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Terms and Conditions

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ACCOUNT AGREEMENT

By submitting your account application, the following terms and conditions are acknowledged and agreed.

1. DEFINITIONS

Account means each and every account that you have with the Bank.

Account Application means the application for deposit services, for either individuals or business entities, that was completed by you and delivered to the Bank to request the Account.

Administration Group means those Authorised Signatories with full authorisation for instructing all critical changes to the settings of the Account, including but not limited to adding or removing users, updating the corporate structure chart, and modifying all administration parameters, Transaction Groups, and Transaction Rules.

Affiliate means any subsidiary of the Bank and any company forming part of the Tenet Bank Ltd. group of companies.

Authorised Signatory means any person authorised to give instructions on an Account.

Authorised Approval means the minimum number of Authorised Signatories as provided by the Client in the Account Application or updated thereafter by the Client has been met.

Bank means Tenet Bank Ltd., a company duly incorporated and existing under the laws of the Cayman Islands having its registered office at Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman, KY1-9008, Cayman Islands.

Cayman AML Requirements include the Proceeds of Crime Act (as amended), the Anti-Money Laundering Regulations (as amended) and any other law, order, regulation or guidance regarding the prevention and detection of money laundering, terrorist and proliferation financing and sanctions.

Data Protection Legislation means all applicable data protection laws including the Cayman Islands Data Protection Act (as amended) and in respect of EU data subjects, the General Data Protection Regulation (Regulation (EU) 2016/679) (“GDPR”).

Fee Schedule means the schedule of fees that are charged by the Bank against the Account, as it may be amended from time to time in the absolute discretion of the Bank.

Losses means any direct or indirect or consequential loss, cost, charge, expense, payment, interest, demand, claim, actions, proceeding, suit, penalty, damages, legal fees, liability, obligation, detriment, adverse judgment, order or other sanction of any kind.

Platform means the internet banking platform accessible at https://app.tenet.ky through which the Client is able to access information about their Account, transact in relation to an Account, and receive notifications from the Bank.

Proper Instructions means that any Authorised Approval notice, demand, instruction, information, or other communication given to the Bank or purported to be given to the Bank. The Bank is not under any duty to make any enquiry as to the genuineness or authenticity of any Proper Instructions.

Transaction Group means those Authorised Signatories designated in the Transaction Rules to beresponsible for approving payments and other transactional activity on the Account.

Transaction Rules means those parameters set by the Administration Group to manage Authorised Approval of transactions on an Account.

Client, you and your means the individual, partnership, corporation, association, trustee or other entity that is entering into the business relationship.

2. TERMS AND CONDITIONS

These terms and conditions ("Terms") contains the terms and conditions governing your Account with the Bank and explains the Bank’s obligations to you and your obligations to the Bank. These terms and conditions apply to your Account with the Bank and any services the Bank provides in connection with your Account. It extends to and includes any persons, including your agents/third parties, you authorise to give instructions on your Account. It replaces any previous account agreement(s), regulations or terms and conditions for conducting business with the Bank.

You acknowledge that the Bank’s willingness to provide an Account to you and to generally enter into business with you is predicated, in large part, on the information that you provide on your Account Application. You therefore acknowledge and confirm that the information that you provide in the Account Application is correct and complete at the time that you provide the Account Application to the Bank.

You hereby agreed to notify immediately notify the Bank of any changes in your circumstances which would cause the information provided by you to the Bank in the Account Application to be inaccurate or incomplete.

The Bank is regulated by the Cayman Islands Monetary Authority under the Banks and Trust Companies Act (2021 Revision) (as amended) (the “BTCA”) and can only take deposits from persons who are not residents in the Cayman Islands, other than licensees under the BTCA or Cayman Islands exempted or ordinary resident companies which are not carrying on business in the Cayman Islands ("Acceptable Clients"). The provision of the Account does not include the provision of any investment advice. Accordingly, any comment made by any officer or employee of the Bank should not be treated as being advice or a recommendation given by us to be relied upon by you. The Bank strongly recommends that you should seek appropriate independent professional investment, financial and/or legal advice relevant your particular circumstances before

  • entering into this these Terms;
  • requesting any other services from the Bank; or
  • instructing the Bank to execute any transactions on your behalf.

