, Jalan Raja Laut, 50738 Kuala
Lumpur‟.
The Bank may charge a fee for processing the Account Holder‟s request for access or correction. The Bank may also
refuse to comply with the Account Holder‟s request in respect of (a) or (b) above if the information supplied by the
Account Holder is insufficient (as determined by the Bank) or where such request may breach or violate any law or
regulation or any other reason which the Bank deems not to be in its interest to do so. If the Bank refuses to comply
with such request, the Bank will inform the Account Holder of its refusal and reason for its refusal.
31.
The Account Holder is responsible for ensuring that the information the Account Holder provides the Bank is
accurate, complete and not misleading and that such information is kept up to date.
Page 7
UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
32.
GLD-2
Please note that if the Account Holder subsequently withdraw his/her consent to process the Account Holder‟s
Personal Data as given earlier to the Bank, as the Bank will not be able to process and/or disclose the Account
Holder‟s Personal Data in relation to the purposes set out in the Privacy Notice, the Bank will have the right to not
provide or discontinue the provision of any product, service, Designated Account and/or facilities that is linked to such
Personal Data.
33.
The Bank reserves the right to amend this clause from time to time at its sole discretion and shall provide prior
notification to the Account Holder in writing and place any such amendments on the Bank‟s websites or by placing
notices at the banking halls or at prominent locations within the Bank‟s branches or by such other means of
communication deemed suitable by the Bank.
34.
This clause shall be without prejudice to any other clause in these Terms and Conditions which provides for the
disclosure of data.
COMPLIANCE WITH FATCA
35.
“FATCA” shall mean sections 1471 through 1474 of the Internal Revenue Code of 1986 issued by the US (“Code”)
and the regulations and other guidance issued under the Code, each as amended from time to time (commonly
known as the Foreign Account Tax Compliance Act) (“FATCA”) or any other agreement entered into with or between
authorities for the implementation of FATCA.
36.
“US” shall mean United States of America.
37.
“US Person(s)” shall mean a US citizen or resident individual, a partnership or corporation organised in the US or
under the laws of the US or any state of the US, a trust if (i) a court within the US would have authority under
applicable law to render orders or judgments concerning substantially all issues regarding administration of trust, and
(ii) one or more US Person(s) have the authority to control all substantial decisions of the trust, or an estate of a
descendent that is a citizen or resident of the US. This definition shall be interpreted in accordance with the Code.
Please note that persons who have lost their US citizenship and who live outside US may nonetheless in some
circumstances be treated as a US Person(s).
38.
The Account Holder shall provide all required documentation or information, including but not limited to date of birth,
countries of citizenship, countries of permanent residence, countries of tax residency and associated taxpayer
identification numbers, that may be required to enable the Bank or any UOB Group Members to comply with all
requirements of FATCA or other agreement by or between governments.
The Account Holder shall notify the Bank in writing within thirty (30) days of any change that affects the Account
Holder‟s tax status in relation to FATCA under any laws, regulations or other agreement by or between governments.
39.
The Account Holder represents and warrants that the Account Holder has provided to the Bank all documentation or
other information as may be required by the Bank for compliance with FATCA and in connection with change in tax
status and shall provide all required documentation or other information within seven (7) days of a request from the
Bank in writing or otherwise.
The Account Holder further acknowledges that any failure on the Account Holder‟s part to provide accurate and timely
information pursuant to requirements and requests by the Bank may result in the Bank having to deem the Account
Holder recalcitrant and/or reportable and take all necessary action against the Account Holder in order for the Bank to
be compliant with requirements under FATCA, local legislation in connection with FATCA and any other provision
arising out of an agreement between governments pertaining to FATCA.
40.
