FATCA Policy

1. Definitions

1.1 In this FATCA Policy, the following terms have the following meanings:-

“Account Information” means any and all information and transactions relating to and in respect of your Account with us including but not limited to the following (where applicable):-

• the account number;
• the outstanding balance or the credit balance;
• currency denomination;
• amounts of loan disbursed and the dates of disbursement;
• withdrawals and deposits of principal monies and/or interest to or from the Account; the amount of interest paid or credited to the Account;
• the total gross amount of interest, dividends and other income generated with respect to the securities held in the Account, in each case paid or credited to the Account or with respect to the Account;
• the total gross proceeds from the sale or redemption of the securities paid or credited to the Account; and
• any other information, particulars and transactions relating to the Account;

“Applicable Laws and Regulations” mean any of the following that currently or in the future apply to us:-

• local laws of Singapore and foreign laws of any other jurisdictions, ordinances, legislations, subsidiary legislations, regulations, demands, guidance,
• directives, orders, guidelines, rules and codes of practice, including agreements or treaties or intergovernmental agreements made between the governments or regulatory or tax authorities of two or more jurisdictions; any agreement between us and any government or taxation authority in any jurisdiction; and
• FATCA;

“Confidential Information” means any information relating to your accounts and/or the accounts of the Consenting Person and/or the Controlling Person with us (including account details and transactional information) and any other information which is by its nature clearly confidential or deemed to be confidential;

“Confidential Information” means any information relating to your accounts and/or the accounts of the Consenting Person and/or the Controlling Person with us (including account details and transactional information) and any other information which is by its nature clearly confidential or deemed to be confidential;

“Controlling Person” means any natural person or individual who exercises ultimate effective control over a Person, an entity, a trust or foundation;

“Customer” means the Person who has a relationship with us in connection with the relevant financial products and/or Services, whether alone or jointly with any other Person and shall include the Consenting Person, the Controlling Person and/or his attorney and nominee or the person whom he has authorised to operate the Account on his behalf. In the case of a corporation, Customer shall include its successors and assigns. In the case of a partnership or other unincorporated entity consisting of two or more Persons, Customer shall include its successors, executors and personal representatives;

“FATCA’ means the Foreign Account Tax Compliance Act of the U.S. as amended, supplemented, revised, substituted or re-enacted from time to time and shall include any associated similar or analogous legislation, subsidiary legislation, treaty, regulation, instruction or any other official guidance, order or directive of any authority tax or otherwise or the government in the U.S.;

“IRS” means the Internal Revenue Service of U.S. and any successor;

“IRAS” means the Inland Revenue Authority of Singapore and any successor;

“Person” means an individual, firm, company, corporation, partnership, limited liability partnership, joint venture, trust, estate, association, society, organisation, corporate body, unincorporated body or any other entity;

“Personal Data” shall have the same meanings as described to them under the Singapore Personal Data Protection Act 2012 (Act 26 of 2012);

“Personal Information” in respect of a Customer, Consenting Person or Controlling Person, shall include the following:-

• where the Customer, the Consenting Person or the Controlling Person is an individual, his personal data such as full name, date and place of birth, residential address, mailing address, hold mail instruction or in-care-of address, email address, contact information (including residential telephone and mobile phone numbers), and any taxpayer identification number (or functional equivalent), (if applicable) social security number, citizenship, standing instructions to transfer funds to an account, power of attorney or signatory authority granted to any person, residency and tax residency or (if applicable) such other information as we may require regarding such Customer, the Consenting Person or the Controlling Person; and
• where the Customer, the Consenting Person or the Controlling Person is an entity or corporate entity, its full name, names of its directors, shareholders, substantial shareholders, company secretary, partners, trustees, office bearers or persons in equivalent or similar positions, its constitution and nature of business, date and country of incorporation or formation, registered address, business address or place of business, telephone and facsimile numbers, email addresses, tax identification number (or functional equivalent) , tax status, tax residency, financial statements, or (if applicable) such other information as we may require regarding each of its substantial shareholders, Consenting Persons and Controlling Persons;

“Services” means the services provided or to be provided by us to you and shall include the following:

• the opening, maintaining and closing of Accounts;
• the provision of any banking or financial services and products (including without limitation, credit facilities, loans, advances, hire purchase facilities and any other facilities);
• custodial services provided by us to you including the provision of safe deposit boxes to our Customers;
• acting as depository agent for the Customer in relation to scripless or paperless securities of the Customer pledged charged or mortgaged to us;
• marketing and promoting banking or financial services or products to our Customers; and
• any of our other services or financial products or otherwise ancillary to, in furtherance of or in connection with any of the above items (i) to (v) above;

“Substantial owner” includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation’s stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust;

“Tax Information” in respect of a Customer, Consenting Person or Controlling Person, shall include the following:-

• any documentation, records, correspondence, materials, information and accompanying statements, forms, self-certification forms, declarations, representations, waivers and consents relating, directly or indirectly, to the tax status and/or tax residency of the Customer, the Consenting Person and the Controlling Person or any change to the said tax status; and
• any other tax and/or income or revenue information, particulars and transactions relating to the Customer, the Consenting Person and the Controlling Person, including but not limited to any information collected and maintained pursuant to AML/KYC procedures; and “U.S.” means the United States of America;

1.2 Any reference to the word “You”, “your” and words of similar import herein shall mean the Customers of Sing Investments & Finance Limited;

1.3 Any reference to the word “We”, “us” or “our” and words of similar import herein shall mean Sing Investments & Finance Limited and its related companies and shall include their respective directors, management, staff, agent, successor or assign;

1.4 Unless the context otherwise requires, words importing the singular include the plural and vice versa. Words importing the masculine gender shall include the feminine and neuter gender and vice versa;

1.5 Clauses and other similar headings are for ease of reference and shall not affect the interpretation of any terms and conditions herein; and

1.6 Reference to any statute, statutory provision or subsidiary legislation includes a reference to that statute, statutory provision or subsidiary legislation as may be amended, varied, revised, supplemented, substituted or re-enacted from time to time.

2. Obligation to provide information and documents

We shall have the right at any time and from time to time to request you to provide us with all relevant information, details and documents as we may require to enable us to comply with the Applicable Laws and Regulations. You shall provide us with your, the Consenting Person’s and the Controlling Person’s Account Information, Personal Information and Tax Information in such form and within such timeline as may be prescribed by us. You shall also co-operate with us by providing all relevant answers to any of our enquiries within our prescribed timeline to enable us to comply with the Applicable Laws and Regulations.

3. Notification Obligation regarding any change in circumstances

3.1 You must promptly notify us in writing:-

• if there is any change or addition to your Account Information, Personal Information and/or Tax Information; and
• if there is any change or addition to the Account Information, Personal Information and/or Tax information of any Consenting Person and/or Controlling Person. The change in the aforesaid Account Information, Personal Information and Tax Information shall include but shall not be limited to any change in particulars, circumstances, change in the constitution, directors, shareholders, company secretary, partners or the nature of business, residency status, tax residency status or any other relevant information relating to or concerning you, the Consenting Person and/or the Controlling Person or which may cause the information provided in the forms and declarations to us to become inaccurate, incorrect or incomplete. The written notification to us must be done promptly and in any event no later than 30 days from the date of the change or addition and upon our demand, you shall provide us with such updated self-certification forms and/or declarations as we may require.

3.2 You shall procure such Consenting Person and/or the Controlling Person to complete and sign such documents and forms and do such things as we may require from time to time for the purposes of complying with the Applicable Laws and Regulations.

3.3 You agree that we may directly require any Consenting Person and/or Controlling Person to provide or confirm the correctness, accuracy and completeness of his/their Account Information, Personal Information and/or Tax Information without involving you if we consider it appropriate.

4. Consent to disclose Information

4.1 For the purpose of ensuring our compliance with the Applicable Laws and Regulations, you irrevocably and unconditionally agree, consent and authorise us to collect, use, disclose, process and/or transfer any Account Information, Personal Information and Tax Information relating to you, any Consenting Person and/or Controlling Person to:-

• any national, state, or government, quasi-government, regulatory, fiscal, monetary authority, agency or organisation, judicial or administrative body, law enforcement agency or body, court, central bank or tax or revenue authority in any jurisdiction whether within or outside of Singapore; or
• any of our branches, related companies, subsidiaries or any of the offices, wherever situated; or
• any party (including but not limited to the IRS and IRAS), whether within or outside Singapore, to whom we have a duty or obligation to disclose under any laws, regulations, orders, court orders, agreements or treaties made by or between tax authorities and/or governments of any country or jurisdiction including FATCA; or
• any party, whether within or outside Singapore, where we in good faith deem it necessary, expedient or in our interest to make such disclosure. Your consent and authorisation herein shall be valid and effective notwithstanding any applicable non-disclosure agreement given or executed by us.

