Common use of Financial Secrecy Clause in Contracts

Financial Secrecy. The Financial Institutions and we are bound, in accordance with the applicable laws and agreements, to observe secrecy and confidentiality with regards to all information which Client discloses to us about the Client (“Secret Information”). However, we are authorized and required by the applicable laws a or international laws to disclose Secret Information in so far as the declaration of such Secret Information is: a) required in terms of any provision of law in any jurisdiction, under the applicable laws on automatic exchange of information, such as Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial institutions to exchange automaticaly with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account number and account/s balance as at the end of the calendar year and other information for tax purposes, specified in these acts, or on a ad hoc principle upon request or order of any competent authorities; b) required in terms of an order of a Court of law, prosecution office, or police or tax authority, bailiffs, or other authority or agency investigating a criminal or administrative offence (not limited to money laundering or terrorism financing) or a breach of any law by Client; c) required for any proceedings by us against the Client for recovery of sums due to it in terms of the business relationship or for defending itself against any claim with regard to services provided to Client in connection with which the secret information has been obtained by us; d) otherwise permitted by the Client including when Client require us to provide a reference or a status report to a third party or by any applicable law; e) to the Member for the purposes of issuing or acquiring of cards, card transactions authorizations and processing, processing of claims (chargebacks or fraud) for cards with the logo of the Card Organizations, including but not limited to full KYC data and files on the customer.

Financial Secrecy. The Financial Institutions and we are bound, in accordance with the applicable laws and agreements, to observe secrecy and confidentiality confidentiality with regards to all information which Client discloses to us about the Client (“Secret Information”). However, we are authorized and required by the applicable laws a or international laws to disclose Secret Information in so far as the declaration of such Secret Information is: a) required in terms of any provision of law in any jurisdiction, under the applicable laws on automatic exchange of information, such as Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial financial institutions to exchange automaticaly with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account number and account/s balance as at the end of the calendar year and other information for tax purposes, specified specified in these acts, or on a ad hoc principle upon request or order of any competent authorities; b) required in terms of an order of a Court of law, prosecution officeoffice, or police or tax authority, bailiffsbailiffs, or other authority or agency investigating a criminal or administrative offence offence (not limited to money laundering or terrorism financingfinancing) or a breach of any law by Client; c) required for any proceedings by us against the Client for recovery of sums due to it in terms of the business relationship or for defending itself against any claim with regard to services provided to Client in connection with which the secret information has been obtained by us; d) otherwise permitted by the Client including when Client require us to provide a reference or a status report to a third party or by any applicable law; e) to the Member for the purposes of issuing or acquiring of cards, card transactions authorizations and processing, processing of claims (chargebacks or fraud) for cards with the logo of the Card Organizations, including but not limited to full KYC data and files files on the customer.