3. GENERAL CONDITIONS

The additional conditions include charges and the interest rates, notice periods, minimum or maximum balances and other terms which are specific to a particular Account or service and which may be amended from time to time in the absolute discretion of the Bank. The Bank will inform you what these additional conditions are when you open an Account or apply for a new service. Details of these are set out in the descriptions of service or may be published on the website from time to time.

If a transaction is made on an Account, you will be deemed to have received, read and understood these Terms and to have agreed to be bound by these terms and conditions.

The Bank reserves the right to refuse to take a deposit, to decline to open an Account, to provide the service or to require you to close Account(s) without giving a reason for its decision.

4. Representations and Warranties

The Client represents and warrants to the Bank that:

  • The Client has full capacity, power, and authority to engage the Bank.
  • The Client is an Acceptable Client as defined above.
  • The Client is the legal and beneficial owner of the funds held in the Account.
  • The Client agrees to provide the Bank with all information and documentation as it may request or reasonably require including evidence for the identification and verification of the Client and satisfactory explanations of transactions to enable the Bank to comply with its legal and regulatory obligations including the Cayman AML Requirements.
  • The Client warrants that any information which the Client has provided to the Bank in relation to the Client’s status, residence and domicile for taxation purposes is complete and correct in all respects, and the Client agrees to provide any further information as the Bank may require to enable it to comply with all laws, regulations and/or guidelines that are applicable to the Client or the Bank from time to time.
  • The Client’s money is not and was not directly or indirectly derived from activities that may contravene applicable laws and regulations, including but not limited to the Cayman AML Requirements.
  • The Client will notify the Bank promptly if there is any material change in any information the Client has provided to the Bank, including should it cease to be an Acceptable Client, and will provide such other relevant information as the Bank may from time to time request. The Client understands, acknowledges, accepts and agrees that any failure to provide such information may adversely affect the quality and/or scope of the service provided by the Bank to the Client.
  • The Client shall not give to the Bank any instructions that will require or involve any unlawful act or contain any falsehood and all information given will be accurate and not misleading.
  • The Client is not subject to any sanctions or in breach of any laws or regulations anywhere in the world.

5. USE

The Bank provides you with various services in relation to the Account, which services are subject to various laws and regulations imposed by the Cayman Islands Monetary Authority, the government of the Cayman Islands, as well as the government of the country that issues the currency in which the Account may be denominated.

You undertake and agree to provide the Bank with all information requested by the Bank from time to time in relation to the source of funds, operation of the Account and identification of beneficiaries and signatories or any other information in compliance with the Cayman AML Requirements.

You authorise the Bank to debit the Account with any and all sums payable pursuant to the Proper Instructions and confirm that the Bank has the absolute discretion to refuse to process any transaction or to accept any deposit to an Account without explanation or justification.

If any monies are inadvertently credited to your Account by the Bank, you agree to promptly inform the Bank. You further agree that the Bank shall be entitled to reclaim such amounts from you or from the Account at any time in the future, without limitation.

The Bank requires that you maintain the Account in compliance with all laws and regulations applicable to you, including but not limited to the laws of jurisdictions in which you may reside or where you may be a citizen. The foregoing is a fundamental condition of the Bank’s willingness to provide you with an Account.

6. SERVICE CHARGES

You agree to pay the Bank’s service charges according to the Fee Schedule. Unless otherwise stated, any interest applied to an Account will be credited in the currency in which the Account is denominated.

Services fees applied to an Account may, at the Bank’s discretion, be charged in United States Dollars or in the equivalent currency in which the Account is denominated and you authorise the Bank to automatically debit all such service charges from the Account.

7. OVERDRAFT FACILITY

Unless otherwise provided, you must keep each Account in a credit balance.

The Bank may provide you with an overdraft facility on the Account on such terms and conditions as to security, operation and fees as it determines in its absolute discretion. The terms of the facility, the limit and the interest rate and other charges which you must pay and any other conditions will be confirmed to you in writing.

If you (i) overdraw the Account without agreeing an overdraft facility with the Bank or (ii) exceed the agreed overdraft limit, the Bank may ask you to make an immediate payment into your Account even if the Bank have acted on an instruction, at the Bank’s sole discretion, which takes your borrowing over the agreed limit. The Bank will charge the authorised interest rate and fees on the amount of the overdraft or excess until either it has been repaid or the Bank has specifically agreed an overdraft or an increased limit with you.