4.2 You confirm, represent and warrant that you have obtained the requisite consent from the Consenting Person and the Controlling Person to provide his/their Account Information, Personal Information and Tax Information to us and for us to disclose such Account Information, Personal Information and Tax Information to the authorities and parties pursuant to the above Condition 4.1. You agree and confirm that you have informed the Consenting Person and the Controlling Person of our rights and powers under this FATCA Policy.

4.3 You, the Consenting Person and the Controlling Person hereby irrevocably and unconditionally permit and authorize us to comply with the Applicable Laws and Regulations pursuant to the above Condition 4.1 without any prior notice or reference to you, the Consenting Person and the Controlling Person. You, the Consenting Person and the Controlling Person will not hold us liable for any losses, damages or costs (including legal costs on a full indemnity basis), expenses or any other liabilities whatsoever (whether actual or contingent, directly or indirectly) that may be incurred or suffered by you, the Consenting Person and the Controlling Person as a result of our actions in complying with the Applicable Laws and Regulations.

4.4 For the purposes of enabling us to comply with the Applicable Laws and Regulations in accordance with the above Condition 4.1, you, the Consenting Person and the Controlling Person waive any bank secrecy, privacy or data protection rights and all applicable restrictions in respect of all Account Information, Personal Information and Tax Information relating to you, the Consenting Person and the Controlling Person.

4.5 For the purpose of this Condition 4, our right of disclosure of your, the Consenting Person’s and the Controlling Person’s Account Information, Personal Information and Tax Information to the relevant authorities and parties as set out in the above Condition 4.1 shall include our right to report such incomes, loans, deposits and any other information as may be required under the Applicable Laws and Regulations.

5. Reporting obligations

You agree and acknowledge that we are entitled to take all necessary actions to comply with all applicable Laws and Regulations including but not limited to FATCA. Where FATCA applies to you, the Consenting Person and/or the Controlling Person, if some of the income are reportable and some are not, we will report all income unless we can reasonably determine the reportable amount.

6. Failure to Provide Information

6.1 You agree that in the event that you, the Consenting Person and/or the Controlling Person fail, neglect or refuse to comply with your and their respective obligations under the term and conditions of this FATCA Policy or if we are prevented for whatever reason by you and/or the Consenting Person and/or the Controlling Person and/or any authorities or parties in Singapore or elsewhere from disclosing your and their respective Account Information, Personal information and/or Tax Information pursuant to the above Condition 4.1, we shall be entitled to take one or more of the following actions at any time and from time to time as may be determined by us to ensure our compliance with the Applicable Laws and Regulations:-

• to terminate your existing services with us and/or refuse to provide new Services to you;
• to terminate and close your account(s) and/or the account(s) of the Consenting Person and/or the Controlling Person with us at any time without having to give any reason or notice;
• to discontinue our relationship with you entirely or in part; and
• notwithstanding any objection from you, the Consenting Person and/or the Controlling Person, to provide and disclose (whether before or after taking actions as described above) your and their respective Account Information, the Personal Information and/or Tax Information to the relevant authorities and parties as set out in the above Condition 4.1.

6.2 You agree and acknowledge that any failure, neglect or refusal by you, the Consenting Person and/or the Controlling Person to provide accurate, complete and timely information and/or documents and/or any necessary updates thereto as may be required by us within our prescribed timeline pursuant to the above Conditions 2 and 3 shall give us, in addition to our rights under the above Condition 6.1, the right to take all necessary actions against you, the Consenting Person and/or the Controlling Person including but not limited to our rights of collection, withholding, deduction, deposit, retention, payment and/or remittance of your, the Consenting Person’s and/or the Controlling Person’s monies (including loans and/or deposits) as provided for under Condition 7 hereof.

