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Notice of Changes to Terms and Conditions Governing Accounts Part A - General Terms and Conditions Governing Accounts (Effective from 20 February 2026)
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| 2026-01-20 |
Dear Valued Customer, To provide the Bank with greater flexibility in accordance with the Monetary Authority of Singapore (“MAS”) requirements on account compliance management, and for the purpose of better complying with its FATCA/CRS obligations, improving the management of inactive accounts, and enhancing compliance with its KYC obligations as well as the management of sanctions and money laundering risks, the Bank has revised certain provisions of Part A - General Terms and Conditions Governing Accounts under its Terms and Conditions Governing Accounts, which will take effect from 20 February 2026. The details of the amendments are set out below:
| Clause Reference |
Revised Clause |
| 10.6(b),(c) (Information in regard to Common Reporting Standard Obligations (“CRS”) and FATCA) |
(b) The Account Holder further acknowledges that any failure on his/her part to provide accurate and timely information pursuant to requirements of these terms or requests by BOC may result in BOC having to deem the Account Holder recalcitrant and/or reportable and take all necessary action against the Account Holder in order for BOC to be compliant with requirements under CRS, FATCA and/or result in BOC being unable to provide any of its Services or Facilities to the Account Holder in Singapore.
(c)The Account Holder agrees and acknowledges that BOC is entitled to take all necessary action to be and remain compliant with FATCA and CRS. With respect to FATCA or CRS, if some of the Account Holder’s income is reportable and some is not, BOC will report all income unless BOC can reasonably determine the reportable amount. The Account Holder hereby authorises BOC and any of its agents, where appropriate, to withhold or otherwise collect from any payment any required tax or other government assessment, including but not limited to any requirement to withhold or deduct an amount. |
| 16.2(b), 16.3 (Closing of Account) |
16.2 Notwithstanding any terms stated herein, BOC may at any time at its discretion, close or terminate any Account with immediate effect by giving the Account Holder notice without liability or disclosing or assigning any reason therefor. Without prejudice to the generality of the foregoing and any other rights of BOC under these Terms, BOC may at its sole discretion, close or terminate the Account if:-(b) the balance in the Account falls below the prescribed minimum;
16.3 In addition to Part A Clause 16.2 above, BOC may, at its discretion and without prior notice to the Account Holder, close or terminate the Account if the Account remains at a zero balance for one month or more. |
| 35.3 (Notice or Communication) |
35.3 The Account Holder shall immediately notify BOC in writing:-
(a) of any change of (i) particulars of the Account Holder or the Authorised Person (including but not limited to, the name, passport, immigration pass, signature, tax residency, taxpayer identification number, constitution, address, telex, facsimile numbers, email address, mobile number); (ii) the beneficial owner and/or residential status of the Account Holder; and (iii) any such details and particulars with respect to the Account including without limitation the filing of or revocation of lasting power of attorney in accordance with the Mental Capacity Act 2008 of Singapore as may be amended, altered, and/or modified from time to time; and
(b) of any petition filed for the bankruptcy or winding-up or any notice for passing of a resolution for the winding-up or appointment of a receiver and manager or judicial manager of the Account Holder.Where the Account Holder fails to notify BOC of any such change / events, or where BOC is aware of or has reason to believe that any such change /event has occurred, BOC may, without prior notice to the Account Holder, exercise its discretion to suspend (under Part A Clause 15) or close the Account (under Part A Clause 16). | If you have any queries, please contact our 24-Hour Customer Service Hotline at 1800 669 5566 (local) or +65 6779 5566 (overseas). Bank of China Limited, Singapore Branch
20 January 2026 |
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