The Bank may, in its sole discretion, refuse to honour any payment instruction where there are insufficient funds in the Account to make the payment (including the Banks’ fees) or where the payment would exceed an Account’s overdraft facility even if the Bank had previously honoured payment instructions that resulted in the overdraft facility being exceeded.

8. LIENS AND SET OFF

In consideration of the Bank providing you with banking services and facilities, you agree that in addition to any right of set-off or other general lien or similar right to which the Bank may be entitled in law, the Bank may use any amounts you have on any Account in any currency to reduce or repay any amounts you may owe to the Bank (including all costs, charges and expenses incurred in any way in relation to these Terms, including legal fees of the Bank related to any injunction or regulatory action concerning the Account) on any Account, either in your own name or jointly with anyone else. The Bank will notify you promptly if it does this.

To secure the payment and performance by you of all obligations to the Bank and its Affiliates the Bank may apply the funds on deposit in an Account against any debt or obligation owed to the Bank or any Affiliate (upon receipt of proof of debt from the Affiliate in form satisfactory to the Bank in its absolute discretion) by you (or any one of you if the Account is jointly owned), without notice to you.

The Bank has the right to hold any instrument or item deposited to an Account, and to defer your right to withdraw funds represented by such a deposit until the Bank receives payment for the instrument or item.

9. AUTHORISED SIGNATORIES

You shall appoint any reasonable number of persons as Authorised Signatories on an Account through the Platform. Authorised Signatories shall be capable of being categorised in two ways, based on their level of authority and scope of responsibilities in respect of an Account – either as a member of the Administration Group, or as an Authorised Signatory in respect of a given Transaction Group. All person(s) designated as Authorised Signatories shall be your agents and attorneys in fact to conduct business with the Bank, pursuant to the scope of their permissions within Administration Groups, Transaction Groups, and Transaction Rules set in respect of the given Account.

No person may give any instruction to the Bank in relation to an Account until they have been appointed as an Authorised Signatory in accordance with the Bank’s procedures and submitted required due diligence and documentation to the Bank.

10. PLATFORM

The Client authorises the Bank to act upon instructions received through the Platform for the transfer of funds or other Bank services in accordance with the Bank’s operating procedures, rules and guidelines (as may be amended from time to time). Any action taken by the Bank on such instructions will bind the Client as fully and effectively as if they had been given in writing and signed by the Client.

The Bank will provide the Client with a single user and password to obtain access to the Platform. The Client understands and agrees that they alone are solely responsible for the selection, use, confidentiality, and protection of passwords and identifiers. The Bank may, at its sole discretion, deny access to the system for security reasons.

No confirmation is required by the Bank from the Client on properly authorised transactions or instructions sent from the Client to the Bank using the Platform.

The Client will report to the Bank in a timely manner any suspected breach in the Client’s security through access to the Platform. Such notice will be effective when received by the Bank. The Bank is not liable for any Losses that occurs should there be a breach in the Client’s security prior to receipt of notice of the breach by the Bank.

11. PROPER INSTRUCTIONS

The Bank reserves the right not to act on Proper Instructions which it deems in its absolute discretion to be unclear, ambiguous, contradictory, erroneous or improper and you agree that the Bank will not be liable for any loss due to any delay in acting or for any failure to act on such Proper Instruction.

You irrevocably indemnify the Bank against Losses suffered or incurred by any of them resulting from any action taken or not taken by the Bank in good faith in reliance upon Proper Instructions.

You agree that the Bank is not obligated or required to act on Proper Instructions if the Bank doubts the identity of the source or authenticity of the person or persons giving the Proper Instruction or if the transaction appears suspicious, questionable or unusual for your regular banking habits. The Bank may ask you to give certain information that will assist the Bank in determining that you are the person or persons giving the Proper Instruction.

From time to time the Bank may be restricted by applicable legal and regulatory requirements and/or internal requirements from accepting instructions from the Client. Should the Bank be so restricted, the Bank may refuse to accept instructions from the Client without giving any reasons for so doing and the Bank shall not be liable for any Losses suffered or incurred thereby.

