The following Terms and Conditions shall govern all Business Accounts of HSBC
HSBC may offer Accounts and Services on such terms and conditions as HSBC may specify. HSBC has the right to do the following (or any of them) from time to time: (a) introduce new (or new types of) Accounts and Services; (b) vary, suspend or withdraw any existing (or existing type of) Accounts or Services (including not accepting a deposit); and (c) specify or vary the scope and extent of the Accounts or Services.
- ACCOUNT OPENING
- 1.1 A business account, including but not limited to, savings, current and fixed deposit accounts (collectively referred to as “Account/s”) may be opened in the name of Limited Liability Companies, or any other institutions / organizations acceptable to the Bank. (In these Terms and Conditions the said entities shall hereinafter sometimes be referred to as the either “Account Holder/s and/or Customer/s)
- 1.2 The Account, if such Account is a Current Account, may be opened by the persons mentioned in Clause 1.1 above on production of a letter of reference from a commercial bank in Sri Lanka where a business account has been maintained by the prospective customer in such commercial bank.
- 1.3 The Bank does not recognize Trusts. However the Bank may, on exceptional cases and at the absolute discretion of the Bank, open Accounts in respect of Trusts.
- 1.4 Every Account shall be given a number, which must be quoted by the Account Holder in all correspondence with the Bank and on all pay-in-slips.
- 1.5 Where a party (director/ principal shareholder / ultimate beneficial owner of the Account Holder) to the Account resigns and/or dies as the case may be, authorized signatory/signatories of the Account should immediately inform the Bank of such circumstance with the necessary documentation confirming the same.
- 2.1 The Bank may change the initial deposit required for an Account with notice to the Account Holder, subject to clause 12.4 hereto, the Bank may open Account/s with lower initial deposits at its sole discretion.
- 2.2 The Bank shall at its sole discretion decide whether a draft and/or other payment orders not drawn on the Bank are to be purchased or sent on collection. The Bank shall retain full recourse (including charges) in respect of all items purchased in the event of subsequent dishonoring by the paying bank and the Account shall be debited on receipt by the Bank of the notice of dishonour.
- 2.3 When drafts/cheques drawn on the Bank are paid into the credit of the Account, the Bank shall deduct charges in accordance with its prevailing tariff of charge. When drafts/cheques not drawn on the Bank are purchased and credited to the Account, the Bank shall deduct discount charges in addition to handling charges from the face value of the instrument when crediting the Account in accordance with the prevailing tariff of charges.
- 2.4 Proceeds of cheques of other banks deposited and credited to the Account shall be available for withdrawal only upon realization of such cheques. Cheques drawn on other banks deposited for clearing/collection shall be subjected to the rules and regulations of Lanka Clear (Private) Ltd inclusive of all its amendments, any other relevant rules and regulations and/or legislations applicable from time to time. Any commission charges by drawee banks shall be debited to the respective Accounts with or without a surcharge at the absolute discretion of the Bank.
- 2.5 Deposits may be made to the Account as often as the Account Holder desires. All deposits made at teller counters of the Bank shall be acknowledged by validation of the deposit slip or manually under the signature of an authorized staff of the Bank on the deposit slip.
- 2.6 Notwithstanding the temporary advice issued by the cheque/cash (easy pay) deposit machine and Automated Teller Machines (“ATM/s”) the Bank shall not under any circumstances or for any reason whatsoever, entertain any claims in respect of the cheques/cash said to have been deposited into cheque/cash deposit machine (easy pay) or ATMs unless cheques/cash so deposited have been credited to the Account. Cheques of other banks credited to the Account are accepted for collection only. The proceeds of such cheques shall not be available for withdrawal until cleared by the drawee bank. The funds available date shown in the Account is for indicative purposes only.
- 2.7 Cheques deposited up to the cut-off time specified at each branch of the Bank shall be taken for clearing on the same day. Cheques deposited after the cut-off time shall be taken for clearing on the next working day.
