Effective 1 July 2014
1.Definitions and Interpretation
In this FATCA Policy, the following capitalised terms have the following meaning:
"Account Information" means any information relating to any account of a Customer with OCBC Bank including without limitation the account number, account balance or value, and gross receipts, withdrawals and payments to or from the account.
"Applicable Laws and Regulations" means obligations of OCBC Bank to comply with: (i) applicable local or foreign laws, ordinances, regulations, demands, guidance, orders, guidelines, rules, codes of practice, whether or not relating to an intergovernmental agreement between the governments or regulatory authorities of two or more jurisdictions; and (ii) any agreement between OCBC Bank and any government or taxation authority in any jurisdiction; and including but not limited to FATCA.
”Authority" means any national, state, or local government, any political subdivision thereof, any agency, authority, instrumentality, whether judicial or administrative, regulatory or self-regulatory organisation, law enforcement body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore.
"Consenting Person" means any Person or entity whose information (including Tax Information) is received by OCBC Bank in connection with the provision of Services. For the avoidance of doubt, "Consenting Person" may include Customers, substantial owners and controlling persons of Customers, any Person who is beneficially interested or financially interested in the payments made or to be made by OCBC Bank.
"Controlling Person" means any individual who exercises ultimate effective control over an entity or trust.
"Customer" means the Person who has a relationship with OCBC Bank in connection with the Services, whether alone or jointly with any other Person and, in the case of a corporation, shall include its successors and in the case of a partnership or other unincorporated entity consisting of two or more Persons, its successors, executors and personal representatives.
"FATCA" means Section 1471 to 1474 of the United States Internal Revenue Code of 1986, as amended and any associated similar or analogous legislation, treaty, intergovernmental agreement, foreign financial institution agreement, regulation, instruction, or other official guidance of any Authority in any jurisdiction whether within or outside of Malaysia.
"Person" means an individual, corporation, company, partnership, joint venture, trust, estate, limited liability company, unincorporated organisation or other entity.
"Personal Information" in respect of a Customer and any Consenting Person, means: (i) where the Customer and any Consenting Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number, social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such information as OCBC Bank may reasonably require regarding Customer and any Consenting Person; (ii) where the Customer and any Consenting Person is a corporate/entity, its date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business or (if applicable) such information as OCBC Bank may reasonably require regarding each of its substantial shareholders and controlling persons.
"Services", in relation to a Customer, means, without limitation, (i) the opening, maintaining and closing of bank accounts; (ii) the issuing, maintaining, administering and terminating of insurance policies; (iii) the provision of any banking or financial services and products (including without limitation, private banking services, credit facilities, credit card services, loans, brokerage, investment banking services, corporate finance services, provision of mezzanine capital, capital market services, services in respect of treasury products and financial derivatives transactions); (iv) relationship maintenance between OCBC Bank and the Customer (including without limitation marketing and promoting banking or financial services or products); and (v) any other acts or materials of OCBC Bank ancillary to, in furtherance of or in connection with any of the (i) to (iv) above (including without limitation research and analysis).
"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% and more of the corporation's stock (by vote or value) and (2) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly own 25% and more of the beneficial interests of the trust.
"Tax Information" in respect of a Customer and any Consenting Person, means: (i) any documentation or information (and accompanying statements, waivers and consents as OCBC Bank may from time to time require or as the Customer and any Consenting Person from time to time give) relating, directly or indirectly, to the tax status of the Customer and any Consenting Person; (ii) Personal Information of the Customer and any Consenting Person; and (iii) Account Information.
2.Tax Withholding and Compliance Provisions
2.1 Provision of Information
2.2 Disclosure of Information
The Customer agrees that OCBC Bank may disclose the Customer's Tax Information and the Tax Information of any other Consenting Person to any Authority in any jurisdiction for ensuring OCBC Bank's compliance with Applicable Laws and Regulations.
2.3 Failure to Provide Information
The Customer agrees that:
where the Customer fails to comply with its obligations under 2.1 above; or
OCBC Bank may take one or more of the following actions at any time as may be required by OCBC Bank to ensure its compliance with Applicable Laws and Regulations:
1. deduct from or withhold part of any amounts payable by OCBC Bank to the Customer and/or any other Consenting Person;
2. refuse to provide new Services to the Customer;
3. terminate the Customer's account(s) with OCBC Bank;
4. discontinue entirely or in part OCBC Bank's relationship with Customer;
5. provide (whether before or after taking actions as described in items 3 and 4 of this section) the Tax Information relating to Customer and/or any of the Consenting Persons to such Authority in any jurisdiction.
By using or accepting the Services, the Customer confirms and agrees that: