Boost Bank Berhad Business Current Account and/or Digital Savings Account Terms and Conditions

These general terms and conditions set out the terms that apply to the Account (as defined below). They form a legally binding agreement between Boost Bank (as defined below) and a Customer (as defined below) once the customer accepts them in the Boost SME (as defined below).

These general terms and conditions are intended to be read together with:

(a) the Terms of Use (as defined below) for the Boost SME;

(b) the Privacy Notice (as defined below); and

(c) any product specific schedule, services terms that Boost Bank may make available for the Account.

If there is any conflict or inconsistency, these general terms and conditions prevail for matters relating to the Account, and the relevant services terms prevail for those services to the extent of the inconsistency.

PART 0 – DEFINITION AND INTERPRETATION

In these general terms and conditions, unless the context requires otherwise, the following words and expressions shall have the following meanings:

“ABM” means the Association of Banks in Malaysia;

“Account” means any one or more of the accounts, which include the current, savings and/or any other account, which the customer may have with Boost Bank and accessible through the Boost SME made available by Boost Bank from time to time and references to “Account” shall be construed as references to any one of them;

“Authorised Person” means an individual authorised by the Customer to open and/or operate the Account, including any administrator, maker or checker;

“Boost Bank” means Boost Bank Berhad (Company Registration No. 202301007223 (1501144-T)), a licenced digital bank incorporated under the laws of Malaysia and having its registered address at Level 26, Axiata Tower, 9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia;

“Business Day” means a day on which Boost Bank is open for business in Kuala Lumpur;

“Boost SME” means the Boost Bank business banking platform made available to the Customer through (a) the mobile application installed on the Customer’s Mobile Device and/or (b) the web-based portal accessible via an internet browser, through which the Account may be accessed and operated, as may be varied, enhanced, modified, suspended or replaced by Boost Bank from time to time;

“Boost Bank Website” means https://myboostbank.co/,https://myboostsme.co/, and includes any other website, webpage or URL operated or designated by Boost Bank from time to time for the provision of information or services in connection with Boost Bank and/or the Account;

“Boost Bank Support Channel” means Boost Bank’s customer support channel(s), including electronic mail at support@myboostbank.co, and any other email address, in-app chat, webpage, URL or other communication channel that Boost Bank may make available or designate from time to time for customer support;

“Boost Bank Whistleblowing Channel” means Boost Bank’s whistleblowing channel(s), including electronic mail at https://boostbank.integrityline.com/, and any other email address, in-app chat, webpage, URL or other communication channel that Boost Bank may make available or designate from time to time for customer support;

“Boost Bank Whistleblowing Policy” means Boost Bank’s whistleblowing policy (as amended, supplemented or replaced from time to time) available at  https://myboostbank.co/corporate-governance or such other webpage, URL or platform as Boost Bank may designate from time to time;

“Boost Bank Anti-Bribery & Corruption Policy” means Boost Bank’s anti-bribery and corruption policy (as amended, supplemented or replaced from time to time) available at  https://myboostbank.co/corporate-governance or such other webpage, URL or platform as Boost Bank may designate from time to time;

“Customer” means (a) any company, partnership, limited liability partnership, sole proprietorship or other business entity established and registered in Malaysia, (b) any individual acting in his personal capacity who carries on or purports to carry on a business without registering with the SSM, in whose name the Account is opened and includes (where applicable) such individual trading under any business name or style without registering with the SSM;

“DuitNow” means a service established by PayNet, which allows the Customer to initiate and receive instant credit transfers using a recipient’s account or DuitNow ID;

“DuitNow ID" means identifiers of the Customer such as a mobile number, national registration identification card number, passport number, army number or police number (in the case of an individual) or business registration number (in the case of a corporate customer) or any other identifiers as may be introduced by PayNet from time to time;

“Mobile Device” means the mobile device or such other communication device which is used to access the Boost SME;

“OTP” means a one-time password, one-time passcode or other one-time authentication code (whether numeric or otherwise) generated, issued or transmitted for single-use to authenticate the Customer and/or authorise a transaction or instruction, and which expires after a limited time or upon use (whichever occurs first);

"PayNet" means Payments Network Malaysia Sdn. Bhd.;

“PIN” means a personal identification number, password, passcode or other confidential authentication credential (whether numeric or otherwise) used to verify the Customer’s identity and/or authorise access to, or the execution of transactions or instructions on, any system, account, device or service;

“Privacy Notice” means Boost Bank’s privacy notice (as amended, supplemented or replaced from time to time) available at https://myboostbank.co/privacy-notice or such other webpage, URL or platform as Boost Bank may designate from time to time;

“Product Disclosure Sheet” means Boost Bank’s product disclosure sheets for Business Current Account and Digital Savings Account, respectively (as amended, supplemented or replaced from time to time) available at https://myboostbank.co/sme or such other webpage, URL or platform as Boost Bank may designate from time to time;

“SSM” means the Suruhanjaya Syarikat Malaysia; and

“Terms of Use” means Boost Bank’s terms of use (as amended, supplemented or replaced from time to time) available at https://myboostbank.co/term-of-use or such other webpage, URL or platform as Boost Bank may designated from time to time.