- 2.8 In the event of the Bank crediting the Account by error, the Bank shall be entitled at any stage to reverse the said entry and debit the Account and/or to claim the said amount from the Account Holder.
- 2.9 The Bank may at its sole discretion require information pertaining to the source of wealth and/or source of funds of the Account Holder including verification of the said information.
- 3.1 On request, the Account Holder/s, where the Account is a Rupee Current Account, shall be supplied with a cheque book/s printed with Magnetic Ink Character Recognition. The Account Holder shall be charged for the cheque books, which includes the government stamp duty prevalent (if any) and the cost of printing of the cheque books.
- 3.2 The Bank shall upon receipt of all cheque book application requests, deliver the required cheque book to the Account Holder by post, to the address recorded by the Bank. The Bank assumes no responsibilities for any delay or loss incurred by any mode of forwarding.
- 3.3 Upon receipt of a new cheque book, the Account Holder should verify the cheque serial numbers, Account number and the name of the Account Holder/s printed thereon as well as the number of cheques before use. Any irregularities should be promptly reported to the Bank.
- 3.4 Prior to drawing any cheques, the Account Holder/s must read the conditions of issue, printed on the inside of the front cover of the cheque book. The Account Holder/s is bound by such conditions or amendments to the conditions of issue, from time to time.
- 3.5 Account Holder/s should sign cheques in accordance with the mandate and specimen signature(s) given to the Bank. Any changes to the signature or signatories should be promptly advised to the Bank in writing by the Account Holders.
- 3.6 The cheques should be written clearly in permanent ink and only on cheque leaves supplied by the Bank. Each alteration should be confirmed by the drawer’s full signature/s. The Account Holder/s acknowledges that the Bank shall not be liable for losses arising from alterations that cannot be readily detected.
- 3.7 The Account Holder should immediately instruct the Bank in writing if cheque leaves are lost, stolen or misplaced, in order to stop payment by providing the cheque number, date, amount and the payee’s name. The Bank shall act on stop payment instructions received via fax for Account Holders who have empowered the Bank by providing an indemnity. All such instructions shall take effect only if the cheque/s concerned has/have not been paid up to the time of receipt of such instructions.
- 3.8 The Account Holder/s should ensure that the cheque books are kept in a safe place when not in use.
- 3.9 The Bank shall not issue Cheque Books to Account Holder/s where the type of the account to be opened does not permit the operation of the account by the use of a cheque book
- 4.1 The Account Holder shall not overdraw the Account except by special arrangements made with the Bank. The Bank has the right to dishonour cheques if the Account does not have sufficient funds. The Bank also reserves the right to charge the Account Holder for each cheque returned. The Bank may, at its sole discretion honour a cheque/s overdrawing the Account. In such instances, the Account Holder/s is obliged to re-pay the overdrawn amount together with interest charged on such overdrawn amount at such rate as may be decided by the Bank from time to time and the Bank has the right to recover interest and Bank charges from the Account Holder. This Clause shall not be construed as an agreement either expressed or implied that the Bank is bound to grant any overdraft facility of whatsoever nature to the Account Holder.
- 4.2 All prevailing government levies and taxes shall be charged to the Account. The Bank assumes no liability on claims or losses incurred by the Account Holder as a consequence of complying with the provisions in law and/or regulation as the case may be.
- 4.3 Time Deposits
- 4.3.1 Time Deposits may be uplifted only on maturity. Maturity proceeds of any Time Deposits will be made available only on the immediately succeeding working day from the maturity date provided instructions have not been given to re-invest the funds.
- 4.3.2 However, the Bank may at its sole discretion release Time Deposits before maturity upon duly authorised (according to the mandate given to the Bank) written requests made by the Account Holder/s. Time Deposits released before maturity at the Bank’s sole discretion are subject to penalty charges as specified in the Bank’s Tariff of Charges.
