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The FBO Account Agreement is a critical document used in Hong Kong's banking and financial services sector when establishing accounts where funds or assets are held by one party for the benefit of another. This type of agreement is particularly important for trust arrangements, corporate structures, and wealth management services. The document, governed by Hong Kong law, must comply with the jurisdiction's robust regulatory framework, including the Banking Ordinance, HKMA guidelines, and anti-money laundering regulations. The agreement covers essential aspects such as account operation, compliance requirements, risk allocation, and the rights and obligations of all parties involved. It's commonly used in scenarios involving family offices, corporate trustees, or situations requiring segregated fund management with clear beneficiary designations.

1. Parties: Identifies and defines the contracting parties: the Bank, the Account Holder, and details of the Beneficiary

2. Background: Sets out the context of the agreement and the purpose of the FBO account arrangement

3. Definitions: Defines key terms used throughout the agreement, including specific banking, regulatory, and FBO-related terminology

4. Account Establishment and Structure: Details the establishment of the FBO account and its basic structure, including account designation requirements

5. Operating Instructions: Specifies how the account will be operated, including authorized signatories and transaction procedures

6. Rights and Obligations of the Bank: Outlines the bank's responsibilities, rights, and limitations in managing the FBO account

7. Rights and Obligations of the Account Holder: Details the account holder's responsibilities, including maintaining compliance and proper documentation

8. Beneficiary Arrangements: Specifies the relationship with the beneficiary and how their interests are protected

9. Fees and Charges: Details all applicable fees, charges, and payment terms

10. Compliance Requirements: Outlines regulatory compliance obligations, including AML/CTF requirements

11. Representations and Warranties: Contains standard and specific representations and warranties from all parties

12. Liability and Indemnification: Addresses liability limitations and indemnification obligations

13. Termination: Sets out circumstances and procedures for terminating the agreement

14. General Provisions: Contains standard boilerplate clauses including governing law, notices, and amendments