(a) Unclaimed monies
If your Account has a balance of $500 or more and you have not transacted on that Account for seven (7) years, and you or an Authorised Third Party have not notified us within this seven year period that your Account is to remain active, then we are required by law to close your Account and remit the balance of your Account to the Commonwealth Government.
However, where you have a Savings Account and a Transaction Account, we will treat these Accounts as linked. This means that the balance of neither Account will become unclaimed monies as long as you have operated either Account.
Whilst you can reclaim your money from the Commonwealth Government at any time, we suggest that your Account is operated regularly or you contact us to avoid this inconvenience.
(b) Financial Claims Scheme (FCS)
Under the FCS (commonly referred to as the Australian Government deposit guarantee) administered by the Australian Prudential Regulation Authority (APRA), the Australian Government has provided a guarantee on deposits subject to a limit for each account holder. Further information about the FCS can be obtained from the APRA websites at www.apra.gov.au and https://www.fcs.gov.au/ or by calling the APRA hotline on 1300 558 849 (or +61 2 8037 9015 if calling from overseas).
(c) Banking Code of Practice
The Banking Code of Practice (BCOP) is an industry code which sets standards of good banking conduct. The relevant provisions of the BCOP apply to this banking service.
(d) Exercise of our rights and waiver
Our rights can only be waived in writing. We may exercise any right, remedy or power in any way we choose. If we decide not to exercise a right, remedy or power this does not mean we cannot exercise it later.
If any section or clause of these terms and conditions becomes void or unenforceable under any applicable law in any State or Territory, then that section or clause will be removed from these terms and conditions in so far as that State or Territory is concerned. The removal of any section or clause will not affect the remaining provision of these terms and conditions nor will it affect the validity or enforceability of that clause in any other State or Territory.
(f) Anti-Money Laundering and Counter-Terrorism Financing obligations
You must not knowingly do anything to put Macquarie in breach of the Anti-Money Laundering and Counter- Terrorism Financing Act 2006, rules and other subordinate instruments (AML/CTF Laws). You undertake to notify Macquarie if you are aware of anything that would put Macquarie in breach of AML/ CTF Laws.
If requested, you must provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with AML/CTF Laws in Australia, an equivalent law in an overseas jurisdiction, and/or our internal policies and procedures.
You undertake that you are not aware and have no reason to suspect that:
i) any deposit to your Account is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities), or
ii) proceeds of withdrawals from your Account will fund Illegal Activities.
You acknowledge that Macquarie is subject to AML/ CTF Laws and/or its internal policies and procedures. In making an application, you consent to Macquarie disclosing in connection with AML/CTF Laws and/or its internal policies and procedures any of your Personal Information (as defined in the Privacy Act 1988 (Cth)) Macquarie has.
You acknowledge that in certain circumstances we may be obliged to freeze or block your Account where it is used in connection with illegal activities or suspected illegal activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/ CTF Laws and/or our internal policies and procedures. If we freeze or block your Account because we believe on a reasonable basis that we are required to do so in order to comply with AML/CTF Laws and/or our internal policies and procedures, we are not liable to you for any consequences or losses whatsoever and you agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of your Account.
(g) Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) obligations
You must not knowingly do anything to put us in breach of:
- sections 1471 to 1474 of the US Internal Revenue Code of 1986 (commonly known as FATCA), any associated regulations or official guidance, any agreement with the US Internal Revenue Service relating to FATCA or any Australian laws, regulations or official guidance relating to an intergovernmental agreement between the United States and Australia in connection with FATCA (FATCA Laws) or our internal policies and procedures, or
- our obligations in relation to CRS under the Taxation Administration Act 1953 (Cth), any associated regulations or official guidance, the OECD Multilateral Competent Authority Agreement on Automatic Exchange of Account Information or any Australian laws, regulations or official guidance in connection with CRS (CRS Laws) or our internal policies and procedures.
You agree to provide to us all the information or assistance we may request at any time, (whether as part of an application process or otherwise) to ensure that we are able to comply with our obligations under the FATCA Laws, CRS Laws or our internal policies and procedures.
You consent to us disclosing, in connection with the FATCA Laws, CRS Laws or our internal policies and procedures, any of your Personal Information (as defined in the Privacy Act 1988 (Cth)).
We retain the right not to provide products or services to you where we decide, in our sole discretion, that we do not wish to provide them, including where information has not been provided as required to comply with FATCA Laws or CRS Laws.
We respect the confidentiality of your information. Information you provide us will not be disclosed except where we are required or permitted to disclose this information. This includes where we are compelled by law, there is a duty to the public to do so, our interests require us to do so or the disclosure is made with your consent, authorisation or instructions.