- 4.3.3 Any upliftment of the Time Deposits for consolidation with further deposit and re-depositing to increase amount of the existing Time Deposit before maturity shall also be subject to penalty charges as specified in the Bank’s tariff of charges.
- 4.3.4 In the absence of specific instructions to the contrary Time Deposits will on maturity be renewed for a similar period at the rate of interest prevailing on the day of maturity.
- 4.3.5 In the event the regulators impose restrictions on withdrawals and interest payments on Time Deposits the Account Holder/s shall be bound on such restrictions.
- 5.1 No interest shall be paid by the Bank on credit balances in the Account where the Account is a Current Account.
- 5.2 The rate of any interest payable on any Account which is a savings or a deposit Account will be displayed by the Bank at its branches in Sri Lanka and/or on the official website of the Bank at www.hsbc.lk and shall constitute due notice to the Account Holder
- 5.3 Interest on Account/s which are savings accounts shall be calculated on the daily available balances and credited monthly at the prevailing rate before the end of the month to the particular Account or any other Account nominated by the Account Holder/s.
- 5.4 The rate of interest of Rupee Time Deposits is subject to change without notice except that the Bank will not vary the rate of interest contracted on existing Time Deposits until maturity.
COLLECTION, PROCESSING AND SHARING OF CUSTOMER INFORMATION
- 6.1 The Bank must be advised if the statement of Account is not received within 10 working days from the end of the statement cycle. The Account Holder/s agrees to examine each statement of the Account received from the Bank to examine if there are any errors, discrepancies, unauthorized debits or other transactions or entries arising from or due to whatever cause including, but without limitations, forgery, forged signatures, fraud, and lack of authority or negligence of the Account Holder/s or any other person. Any errors should be notified to the Bank within 14 working days from the date of receipt of the statement.
- 6.2 The Account Holder/s is responsible for preserving copies of the statements of the Account. Should copies of statements be requested from the Bank, the Bank reserves the right to levy charges for providing this service in accordance with its prevailing tariff of charges.
- 7.1 COLLECTION
HSBC and other members of the HSBC Group may collect, use and share Customer Information (including relevant information about the Customer, the Customer’s transactions, the Customer’s use of HSBC’s products and services, and the Customer’s relationships with the HSBC Group). Customer Information may be requested from the Customer (or a person acting on the Customer’s behalf), or may also be collected by or on behalf of HSBC, or members of the HSBC Group, from other sources (including from publically available information), generated or combined with other information available to HSBC or any member of the HSBC Group.
- 7.2 PROCESSING
HSBC and/or members of the HSBC Group will process, transfer and disclose Customer Information in connection with the following Purposes: (a) providing Services and for any transactions requested or authorised by the Customer, (b) meeting Compliance Obligations, (c) conducting Financial Crime Risk Management Activity, (d) collecting any amounts due from the Customer, (e) conducting credit checks and obtaining or providing credit references, (f) enforcing or defending HSBC’s, or a member of the HSBC Group’s, rights, (g) for internal operational requirements of HSBC or the HSBC Group (including, without limitation, credit and risk management, system or product development and planning, insurance, audit and administrative purposes), (h) maintaining HSBC’s overall relationship with the Customer (including marketing or promoting financial services or related products to the Customer and market research),(the "Purposes").
