You would appreciate that it is necessary for Customers to supply the Bank, from time to time with record, data and information (the "Customer Information") in connection with the opening, continuation or operations of accounts and the grant, establishment or continuation of banking facilities or provision of banking services by the Bank to the Customers. In certain cases failure to supply Customer Information may result in the Bank being unable or unwilling to open or continue accounts or establish or continue banking facilities or provide banking services.
The gathering of Customer Information is an on-going process and is collected from Customers in the ordinary course of the continuation of the banking relationship, for example, when Customers write cheques or deposit money.
The Customer Information may be used by the Bank inter-alia for the under-noted purposes:
- Opening of Accounts for the Customer;
- Grant of credit facility to the Customer;
- Conducting of credit checks and references on Customers;
- Conducting day-to day operation in the account of the Customer;
- Provision of banking facilities and services to the Customer;
- Conducting checks to ensure that the credit worthiness of the Customer is maintained;
- To assist other banks/finance companies/institutions/credit rating agencies for conducting credit checks and collect debts on/from the Customer;
- Offer and market financial products and banking services for Customers' use;
- Ascertain and verify the extent of liability and assets of the Customers including the amounts payable by or to the Customers;
- Verification of value of security of provided for the obligations of the Customer to the Bank;
- For collection debts/amounts due by the Customer to the Bank;
- For disclosure to the statutory authorities in accordance with applicable laws;
- For assisting a potential or an actual purchaser/assignee of the Bank or any of its rights/business, to evaluate the value of the business/rights to the purchased/assigned;
- For any other incidental, related or collateral purposes.
Normally the Customer Information will be held and treated as confidential by the Bank. However and without limiting the scope or any right of the Bank, the Bank may disclose/share Customer Information, for the purposes listed in the foregoing paragraph or for any other reason, amongst others, to:
- Any person or entity to whom the Bank may think fit or necessary provided such person or entity is first bound by an confidentiality agreement not to disclose or use any portion of Customer Information disclosed to the such person/entity save and except for and to the extent of the purpose for which it is disclosed;
- Any service provider of the Bank who provides such services to the Bank as would entail disclosure of Customer Information to such service provider for provision of the respective services including services related to operations of the Bank;
- To any statutory authority or Court of Law in accordance with applicable laws/statute;
- Any consultant to the Bank such as lawyers, Accountants, who are required to know the details of the Customers in the ordinary course of the Bank including but not limited to any issues relating to recovery of dues, complaints, accounting and tax issues.
- To any bank which is the bank on which any payment instrument/instructions are drawn by/for a Customer;
- Credit reference agencies, credit rating agencies, and, in the event of default, to debt collection agencies;
- To a potential or an actual purchaser/assignee of the Bank or any of its rights/business, to evaluate the value of the business/rights to the purchased/assigned.
Please be advised that the above contents are without prejudice to any right that the Bank may in
relation to the Customer Information and the above contents are neither deemed to nor intended to limit any rights that the Bank may have in using, disclosing or sharing any Customer Information, as the Bank may deem fit.
Please be further advised that the opening or continuation of an account by the Customer and/or utilisation or continuation of any banking/credit facility or banking service is on the express basis that the Customer has read, understood and accepted the above contents.
The Royal Bank of Scotland Group N.V.,