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Effective from 2020-11-09 - Nov 08 2020 To view other versions open the versions tab on the right
85.
DTFC must ensure that the account holder agrees to all the terms and conditions of the agreements of opening the General Account. In addition, terms and condition of opening the General Account should include following statements (at the minimum):
i.
Acknowledges and verifies that all the data provided by account holder is true and reliable.
ii.
Understands all the terms, conditions and provisions of the account opening agreement.
iii.
Acknowledges Account holder is responsible before the competent authorities for all the information provided at the time of opening and operating the account and all the activities of the account i.e. funds deposited and withdrawal by the account holder or by its authorized persons.
iv.
Acknowledges that the deposited funds are the result of legitimate activities and that it is responsible for their safety, and that if the DTFC receives any illegal or counterfeit money, account holder is not entitled to recover or compensation.
v.
Commits to update its and its authorized persons data as and when requested by the DTFC but not more than five years, as well as to provide a renewal of identity documents before the end of its effectiveness.
vi.
Acknowledges that the DTFC will freeze the account if account holder does not update or renew its data.
vii.
Acknowledges the right of the DTFC to freeze the account or any of the amounts credited to it in case the DTFC suspects the use of the account or the amounts are for financial fraud.
viii.
Acknowledges and verify that Account holder is the real beneficiary of the account.