7. Our Right to withhold and/or to make payments

7.1 You agree and acknowledge that any sum of monies (including loans and/or deposits) which may be due and payable by us to you, the Consenting Person and/or the Controlling Person shall be subject to the Applicable Laws and Regulations including any withholding tax requirement, foreign exchange restriction or control. You agree and acknowledge that pursuant to the foregoing, we shall have the right at any time and from time to time to do or perform or cause to be performed any or all of the followings:-

• to collect, withhold and/or deduct any sum of monies (including loans and/or deposits) payable to you, the Consenting Person and/or the Controlling Person and pay or remit the monies as tax, penalty or otherwise to the relevant authorities, agencies, bodies or governments in Singapore or elsewhere (including but not limited to the IRS and/or IRAS) for the purposes of complying with the Applicable Laws and Regulations; and/or
• deposit the monies (including loans and/or deposits) into a sundry or other account as may be determined by us and/or retain such monies pending determination of the applicability of such withholding tax requirement, foreign exchange restriction or control and no interest shall be payable thereon. We shall not be liable to you, the Consenting Person and/or the Controlling Person for any losses, damages or costs (including legal costs on a full indemnity basis), expenses or any other liabilities whatsoever (whether actual or contingent, directly or indirectly) that may be incurred or suffered by you, the Consenting Person and/or the Controlling Person by reason of the aforesaid collection, withholding, deduction, deposit, retention, payment and/or remittance.

7.2 You agree and acknowledge that we shall be entitled to take whatever actions we consider necessary or appropriate to comply with our duties and obligations, either in Singapore or elsewhere in the world, under the Applicable Laws and Regulations including, but not limited to, investigating and intercepting payments into and out of your, the Consenting Person’s and/or the Controlling Person’s Accounts with us, investigating the source of or intended recipient of funds, sharing information and documents with domestic and international tax authorities and withholding income and monies from your, the Consenting Person’s and/or the Controlling Person’s Accounts with us and transferring the income and monies to such tax authorities and third parties whether within or outside of Singapore. If we are not satisfied that any payment in or out of your, the Consenting Person and/or the Controlling Person’s Accounts with us is lawful, we shall be entitled to refuse to perform such transaction.

8. Your Confirmations

By using or accepting the Services, you confirm and irrevocably and unconditionally agree that:-

• By using or accepting the Services, you confirm and irrevocably and unconditionally agree that:-
• any agreement, waiver, representation, self-certification, declaration and/or confirmation given by you, the Consenting Person and the Controlling Person pursuant to this FATCA Policy are irrevocable;
• we shall not liable to you, the Consenting Person and the Controlling Person and/or any third party for any losses, damages and costs (including legal costs on a full indemnity basis) expenses or any other liabilities whatsoever (whether actual or contingent, directly or indirectly) that you, the Consenting Person, the Controlling Person and/or any third party may incur or suffer arising out of or in consequence of or as a result of any actions taken by us in exercise of any of our rights and powers under this FATCA Policy and/or in connection with our compliance with the Applicable Laws and Regulations including but not limited to FATCA or if we, in good faith, make an incorrect determination as to whether or not you, the Consenting Person and/or the Controlling Person should be treated as being subject to tax, tax reporting or withholding tax obligations etc and such other obligations stated under this FATCA Policy;
• this FATCA Policy shall be without prejudice, and in addition, to our rights and powers under the applicable terms and conditions governing the relationship between you and us in relation to the relevant financial products and/or Services.

9. General

9.1 In the event of any conflict or inconsistency between any of the terms and conditions of this FATCA Policy and the applicable terms and conditions that govern your relationship with us in relation to the relevant financial products and/or Services, this FATCA Policy shall prevail.

9.2 Notwithstanding the applicable terms and conditions that govern your relationship with us in relation to the relevant financial products and/or Services (including but not limited to any amendments, supplements or substitutions of such terms and conditions thereto), we reserve the right to amend, vary, update, supplement, revise or substitute the terms and conditions of this FATCA Policy unilaterally at any time at our sole and absolute discretion without having to give you and/or the Controlling Person any prior notice to ensure our compliance with the Applicable Laws and Regulations.

9.3 If all or any part of this FATCA Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this FATCA Policy in that jurisdiction.

9.4 We and our directors, management, staff and agents are not permitted to and are unable to provide legal or tax advice to you, the Consenting Person and/or the Controlling Person regarding this FATCA Policy. It is therefore your, each Consenting Person’s and each Controlling Person’s responsibility to obtain independent professional advice from your and their respective qualified legal or tax advisers on your and their respective obligations under this FATCA Policy and the consequences for non-compliance thereof.