The Account Management Agreement serves as a crucial legal framework for establishing and managing professional account services in South Africa. This document is essential when a financial institution or service provider undertakes to manage accounts on behalf of clients, whether corporate or individual. It ensures compliance with South African financial regulations including FAIS Act, FICA, and POPIA, while clearly defining the scope of services, responsibilities, and obligations of all parties involved. The agreement typically includes detailed provisions for fee structures, service levels, reporting requirements, risk management, and data protection protocols. It's particularly relevant in the context of South Africa's sophisticated financial services sector, where regulatory compliance and professional service standards are strictly enforced.
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1. Parties: Identification of the account manager and the client, including registration details and addresses
2. Background: Context of the agreement and brief description of the services to be provided
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Appointment and Scope: Formal appointment of the account manager and detailed scope of services
5. Duration and Termination: Term of the agreement and circumstances under which it can be terminated
6. Account Manager's Obligations: Detailed responsibilities and duties of the account manager
7. Client's Obligations: Client's responsibilities including providing information and maintaining minimum balances
8. Fees and Payments: Fee structure, payment terms, and calculation methods
9. Reporting and Communication: Requirements for regular reporting and communication protocols
10. Compliance and Regulatory Matters: Obligations regarding FICA, FAIS, and other regulatory requirements
11. Confidentiality: Protection of confidential information and trade secrets
12. Data Protection: POPIA compliance and data handling procedures
13. Risk and Liability: Risk allocation and limitation of liability provisions
14. Force Majeure: Provisions for unforeseen circumstances and their handling
15. Dispute Resolution: Procedures for handling disputes between parties
16. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Investment Guidelines: Specific investment parameters and restrictions - include when service includes investment management
2. Foreign Exchange Services: Terms for foreign exchange services - include when dealing with international transactions
3. Online Access and Security: Terms for digital platform access - include when offering online account management
4. Sub-delegation: Terms for appointing sub-managers or delegates - include when delegation is anticipated
5. Insurance Requirements: Specific insurance obligations - include for high-value accounts or specific regulatory requirements
6. Anti-bribery and Corruption: Additional compliance terms - include for international clients or high-risk services
7. ESG Considerations: Environmental, Social and Governance terms - include when relevant to client requirements
1. Schedule 1: Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
2. Schedule 2: Service Level Agreement: Specific service standards, response times, and performance metrics
3. Schedule 3: Authorized Personnel: List of authorized representatives for both parties
4. Schedule 4: Reporting Ƶ: Standard formats for regular reports and communications
5. Schedule 5: Account Details: Specific accounts covered under the agreement
6. Appendix A: Compliance Requirements: Detailed regulatory compliance procedures and requirements
7. Appendix B: Data Processing Terms: Detailed POPIA compliance terms and data processing procedures
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