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Current Account Agreement

Current Account Agreement Template for Switzerland

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Key Requirements PROMPT example:

Current Account Agreement

"I need a Current Account Agreement under Swiss law for a corporate client in the technology sector, including provisions for multi-currency transactions and advanced digital banking services, to be implemented by March 2025."

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Document background
The Current Account Agreement serves as the foundational document establishing the banking relationship between a financial institution and its customers in Switzerland. This agreement is essential for any party seeking to maintain a banking relationship with a Swiss bank, whether for personal or business purposes. It covers all aspects of account operation, from basic services to complex banking transactions, while ensuring compliance with Switzerland's strict banking regulations, including the Federal Banking Act, anti-money laundering legislation, and data protection laws. The document is designed to accommodate both individual and corporate customers, providing flexibility for various banking needs while maintaining the high standards of Swiss banking practices. It includes provisions for modern banking services such as electronic banking, international transfers, and multi-currency transactions, all within the framework of Swiss law and regulatory requirements.
Suggested Sections

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

2. Background: Brief context explaining the purpose of the agreement and the banking relationship

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

4. Account Opening and Operation: Terms governing the opening and basic operation of the account, including authorized signatories

5. Account Services: Description of basic services provided with the account, including payments, transfers, and withdrawals

6. Instructions and Communications: Methods of giving instructions to the bank and how communications will be handled

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

8. Account Statements and Reporting: Frequency and format of account statements and other reporting obligations

9. Security and Access: Security measures, authentication requirements, and access protocols

10. Rights and Obligations: Detailed rights and obligations of both the bank and the account holder

11. Anti-Money Laundering Compliance: Customer due diligence requirements and ongoing monitoring obligations

12. Data Protection and Confidentiality: Handling of personal data and banking secrecy provisions

13. Liability and Indemnity: Extent of bank's liability and customer indemnification provisions

14. Amendment and Termination: Process for changing agreement terms and closing the account

15. Governing Law and Jurisdiction: Confirmation of Swiss law application and jurisdiction for disputes

Optional Sections

1. Online Banking Services: Terms for digital banking access and services, included if online banking is requested

2. Debit Card Services: Terms for debit card issuance and usage, included if a debit card is requested

3. Joint Account Provisions: Additional terms for accounts with multiple holders, included for joint accounts

4. Foreign Currency Services: Terms for handling foreign currencies, included if foreign currency services are requested

5. Standing Orders and Direct Debits: Terms for recurring payment arrangements, included if these services are needed

6. Special Instructions: Terms for handling specific account instructions or restrictions, included if special arrangements are needed

7. Corporate Account Provisions: Additional terms specific to corporate accounts, included for business customers

Suggested Schedules

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

2. Schedule 2 - Account Operating Procedures: Detailed procedures for day-to-day account operations and services

3. Schedule 3 - Required Documentation: List of documents required for account opening and maintenance

4. Schedule 4 - Authorized Persons: Details of authorized signatories and their signing powers

5. Schedule 5 - Electronic Banking Terms: Detailed terms and conditions for electronic banking services

6. Appendix A - Privacy Notice: Detailed information about how personal data is collected, used, and protected

7. Appendix B - Cut-off Times: Schedule of cut-off times for various banking transactions and 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
Applicable Law
Authorized Person
Authorized Signatory
Banking Day
Banking Hours
Bank
Beneficial Owner
Business Day
Card
Confidential Information
Cut-off Time
Digital Banking Services
Electronic Instructions
Fees
FINMA
Force Majeure
Foreign Currency
Instructions
Interest Rate
Joint Account
Legal Representative
Mandate
Notice
Online Banking
Password
Payment Instruction
Payment Order
Personal Data
Power of Attorney
Reference Currency
Regulatory Authority
Schedule of Fees
Security Credentials
Security Device
Services
Standing Order
Swiss Banking Regulations
Transaction
User ID
Value Date
Verification Method
Clauses
Account Opening
Account Operation
Authority and Instructions
Authorized Signatories
Banking Secrecy
Charges and Fees
Communication
Confidentiality
Data Protection
Deposits
Electronic Banking
Force Majeure
Foreign Currency
Governing Law
Indemnity
Interest
Joint Accounts
Liability
Money Laundering Prevention
Notices
Payment Instructions
Powers of Attorney
Representations and Warranties
Security Measures
Set-off
Statements and Records
Suspension and Termination
Tax Compliance
Term and Duration
Third Party Rights
Transfer and Assignment
Variation and Amendment
Relevant Industries

Banking

Financial Services

Corporate Services

Retail Banking

Private Banking

Wealth Management

Commercial Banking

International Trade

Professional Services

All Business Sectors

Relevant Teams

Legal

Compliance

Operations

Customer Service

Account Management

Risk Management

Treasury

Documentation

Regulatory Affairs

Client Onboarding

Product Development

Finance

Relevant Roles

Relationship Manager

Compliance Officer

Legal Counsel

Banking Operations Manager

Account Manager

Risk Manager

Corporate Treasurer

Financial Controller

Chief Financial Officer

Head of Banking

Customer Service Manager

Operations Director

Banking Administrator

Regulatory Compliance Manager

Documentation Specialist

Industries
Swiss Code of Obligations (CO): Primary source of Swiss contract law that governs the basic contractual relationship between bank and client, including provisions on mandate agreements (Art. 394 et seq.) which typically apply to banking relationships
Federal Banking Act (BA): Main legislation governing banking activities in Switzerland, setting out basic requirements for banking operations and customer relationships
Banking Ordinance (BO): Implements the Federal Banking Act in detail, providing specific requirements for banking operations and customer relationships
Federal Act on Financial Services (FinSA): Regulates how financial services must be provided, including requirements for customer information, documentation, and conduct rules
Federal Act on Combating Money Laundering and Terrorist Financing (AMLA): Sets out requirements for customer due diligence, monitoring, and reporting obligations for bank accounts
Federal Act on Data Protection (FADP): Governs the handling of personal data of account holders, including collection, storage, use, and disclosure requirements
Swiss Financial Market Supervision Act (FINMASA): Establishes the regulatory framework for financial market supervision, affecting how banks must operate and maintain accounts
FINMA Circulars: Various regulatory guidelines issued by the Swiss Financial Market Supervisory Authority that specify requirements for account management and banking operations
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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