A reference to a statutory provision includes any modifications, consolidations or re-enactments for the time being in force and all statutory instruments or orders made pursuant thereto.

A reference to a party includes that party’s successor in tile and permitted assignee (where an assignment is made in accordance with these general terms and conditions.

Headings are for convenience only and do not affect interpretation.

The words “We”, “us”, “our” or “Boost Bank” means Boost Bank and/or any other entity within Boost Bank, its partners and its contractors, or any of them, where applicable.

The words “you”, “your” or “yourself” means the Customer.

The word “Ringgit” and the abbreviation “RM” mean the lawful currency of Malaysia.

The words importing the singular shall include the plural and vice versa.

The words importing the masculine gender shall include the feminine and neuter genders and vice versa.

Where there are two (2) or more persons or parties comprised in the expression “you”, the agreements, covenants, stipulations, undertakings, terms and conditions expressed to be made by and on your part in these general terms and conditions shall be deemed to be made by or binding upon such persons or parties jointly and severally.

Where the Customer is an individual operating under a business name or style without registering with SSM, the Parties agree that (a) the Customer is contracting in his personal capacity, (b) any such business name or style does not constitute a separate legal entity, and (c) all obligations and liabilities under these general terms and conditions shall be binding on the Customer personally.

PART 1 – GENERAL TERMS AND CONDITIONS 

1. Account Opening 

1.1. The Account is a business current account and/or digital savings account, does not provide a passbook or chequebook and does not support cheque issuance or cheque deposit.

1.2. No debit card will currently be issued for the Account and cash deposit and withdrawal are not available.  The Account may be linked to other payment instruments including credit card, where offered by Boost Bank. Any such card is subject to separate card terms and conditions and separate fees and charges (if any).

1.3. The Account may support electronic payments and transfers, including via DuitNow and other payment rails made available by Boost Bank. Specific payment features may be subject to additional services terms and transaction limits.

1.4. To open and maintain the Account, the Customer must satisfy Boost Bank's onboarding, verification and due diligence requirements. The Customer must provide accurate, complete and up-to-date information and documents requested by Boost Bank, which may include without limitation:-

(a) identity verification information for any Authorised Person (including capture of an identity document and a live photo, selfie, or liveness verification;

(b) business registration details (including the business registration number);

(c) ownership and control information (including directors, partners or proprietor and beneficial owners);

(d) contact and business details (including business address, office telephone number, website (if any) and email address);

(e) declarations (including politically exposed persons (“PEP”), high-risk jurisdiction exposure, and source of wealth and source of funds); and

(f) supporting documents such as board resolutions, mandates, authorisations and any other documents required by Boost Bank.

Where the Customer is an individual carrying on business without registering with SSM, Boost Bank may require additional identification, declarations and supporting documents, including confirmation of the Customer’s personal capacity and acknowledgement of personal liability.

1.5. Boost Bank may retrieve information from third-party sources (including SSM) and may use such information to pre-fill fields in the Boost SME. The Customer must review, verify and confirm the accuracy of any information displayed and must promptly notify Boost Bank of any errors or discrepancies.

1.6. The Customer must ensure that each Authorised Person has the necessary authority to act for the Customer. Boost Bank may require supporting documents, including board resolutions, partnership authorisations, mandates or other evidence of authority and may verify directors, partners, proprietor and Authorised Persons through verification steps (including by sending verification requests to specified email addresses). The Customer must ensure all required parties respond and provide information within the timeframe requested.

1.7. The Customer represents and warrants that it has obtained all necessary consents and/or has lawful authority to provide Boost Bank with personal data of its directors, partners, proprietor, beneficial owners and Authorised Persons, and to allow Boost Bank to contact such persons for verification where applicable, in accordance with the Privacy Notice and applicable law.

1.8. The acceptance of any application for the opening of the Account and the continuance of the Account are subject to applicable law and regulatory requirements and Boost Bank’s internal policies. Boost Bank may:-

(a) decline an application;

(b) delay onboarding or activation;

(c) impose conditions, restrict or refuse transactions; and/or

(d) suspend services and/or close the Account,

where permitted by law, including where information or documents are incomplete, inaccurate, misleading or cannot be verified, or where Boost Bank reasonably considers that continuing the relationship presents legal, regulatory, fraud or risk concerns. Boost Bank may be unable to provide reasons in certain circumstances (including where restricted by law). 

1.9. Boost Bank may require the Customer, where the Customer is a sole proprietor, to fund the Account via an external bank transfer (or other approved funding method) before the Account is activated. If the Customer is unable to complete such funding transfer, Boost Bank may decline activation and restrict access to the Account until the funding requirement is satisfied. Boost Bank may apply verification, clearing and anti-fraud checks before making funds available or activating the Account.

This clause does not apply where the Customer is a company, limited liability partnership, partnership or any other business entity established and registered in Malaysia, unless Boost Bank notifies otherwise.

1.10. Boost Bank may set up role-based access (such as administrator, maker, checker) and approval limits if such features are enabled. Instructions given through the Boost SME by an Authorised Person in accordance with the configured roles and limits will be treated as authorised and binding on the Customer.