- 7.3 SHARING
By using the Services, the Customer agrees that HSBC may (as necessary and appropriate for the Purposes) transfer and disclose any Customer Information to the following recipients (who may also process, transfer and disclose such Customer Information for the Purposes):
- 7.3.1 any member of the HSBC Group;
- 7.3.2 any sub-contractors, agents, service providers, or associates of the HSBC Group (including their employees, directors and officers);
- 7.3.3 anyone acting on behalf of the Customer, payment recipients, beneficiaries, account nominees, intermediary, correspondent and agent banks, clearing houses, clearing or settlement systems, market counterparties, upstream withholding agents, swap or trade repositories, stock exchanges, companies in which the Customer has an interest in securities (where such securities are held by HSBC for the Customer);
- 7.3.4 any party acquiring an interest in or assuming risk in or in connection with the Services;
- 7.3.5 other financial institutions, credit reference agencies or credit information bureaus, for obtaining or providing credit references, Auditors/Tax Consultants;
- 7.3.6 any third party fund manager who provides asset management services to the Customer;
- 7.3.7 any introducing broker to whom HSBC provides introductions or referrals;
- 7.3.8 in connection with any HSBC business transfer, disposal, merger or acquisition;
wherever located, including in jurisdictions that do not have data protection laws that provide the same level of protection as the jurisdiction in which the Services are supplied.
8.1 The Customer agrees to inform HSBC promptly, and in any event, within 30 days in writing if there are any changes to Customer Information supplied to HSBC or a member of the HSBC Group from time to time, and to respond to any request from HSBC, or a member of the HSBC Group.
- 8.2 The Customer confirms that every Connected Person/person whose information (including Personal Data or Tax Information) they have provided to HSBC or a member of the HSBC Group has been notified of and agreed to the processing, disclosure and transfer of their information as set out in these Terms and Conditions. The Customer shall advise Connected Persons/such persons that they may have rights of access to, and correction of, their Personal Data.
- 8.3 Where:
a Customer fails to provide Customer Information that HSBC reasonably requests, or a Customer withholds or withdraws any consents that HSBC may need to process, transfer or disclose Customer Information for the Purposes, or HSBC or a member of the HSBC Group has suspicions regarding the possible commission of Financial Crime or a Customer presents a potential Financial Crime risk to a member of the HSBC Group, HSBC may:
- 8.3.1 be unable to provide new, or continue to provide all or part of the, Services to the Customer and reserves the right to terminate its business relationship with the Customer;
- 8.3.2 take actions necessary for HSBC or a member of the HSBC Group to meet the Compliance Obligations; and/or
- 8.3.3 block, transfer or close Customer account(s). 9. DATA
FINANCIAL CRIME RISK MANAGEMENT ACTIVITY
- 9.1 Whether it is processed in a home jurisdiction or overseas, in accordance with data protection legislation, Customer Information will be protected by a strict code of secrecy and security that all members of the HSBC Group, their staff and third parties are subject to.
- 10.1 HSBC, and members of the HSBC Group, are required, and may take any action they consider appropriate in their sole and absolute discretion, to meet Compliance Obligations in connection with the detection, investigation and prevention of Financial Crime (“Financial Crime Risk Management Activity”). Such action may include, but is not limited to: (a) screening, intercepting and investigating any instruction, communication, drawdown request, application for Services, or any payment sent to or by the Customer, or on its behalf, (b) investigating the source of or intended recipient of funds (c) combining Customer Information with other related information in the possession of the HSBC Group, and/or (d) making further enquiries as to the status of a person or entity, whether they are subject to a sanctions regime, or confirming a Customer’s identity and status.
- 10.2 To the extent permissible by law, neither HSBC nor any other member of HSBC Group shall be liable to the Customer or any third party in respect of any loss(es) whether incurred by the Customer or a third party in connection with the delaying, blocking or refusing of any payment or the provision of all or part of the Services or otherwise as a result of Financial Crime Risk Management Activity.
- 11.1 The Customer and each Connected Person acting in their capacity as a Connected Person (and not in their personal capacity) acknowledges they are solely responsible for understanding and complying with their tax obligations (including but not limited to, tax payment or filing of returns or other required documentation relating to the payment of all relevant taxes) in all jurisdictions in which those obligations arise and relating to the opening and use of account(s) and/or Services provided by HSBC and/or members of the HSBC Group. Certain countries may have tax legislation with extra-territorial effect regardless of the Customer’s (or Connected Person’s) place of domicile, residence, citizenship or incorporation. HSBC and/or any member of the HSBC Group does not provide tax advice. The Customer is advised to seek independent legal and/or tax advice. HSBC and/or any member of the HSBC Group has no responsibility in respect of a Customer’s tax obligations in any jurisdiction in which they may arise including, without limitation, any that may relate specifically to the opening and use of account(s) and/or Services provided by HSBC and/or members of the HSBC Group.