You acknowledge and agree that service fees and charges may apply for actions taken by the Bank in response to your instructions. These fees and charges may be deducted from any Account you have with the Bank, unless a specific Account is requested by you in your instructions.

12. FEES AND INTEREST

The Bank may modify the Fee Schedule at any time, subject to providing a minimum of 30 days’ notice of such change to the Client.

Interest, at a rate determined by the Bank in its sole discretion, will be computed on the daily principal balance on qualifying deposits. Interest will normally be credited monthly for interest bearing products.

Interest rates and foreign exchange rates are subject to market conditions and may change at any time. The Bank reserves the right to and to vary interest, if any, applicable to an Account and to charge for additional services from time to time in accordance with the Fee Schedule.

The Bank may debit an Account at any time if an instrument or item is dishonoured or not paid for any reason whatsoever. You waive presentment for payment, notice of dishonour, protest and notice of protest on all instruments and items requiring such action.

13. STATEMENTS

The Bank will provide statements showing all amounts credited to or debited from your Account since the previous statement. You agree to promptly examine all entries and the balance recorded in each Account statement and undertake to notify the Bank in writing of any errors, omissions or corrections shown on any Account Statement within 30 days of the date of the Account statement.

The Bank may put messages on your statements to notify you of changes to this these Terms.

You undertake to immediately notify the Bank in writing upon suspecting or becoming aware that a document or transaction relating to an Account is improper or has been forged and to provide the Bank with complete documentation in this respect so as to enable to Bank to investigate and take proper action.

If you do not notify the Bank as required, the Bank is entitled to treat any Account balances, entries and transactions in respect of the period covered by the statement as correct and binding on you and the Bank will be released from all claims by you in respect of errors or omissions during the period.

14. SAFEGUARD YOUR ACCOUNTS FROM THEFT AND FRAUD

You should always keep your information and bank details secure. We will not normally contact you asking you to provide us with your bank details or specific information regarding you or your account. If you do receive requests for information, even if they are using our name and logo and the request appears to be genuine, you should contact us immediately to confirm we initiated the request.

You understand that it is your responsibility to prevent fraud on your account through the safeguarding of your bank information. Such responsibility includes but is not limited to:

  • Restricting access to your passwords, PINs, or any other information pertinent to your Tenet account
  • Keeping your security information secure at all times
  • Not writing down your passwords, PINs, or other security information
  • Using appropriate passwords, PINs, or other security information that are known only to you
  • Ensuring that all information related to your account are held in safekeeping and only accessible by you or your appointed agents
  • Being careful and vigilant when destroying account records and documents that may provide information about your accounts
  • Maintaining and using up-to-date anti-virus software on the devices you use to access your Tenet account
  • Reviewing and reconciling your account activity from time to time
  • Keeping us fully and immediately informed of changes in your status or contact information
  • Assisting us by providing us secure detailed information that only you would know and have access to, which can then be used to assist us if and when we are required to do so, or when we believe it is in either your or our best interest to further verify instructions received on your account

15. INACTIVE AND DORMANT ACCOUNTS

You should make every effort to keep your accounts active at all times, by making regular (at least annual) deposits or withdrawals. For your protection, we may change your account status to “inactive” if you have not initiated deposits or withdrawals in accordance with what we consider regular activity for the operation of your account (typically two years), or with what you have advised us as to the expected activity associate with your account. Reactivating inactive accounts will be subject to a service fee. Once an account is considered inactive, we will apply more rigorous controls on the account and any transactions applied to it. Statements will not be issued for an inactive account.

Transactions initiated on an inactive account will only be authorised after our further due diligence. Tenet will not be liable for any additional costs or charges resulting from delays caused by validating transactions or reactivating inactive accounts.

If there is no activity other than charges and interest debited or credited by the Bank for a continuous period of at least seven years, we will change your account status to “dormant”. The Bank shall take reasonable steps to notify you in writing of the dormant account, and the deadline by which the Bank will have the right to take steps to transfer any monies in the dormant account to the Cayman Islands Government without further notice. Once transferred, you have the right to make representations to the Treasury Department of the Cayman Islands Government to regain any monies held in the dormant account.

