Account Opening Agreement Template for Philippines

The Account Opening Agreement serves as the foundational document establishing the banker-customer relationship in the Philippine banking context. It is required whenever a new banking relationship is established, whether for individual, joint, or corporate accounts. The agreement must comply with various Philippine regulations, including BSP Circular 1022, the Anti-Money Laundering Act (AMLA), and the Data Privacy Act. It encompasses essential terms for account operation, electronic banking services, security protocols, and customer due diligence requirements. The document is crucial for both traditional and digital banking services, reflecting modern banking practices while adhering to Philippine regulatory requirements. Banks use this agreement to ensure clear communication of rights, obligations, and services while maintaining regulatory compliance.

1. Parties: Identification of the bank and the account holder(s)

2. Background: Context of the agreement and relationship between the parties

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

4. Account Opening Requirements: Documentation and eligibility requirements for opening the account

5. Account Operation: Rules and procedures for operating the account, including deposits, withdrawals, and transactions

6. Electronic Banking Services: Terms governing online and mobile banking access and usage

7. Fees and Charges: Description of applicable fees, charges, and how they will be assessed

8. Interest: Terms regarding interest calculation and payment (if applicable)

9. Security and Access: Security measures, PIN/password requirements, and access protocols

10. Customer Obligations: Customer responsibilities including information updates and security measures

11. Bank's Rights and Obligations: Bank's services, responsibilities, and rights regarding account management

12. Data Privacy and Confidentiality: Terms regarding handling of personal information and bank confidentiality

13. Anti-Money Laundering Compliance: AML and KYC requirements and ongoing compliance obligations

14. Account Statements: Frequency, format, and terms related to account statements

15. Amendments: Process for making changes to the agreement or banking terms

16. Termination: Conditions and procedures for account closure or agreement termination

17. Governing Law: Specification of Philippine law as governing law and jurisdiction