SURVIVAL UPON TERMINATION
- 12.1 The Account Holder/s warrants that all information given to the Bank (whether in the Account opening form or otherwise) are true and accurate to the best of the knowledge of the Account Holder/s.
- 12.2 Save as otherwise provided in these Terms and Conditions any demand or communication made by the Bank under these Terms and Conditions or otherwise shall be in writing and sent to the last recorded address of the Customer with the Bank and shall be deemed to have been received by the Customer unless a different address is notified by the Customer to the Bank in writing as provided for in Clause 8.1
- 12.3 Any notice herein sent by post by the Bank shall be deemed to have been duly received by the Account Holder/s within 7 working days of posting to the address last notified in writing to the Bank.
- 12.4 The Bank may with notice introduce a minimum balance required to be maintained in the Account and levy transaction charges and/or service charges as provided in the prevailing tariff of charges where such requirement is not met by the Account Holder/s
- 12.5 The Bank shall retain copies of statements, vouchers, withdrawal/deposit slips, cheques or any other transaction records of the Accounts for a period of 7 years only. All such records shall be destroyed after 7 years and the Bank shall not assume any liability or responsibility for providing copies of statement or transaction records after 7 years..
- 12.6 The Bank shall act only on authorized written instructions to effect payments debiting the Account (including standing instructions) received from the Account Holder by post or delivered to any of the Bank’s branches within working hours. The Bank shall not be liable or be held responsible for any claims, losses or costs arising from its failure to act on such instructions within a specific time frame. The Bank shall not accept any instructions received through facsimile, without a specific fax indemnity between the Bank and the Account Holder to carry out transactions using these methods.
- 12.7 The Bank shall not send separate Account advices to the Account Holder by post for cash deposits, cash cheque withdrawals, cheque deposits and other debit/credit transactions unless so done at the sole discretion of the Bank.
- 12.8 The Bank reserves the right to refuse to open any Account or close any Account without assigning any reason, after giving 6 weeks written notice to the last recorded address of the Account Holder. The Bank also reserves the right to close zero balance Accounts which are inactive for a period of twelve (12) months, giving 6 weeks written notice of such closure to the last recorded address of the Account holder. In certain instances, the Bank reserves the right to collect any charges or absorb the balance in the Account as commission unless disposal instructions are received from the Account Holder/s before the expiry of the 6 weeks written notice period.
- 12.9 The Bank may on its own account, close the Account without notice to the Account Holder/s in the event of the Bank being satisfied that there has been any violation of the Exchange Control Regulations in force at the time.
- 12.10 The Bank may without prior notice, combine or consolidate the Account Holders Account/s with any liabilities to the Bank and set-off or transfer any sum/s standing to the credit of any such Accounts or any other sum/s owing to the Account Holder from the Bank on any other account or in any other respect whether such liabilities be actual or contingent primary or collateral and several or joint.
- 12.11 The Bank and other members of the HSBC Group are required to act in accordance with the laws that apply to the HSBC Group or the Bank and any group regulations in relation to prevention of Money Laundering, Terrorist Financing and the provision of financial and other services to any person or entities that may be subjected to sanctions. The Bank therefore is entitled to any action which it, in its sole and absolute discretion, considers appropriate to act in accordance with such laws and group regulations. Such action may include, but is not limited to, the interception and investigation of any payment messages and other information or communications sent to or by the Account Holder or on its behalf via the Bank’s systems or any other member of the HSBC Groups systems; and making further enquiries as to whether a name might refer to a sanctioned person or entity actually refers to that person or entity. Neither the Bank nor any member of the HSBC Group shall be liable for loss (whether direct or consequential and including, without limitation, loss of profit or interest) or damage suffered by any party arising out of: (i) Any delay or failure by the Bank or any other member of the HSBC Group in performing any of its duties under the account Terms and Conditions or other obligations caused in whole or in part by any steps which the Bank, in its sole and absolute discretion, considers appropriate to act
in accordance with all such laws and regulations.
