The General Terms and Conditions regarding your account with ICBC (London) plc (the Bank) have been revised.
Please find a copy of the new Terms and Conditions (version 8) saved here. For your easy reference, the main changes are summarised below:
• Section 1 clause 1.1 was expanded to reflect that owing to Anti-Money Laundering legislation the Bank is required to update customer information from time to time as may become necessary.
• Section 1 clause 6.3 was amended to reflect that transactions may be declined if they exceed internal limits set for regulatory monitoring purposes.
• Section 1 clause 6.4 was amended to reflect that transactions may be delayed due to regulatory monitoring.
• Section 1 clause 12.1 was expanded to state that the Bank may choose to perform identification checks on any person(s) authorised to operate an account in line with Section 1 clause 1.1.
• Section 1 clause 17.3 was expanded to state that where an account is to be closed all funds except those that may be subject to a legal freezing order will be transferred according to customers’ wishes.
• Section 2 clause 5.1 (c) was inserted to state that where the Bank is required to give customer information, or records of customer transactions, to third party service providers, or other agents acting on the Bank’s behalf to discharge regulatory monitoring responsibilities, customer information will not be given without a Non Disclosure Agreement being in place between the Bank and the third party.
• Section 2 clause 12.1 was amended to reflect that where the Bank makes a major change or a lot of minor changes to the Terms and Conditions, the Bank will make the new Terms and Conditions available to you in a durable medium but will not post them to you directly unless requested to do so.
The changes to the Terms and Conditions take effect from 30 April 2014.
Please see section 2 clause 12.1 which sets out your rights if you do not agree with the changes made to the Terms and Conditions.