1.11. The Customer may operate the Account through the Boost SME. Boost Bank may require authentication measures such as PIN, OTP, device binding and/or biometric authentication (where enabled). The Customer must promptly notify Boost Bank if it suspects unauthorised access, loss of a device, compromise of credentials, or suspicious activity and should use available security controls (including freezing the Account or unbinding a device) where available in the Boost SME. The Customer is responsible for maintaining internal controls, including limiting access to Authorised Persons, managing maker-checker configurations, and monitoring account activity.

1.12. The Customer must promptly notify Boost Bank of any changes to Customer information (including changes to directors, partners, proprietor, beneficial owners, Authorised Persons or mandate, business details, tax information, and FATCA/CRS status) and provide supporting documentation where requested. 

2. Deposits, Payments and Transfers 

2.1. Deposits into the Account shall be made in the manner prescribed by Boost Bank and shall be subject to such requirements as may be imposed by Boost Bank from time to time, including any minimum initial deposit and minimum balance requirements as set out in the Product Disclosure Sheet.

2.2. The Customer shall ensure that there are sufficient cleared funds in the Account to carry out any transactions or instructions given by the Customer, unless prior arrangements have been made with and expressly approved by Boost Bank in writing.

2.3. Payments and transfers may be effected through the Boost SME, subject to applicable transaction limits, cut-off times, verification requirements and other conditions imposed by Boost Bank from time to time.

(a) Certain payments or transfers (including instant transfer) may be irrevocable once effected.

(b) The Customer may request to increase or decrease the transaction limits through the Boost SME. Any increase in transaction limits shall only take effect after a cooling-off period of two (2) hours from the time such change is made. Any decrease in transaction limits shall take effect immediately.

2.4. Boost Bank may refuse, delay, suspend, or reverse a transaction where required by law, where Boost Bank suspects fraud or error, where there are insufficient funds, or where the transaction breaches limits or service rules. We will act in accordance with applicable law and industry rules (including PayNet rules where relevant).

2.5. Erroneous, Reversed or Unsuccessful Credits:

(a) The Customer acknowledges that any credit to the Account arising from a payment, transfer or other transaction is subject to final receipt and settlement of funds by Boost Bank. Boost Bank shall be entitled to treat any such credit as provisional until such time as the funds are irrevocably received and settled.

(b) Where any sum is credited to the Account due to any error, mistake, system malfunction or where the underlying payment or transfer is unsuccessful, reversed, cancelled or otherwise not completed or settled for any reason whatsoever (“Erroneous Credit”), Boost Bank shall be entitled, at any time and without prior notice, to reverse or debit such Erroneous Credit from the Account.

(c) The Customer shall not be entitled to utilise, withdraw or otherwise deal with any Erroneous Credit. The Customer shall promptly notify Boost Bank upon becoming aware of any Erroneous Credit.

(d) Where the Account has insufficient funds to effect the reversal or debit of any Erroneous Credit, the Customer shall immediately, upon demand by Boost Bank, repay the amount of such Erroneous Credit, which shall constitute a debt due and owing to Boost Bank.

(e) Without prejudice to any other rights or remedies available to Boost Bank, Boost Bank shall be entitled to recover any Erroneous Credit by exercising its right of set-off against any account(s) maintained by the Customer with Boost Bank.

(f) Boost Bank shall not be liable for any loss, damage or consequence arising from the reversal or debit of any Erroneous Credit in accordance with this Clause.

3. Instructions and Notices from the Customer 

3.1. All notices given by the Customer to the Boost Bank shall be in writing and sent by electronic mail to the Boost Bank Support Channel or sent in such manner and by such method as Boost Bank may prescribe from time to time. Any such notices shall be effective only upon Boost Bank’s written acknowledgement of receipt.

3.2. The Customer shall indemnify the Boost Bank against all losses, damages, claims, demands, costs and all other liabilities which it may incur or suffer in consequence of its accepting and acting on such instructions.

3.3. Acceptance and action by the Boost Bank of any instructions of the Customer shall be subject to any terms and conditions determined by the Bank.

3.4. (a) The Customer undertakes to promptly advise the Boost Bank of any changes that may directly or indirectly affect the operation of the Account, including but not limited to, (i) any change of name, address, contact details or other particulars of the Customer or Account or (ii) any change relating to Authorised Persons, including any change of administrator and/or authorised signatory(ies), access rights or mandate

(b) Where such changes may be made through the Boost SME, the Customer shall effect and authorise such changes through the prescribed transaction signing or authentication process within the Boost SME, and such changes shall only take effect upon successful completion of such authorisation and acceptance by Boost Bank.

(c) Where any change cannot be made through the Boost SME, the Customer shall submit a written request through the Boost Bank Support Channel, together with supporting documents required by Boost Bank, and Boost Bank shall be entitled to require such form of authorisation or verification as it deems necessary.  

(d) Boost Bank shall be entitled to rely on the last known particulars and existing mandate registered with the Boost Bank until the change has been duly received, authorised, verified and processed by Boost Bank. Without prejudice to the foregoing, any change relating to Authorised Persons may be subject to such processing time or conditions (including any applicable cooling-off period) as may be prescribed by Boost Bank from time to time.