(ii) The exercise of any of the Bank’s rights under this Clause. In certain circumstances, the action that the Bank may take may prevent or cause a delay in the processing of certain information. Therefore, neither the Bank nor any member of the HSBC Group warrants that any information on the Bank’s systems relating to any payment messages and communications are the subject of any action taken. Subject to the overriding requirements of any applicable laws and group regulations, the Bank shall endeavor to notify the Account Holder of the existence of such circumstances as soon as it may deem reasonably practicable.
- 12.12 If the Customer or a shareholder (whether direct or indirect, legal or beneficial) of the Customer is a company incorporated in a country that permits issuance of bearer shares, the Customer confirms and warrants that neither it nor such shareholder has issued any bearer shares and further undertakes that neither it nor such shareholder will issue or convert any of its shares or such shareholder's shares (as the case may be) to bearer form without prior written notice to the Bank. The Account relationship with the Bank is thereafter to be exited prior to conversion to bearer shares. The Bank reserves the right to close any accounts where bearer shares had been issued as stated above without prior written notice to the Bank.
- 12.13 These Terms and Conditions shall be governed by and construed in accordance with the laws for the time, being in force in the Democratic Socialist Republic of Sri Lanka and any of these Terms and Conditions shall automatically stand amended if such amendments are necessitated by law, Government Regulations or instructions issued by the Central Bank of Sri Lanka or any other statutory body.
- 12.14 The Account Holder/s shall be bound absolute and equally by all Terms and Conditions contained herein irrespective of whether such Terms and Conditions are incorporated in the body of the statement of Account.
- 12.15 The Bank reserves the right to change, modify or add to these Terms and Conditions and/or the Bank’s tariff of charges. The Bank shall give notice of such modification to the Account Holder/s either by letter and/or by displaying on the Banks notice boards and/or through statement messages and/or on the official website of the Bank at www.hsbc.lk and/or any other suitable place or manner
and should be construed as giving such notice to the Account Holder. A copy of the amended Terms and Conditions and/or the Bank’s Tariff of charges shall be made available to the Account holder/s upon request.
- 12.16 Any person opening or continuing an Account shall be deemed to have read and understood and be bound by the Bank’s Terms and Conditions governing the conduct of the Accounts held or any other relevant Terms and Conditions as the case may be.
- 12.17 In the event of any conflict or inconsistency between any of these Terms and Conditions and those in any other service, product, business relationship, account or agreement between the Customer and HSBC, these Terms and Conditions shall prevail. Any consents, authorisations, HSBC requested waivers and permissions that already exist from the Customer in relation to Customer Information shall continue to apply in full force and effect, to the extent permissible by applicable local law.
- 12.18 If all or any part of the provisions of these Terms and Conditions become illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of these Terms and Conditions in that jurisdiction.
- 12.19 No forbearance, neglect or waiver by the Bank of any of these Terms and Conditions in respect of a particular instance or occurrence shall prejudice the Bank’s right thereafter to strictly enforce the same.
- 12.20 The Account Holder/s agree to fully indemnify the Bank against all costs and expenses (including legal fees) arising in any way in connection with providing the Services or in enforcing these Terms and Conditions and in recovering any amounts due to the Bank : or incurred by the Bank in any legal proceedings of whatever nature.
- 13.1 The Terms and Conditions regarding collection, processing and sharing of Customer Information, Data Protection Financial Crime Risk Management Activity and Tax Compliance shall continue to apply notwithstanding their termination, any termination by HSBC or a member of the HSBC Group of the provision of any Services to the Customer or the closure of any Customer account.
14.1The Account Holder/s shall have the right to make any complaint to the Bank verbally or in writing to the nearest Branch or Bank’s Call Centre as follows:
Contacting the Customer Solutions hotline on
+ 94 114 511 566
- E-mailing concerns to firstname.lastname@example.org
- Mailing concerns to
The Manager Customer Experience and Relations
- HSBC Centre
525 Union Place
- The Account Holder/s may visit any of the HSBC branches and speak to the Manager in charge or provide the Bank feedback on the Bank’s "Listening to your comments" forms available.
- The Account Holder/s may also directly speak to the Account Holder’s Relationship Manager or any of the branch staff of the Bank.
14.2 On receipt of a complaint, the recipient thereof shall forward such compliant to the relevant department or division of the Bank for inquiry and further action. All complaints will be monitored and duly followed up by the Bank’s Customer Experience and Relations Unit.
14.3 The Bank will respond to the Account Holder on the complaint made within a reasonable period of time from the date of receipt of such complaint. In the event the Bank is unable to conclude the inquiry into the complaint within this time period, then the Bank will within such period, provide the Account Holder with an interim response until such time the complaint will be finally responded.
14.4 In the event the Bank is satisfied that the complaint is legitimate, then the Bank shall, in such final response inform the Account Holder of the steps taken to resolve the complaint.
14.5 While the Bank would prefer to always resolve any concern raised with the Bank to the complete satisfaction of the Account Holder, the Account Holder/s may also write to the Office of the Financial Ombudsman and request redress. The Office of the Financial Services Ombudsman is an independent, impartial and free service established as part of the Financial Sector Reform package initiated in April 2002.
The Office of the Financial Ombudsman Sri Lanka,
143A Vajira Road,
Telephone : +94 11 2 595 624
Fax : +94 11 2 595 625
E-mail : email@example.com
Web : www.financialombudsman.lk
Capitalised terms used in these Terms and Conditions shall have the following meanings, unless the context otherwise requires:
"Account/s" means a business account but not limited to savings, current and fixed and/or time deposit accounts collectively.
"Account Holder/s" means Limited Liability Companies, or any other institutions and/or organizations acceptable to the Bank
"Authorities" means any judicial, administrative or regulatory body, any government, or public or government agency, instrumentality or authority, any Tax Authority, securities or futures exchange, court, central bank or law enforcement body, or any agents thereof, having jurisdiction over any part of HSBC Group.
"Compliance Obligations" means obligations of any member of the HSBC Group to comply with: (a) any applicable local or foreign statute, law, regulation, ordinance, rule, judgment, decree, voluntary code, directive, sanctions regime, court order, agreement between any member of the HSBC Group and an Authority, or agreement or treaty between Authorities and applicable to HSBC or a member of the HSBC Group (“Laws”), or international guidance and internal policies or procedures, (b) any [valid] demand from Authorities or reporting, regulatory trade reporting, disclosure or other obligations under Laws, and (c) Laws requiring HSBC to verify the identity of our Customers.
"Confidential Information" means any information that is designated by the Customer as confidential at the time of disclosure or that a reasonable person would consider to be confidential, non-public or proprietary in nature.
"Connected Person" means a person or entity whose information (including Personal Data or Tax Information) is provided by, or on behalf of, the Customer to any member of the HSBC Group or otherwise received by any member of the HSBC Group in connection with the provision of the Services. In relation to the Customer, a Connected Person may include, but is not limited to, any guarantor (of the Customer), a director or officer of a company, partners or members of a partnership, any “substantial owner”, “controlling person”, or beneficial owner, trustee, settler or protector of a trust, account holder of a designated account, payee of a designated payment, representative, agent or nominee of the Customer, or any other persons or entities having a relationship to the Customer that is relevant to its banking relationship with the HSBC Group.“Controlling persons” generally means individuals who exercise control over an entity (for a trust, these are the settlor, the trustees, the protector, the beneficiaries or class of beneficiaries, and any other individual who exercises ultimate effective control over the trust, and in the case of a legal entity other than a trust, such term means persons in equivalent or similar positions of control).
