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Bank Trust Account Agreement

Bank Trust Account Agreement Template for Malaysia

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Key Requirements PROMPT example:

Bank Trust Account Agreement

"I need a Bank Trust Account Agreement for a Malaysian corporate client operating in the real estate sector, requiring both conventional and Islamic banking provisions, with the agreement to commence from March 1, 2025."

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Document background
The Bank Trust Account Agreement serves as the foundational document for establishing and managing trust accounts within the Malaysian banking system. This agreement is essential when parties require a formal trust arrangement for various purposes such as escrow services, investment management, or secure funds handling. The document ensures compliance with Malaysian banking regulations, including the Financial Services Act 2013 and the Trustee Act 1949, while accommodating both conventional and Islamic banking requirements. It outlines the bank's responsibilities as trustee, account holder's rights, operational procedures, compliance obligations, and reporting requirements. The agreement is particularly crucial in Malaysia's dual banking system, where considerations for both conventional and Shariah-compliant trust services may need to be addressed.
Suggested Sections

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

2. Background: Context of the agreement, purpose of the trust account, and general intent of the parties

3. Definitions: Detailed definitions of terms used throughout the agreement, including banking, regulatory, and trust-specific terminology

4. Appointment of Trustee: Formal appointment of the bank as trustee and acceptance of the appointment

5. Trust Account Details: Specification of the trust account type, purpose, and basic operational parameters

6. Trustee Powers and Duties: Comprehensive list of the bank's powers and obligations as trustee

7. Account Operation: Rules and procedures for operating the trust account, including authorized signatories and transaction requirements

8. Fees and Charges: Details of all applicable fees, charges, and compensation for the bank's services

9. Representations and Warranties: Standard representations and warranties from both parties

10. Compliance Requirements: Obligations regarding AML/CTF laws, reporting requirements, and regulatory compliance

11. Termination: Conditions and procedures for terminating the trust account relationship

12. General Provisions: Standard legal provisions including governing law, notices, amendments, and dispute resolution

Optional Sections

1. Islamic Banking Provisions: Required when the trust account needs to comply with Shariah principles

2. Investment Authority: Required when the trust account includes investment management services

3. Sub-Trust Provisions: Include when the agreement allows for the creation of sub-trusts

4. Multiple Beneficiary Provisions: Required when the trust account has multiple beneficiaries

5. Foreign Currency Provisions: Include when the trust account involves foreign currency transactions

6. Digital Banking Services: Required when online or digital banking services are provided for the trust account

7. Escrow Services: Include when the trust account serves escrow purposes

Suggested Schedules

1. Schedule 1 - Account Operating Procedures: Detailed procedures for day-to-day operation of the trust account

2. Schedule 2 - Fee Schedule: Comprehensive list of all fees, charges, and commission structures

3. Schedule 3 - Authorized Signatories: List of authorized signatories and their signing powers

4. Schedule 4 - KYC Requirements: Required documentation and procedures for Know Your Customer compliance

5. Schedule 5 - Reporting Requirements: Templates and procedures for regular reporting to account holder/beneficiaries

6. Appendix A - Required Forms: Standard forms for account operations, instructions, and changes

7. Appendix B - Regulatory Compliance Checklist: Checklist ensuring compliance with Malaysian banking and trust laws

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
Authorized Signatory
Bank
Bank Negara Malaysia
Banking Day
Beneficiary
Confidential Information
Effective Date
Encumbrance
Event of Default
Fees
Financial Services Act
Force Majeure
Identity Card
Instructions
Interest Rate
Loss
Malaysian Ringgit
Mandate
Notice
Operating Procedures
Parties
Principal
Regulatory Authority
Related Corporation
Sanctions
Securities
Services
Settlement Date
Signatory Requirements
Specimen Signature
Tax
Term
Transaction
Trust
Trust Account
Trust Property
Trustee
Trustee Act
Relevant Industries

Banking and Financial Services

Islamic Banking

Corporate Services

Trust and Fiduciary Services

Investment Management

Real Estate

Legal Services

Professional Services

Insurance

Property Development

Relevant Teams

Legal

Finance

Compliance

Risk Management

Operations

Treasury

Corporate Secretarial

Islamic Banking

Trust Administration

Client Relations

Regulatory Affairs

Relevant Roles

Chief Financial Officer

Finance Director

Compliance Officer

Legal Counsel

Trust Officer

Banking Relationship Manager

Treasury Manager

Company Secretary

Financial Controller

Risk Manager

Account Manager

Operations Manager

Islamic Banking Officer

Trust Administrator

Regulatory Compliance Manager

Industries
Financial Services Act 2013: Primary legislation governing banking institutions in Malaysia, including licensing requirements, operational guidelines, and regulatory oversight of banking activities including trust services
Trustee Act 1949: Fundamental legislation governing trust relationships in Malaysia, defining trustee duties, powers, and responsibilities in managing trust property
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Mandates customer due diligence requirements and reporting obligations for financial institutions handling trust accounts
Islamic Financial Services Act 2013: Relevant for Islamic banking institutions offering trust account services, ensuring Shariah compliance where applicable
Capital Markets and Services Act 2007: Applicable when trust accounts involve investment activities or securities trading
Central Bank of Malaysia Act 2009: Provides regulatory framework and Bank Negara Malaysia's oversight powers over financial institutions including trust operations
Malaysian Contract Act 1950: Governs the fundamental aspects of contract formation and enforcement applicable to trust account agreements
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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