PREVENTION OF CRIMINAL ACTIVITY AND CLIENT SERVICE TERMINATION
In this clause, references to “we”, “us” or “our” are references to the entities in the GIFS GROUP (and acting through any of its divisions), and all affiliates, associates, cessionaries, delegates and successors in title.
The entities within the GIFS Group (as defined in the GIFS Group Customer Privacy Notice which you can contact us to request a copy) try to stop or prevent criminal activities including tax crimes, money laundering, terrorist financing, weapons proliferation financing and international sanctions circumvention and are obligated in terms of its regulatory requirements to start measures to prevent these.
You must use our solutions, interfaces and channels in compliance with all applicable laws and our requirements including but not limited to preventing bribery and corruption, human trafficking, money laundering, terrorist financing, weapons proliferation financing, tax crimes and avoidance, counterterrorism and local (from any country) and international sanctions. In keeping with our legal and regulatory obligations and in line with our contractual rights, the GIFS Group may:
choose the customers we wish to do business with;
identify risks that customers may expose the group to; and
within our discretion, may decide whether the banking relationship should continue.
These decisions will always be carefully considered, and we will not make decisions based on grounds which are not allowed such as race, nationality, gender, or religion. Various laws, including but not limited to the Financial Intelligence Centre Act, 2001 as amended (FICA) requires that we know and understand our customers.
We also need to manage our risk exposure, including reputational risk, in a responsible manner. To manage risk as needed, we identify and monitor any risk that our business relationships may pose to us on an ongoing basis.
As a result of this, the GIFS Group can do any of the following things if we consider it necessary to do so, or domestic laws or international laws, rules, regulations, restrictions or policies require us to do so:
We may check and confirm the identity of any customer and entity as well as that of any related persons to or acting on behalf of or involved with such customers or entities and of any recipients of funds regardless of where they bank. This includes, but is not limited to, mandated persons, directors, trustees, signatories, ultimate beneficial owners, members, shareholders and related entities or persons. We will do this at the start of the business relationship and as often as we or the law considers necessary thereafter. We may also request, check and confirm information related to source of funds and any other information which we may reasonably need.
We are obligated to monitor any transactions and instructions on your solutions at the beginning and/or on a continuing basis.
We can request further information to verify the transaction, source of funds, instruction or beneficiary before acting on any instruction or transaction in accordance with various laws. This may result in a delay in us carrying out the instruction or transaction.
We may refuse to carry out any instruction or transaction.
We may refuse to do business with any person or entity where we consider their behaviour or associations to be outside of our risk appetite or where they are involved in ethically sensitive activities, as determined by us.
We will not willingly and knowingly do business with any person or entity: that appears on any sanction list, as set out by legislation or used by us in the management of our risk, including any person or entity who facilitates or is involved in activities with sanctioned persons,
deals with high-risk countries,
who is in any way linked to any person or entity that appears on such sanction list, is linked to any restricted countries or the government agencies of such restricted countries as determined from time to time.
In the case of fraud, suspected fraud, or where the law requires us, we can freeze your solution or terminate the relationship or service, or we can decline receipt of funds or refuse to carry out any instruction or transaction without notice to you. Fraud or suspected fraud includes (but is not limited to) instances where you receive funds through misrepresentation; you allow your solution to be used by a third party for fraudulent purposes such as a mule account or you provide false or not enough information to us.
We can terminate or temporarily restrict our relationship with you or your applicable solution (subject to the solution agreement) if we are made to do so by law or if we have reason to believe that a continued relationship will expose us to reputational, business or any other risk which may be outside of our risk appetite. Risk appetite means the level or type of risk we are prepared to accept, from time to time.
Where we choose to terminate the relationship, and to the extent permitted by law, we will provide you with reasonable notice of termination.
We can monitor any transactions and instructions on your solutions at inception and/or on a continuing basis.
We can place a hold on any account, facility or solution.
You agree to assist us to comply with the law and our internal risk requirements by providing us with all the information and documents we need. If you fail to do so or provide false or inadequate information or if the information you provide is outdated, we can refuse to enter
into a relationship with you, refuse to carry out an instruction (including an instruction to transfer available funds and close a solution), suspend access to your participation in and the use of any customer benefits associated with any solution, restrict access to your solution, our channels and interfaces by placing a hold on your solution and can alsoterminate our relationship with you.
