Terms & Conditions for Documentary Collections

We agree to the following Terms and Conditions:
If immediate credit has been given for the drafts described herein, it is agreed that such credit is conditional upon and is subject to collection and receipt by you of the full value of the said drafts; in the absence of such receipt and collection by you, we will, upon your demand reimburse you for the amount so advanced plus interest thereon at your prescribed rate from the date of the said advance until the date of payment. If the drafts are returned unpaid, documents are to be returned by regular mail to the address mentioned above. This collection is subject to Revision of the Uniform Rules for Collections, International Chamber of Commerce Publication currently in force.

Any and all currency conversions shall be at the Bank's prevailing foreign exchange rate unless otherwise arranged beforehand.

We shall pay the Bank all interest applicable to any processing undertaken pursuant to our request , and at such rates and for such periods determined by the Bank.

We, the Applicants, consent to the Bank, it's officials, employees, correspondents and agents disclosing any information regarding the Applicant's particulars, this Application, the subject matter thereof and Applicant's account and affairs (including but not limited to the Applicant's name, account number/ unique reference number, address, unique identification number and/or date and place of birth) as the Bank shall deem appropriate for the purpose of any investigations relating to the Application made herein, any transactions connected therewith and/or towards compliance with law, regulations, guidelines, directives and/or such other requirements of regulatory authorities.

We, the Applicants understand that the Bank shall be entitled to take all actions the Bank considers appropriate in order for the Bank to meet any obligation or requirement, either in Singapore or elsewhere, in connection with the detection, investigation and prevention of financial crime including fraud, money laundering, terrorism financing, bribery, corruption, or tax evasion or the enforcement of any economic or trade sanction ("Financial Crime").

We understand and agree that if any activities, conduct or circumstances we are involved in (directly or indirectly) may, in the sole and absolute discretion of the Bank, expose the Bank to legal or reputational risk, or actual or potential regulatory or enforcement actions, the Bank shall at any time, without giving any reason or notice to us, have the right to immediately:-
(a) close all accounts and terminate all services we have with the Bank;
(b) delay, block or refuse the making or clearing of any payment, the processing of instructions or the application for services or the provision of all or part of the services;
(c) terminate and/or recall any or all advances or loans, credit or other financial or banking facilities (committed or uncommitted), accommodation, financial assistance or services and demand repayment of all sums outstanding; or
(d) make reports and take such other actions as the Bank may deem appropriate.
We undertake that we will not initiate, engage in or effect a transaction (directly or indirectly) that may involve Financial Crime and agree to hold the Bank harmless, indemnify and keep the Bank indemnified from and against any and all liabilities, claims, obligations, losses, damages, penalties, actions, judgments, suits, costs (including, but not limited to, legal costs on a full indemnity basis), expenses and disbursements of any kind whatsoever which the Bank may suffer or incur in connection with or arising from any breach by us of this undertaking.