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Account Management Agreement

Account Management Agreement Template for Austria

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Key Requirements PROMPT example:

Account Management Agreement

"I need an Account Management Agreement under Austrian law for a corporate client in the manufacturing sector, who requires multi-currency accounts and international payment capabilities, with the agreement to take effect from March 1, 2025."

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Document background
The Account Management Agreement is a fundamental document used to establish and govern the relationship between financial institutions and their clients in Austria. It is required whenever a new banking relationship is established, whether for individual or corporate clients, and provides the legal framework for all account-related services and transactions. The agreement must comply with Austrian banking regulations, including the Banking Act (BWG), Financial Market Anti-Money Laundering Act (FM-GwG), and EU regulations such as GDPR. It typically includes comprehensive terms covering account operations, electronic banking services, fee structures, communication methods, and security procedures. This document is essential for ensuring regulatory compliance while protecting both the financial institution's and client's interests in the Austrian banking context.
Suggested Sections

1. Parties: Identification of the financial institution and the client, including full legal names and addresses

2. Background: Context of the agreement and brief description of the services to be provided

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

4. Scope of Services: Detailed description of account management services to be provided

5. Account Opening and Operation: Procedures and requirements for opening and operating accounts

6. Rights and Obligations of the Bank: Detailed responsibilities and obligations of the financial institution

7. Rights and Obligations of the Client: Client's responsibilities, including providing accurate information and maintaining minimum balances

8. Fees and Charges: Structure and details of all applicable fees, charges, and commissions

9. Communications and Instructions: Methods and procedures for communication between parties and giving instructions

10. Data Protection and Confidentiality: Provisions for handling personal data and maintaining confidentiality

11. Anti-Money Laundering Compliance: Requirements and procedures for AML compliance

12. Term and Termination: Duration of agreement and conditions for termination

13. Liability and Indemnification: Scope of liability and indemnification provisions

14. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction details

15. Miscellaneous: General provisions including severability, entire agreement, and amendments

Optional Sections

1. Electronic Banking Services: Terms for online banking services, when digital access is provided

2. Investment Services: Additional terms for investment-related services, if investment accounts are included

3. Joint Accounts: Special provisions for joint account holders, when applicable

4. Corporate Accounts: Specific provisions for corporate clients, when the client is a business entity

5. International Transfers: Terms for international banking services, if cross-border services are offered

6. Credit Facilities: Terms for any associated credit facilities, if overdraft or credit services are included

7. Special Account Types: Provisions for special account types like savings or fixed deposit accounts

8. Power of Attorney: Terms for appointing and managing authorized representatives

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and commission rates

2. Schedule 2 - Service Level Agreement: Specific service standards and response times

3. Schedule 3 - Account Opening Forms: Standard forms and documentation required for account opening

4. Schedule 4 - Required Documentation: List of required KYC and due diligence documents

5. Schedule 5 - Electronic Banking Procedures: Detailed procedures for electronic banking services

6. Appendix A - Data Processing Agreement: Detailed terms for personal data processing in compliance with GDPR

7. Appendix B - Authorized Signatories: Template and procedures for designating authorized signatories

8. Appendix C - Special Terms for Specific Services: Additional terms for specific banking services

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Account Holder
Account Statement
Authorized Representative
Authorized Signatory
Banking Day
Banking Hours
Bank
Business Day
Client
Confidential Information
Credit Balance
Debit Balance
Electronic Banking Services
Electronic Instructions
Fees
Force Majeure
Governing Law
Instructions
Interest Rate
Joint Account
KYC Documentation
Login Credentials
Mandate
Online Banking Platform
Operating Procedures
Password
Payment Instrument
Personal Data
PIN
Power of Attorney
Regulatory Requirements
Sanctions
Security Credentials
Services
Service Level Agreement
Specimen Signature
Standing Order
Terms and Conditions
Transaction
Two-Factor Authentication
User ID
Value Date
Verification Process
Working Day
Clauses
Scope of Services
Account Operation
Authorization
Fees and Charges
Payment Terms
Electronic Banking
Data Protection
Confidentiality
Anti-Money Laundering
Know Your Customer
Representations and Warranties
Rights and Obligations
Security
Access Control
Communication
Instructions
Liability
Indemnification
Force Majeure
Term and Duration
Termination
Account Closure
Amendments
Assignment
Severability
Entire Agreement
Notices
Governing Law
Jurisdiction
Dispute Resolution
Waiver
Third Party Rights
Compliance with Laws
Record Keeping
Interest
Set-off
Currency Conversion
Service Levels
Operational Requirements
Relevant Industries

Banking

Financial Services

Investment Management

Corporate Services

Retail Banking

Private Banking

Wealth Management

Professional Services

FinTech

Insurance

Relevant Teams

Legal

Compliance

Account Management

Client Services

Operations

Risk Management

Treasury

Corporate Banking

Private Banking

Customer Support

Financial Control

Regulatory Affairs

Relevant Roles

Relationship Manager

Account Manager

Compliance Officer

Legal Counsel

Banking Operations Manager

Client Services Director

Risk Manager

Treasury Manager

Financial Controller

Corporate Banking Officer

Private Banking Manager

Operations Director

Chief Financial Officer

Chief Compliance Officer

Head of Legal

Customer Service Manager

Industries
Austrian Civil Code (ABGB): The fundamental civil law code that governs contractual relationships, including formation, performance, and termination of contracts
Austrian Banking Act (BWG): Regulates banking activities and financial services, including account management services and duties of financial institutions
Financial Market Anti-Money Laundering Act (FM-GwG): Sets requirements for customer due diligence, monitoring, and reporting obligations for financial institutions
General Data Protection Regulation (GDPR): EU regulation implemented in Austria governing the processing and protection of personal data
Austrian Consumer Protection Act (KSchG): Provides specific protections for consumers in contractual relationships with businesses
Austrian Distance Financial Services Act (FernFinG): Regulates the provision of financial services through distance communication means
Austrian Payment Services Act (ZaDiG): Implements EU payment services directive and regulates payment services and account management
Austrian E-Commerce Act (ECG): Relevant for online account management services and electronic contracts
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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