3.5. If there is any update to the account information / Foreign Account Taxation Compliance Act (“FATCA”) status and Common Reporting Standard (“CRS”), the Customer undertakes to notify and furnish the Boost Bank with the relevant documentary evidence within 30 days of such change. The Customer consents to and authorises the Boost Bank to perform any of the following, if applicable, (a) withhold any applicable payments in the Account, (b) report or disclose all relevant information relating to or arising from the Account (c) terminate (with prior notice) the Customer’s contractual relationship(s) with the Bank.

3.6. All instructions by you shall remain effective for payments or transfers made or instructions carried out in good faith notwithstanding any death, bankruptcy or insolvency, winding-up, dissolution, liquidation, striking off, receivership or the revocation of any such instructions by any means, until Boost Bank receives written notice together with satisfactory documentary evidence of such death, bankruptcy or insolvency, winding-up, dissolution, liquidation, striking off, receivership or revocation.

4. Notices from Boost Bank 

4.1. Unless stated otherwise in these general terms and conditions, Boost Bank may give any communication or notice to the Customer through any modes or methods as Boost Bank deems appropriate including without limitation by post, by notification in the mass media, by inserting the notice into the periodic statement of account, by electronic transmission (including mobile phone/device number, electronic mail or other address of the Customer registered with Boost Bank), by posting at the Boost SME or Boost Bank Website.

4.2. Such notices or communications from the Boost Bank shall be deemed to have been made on the date stipulated in the notice or publication and/or the date of posting to the Customer’s last known address and/or sending or transmitting to such mobile phone/device number, electronic mail or other address of the Customer registered with Boost Bank.

4.3. The Account shall not be used or permitted to be used for any unlawful activities including but not limited to any breaches of applicable law, rule or other regulatory requirements. In the event the Bank discovers that the Account is or was used for such unlawful activities, the Bank is entitled to block any payment and/or transaction, close the Account, suspend, cancel, terminate or recall the Account immediately without the need to assign any reason whatsoever thereto. 

5. Interest 

5.1. Interest, if any, shall be paid by the Boost Bank at such frequency and at such rate(s) as may be specified in the Product Disclosure Sheet and/or may be displayed in the Boost SME and/or the Boost Bank Website.

5.2. Boost Bank may prescribe conditions for interest eligibility, including a minimum balance requirement or such other criteria as may be set out in the Product Disclosure Sheet, and may vary such conditions by giving notice to the Customer in accordance with Clause 4.

5.3. No interest shall be payable by the Boost Bank on any amount attributable to an Unpaid Items. “Unpaid Items” include, without limitation any payment, transfer or other credit entry that is reversed, returned unpaid, dishonoured, cancelled or otherwise not finally cleared or settled, notwithstanding any provisional crediting. Boost Bank shall be entitled to adjust and/or reverse any interest accrued or credited in respect of such Unpaid Items.

6. Fees, Charges & Taxes 

6.1. Boost Bank shall be entitled to impose and deduct from the Account all applicable fees, charges and expenses, including but not limited to those specified in the Product Disclosure Sheet, including: -

(a) banking fees, commissions, charges and stamp duties in respect of transactions and for the services provided by Boost Bank;

(b) service charges imposed in accordance with the rules of any payment network, scheme operator, industry association or regulatory authority, or as determined by Boost Bank;

(c) any withholding or other taxes, levies or charges imposed by law on any transaction, service, amount or interest; and

(d) all legal costs (on a solicitor-client basis) and other expenses incurred by Boost Bank in connection with the recovery of any outstanding amounts owing by the Customer.

6.2. Boost Bank reserves the right to impose, revise and/or vary any fees and charges by giving the Customer at least 21 calendar days’ prior notice, and such changes will take effect on the date stated in the notice, which may be given in accordance with Clause 4.

6.3. For the avoidance of doubt, the Customer shall bear all professional fees, taxes (including but not limited to sale tax and/or service tax), and out-of-pocket expenses incurred in connection with the Account.

7. Account Statements 

7.1. For statement-based accounts, a statement will be made available electronically through the Boost SME at monthly or quarterly intervals (as determined by Boost Bank).

7.2. Statements will be provided electronically only. The statement of account will be made available in the Boost SME for viewing and download. No paper or physical statement will be issued, mailed or delivered to the Customer. Viewing and downloading of statements in the Boost SME is free of charge.

7.3. Boost Bank may provide a separate statement of account for each of the Accounts or a combined statement covering more than one Account. Boost Bank may change the format or grouping of statements from time to time.

7.4. The Customer shall review and verify all entries in each statement and notify Boost Bank in writing of any errors or discrepancies in the statement within fourteen (14) calendar days from the date of the statement. If Boost Bank does not receive such notification within that period, the entries in the statement shall be deemed to be correct, binding, final and conclusive on the Customer.

7.5. Notifications of errors or discrepancies must be made via the Boost Bank Support Channel, and must include sufficient details to allow investigation. 

