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Account Opening Agreement

Account Opening Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Account Opening Agreement

"I need a Hong Kong Account Opening Agreement for a retail banking service launching in March 2025, including electronic banking features and provisions for joint accounts, with specific focus on digital onboarding and mobile banking capabilities."

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Document background
The Account Opening Agreement serves as the foundational document establishing the banker-customer relationship in Hong Kong's banking sector. It is required whenever a new banking relationship is established, whether for individual, joint, or corporate accounts. The agreement must comply with Hong Kong's robust regulatory framework, including the Banking Ordinance (Cap. 155), Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), and Personal Data (Privacy) Ordinance (Cap. 486). The document typically includes comprehensive terms covering account operation, electronic banking services, security measures, fee structures, and customer due diligence requirements. It is designed to protect both the bank's and customer's interests while ensuring compliance with Hong Kong Monetary Authority guidelines and the Code of Banking Practice.
Suggested Sections

1. Parties: Identification of the bank and the account holder(s)

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement

4. Account Opening and Operation: Basic terms governing account opening, maintenance, and operation

5. Customer Instructions: Methods and procedures for giving instructions to the bank

6. Deposits and Withdrawals: Terms governing deposits, withdrawals, and transaction processing

7. Fees and Charges: Bank's fees, charges, and interest rates

8. Account Statements and Records: Provisions regarding account statements, record-keeping, and verification

9. Security and Access: Security measures, passwords, and access controls

10. Customer Obligations: Customer's responsibilities and warranties

11. Bank's Rights and Obligations: Bank's rights, responsibilities, and service standards

12. Data Privacy and Confidentiality: Treatment of personal data and confidential information

13. Anti-Money Laundering Compliance: AML/CTF requirements and procedures

14. Termination: Account closure and termination provisions

15. Governing Law and Jurisdiction: Application of Hong Kong law and jurisdiction

Optional Sections

1. Electronic Banking Services: Terms for online and mobile banking services, if offered

2. Specific Account Type Terms: Additional terms for specific account types (savings, current, etc.)

3. Joint Account Provisions: Special terms for joint accounts, if applicable

4. Foreign Currency Services: Terms for foreign currency accounts and transactions

5. Overdraft Facility: Terms for overdraft services, if offered

6. Specific Investment Services: Terms for investment-related services, if offered

7. Corporate Account Provisions: Special terms for corporate accounts

8. Minor Account Provisions: Special terms for accounts held by minors

9. Force Majeure: Provisions for extraordinary events and circumstances

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2 - Interest Rate Schedule: Current interest rates for different account types and balances

3. Schedule 3 - Required Documents: List of required documents for account opening

4. Schedule 4 - Account Opening Forms: Standard forms required for account opening

5. Schedule 5 - Electronic Banking Terms: Detailed terms for electronic banking services

6. Appendix A - Privacy Policy: Detailed privacy policy and data handling procedures

7. Appendix B - Risk Disclosure Statement: Required risk disclosures for specific services

8. Appendix C - Specimen Signatures: Authorized signatures for account operation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions














































Clauses



































Relevant Industries

Banking

Financial Services

Wealth Management

Corporate Banking

Retail Banking

Investment Services

FinTech

Professional Services

Legal Services

Regulatory Compliance

Relevant Teams

Legal

Compliance

Risk Management

Customer Service

Operations

Product Development

Regulatory Affairs

Data Protection

AML Compliance

Corporate Banking

Retail Banking

Client Onboarding

Documentation

Relevant Roles

Legal Counsel

Compliance Officer

Risk Manager

Account Manager

Branch Manager

Relationship Manager

Banking Operations Manager

Customer Service Manager

Product Development Manager

Regulatory Affairs Director

Data Protection Officer

AML Compliance Manager

Corporate Banking Officer

Retail Banking Officer

Operations Director

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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