Account Bank Agreement Template for Indonesia

The Account Bank Agreement serves as the foundational document governing the relationship between Indonesian banks and their customers, whether individuals or corporate entities. This agreement is essential for compliance with Indonesian banking regulations, including requirements set by Bank Indonesia and the Financial Services Authority (OJK). It establishes the framework for account operations, electronic banking services, security measures, and regulatory compliance, particularly in areas such as anti-money laundering and customer protection. The document is designed to protect both the bank's and customer's interests while ensuring adherence to Indonesian banking laws and regulations. It becomes necessary when establishing any new banking relationship in Indonesia and must be regularly updated to reflect changes in regulatory requirements and banking services.

1. Parties: Identification of the bank and the account holder(s), including their full legal names, addresses, and registration details

2. Background: Context of the agreement, including the bank's authority to operate and the customer's intention to open and maintain accounts

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

4. Account Opening and Operation: Requirements and procedures for opening accounts, authorized signatories, and operational instructions

5. Rights and Obligations of the Bank: Bank's responsibilities, rights to set fees, modify terms, and compliance obligations

6. Rights and Obligations of the Account Holder: Customer's responsibilities, obligations for accurate information, and compliance with banking regulations

7. Fees and Charges: Structure and calculation of fees, charges, and interest rates

8. Instructions and Communications: Methods of giving instructions, notifications, and communications between parties

9. Security and Access: Security measures, access controls, and authentication procedures

10. Statements and Records: Frequency and format of account statements, record-keeping obligations

11. Anti-Money Laundering Compliance: AML/KYC requirements and ongoing monitoring obligations

12. Confidentiality: Protection and handling of confidential information and banking secrecy

13. Termination: Conditions and procedures for account closure and agreement termination

14. Governing Law and Jurisdiction: Application of Indonesian law and jurisdiction for disputes

15. General Provisions: Miscellaneous legal provisions including force majeure, amendments, and severability