8. Conduct and Closure of Accounts 

8.1. If no transactions are carried out on the Account for a continuous period of twelve (12) months, Boost Bank may classify the Account as dormant and may impose such charges or fees as may be specified in the Product Disclosure Sheet.  Where reasonably practicable, Boost Bank will provide prior notice to the Customer in accordance with Clause 4 and give the Customer a reasonable opportunity to reactivate the Account or transfer out any remaining funds prior to closure.

8.2. Boost Bank may close the Account or withdraw, suspend or terminate any or all of the services by giving prior notice to the Customer in accordance with Clause 4, where reasonably practicable, including where this is required to comply with applicable law or any guidelines or rules of Bank Negara Malaysia, any payment network, scheme operator, industry association or other regulatory authority, or as determined by Boost Bank.

8.3. Boost Bank may refuse, delay, suspend or decline to carry out any transactions or instructions (including any payment out of, or credit into, the Account) if Boost Bank is notified of, or becomes aware of, any event which may affect the Customer’s legal capacity or authority to operate the Account, including:-

(a) Where the Customer is a sole proprietor: bankruptcy, insolvency proceedings, an adjudication order, or any similar event;

(b) where the Customer is a company, limited liability partnership or other body corporate: any petition, application or order for winding up, liquidation, judicial management, receivership, appointment of an insolvency practitioner or receiver, or any similar event, including circumstances under Malaysia laws indicating the entity may be wound up by Court;

(c) where the Customer is a partnership or unincorporated body: dissolution, insolvency proceedings, or any similar event; and/or

(d) any other event which, in Boost Bank’s reasonable opinion, materially affects the Customer’s legal capacity or authority to operate the Account of the Customer.

8.4. Boost Bank may remove, suspend or restrict the access of any director, partner, proprietor, office bearer, authorised signatory or other Authorised Person from operating the Account if Boost Bank is notified of or become aware that, such person is bankrupt or insolvent, is legally disqualified, is subject to investigation, or where Boost Bank reasonably believes continued access may result in legal, fraud, security or operational risk.  

8.5. A service charge of an amount as may be determined by Boost Bank may be charged if the Account is closed within six (6) months (or such other period as may be stipulated by Boost Bank) from the date the Account was opened.

8.6. In accordance with the Unclaimed Moneys Act 1965, where monies in the Account become unclaimed or inactive for the period prescribed under the Unclaimed Moneys Act 1965, Boost Bank may be required to classify such monies as unclaimed and remit them to the Registrar of the Unclaimed Moneys, and the Account will then be closed. 

9. Set-Off and Consolidation 

9.1. Boost Bank may, by giving the Customer not less than seven (7) calendar days in the manner prescribed in Clause 4 above, combine or consolidate the Account with any or all other accounts maintained by the Customer with Boost Bank, and set off or transfer any sums standing to the credit of any such account towards payment of any sums owing by the Customer to Boost Bank, whether present or future, actual or contingent.

9.2. Boost Bank’s right hereunder shall not be affected by the insolvency or similar event affecting the Customer, including: -

(a) where the Customer is a sole proprietor: death, bankruptcy, insolvency, mental incapacity or similar event;

(b) where the Customer is a company, limited liability partnership or other body corporate: winding up, liquidation, judicial management, receivership, dissolution, insolvency proceedings or similar event; and

(c) where the Customer is a partnership or unincorporated body: dissolution, insolvency proceedings or similar event.

9.3. Boost Bank may exercise its rights under this clause without prior notice where giving notice is not reasonably practicable or is restricted by law (including where required for fraud prevention, compliance with a court order, or regulatory requirements). 

10. Limitation of Liability 

10.1. Boost Bank shall not be liable for any indirect, consequential, special or punitive loss or damage, including loss of profit, revenue, business opportunity, goodwill or anticipated savings), whether arising in contract, tort or otherwise.

10.2. Boost Bank shall not be liable for any failure, delay, interruption or error caused by events beyond Boost Bank’s reasonable control, including failures of telecommunications, utilities, third-party systems, payment networks or service providers, provided that Boost Bank takes reasonable steps to restore services and mitigate impact.

10.3. The Customer is responsible for safeguarding access credentials, including username, PIN, OTP and device access and for controlling access by its Authorised Persons. Boost Bank is not liable for losses arising from the Customer’s failure to comply with security obligations under these general terms and conditions or the Terms of Use.

10.4. Boost Bank’s aggregate liability to the Customer for direct loss arising out of or in connection with the Account in any 12-month period is limited to the amount of the affected transaction(s) giving rise to the claim. 

11. Indemnity 

11.1. The Customer shall indemnify Boost Bank against any losses, demands, damages, liabilities, costs and expenses (including legal costs) incurred and/or suffered by Boost Bank arising from: -

(a) any instruction given by the Customer to Boost Bank through the Boost SME;

(b) any breach of any of these general terms and conditions by the Customer or any Authorised Person;

(c) any unlawful use of the Account or misuse of the Account attributable to the Customer or any Authorised Person;  

(d) any third-party claims arising from the Customer’s business, transactions, disputes with counterparties, employees or suppliers, or the Customer’s instructions; and/or

(e) where the Customer is an individual carrying on business without registering with SSM, the Customer’s failure to comply with any applicable business registration or regulatory requirements,

except to the extent caused by Boost Bank’s gross negligence, wilful misconduct, wilful default or fraud.

