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The Account Opening Agreement serves as the foundational document establishing the banker-customer relationship in South Africa. It is required whenever a new banking relationship is established, whether for individuals, corporations, or other entities. The agreement must comply with South African banking regulations, including the Banks Act 94 of 1990, FICA requirements for customer due diligence, POPIA for data protection, and consumer protection legislation. It typically includes comprehensive terms covering account operations, fees, electronic banking services, and security measures. This document is essential for financial institutions operating in South Africa and must be regularly updated to reflect changes in regulatory requirements and banking practices.

1. Parties: Identification of the Bank and the Customer, including full legal names and details

2. Background: Context of the agreement and purpose of opening the account

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Opening Requirements: Documentation and information required for account opening, including FICA requirements

5. Account Operations: Basic terms and conditions for operating the account

6. Customer Obligations: Customer's responsibilities including maintaining accurate information and secure access

7. Bank's Obligations: Bank's duties and responsibilities in managing the account

8. Fees and Charges: Structure and details of banking fees, charges, and interest rates

9. Privacy and Data Protection: POPIA compliance and data handling procedures

10. Security Measures: Account security, authentication, and fraud prevention measures

11. Communications: Methods and requirements for communications between parties

12. Account Statements: Provision and frequency of account statements and record keeping

13. Termination: Conditions and procedures for account closure by either party

14. General Provisions: Standard legal provisions including governing law and jurisdiction