16. ACCOUNT TERMINATION

The Bank may at any time suspend the operation of any or all of the services in relation to any Account, but the Bank will promptly notify you of any such suspension, unless legally prevented from doing so.

You may close an Account by giving an Authorised Approval notice to the Bank. You must settle all fees, commissions, and charges owed to the Bank and the Bank has the right to deduct any outstanding interest and charges and collect these amounts before returning the remaining balance to you. You shall provide the Bank with instructions as to where to transfer any remaining balance and should you fail to provide these instructions, the Bank may levy charges for holding onto the funds.

The Bank may take action to close an Account immediately if the Bank reasonably believes that:

  • you have given the Bank any false information at any time;
  • you or someone else is using the Account illegally;
  • you become the subject of sanctions or breach any laws or regulations anywhere in the world;
  • you have been in serious or persistent breach of these Terms or any additional conditions which apply to the Account;
  • you are no longer an Acceptable Client; or
  • you become ineligible to maintain the Account, in the absolute discretion of the Bank.

If the Bank suspects or becomes aware that you are subject to any sanctions, the Bank may freeze the Account in whole or in part. In such circumstances, the Bank shall not incur any liability for any losses suffered or incurred by you or any other person connected to the Account.

The Bank may end the banking relationship with you or close the Account with 30 days’ notice in writing if the Account balance drops below the amount stipulated balance, as determined by the Bank from time to time, or at any time in its absolute discretion without explanation.

Termination of these Terms shall be without prejudice and shall be subject to the proper settlement of all transactions and the Bank will complete and settle such transactions as soon as practicable.

The indemnity provisions of these Terms shall survive termination of these Terms.

17. MONITORING AND RECORDING OF COMMUNICATIONS

In accordance with standard practice in the financial services industry, telephone calls may be recorded for business purposes including security, training and audit purposes. The Bank will retain these records for the duration that is necessary to comply with our obligations under applicable law and, if relevant, to deal with any claim or dispute that might arise.

18. LIABILITY AND INDEMNITY

To the extent permitted by applicable law and notwithstanding any other provision in these Terms, neither the Bank nor any of its Affiliates shall be responsible for any Losses suffered or incurred by the Client arising out of any act or omission on the part of the Bank or any Affiliate in connection with these Terms.

The Client irrevocably indemnifies the Bank and each Affiliate (which includes the partners, officers, directors, employees, consultants and agents of each, and together with the Bank and each Affiliate, each an “Indemnified Person”) from and against any and all Losses which may be suffered or incurred by the Bank or any Affiliate from time to time (calculated on a full indemnity basis) in connection with the performance or non-performance of any of the Bank’s or Affiliate’s duties under these Terms, save where Losses arise as a result of actual fraud or wilful default on the part of the Bank or an Affiliate (the “Indemnity”).

19. PRIVACY

The Bank is dedicated to protecting the privacy of its Clients and complies with Data Protection Legislation when handling personal data and information.

The personal data and information will be processed for the following reasons:

  • Processing the opening of the account with the Bank
  • Establishing and verifying your identity
  • Complying with regulatory obligations
  • Maintaining accurate business records to respond to queries, conduct audits, and complete investigations

The Bank will only process your personal data in pursuance of its legitimate interests, where the Bank considers that the processing is necessary and, on balance, the Bank’s legitimate interests are not overridden by the Client’s (or any other person whose personal data is provided) legitimate interests, rights or freedoms.

Recipients of your personal data and information may include:

  • Northern Trust Corporation and other counterparties
  • The MLRO, AMLCO, and Deputy MLRO
  • The Cayman Islands Monetary Authority, Financial Reporting Authority, and other competent regulatory authorities
  • The Department for International Tax Cooperation and other tax authorities
  • Other third parties that are engaged to provide services to the Bank

These parties may in turn exchange this personal data and information with foreign authorities, including regulatory authorities, where necessary for compliance with a legal obligation to which it is directly subject.

The Bank will retain your personal data for the duration that is necessary to comply with our obligations under applicable law and, if relevant, to deal with any claim or dispute that might arise. We expect to delete your personal data (at the latest) once there is no longer any legal or regulatory requirement or legitimate business purpose for retaining your personal data.