11.2. Where the Customer alleges that an instruction is unauthorised or fraudulent, the Customer must notify Boost Bank promptly and provide all information reasonably required for investigation. Boost Bank may rely on its authentication and security processes as evidence of authorisation.     

11.3. This indemnity shall continue notwithstanding the termination of any service and/or closure of any account. 

12. Terms and Conditions 

12.1. These general terms and conditions supersede any or all prior versions of the general terms and conditions previously applicable to the Account.

12.2. Boost Bank may amend, supplement and/or replace these general terms and conditions from time to time.  Boost Bank will provide the Customer with at least twenty-one (21) calendar days’ prior notice in accordance with Clause 4, and the change will take effect on the date stated in the notice.

12.3. Notwithstanding Clause 12.2, Boost Bank may introduce changes with shorter notice (or immediate effect) where reasonably necessary due to security, fraud prevention, system integrity, legal or regulatory requirements, or where a change is required to protect the Customer or Boost Bank, in which case Boost Bank will notify the Customer as soon as reasonably practicable.

12.4. The continued operation or non-closure of the Account or continued use of the services after the effective date of any change will be deemed acceptance of the change. If the Customer does not agree, the Customer may close the Account in accordance with these general terms and conditions before the change takes effect.

12.5. The latest version of these general terms and conditions will be available in the Boost SME, Boost Bank Website and on request through the Boost Bank Support Channel.

12.6. Boost Bank may offer additional features relating to the Account from time to time. Any such features may be subject to additional terms. Separate products, including any credit card or loan products) are governed by their own separate terms and conditions and disclosures, and the Customer must accept those terms before using those products and services. 

13. Miscellaneous 

13.1. Where the Customer has provided consent to receive marketing, promotion or cross-selling communications, the Customer may opted-in or opted-out (or change preferences) at any time through the Boost SME or by contacting Boost Bank through the Boost Bank Support Channel.  Boost Bank’s collection, use and disclosure of information is subject to the Privacy Notice and applicable law. 

14. Governing Law 

14.1. These general terms and conditions shall be governed by, and construed in accordance with, the laws of Malaysia and the rules, regulations and guidelines of Bank Negara Malaysia, the ABM and other relevant bodies, in force from time to time. 

15. Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613)

In this respect: -

“Instrumentalities of an offence” means (a) anything which is used in, or in connection with, the commission of any unlawful activity, or (b) any property which is wholly or partly used in, or in connection with, the commission of any unlawful activity, whether the thing or property is situated within or outside Malaysia. 

“proceeds of an unlawful activity” means any property, or any economic advantage or economic gain from such property, within or outside Malaysia, (a) which is wholly or partly, (i) derived or obtained, directly or indirectly, by any person from any unlawful activity, (ii) derived or obtained from a disposal or other dealings with the property referred to in subparagraph (i), or (iii) acquired using the property derived or obtained by any person through any disposal or other dealings referred to in subparagraph (a)(i) or (b)(ii); or (b) which, wholly or partly, due to any circumstances such as its nature, value, location or place of discovery, or to the time, manner or place of its acquisition, or the person from whom it was acquired, or its proximity to other property referred to in subparagraph (a)(i), (ii) or (iii), can be reasonably believed to be property falling within the scope of subparagraph (a)(i), (ii) or (iii); 

“property” means (a) assets of every kind, whether corporeal or incorporeal, moveable or immovable, tangible or intangible, however acquired, or (b) legal documents or instruments in any form, including electronic or digital, evidencing title to, or interest in, such assets, including currency, bank credits, deposits and other financial resources, traveller's cheques, bank cheques, money orders, capital market products, drafts and letters of credit, whether situated within or outside Malaysia, and includes a legal or equitable interest, whether full or partial, in any such property; 

“unlawful activity” means (a) any activity which constitutes any serious offence or any foreign serious offence, or (b) any activity which is of such a nature, or occurs in such circumstances, that it results in or leads to the commission of any serious offence or any foreign serious offence, regardless whether such activity, wholly or partly, takes place within or outside Malaysia; 

“serious offence” means (a) any of the offences specified in the Second Schedule of AMLA, (b) an attempt to commit any of those offences, or (c) the abetment of any of those offences; and

“transaction” includes an arrangement to open an account involving two (2) or more persons and any related transaction between any of the persons concerned and another. 

15.1. The Customer hereby:-  

(a) represents and warrants to, and undertakes with, Boost Bank that: -  

(i) the Customer has not engaged, and shall not at any time engage, directly or indirectly, in a transaction that involves proceeds of an unlawful activity or instrumentalities of an offence;

(ii) the Customer has not acquired, received, possessed, disguised, transferred, converted, exchanged, carried, disposed of or used, and shall not at any time acquire, receive, possess, disguise, transfer, convert, exchange, carry, dispose of or use, proceeds of an unlawful activity or instrumentalities of an offence;  

(iii) the Customer has not removed from or brought into Malaysia, and shall not at any time remove from or bring into Malaysia, proceeds of an unlawful activity or instrumentalities of an offence; and

(iv) the Customer has not concealed, disguised or impeded, and shall not at any time conceal, disguise or impede, the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of an unlawful activity or instrumentalities of an offence.

