Deposit Account Opening Form Template for Malaysia

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Key Requirements PROMPT example:

Deposit Account Opening Form

"I need a Deposit Account Opening Form for a Malaysian Islamic banking subsidiary, to be launched in March 2025, that includes both individual and corporate account options with specific Shariah-compliant features and dual language support in English and Bahasa Malaysia."

Document background

The Deposit Account Opening Form is a fundamental document used in Malaysian banking operations to initiate formal banking relationships with customers. It is designed to comply with Malaysian banking regulations, including the Financial Services Act 2013, Anti-Money Laundering regulations, and Personal Data Protection Act 2010. The form is required whenever a new deposit account is opened, whether for individuals, joint account holders, or corporate entities. It captures crucial information such as customer identification, tax residency status, intended account usage, and service requirements. The document also incorporates necessary regulatory disclosures, terms and conditions, and customer declarations, forming the basis of the contractual relationship between the financial institution and the account holder. For Islamic banks, specific variants of the form ensure Shariah compliance under the Islamic Financial Services Act 2013.

Suggested Sections

1. Customer Information: Personal/business details including name, ID/registration number, contact information, addresses, and tax residency status

2. Account Details: Type of account requested, currency, initial deposit amount, and account operating instructions

3. Service Requirements: Selection of additional services like ATM cards, internet banking, SMS alerts, and cheque books

4. Data Protection Notice: Required under PDPA 2010, explaining how personal data will be collected, used, and disclosed

5. Terms and Conditions: Core terms governing the account including fees, charges, and operational rules

6. Declaration and Acceptance: Customer's confirmation of information accuracy and acceptance of terms

7. Specimen Signature: Space for account holder(s) signature(s) for bank's record

Optional Sections

1. Joint Account Details: Required when account is opened jointly by two or more persons

2. Islamic Banking Declaration: Required for Islamic account variants, including Shariah compliance declaration

3. Foreign Account Tax Compliance Act (FATCA) Declaration: Required for customers who are U.S. persons or have U.S. indicators

4. Common Reporting Standard (CRS) Declaration: Required for customers with foreign tax residency

5. Business/Corporate Resolution: Required for business/corporate accounts, including board resolution and authorized signatories

6. Guardian/Parent Details: Required for minor accounts or accounts for persons requiring guardianship

Suggested Schedules

1. Schedule of Fees and Charges: Detailed list of all applicable fees, charges, and commissions

2. Appendix A - Required Documents Checklist: List of supporting documents required based on account type and customer category

3. Appendix B - Product Disclosure Sheet: Mandatory disclosure of product features, risks, and benefits as per BNM guidelines

4. Appendix C - Specimen Signatures: Additional pages for specimen signatures if multiple signatories

5. Appendix D - PDPA Consent Form: Detailed consent form for personal data processing

6. Appendix E - Beneficial Ownership Declaration: Declaration form for identifying beneficial owners in business accounts

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking

Financial Services

Islamic Banking

Retail Banking

Corporate Banking

Investment Banking

Wealth Management

FinTech

Payment Services

Professional Services

Relevant Teams

Legal

Compliance

Operations

Customer Service

Risk Management

Product Development

Islamic Banking

Front Office

Back Office

Internal Audit

Client Onboarding

Documentation

Branch Operations

Digital Banking

Relevant Roles

Branch Manager

Banking Officer

Compliance Officer

Legal Counsel

Customer Service Representative

Account Manager

Relationship Manager

Risk Officer

Operations Manager

KYC Analyst

Product Manager

Islamic Banking Officer

Treasury Manager

Internal Auditor

Financial Advisor

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A Malaysian banking form governing the establishment and operation of fixed deposit accounts, compliant with Malaysian banking laws and Bank Negara Malaysia guidelines.

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Authors

Alex Denne

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