TAKE NOTE: While we do our best to provide service to you, there might be certain situations beyond our control in providing these services. If we need to take actions to comply with the law, or if a foreign bank is unable to carry out an instruction due to their policies or governmental regulations, we unfortunately cannot take responsibility for any resulting loss or inconvenience to you.
IMPORTANT: Our Guide and all necessary documents containing the circumstances that may lead to our refusal to provide a solution or render a financial service, or the withdrawal, termination or closure of a solution or withdrawal or termination of a financial service, is available on our Apps and websites. Alternatively, you can contact us to request a copy. Please refer to the Legal tab on our Apps and websites to access these documents.
CIRCUMSTANCES WHICH MAY RESULT IN TERMINATION OF THE RELATIONSHIP IMPORTANT:
The entities in the GIFS Group (and acting through any of its divisions) (“the Group”) may unilaterally refuse to establish, withdraw or terminate the banking relationship for various reasons. The circumstances mentioned below are provided only by way of examples and should not be taken to be the only circumstances in which the bank may exercise its right to unilaterally refuse, withdraw or terminate the banking relationship.
Where you, or any person you are related to, are suspected or are found to be involved in the commission of a crime, including but not limited to fraud; theft; money laundering; terrorist activities; tax crimes; human trafficking; weapons proliferation financing; corruption or bribery.
Where you have defrauded the Group through the submission of fraudulent documentation or the making of misrepresentations.
Where your solution or our channel and interfaces is used or is suspected of being used for unlawful purposes.
Where you fail to provide the Group with all the information and documents we require to comply with the law or the Group’s internal risk measures or you provide false or inadequate information, the Group can refuse to enter into a relationship with you, refuse to carry out an
instruction (including an instruction to transfer available funds and close a solution), suspend access to your participation in and the use of any rewards and/or customer benefits associated with any solution, restrict access to your solution or our channel and interfaces by placing a hold on your solution and can also terminate the relationship with you.
Where, in our sole opinion, the origination or continuation of the relationship with you may lead to reputational risk, operational risk or damage for the Group.
5.1 Reputational risk may arise when individuals or the public generally form or may form a negative perception of the Group because of something the Group is involved in or someone the Group is associated with. It is the perception that causes the damage, even if the allegations giving rise to the perception have not been proven before a court.
5.2 Reputational risk is not limited to illegal activities but arises also from activities which the public may deem morally or ethically questionable or suspicious.
5.3 Reputational risk may arise where you are the subject of or associated with reported adverse media irrespective of the severity. Adverse media reports include but are not limited to negative publicity, scandalous activities, criminal behaviour, unethical practices or any
other actions that may harm the Group’s reputation or impact our operations or have the potential to impact either of these things.
Where you have acted in an abusive, harmful or threatening manner to the Group’s employees and its property or infrastructure, which includes but is not limited to the following conduct.
6.1 Physical force – any use of physical force (including damage of property or infrastructure) or unwanted physical contact.
6.2 Threats – any threat of harm, prejudice, or physical violence, as well as any intimidation using the threat of harm, prejudice or physical violence.
6.3 Offensive Language – vulgarity, profanities, or the use of language, which is intended to demean, discriminate or offend.
6.4 Derogatory remarks – any use of inappropriate cultural, racial, gender, disability, age, sexual orientation, pregnancy and maternity or religious reference whether intended or not, which has or may have the effect of demeaning, discriminating or offending.
6.5 Rude and Inflammatory behaviour – any combination of language, violence and/or aggressive behaviour, which is intended to offend, provoke, or frustrate.
Where the Group determines that transactions on your solution are misaligned to the purpose for which the solution was offered or the purpose for which the Group was informed the solution would be used. Misaligned transactions refer to any activities or transactions conducted through your solutions or our channels and interfaces which are incompatible with the stated purpose of the solution, as communicated by you or understood by the Group at the solution opening process.
Where the Group is reasonably of the opinion that keeping your solution open, or granting you access to our channels and interfaces may expose us to action or censure from any government, regulator or law enforcement body.
Where the continuation of a relationship may lead to a breach of contractual obligations that the Group may have with other parties.
Where the relationship may lead to a conflict of interest.
Where your actions and/or omissions are against the values of the Group. For information on the Firm’s values, you can refer to the GIFS Philosophy accessible on our website. Where your solution or solutions are used in an industry which the Group has no appetite to be associated with.
Where the termination of the relationship is mutually agreed to by you and the Group. Where the termination of the solution, or restriction of access to the channel or interface is because of and to comply with a court judgment or other legal directive.