You (and any persons whose personal data is provided) have certain data protection rights, including the right to:

  • Be informed about the purposes for which your personal data are processed
  • Access to your personal data
  • Stop direct marketing
  • Restrict the processing of your personal data
  • Have incomplete or inaccurate personal data corrected
  • Ask the Bank to stop processing your personal data
  • Be informed of a personal data breach (unless the breach is unlikely to be prejudicial to you)
  • Complain to the Data Protection Ombudsman
  • Require the bank to delete your personal data in some limited circumstances.

The Bank’s Privacy Notice at https://tenet.ky/legal/privacy has further information on the Bank’s use of your personal data. The Client represents and warrants that all personal data provided to the Bank, its affiliates and delegates by or on behalf of the Client, including in relation to persons or entities related to or affiliated with the Client, is provided and accessed in accordance with applicable laws and regulations, including, without limitation, those relating to privacy and use of personal data.

20. CONFIDENTIALITY

The Bank shall not disclose any information concerning or arising from these Terms or its subject matter to any third party other than:

  • as required, compelled, or permitted by law; or
  • made at the request of or with prior written consent from the Client.

21. MISCELLANEOUS

The Bank may change the terms of these Terms (including charges) and may introduce changes to the Bank’s service(s) from time to time upon notice to you. Changes will normally be caused by market conditions, changes in the cost of providing a service to you, changes in legal, regulatory or other requirements affecting us, or any other good reason. Apart from changes to interest rates, which can apply immediately, the Bank will normally give you 30 days’ prior written notice of any changes. If you use an Account or have funds on deposit in the Account after the effective date of the change, you will be deemed to have accepted such changes in their entirety.

These Terms contain the entire terms and condition with you in respect of the services provided under it and to the extent permitted by law. No warranty shall be implied or have any effect unless specifically included in these Terms and in any changes subsequently notified or the additional conditions.

If any provision of these Terms is or becomes invalid or contravenes any applicable law, the remaining provisions shall remain in full force and effect.

These Terms may be amended from time to time at the absolute discretion of the Bank.

22. EQUIPMENT AND SOFTWARE

You shall be responsible for the expense, installation, upgrade and maintenance of all hardware, software and provision of telecommunications used by you to access the services provided by the Bank. You

further acknowledge that you do not own any copyright or other intellectual property rights in the services provided by the Bank.

23. NOTICES

Any notice or communication under or in connection with the Terms (other than the options available through the Platform) shall be in writing and should be delivered personal to the Bank or sent by registered post as follows:

To the Bank at: 10 Market Street, PO Box 1071, George Town, Grand Cayman KY1- 9006 , Cayman Islands.

To the Client at the address specified in the Application or at such other address as the client shall notify to the Bank.

24. TAXATION

The products and services we offer may have tax consequences that are applicable to you. We do not provide tax, legal, or accounting advice in relation to any of the products or services we offer. We are not legal or tax advisors and assume no liability for such matters. You acknowledge and agree that you are wholly responsible for ascertaining your tax status and any taxation that may apply to you as a result of receiving our services or using our products. You should consult with your own professional tax advisor. In addition, materials and information provided by us are not intended to provide, and should not be relied upon for, tax, accounting, or legal advice.

25. COMPLAINTS

Complaints can be filed with the Chief Risk Officer by emailing complaints@tenet.ky. Further information on how Tenet handles complaints can be found on our website, https://tenet.ky/legal/complaints.

26. FORCE MAJEURE

Notwithstanding any other provision of these Terms, the Bank shall not be liable for any failure to perform, inability to perform or delay in performing any obligation if such failure, inability or delay is due to or caused by legal or governmental constraint, interruption of transmission or communication facilities, unavailability of communication channels that may affect your access to the Internet or any equipment or device you use to access the Internet, equipment failure, act of God, war, civil disorder, terrorist acts, strikes, other industrial disturbances, fire, explosions, unusually severe weather conditions, emergency conditions or other events or circumstances that are beyond the Bank’s reasonable control.

27. ASSIGNMENT

The Client may not assign or transfer any of its rights or obligations under these Terms without the prior written consent of the Bank.

28. GOVERNING LAW

These Terms shall be governed by, and construed in accordance with, the laws of the Cayman Islands.