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Effective from 2020-11-09 - Nov 08 2020 To view other versions open the versions tab on the right
183.
The operation of the accounts shall be primarily the responsibility of the Account Holder and persons authorized by the Account Holder.
184.
Account holders and its authorized person can operate the accounts either passing through written instructions duly signed and stamps or through digital mean.
185.
DTFCs must facilitate its customer by availing standard forms and agreements to pass written instructions to operate accounts such as Forms use to initiate, cancel and/or roll over a Term Deposit Deal or deposit or withdraw funds from General Account etc.
186.
DTFCs must verify the authenticity and validity of signatures provided on the form by comparing the specimen signatures in the signature form.
187.
DTFCs must verify the identity of account holder and/or authorized person at the time receiving written instructions to operate General Account by obtaining a copy of his / her identity documents.
188.
DTFCs should facilitate its customers to operate their accounts remotely i.e. through digital channels. In case DTFCs provides such facility, DTFCs must ensure the account holder or its authorized person goes through dual sign-in verification process before access to view and operate the accounts are provided.
189.
In addition, DTFCs must provide maker / checker functionality to the account holder relating to juristic person on its digital channels before DTFCs receives the request to process. Maker / Checker means that two different individuals are required (one to initiate the request and other to approve). Both these individuals must go through dual sign-in verification process.
190.
DTFCs must NOT accept physical cash to deposit funds to or disburse cash to withdraw fund from the General Account.
191.
Persons authorized to operate bank accounts of juristic persons shall be authorized by authorized individuals, which are authorized by public or private approval, such as by the Board of Directors, Partners, Employer or any person designated by the Owner or by Officials of the establishment or entity.
192.
The sole purpose of the General Account is to facilitate operations of Term Deposit Accounts therefore DTFCs should not allow usage of the account for any other purpose such as making payments to third parties i.e. a payment where beneficiary is not the DTFC where General Account is held or Account Holder itself.
193.
DTFCs shall not allow General Account to be used receive funds from third parties.
194.
Under no circumstances, DTFCs will overdraw any General Account or any Term Deposit Account.