"Customers" means Limited Liability Companies, or any other institutions / organizations acceptable to the Bank.
"Customer Information" means Personal Data, confidential information, and/or Tax Information of either the Customer or a Connected Person (including accompanying statements, waivers and consents).
"Financial Crime" means money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or violations, or attempts to circumvent or violate any Laws or regulations relating to these matters.
"HSBC"/ "Bank" means THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED a Banking Corporation duly incorporated in and under the laws of Hong Kong SAR and having its Registered Office at No. 1, Queen’s Road Central, Hong Kong and carrying on business in the said Republic at its Branch Office at No. 24, Sir Baron Jayatilaka Maratha, Colombo 1 and elsewhere in the said Republic of Sri Lanka
"HSBC Group" means HSBC Holdings plc, and/or any of, its affiliates, subsidiaries, associated entities and any of their branches and offices, and "any member of the HSBC Group" has the same meaning.
"Loss" means any claim, charge, cost (including, but not limited to, any legal or other professional cost), damages, debt, expense, tax, liability, obligation, allegation, suit, action, demand, cause of action, proceeding or judgment, however calculated or caused, and whether direct or indirect, consequential, punitive or incidental.
"Personal Data" means any data relating to an individual (and corporate entities, in those countries where data privacy law applies to corporates), from which the individual can be identified, including, without limitation, sensitive personal data, name(s), residential address(es), contact information, age, date of birth, place of birth, nationality, citizenship, personal and marital status.
"Services" means, without limitation, (a) the opening, maintaining and closing of the Customer’s bank accounts, (b) the provision of credit facilities and other banking products and services to the Customer (including, for example, securities dealing, investment advisory, broker, agency, custodian, clearing or technology procuring services), processing applications, ancillary credit assessment and product eligibility assessment, and (c) the maintenance of HSBC’s overall relationship with the Customer, including marketing or promoting financial services or related products to the Customer, market research, insurance, audit and administrative purposes.
"Substantial owners" means any individuals entitled to more than 10% of the profits of or with an interest of more than 10% in an entity either directly or indirectly.
“Tax Authorities” means domestic or foreign tax, revenue, fiscal or monetary authorities.
"Tax Information" means any documentation or information (and accompanying statements, waivers and consents) relating, directly or indirectly, to the tax status of a Customer (regardless of whether that Customer is an individual or a business, non-profit or other corporate entity) and any owner, “controlling person”, “substantial owner” or beneficial owner of a Customer, that HSBC considers, acting reasonably, is needed to comply (or demonstrate compliance, or avoid non-compliance) with any HSBC Group member's obligations to any Tax Authority. “Tax Information” includes, but is not limited to, information about: tax residence and/or place of organisation (as applicable), tax domicile, tax identification number, Tax Certification Forms, certain Personal Data (including name(s), residential address(es), age, date of birth, place of birth, nationality, citizenship).
"Tax Certification Forms" means any forms or other documentation as may be issued or required by a Tax Authority or by HSBC from time to time to confirm the tax status of an account holder or the Connected Person of an entity.
Reference to the singular includes the plural (and vice versa).
VERSION OF THE TERMS
These Terms shall be available in Sinhala and Tamil languages. In the event of any inconsistency between the English, Sinhala and the Tamil texts, English version shall prevail. The Sinhala and Tamil translations of these Terms and Conditions are available on the website of the Bank (www.hsbc.lk) and also in printed form at all offices and/or branch offices of the Bank.