Notice of Amendment to Customer Agreements in Accordance with "Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism"

In accordance with the “Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism” published by the Financial Services Agency of Japan in February 2018, SMBC Trust Bank will amend SMBC Trust Bank Customer Agreements effective on October 1, 2019.

Under the circumstances, we may ask new customers, when starting relationship with them, the purpose of their transactions or more detailed information about them than we did before. We may also request our existing customers, depending on the nature of their transactions or circumstances, to clarify the purpose of their transactions or information on them again over the counter or by postal mail. In so doing, we may ask you to provide us with documentation related to your transaction for verification purposes. If you refuse or fail to provide the requested information, we may decline to process or restrict your transactions.

*Even if you have been a customer of ours for some time, we may ask you to additionally provide us with some information, depending on the type of your transactions or circumstances. For further details, please refer to Our Initiatives to Combat Money Laundering and Terrorist Financing.

We also plan to update other customer agreements, etc. in October 2019 to accommodate changes in the Civil Code scheduled to come into effect in April 2020, and we will announce the details of the update when ready.

Customer Agreement to be Amended to Reflect the above Guidelines
(The amendment is effective on October 1, 2019)
- GENERAL ACCOUNT CUSTOMER AGREEMENT
Major Points of Amendment
The following changes will be made to the GENERAL ACCOUNT CUSTOMER AGREEMENT:

Article 10 (Termination, etc.) will be expanded (Language underlined will be added)

Article 10. Termination, etc.

3. (1) In the event that any of those events set forth below occurs in respect of an Account, SMBC Trust Bank may limit or suspend any or all Account, SMBC Trust Bank may limit or suspend any or all AccountTransactions or, upon giving the Depositor notice (or without said notice in the case of Item (vi) below), terminate any Account of the Depositor.

((i) to (vi) and (x) omitted)

(vii) When it has become clear that the Depositor made false statements or notifications with regard to the matters confirmed on the Depositor at the time of personal identification verification etc. by SMBC Trust Bank in accordance with the Laws, or the matters provided by the Depositor pursuant to Article 10-2 Paragraph 1 or 2.
(viii) When transaction limitations pursuant to any of Paragraphs 1 through 3 of Article 10-2 have not been resolved for over a year.
(ix) When this deposit has been used, or is likely to be used, for money laundering, financing of terrorism or any transaction that is in conflict with applicable Laws concerning economic sanctions.

Article 10-2 (Transaction Limitations, etc.) will be added

Article 10-2. Transaction Limitations, etc.

1. SMBC Trust Bank may, to verify Depositor’s information and to understand details of a specific transaction, etc. in an appropriate manner, request the Depositor for various confirmations or submission of related documents, etc. In this case, if the Depositor does not respond to the request by the time SMBC Trust Bank will prescribe separately without a legitimate reason, SMBC Trust Bank may limit all or part of Account Transactions such as deposit, remittance, and withdrawal, etc. based on the Transactional Agreements.

2. SMBC Trust Bank may request a non-Japanese Depositor residing in Japan to notify SMBC Trust Bank of the Depositor’s status of residence, period of stay and other required matters in the manner that SMBC Trust Bank will prescribe. In this case, when the period of stay has expired, SMBC Trust Bank may limit all or part of Account Transactions such as deposit, remittance, and withdrawal, etc. based on the Transactional Agreements.

3. When this deposit is likely to be used for money laundering, financing of terrorism, any transaction that is in conflict with applicable Laws concerning economic sanctions, or any act that is contrary to the Laws, the public order, or good morals, in the light of the Depositor’s response toward confirmation and submission request pursuant to the preceding Paragraph 1, the specific transaction details, the explanation by the Depositor, or other circumstances, SMBC Trust Bank may limit all or part of Account Transactions such as deposit, remittance, and withdrawal, etc. based on the Transactional Agreements.

4. Even when Account Transactions are limited pursuant to the preceding Paragraph 1 through 3, if it is deemed that the fear of money laundering, the financing of terrorism, or conflict with the Laws concerning economic sanctions has been resolved based on the explanation by the Depositor etc., SMBC Trust Bank will promptly release the transaction limitations.

We will post the new SMBC Trust Bank Customer Agreements as well as a side-by-side comparison table to show the pre-amendment provisions and the post-amendment provisions on our website at least one month prior to the amendment of October 2019.

Please click here for the current version of SMBC Trust Bank Customer Agreements.