For individual customers, the Account Holder consents to the collection, storage, and disclosure by the Bank or any
UOB Group Members of any Personal Data to persons from whom the Bank or any UOB Group Members receive or
make payments on behalf of the Account Holder and to governmental authorities as required by law or other
agreement by or between governments. The Account Holder‟s consent shall be effective notwithstanding any
applicable nondisclosure agreement. The Account Holder represents that the Account Holder has secured from any
third party whose information is provided to the Bank any consents and waivers necessary to permit the Bank or any
UOB Group Members to carry out the actions described in these Clauses 35 to 45, and that the Account Holder will
secure such consents and waivers in advance of providing similar information to the Bank in the future.
41.
For customers who are a sole proprietorship, partnerships or other business entity, a corporation, or an association,
club or society or trust, the Account Holder consents to the collection, storage, and disclosure by the Bank or any
UOB Group Members of any Confidential Information to persons from whom the Bank or any UOB Group Members
receive or make payments on behalf of the Account Holder and to governmental authorities as required by law or
other agreement by or between governments. Confidential Information includes the Account Holder‟s personal data,
bank account details, transactional information, and any other information that a reasonable person would consider
being of a confidential or proprietary nature. The Account Holder‟s consent shall be effective notwithstanding any
applicable nondisclosure agreement. The Account Holder represents that the Account Holder has secured from any
third party whose information is provided to the Bank any consents and waivers necessary to permit the Bank or any
UOB Group Members to carry out the actions described in these Clause 35 to 45, and that the Account Holder will
secure such consents and waivers in advance of providing similar information to the Bank in the future.
42.
The Account Holder agrees and acknowledges that the Bank is entitled to take all necessary action to be and remain
compliant with FATCA as is required by law or other agreement by or between governments. If some of the Account
Holder‟s income is reportable and some is not, the Bank will report all income unless the Bank can reasonably
determine the reportable amount. The Account Holder hereby authorises the Bank or any UOB Group Members,
where appropriate, to withhold or otherwise collect from any payment any required tax or other government
Page 8
UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
GLD-2
assessment, including but not limited to any requirement to withhold or deduct an amount under the Code and the
regulations and other guidance issued under the Code, each as amended from time to time or any other agreement
by or between authorities.
43.
The Bank or any UOB Group Members, may take whatever action the Bank considers appropriate to meet any
obligations, either in Malaysia or elsewhere in the world, relating to the prevention of tax evasion. This may include,
but is not limited to, investigating and intercepting payments into and out of the Account Holder‟s account(s)
(particularly in the case of international transfer of funds), investigating the source of or intended recipient of funds,
sharing information and documents with domestic and international tax authorities and withholding income from the
Account Holder‟s account and transferring it to such tax authorities. If the Bank is not satisfied that a payment in or
out of the Account Holder‟s account is lawful, the Bank may refuse to deal with it.
44.
To the fullest extent as may be permitted by law, the Bank will not be liable to the Account Holder for any losses,
costs, expenses, damages, liabilities the Account Holder may suffer as a result of the Bank complying with legislation,
regulations, orders or agreements with tax authorities or by and between tax authorities or if the Bank makes an
incorrect determination as to whether or not the Account Holder should be treated as being subject to tax or tax
reporting obligations.
45.
These Clause 35 to 45 will override any inconsistent term or consent provided by the Account Holder under any
agreement with the Bank to the extent that such agreement provides fewer or lesser rights for the Bank, whether
before or after the date of these Terms and Conditions. These Clauses 35 to 45 shall be without prejudice to any
other clause in these Terms and Conditions which provides for the request for information or disclosure of data.
WAIVER
46.
The Bank may at its discretion waive compliance with any of these Terms and Conditions governing the operation of
the gold investment account but such waiver shall be without prejudice to the Bank‟s rights including its right to
enforce compliance with the said Terms and Conditions at any future date.
NO ASSIGNMENT
47.
The Account Holder acknowledges that the gold investment account shall not be transferable or assignable nor can
the gold in the gold investment account be pledged or charged as security to any party other than to the Bank.
NOTICES AND COMMUNICATIONS
48.
