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Account Opening Agreement

Account Opening Agreement Template for Pakistan

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Key Requirements PROMPT example:

Account Opening Agreement

"I need an Account Opening Agreement for a new digital-first Pakistani bank launching in March 2025, with emphasis on mobile banking features and biometric verification for individual retail customers."

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Document background
The Account Opening Agreement serves as the foundational document for establishing a banking relationship in Pakistan, setting forth the terms and conditions under which a bank account will be maintained and operated. This agreement is essential for compliance with State Bank of Pakistan regulations, anti-money laundering laws, and Know Your Customer (KYC) requirements. It outlines the rights and obligations of both the financial institution and the account holder, covering aspects such as account operation, fees, services provided, and termination conditions. The document is adaptable for various account types including conventional, Islamic, individual, and corporate accounts, while maintaining compliance with Pakistani banking laws and regulations.
Suggested Sections

1. Parties: Identification of the bank and the account holder(s), including complete details as required by SBP regulations

2. Background: Context of the agreement and the banking relationship being established

3. Definitions: Key terms used throughout the agreement, including banking-specific terminology

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

5. KYC and Due Diligence: Customer verification procedures and ongoing monitoring requirements

6. Account Operation: Rules governing deposits, withdrawals, and general account operation

7. Rights and Obligations: Responsibilities and rights of both the bank and the account holder

8. Fees and Charges: Schedule of fees, charges, and minimum balance requirements

9. Account Statements: Frequency, format, and verification of account statements

10. Security and Privacy: Protection of account information and customer data

11. Termination: Conditions and procedures for account closure

12. Governing Law: Application of Pakistani law and jurisdiction

13. Amendments: Process for making changes to the agreement

14. Notices: Communication methods between bank and account holder

Optional Sections

1. Islamic Banking Provisions: Required for Islamic banking accounts, including Shariah compliance declarations

2. Digital Banking Services: Terms for online and mobile banking services if opted for

3. Joint Account Operations: Special provisions for joint account holders

4. Foreign Currency Accounts: Special terms for foreign currency accounts under FERA regulations

5. Minor Accounts: Special provisions for accounts opened for minors

6. Corporate Account Provisions: Additional terms for corporate/business accounts

7. Debit Card Services: Terms for debit card issuance and usage

8. Cheque Book Facility: Terms for cheque book issuance and usage

9. SMS and Alert Services: Terms for mobile banking alerts and notifications

10. Zakat Deduction: Zakat applicability and deduction terms for eligible accounts

Suggested Schedules

1. Schedule A - Required Documents: List of required documentation for account opening

2. Schedule B - Fee Schedule: Detailed breakdown of all applicable fees and charges

3. Schedule C - Product Features: Specific features and benefits of the account type

4. Schedule D - Digital Banking Services: Available digital banking features and limits

5. Appendix 1 - KYC Form: Standard KYC form as per SBP requirements

6. Appendix 2 - Specimen Signature Card: For recording authorized signatures

7. Appendix 3 - Risk Disclosure: Disclosure of various banking risks and precautions

8. Appendix 4 - Tax Requirements: Tax-related declarations and requirements

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 Opening Form
Account Statement
Applicable Laws
ATM
Authorized Signatory
Banking Day
Banking Hours
Beneficial Owner
Branch
Business Day
Charges
Cheque
Current Account
Customer
Debit Card
Digital Banking Services
Electronic Banking
Electronic Instructions
FATCA
Force Majeure
Foreign Currency Account
Internet Banking
Islamic Banking Terms
Joint Account
KYC
Minor Account
Mobile Banking
Notice
Operating Instructions
Password
PIN
Power of Attorney
Regulatory Authority
Savings Account
Schedule of Charges
Security Codes
SOFA
State Bank of Pakistan
Statement of Account
Terms and Conditions
Transaction
User ID
Zakat
Clauses
Account Operation
Authority and Mandate
Anti-Money Laundering
Assignment
Amendments
Bank Charges
Confidentiality
Customer Due Diligence
Data Protection
Default
Electronic Banking
Force Majeure
Governing Law
Indemnification
Interest/Profit
Joint Accounts
KYC Requirements
Liability
Notices
Password Security
Representations and Warranties
Rights and Obligations
Risk Disclosure
Severability
Service Interruption
Statements and Records
Tax Compliance
Termination
Third Party Rights
Waiver
Zakat Deduction
Relevant Industries

Banking

Financial Services

Financial Technology

Islamic Banking

Retail Banking

Corporate Banking

Investment Banking

Commercial Banking

Microfinance

Digital Banking

Relevant Teams

Legal

Compliance

Operations

Customer Service

Risk Management

Account Opening

Retail Banking

Corporate Banking

Islamic Banking

Customer Onboarding

Documentation

KYC Processing

Relevant Roles

Bank Branch Manager

Compliance Officer

Legal Counsel

Account Opening Officer

Customer Service Manager

Risk Manager

Operations Manager

Financial Controller

Relationship Manager

KYC Officer

Chief Compliance Officer

Head of Retail Banking

Banking Operations Director

Chief Risk Officer

Customer Onboarding Specialist

Industries
Banking Companies Ordinance, 1962: Primary legislation governing banking operations in Pakistan, including requirements for account opening and maintenance
State Bank of Pakistan Act, 1956: Establishes the regulatory framework for banking operations and the authority of the State Bank of Pakistan
Anti-Money Laundering Act, 2010: Sets requirements for customer due diligence, record keeping, and reporting of suspicious transactions
Prevention of Electronic Crimes Act, 2016: Relevant for digital banking services and electronic transactions security
Foreign Exchange Regulation Act, 1947: Governs foreign currency accounts and international banking transactions
Prudential Regulations by State Bank of Pakistan: Detailed guidelines for banking operations, including KYC and account opening procedures
Consumer Protection Laws (Various): Provincial and federal laws protecting consumer rights in banking services
Electronic Transactions Ordinance, 2002: Governs electronic banking services and digital signatures
Protection of Economic Reforms Act, 1992: Provides protection for foreign currency accounts and financial reforms
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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