(v) the Customer will at all times comply with the Regulatory Requirements (as defined below in Clause 15 (ii));  

(vi) the Customer will be fully liable if found to have contravened the Regulatory Requirements (as defined below in Clause 15 (ii)) causing legal repercussion to Boost Bank due to its actions; and  

(vii) the Customer understands that any breach(es) due to AMLA/CFT and sanction requirements are non-negotiable. 

15.2. The Customer acknowledges and agrees with Boost Bank that: - 

(a) Boost Bank is obliged to comply with all applicable laws, regulations, directives, policy documents, guidelines, practice directions, sanctions, industry standards and practices and other requirements, including without limitation the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, the Strategic Trade Act 2010, Financial Services Act 2013, to which Boost Bank as a licensed financial institution may from time to time be subject to in Malaysia (collectively, “Regulatory Requirements”);

(b) Boost Bank shall be entitled to do or refrain from doing any act or thing, for compliance with the Regulatory Requirements;

(c) if Boost Bank is of the opinion that any event or circumstance (whether related or not), which would make it unlawful or illegal for Boost Bank to approve the Account or to grant or make available of, or to disburse any funds under, the Account, has occurred or arisen, or the approval of the Account or the granting or making available of, or the disbursement of any funds under, the Account would contravene any of the Regulatory Requirements (in whole or in part), including without limitation Boost Bank’s receipt of any alert or positive name match from the relevant checks conducted on the Customer and any related third party involved in the underlying transaction(s) (including without limitation the vendor, developer, promoter, agent, trustee, supplier to whom any funds under the Account is to be disbursed) by Boost Bank pursuant to the Regulatory Requirements, then, notwithstanding anything to the contrary contained in this Account, Boost Bank shall, at any time by giving not less than 14 working days written notice or such shorter period as required or permitted by such Regulatory Requirements, be entitled to:-

(i) suspend the Account, and do all such acts and things as may be necessary to comply with the Regulatory Requirements; and/ or

(ii) cancel the Account and terminate its relationship with the Customer, and do all such acts and things as may be necessary to comply with the Regulatory Requirements. 

(d) If the Account is cancelled/ terminated by Boost Bank pursuant to their compliance to Regulatory Requirements: - 

(i) the indebtedness or all monies outstanding shall immediately become due and payable;

(ii) no utilisation or further utilisation under the Account shall be allowed; and

(iii) Boost Bank shall be entitled to exercise all or any of its rights and remedies available to it under the Account and the security document, the applicable laws or otherwise;

(e) The Customer shall provide all such documents and information as Boost Bank may require (at all times during the term of the business relationship) for the purposes of complying with the Regulatory Requirements;

(f) Boost Bank shall be entitled to freeze, or seize the account / facilities under its control or due from any source to it, pursuant to order(s) from enforcement agency(ies) until such further notice (revocation order) is received from the said enforcement agency or the cease of the order (whichever the first); or unless there is a variation order. 

(g) By accepting this Terms & Conditions, the Customer warrants to Boost Bank that:

(i) the Customer will be compliant with all anti-corruption and anti-bribery laws, such as the Malaysian Anti-Corruption Commission Act 2009 and all other relevant laws and regulations relating to anticorruption and anti-bribery as enforced from time to time;

(ii) the Customer has read and understood the Boost Bank Anti-Bribery & Corruption Policy and acknowledge Boost Bank’s zero tolerance stance on corruption;

(iii) the Customer will ensure all business dealings with Boost Bank will be conducted with utmost integrity.  

(iv) Should the Customer learn or have reason to know of any offering or solicitation of gratification such as payment, gift or other transfer of value either directly or indirectly, to any person corruptly that would violate any anti-corruption or anti-bribery laws or its other relevant regulations, the Customer shall immediately disclose such activity to Boost Bank via the Boost Bank Whistleblowing Channel. I/we acknowledge that all whistleblowing matters will be managed in accordance with the Boost Bank Whistleblowing Policy.

16. Disclosure of Customer Information 

16.1. The Customer understands that Boost Bank will use, collect, record, store, share and/or process the Customer’s personal information, including, without limitation: 

(a) personal information including the Customer’s particulars, images and biometrics (the measurement and analysis of unique physical or behavioural characteristics (such as fingerprint or voice patterns) especially as a means of verifying personal identity);

(b) financial data, tax residency;

(c) specimen signatures, as well as, digital or electronic signatures as defined under the applicable laws and regulations;

(d) financial standing, employment details, creditworthiness and/or suitability for any Bank’s products/services applied for;

(e) personal information that Customer provides when the Customer apply for any of Boost Bank’s products and services, including the Customer’s views or opinions made known to Boost Bank via feedback or surveys;

(f) information about the Customer’s risk profile, investments, tax and insurance/takaful, investment objectives, knowledge and experience and/or business interests and assets;

(g) information relating to the Customer’s activities, habits, preferences and interests arising from the use of products and services of Boost Bank; 

(h) other electronic data or information relating to the Customer such as IP addresses, cookies, activity logs, online identifiers and location data through the Customer’s usage of Boost Bank’s products and services or as part of their delivery to the Customer. 