(a)
Where any notice or communication is given by the Bank to any of the Account Holder(s), the Bank may at
its absolute discretion give such notice or communication in any of the following manner:(i)
hand deliver to such Account Holder at his last known address; or
(ii)
post by ordinary mail to such Account Holder at his last known address; or
(iii)
display at the Bank‟s premises where the gold investment account is maintained; or
(iv)
by way of advertisement in any daily newspaper circulating in Malaysia; or
(v)
by means of radio or television broadcast or any other media chosen by the Bank; or
(vi)
by inserting the notice into the periodic statement of account; or
(vii)
by electronic transmission (including via facsimile, mobile phones, other devices or the internet);
or
(viii)
by publishing at the Bank‟s website or at the ATM or other terminals under the control of the
Bank;
Provided always that the said notice or communications shall be deemed to have been received by such
Account Holder on the day it was so delivered, on the day following such posting or on the day such
display, publication or broadcast was made, as the case may be.
(b)
The Bank will not be responsible for what may happen to notices or communications after they are sent, for
example if any notice or communication is delayed, intercepted, lost, fails to reach or is disclosed to any
one during transit.
(c)
The Account Holder is required to notify the Bank in writing immediately of any changes that may directly or
indirectly affect the operation of the account including but not limited to change of addresses, telephone
numbers, resident status, constitution of the business enterprise, name of Account Holder, authorized
signatories and amendment in the Memorandum and Articles of Association (for company accounts).
CHANGE OF TERMS AND CONDITIONS
Page 9
UNITED OVERSEAS BANK [MALAYSIA] BHD (“Bank”)
(A MEMBER OF THE UNITED OVERSEAS BANK GROUP) (271809K)
TERMS AND CONDITIONS GOVERNING GOLD INVESTMENT ACCOUNT
49.
GLD-2
If any of these Terms and Conditions becomes invalid, illegal or unenforceable in any respect under any
law, the validity, legality and enforceabilility of the remaining Terms and Conditions shall not in any way be
affected or impaired.
(a)
(d)
The Bank reserves the right from time to time and whenever it deems necessary, to add new terms and
conditions or to vary or modify existing terms and conditions by giving notice to the Account Holder. Any
additions, variations or modifications shall be deemed as final and binding and the Account Holder shall be
bound to abide by the changes.
SUCCESSOR BOUND
50.
(a)
These Terms and Conditions shall be binding upon the heirs, personal representatives and successors-intitle of the Account Holder and the successors-in-title and assigns of the Bank. The Account Holder shall
not be entitled to assign any of its rights and interests to the gold investment account and under these
Terms and Conditions.
(b)
The obligations and liabilities of the Account Holder shall continue to be valid and binding for all purposes
notwithstanding any change by amalgamation, reconstruction or otherwise which may be made in the
constitution of the Bank or by any company by which the business of the Bank may for the time being, be
carried on and shall be available to the company carrying on the business for the time being.
(c)
The Account Holder‟s obligation to pay all outstanding sums owing under these Terms and Conditions to
the Bank shall survive the termination of the banker-customer relationship.
GOVERNING LAW
51.
(a)
(b)
These Terms and Conditions shall be governed by the laws of Malaysia, and the Account Holder agrees to:(i)
submit to the non-exclusive jurisdiction of the Courts of Malaysia;
(ii)
waive any objection on the ground of venue or forums non conveniens or any similar grounds;
and
(iii)
consent to service of process by registered or ordinary mail or in any other manner permitted by
the relevant laws.
The uniform law on the international sale of goods shall not apply.
FILING A COMPLAINT
52.
(a)
If there are any issues that the Account Holder may wish to feedback to the Bank or lodge as a complaint,
he may write-in to :Head of Call Centre
Customer Communications Management
UOB Call Centre
P.O.Box 11212
50738 Kuala Lumpur
(b)
Alternatively, the Account Holder
[email protected] or
may
(c)
Or visit the Bank‟s corporate website at www.uob.com.my for further details on how to lodge a complaint.
Page 10
also
contact
the
above
party
via
email
at

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