To serve you better as an international bank with access to global markets, we have amended our Generic Terms and Conditions which governs your HSBC/HSBC Amanah accounts and related services. Our new Generic Terms and Conditions, which can be found at https://www.business.hsbc.com.my/en-gb/my/generic/banking-terms-and-conditions, have a framework structure that comprises following components:
- the Master Services Agreement (including the Confidentiality and Regulatory Annex), which sets out the essential legal terms governing our relationship with you and all our corporate customers throughout the world;
- the Malaysia Country Conditions, which sets out Malaysia-specific terms necessary from a local legal, regulatory and operational perspective;
- the Malaysia Account Disclosures; which supplements the Master Services Agreement and the Malaysia Country Conditions; and
- the E-Channel Security Procedures, which sets out the security protocol and measures for those of you who use our digital banking platform, HSBCnet.
Why the change?
- Quick and Easy Access to our Products and International Network
Our new Generic Terms and Conditions have a framework structure which will now give you quicker and easier access to our HSBC network in other countries, including opening accounts in countries which use the same framework structure. As these countries use the same Master Service Agreement, all you will need to do is to be familiarised with the Country Conditions and the Account Disclosures in the relevant country(ies) in which you intend to open account(s).
- Ease of Understanding
Our new Generic Terms and Conditions are shorter, easier to read and well structured, with our commitments and your obligations set out more clearly.
- Fair Conduct Principle
We are constantly reviewing our terms and conditions with our customers to make sure that we comply with a fair conduct principle to always treat our customers fairly. The new Generic Terms and Conditions seek to resonate with our regulators’ fairness principles and the HSBC approach to conduct.
What are the key changes?
- The new Generic Terms and Conditions do not change the terms governing our relationship with you and/or your use of the products or services materially. The new Generic Terms and Conditions says the same things as the previous version of the General Terms and Conditions (i.e. the August 2019 Edition, for both HSBC and HSBC Amanah), but in shorter and clearer language.
- As the new Generic Terms and Conditions have a new structure, you will find that: (a) the numbering of provisions/ clauses are now different; (b) some terms are not found in the Master Services Agreement, but rather in the Malaysia Country Conditions, or in the Malaysia Account Disclosures, or even in the Specific Terms and Conditions (if they are product-related).
For example:
- Clause 10 of the previous version of the Generic Terms and Conditions on “the Collection, Processing and Sharing of Customer Information” can now be found in the Confidentiality and Regulatory Annex to the Master Services Agreement.
- Clause 14 of the previous version of the Generic Terms and Conditions on “Tax Compliance” can now be found in Clauses 3 and 4 of the Confidentiality and Regulatory Annex to the Master Services Agreement.
- Clause 8 of the previous version of the Generic Terms and Conditions on “Financial Crime Risk Management Activity” can now be found in Clause 6 of the Confidentiality and Regulatory Annex to the Master Services Agreement.
- Clause 7 of the previous version of the Generic Terms and Conditions on “Amendment of Terms & Conditions” can now be found in Clauses 13.1 and 13.2 of the Master Services Agreement, reading together with Clause 10 of the Malaysia Country Conditions.
- Clause 40 (or Clause 41 for HSBC Amanah) of the previous version Generic Terms and Conditions on “Definitions” can now be found in Clause 21 of the Master Services Agreement.
- Information about tariffs and charges, statements and our complaints handling procedures are now set out in the Malaysia Account Disclosures.
- Some Malaysia-specific provisions are now found in the Malaysia Country Conditions.
- We will still keep the previous version of the Generic Terms and Conditions (i.e. the August 2019 Edition, for both HSBC and HSBC Amanah) on our website (which can be found here at https://www.business.hsbc.com.my/en-gb/my/generic/banking-terms-and-conditions for your reference until 31 December 2020. For the sake of clarity, the new Generic Terms and Conditions shall become effective on the effective date(s) mentioned below.
What else do you need to know?
- If you have obtained credit facilities/ financing arrangement from HSBC/HSBC Amanah and the loan/ financing documents (e.g. facilities offer letters, facility agreement, security documents) incorporate by reference certain provisions from the previous version of the Generic Terms and Conditions, the relevant provisions in the new Generic Terms and Conditions (which replace the similar/ equivalent provisions in the previous version of the Generic Terms and Conditions) will be applicable from the effective date(s) mentioned below.
- If you have signed any other agreements and documents with HSBC/HSBC Amanah which make any reference to the Generic Terms and Conditions, you shall refer to this new Generic Terms and Conditions from the effective date(s) below.
Effective Date:
This new Generic Terms and Conditions becomes effective, as follows:
- New Customers of HSBC – 18 September 2020
- Existing Customers of HSBC (as of [17 September 2020) – 1 November 2020