and other information relevant to the Customer or Customer’s application for the product and / or service which: 

(i) the Customer has provided in this form or through any other contact with Boost Bank (which shall include its holding company, subsidiary(s), and any associated company(s), including any company as a result of any restructuring, merger, sale or acquisition); 

(ii) has been obtained from analysis of the Customer’s payment and other transactions/services within Boost Bank; 

(iii) has been obtained from third parties such as employers, joint applicants, guarantors, legal representatives, industry/financial related associations, government/regulatory authorities, credit bureaus or credit reporting agencies, retailers, social networks and fraud prevention agencies or other organisations;

(iv) has been obtained from recordings of Closed Circuit Television (CCTV) installed at Boost Bank’s premises including the branches located within or outside Malaysia;  

(v) has been obtained from insurance/takaful claims or other documents; and/or

(vi) has been supplied and/or collected when the Customer visit Boost Bank Website and/or download Boost SME which may include the Customer’s device's IP address or from data that is collected via cookies. 

16.2 The Customer expressly hereby agrees, consents to and authorises Boost Bank to disclose any information relating to the Customer, the Customer’s affairs and/or any accounts, products and/or services provided by Boost Bank to the Customer to: 

a) third parties such as service providers, merchants and strategic partners, contract for services staff, auditors, legal counsel, vendors including debt collection agencies, professional advisers, industry/financial related associations, credit bureaus or credit reporting agencies and fraud prevention agencies, other financial institutions and any of their respective agents, servants and/or such persons, whether located within or outside Malaysia, if applicable, subject at all times to any laws (including regulations, standards, guidelines and/or obligations) applicable to Boost Bank;

b) the entities and/or other companies within the corporate group of Boost Bank;

c) any tribunal, courts, governmental agencies or bodies or other relevant authorities to whom Boost Bank is required to make disclosures or have jurisdiction over Boost Bank whether in or outside Malaysia in order to comply with any order, demand, request or reporting requirement or for the purposes of litigation or potential litigation involving Boost Bank as and when required or requested to do so from time to time and at any time;

d) any company and/or organisation that assists or facilitates the processing and/or fulfilment of transactions or instructions that the Customer has requested and/or given to Boost Bank;

e) any potential transferee or assignee with whom Boost Bank is negotiating the transfer, assignment and novation of the rights or obligations under or by reference to the Account;  

for any and/or all of the following purposes, if applicable: 

(i) facilitating the business, operations, provision of the financial product/facilities and performance of the contract, services granted or provided by Boost Bank;

(ii) providing this product and/or service and notifying the Customer about important changes or developments to the features;

(iii) updating and managing the accuracy and completeness of Boost Bank's records;

(iv) prevention, detection or prosecution of crime, and complying with legal and regulatory obligations;

(v) assessment and analysis including credit, lending/financing, insurance/takaful risks and/or other risk purposes, behaviour scoring, mining, profiling, data analytics, due diligence, market and product analysis and/or market research;

(vi) communications and ensuring customer satisfaction, which may include conducting surveys to improve the quality of Boost Bank’s products and services, responding to inquiries and complaints and to generally resolve disputes;

(vii) determining the amount of the Customer’s indebtedness and recovering debt that the Customer owe to Boost Bank;

(viii) maintaining the Customer’s credit history for present and future reference;

(ix) enabling an actual or proposed assignee of Boost Bank, or participant or sub-participant of Boost Bank to evaluate the Customer’s transactions which are intended to be the subject of the assignment, participation or sub-participation;

(x) for Boost Bank’s corporate events (including networking events, launching of products, etc) /contests, of which photographs / images of the Customer may be captured and may be used for Boost Bank’s publications;

(xi) protecting Boost Bank’s interests; or

(xii) all other purposes which are ancillary to or related with any of the above. 

16.3 The Customer/Accountholder understands and agrees that: 

(a) the consent given above cannot be withdrawn where such disclosure of Customer/Accountholder’s information is necessary for the provision / operation of the account, product and/or service or the performance of the contract with Customer/Accountholder to comply with contractual requirements or to comply with any legal requirements in where without such information the Bank will not be able to offer product/ service requested by Customer/Accountholder. 

(b) Where Customer/Accountholder has provided the Bank with sensitive personal information (in particular, information consisting Customer/Accountholder’s physical/mental health for applications of insurance/takaful products/services), Customer/Accountholder provide consent for the Bank to process the same in the manner described pursuant to the personal data requirements under the Personal Data Protection Act 2010 and applicable guidelines including BNM Guidelines as may be issued from time to time. 

(c) The Bank may modify or update its Disclosure of Customer Information from time to time, a copy of which is available at www.myboostbank.co.

(d) Customer/Accountholder may exercise Customer/Accountholder’s options in respect of receiving marketing materials (including cross-selling, marketing and promotions) by visiting the branch or contact the Boost Bank Support Channel. 

PART 2 – SPECIFIC TERMS AND CONDITIONS [NOT APPLICABLE]

Section A and Section B of these Specific Terms and Conditions are to be read together with the General Terms and Conditions governing the accounts services offered by Boost Bank Berhad to you.