TERMS & CONDITIONS FOR BRAC BANK LIMITED SHARE MANAGEMENT PORTAL (SMP) SERVICES:
(PLEASE READ THESE TERMS & CONDITIONS CAREFULLY BEFORE SUBMITTING THE APPLICATION USING SMP)
Use of BRAC Bank Limited (BBL) Share Management Portal (SMP) Service is subject to the following terms and conditions which set out the general rights and obligations of the User and BRAC Bank Limited in connection with the use of BRAC Bank Limited SMP Service.
For the purpose of this document, “Share Management Portal” or “SMP” refers to the Web Portal service offered by BRAC Bank Limited to its foreign custodial clients for placing Capital Market trade instructions in Bangladesh or other services as may be made available by BRAC Bank Limited from time to time.
“User”, “he/she” and/or “his/her” means BRAC Bank Limited’s foreign custodial service account holder(s) registered for using SMP. “BBL” means BRAC Bank Limited, a banking company, incorporated under Companies Act, 1994 and Bank Companies Act, 1991 and registered with the Bangladesh Securities & Exchange Commission to act as the custodian, having its registered office at Anik Tower, 220/B Tejgaon Gulshan Link Road, Tejgaon, Dhaka-1208
1. APPLICATION FOR BBL SMP:
1.1. Singly or Jointly operated Beneficiary Owner (BO) account holders may apply for SMP Services. In case of joint BO account holders, only one of the applicants will be entitled for requesting and receiving all SMP associated services. The User shall apply to their Relationship Manager of Custodial Services Team in prescribed mail format from their designated e-mail address indemnified by Schedule 2: FAX, E-MAIL AND PHONE INDEMNITY LETTER of the BO account opening form and must submit for use of SMP Services subject to the terms and conditions stated herein including any other terms and conditions as will be modified or amended by BBL from time to time.
1.2 BBL at its sole discretion may accept or reject any such applications. Once the application is accepted by BBL, these Terms & Conditions shall form the contract and govern the relationship between the User
and BBL in relation to use of SMP Services.
1.3 The User needs to use the designated e-mail address indemnified by Schedule 2: FAX, E-MAIL AND PHONE INDEMNITY LETTER of the BO account opening form to apply for SMP user ID and Password.
1.4 By applying for SMP for the first time, the User acknowledges and accepts these Terms & Conditions. Notwithstanding anything contained herein, all Terms & Conditions pertaining to the accounts shall continue to apply. In the event of any conflict between these Terms & Conditions and the Rules and Regulations governing the User account with BBL, these Terms and Conditions shall prevail with regard to BBL SMP.
2. SMP USERS LOG IN ACCESS, PASSWORD & SECURITY PROCEDURES:
2.1. BBL will provide the User with unique User Identification Number (“User ID”) and a temporary Password in the first instance through email. The User hereby authorizes and instructs BBL to send to him/her the User ID and Password relating to his/her access/log-in to the SMP Services to the email address provided in Schedule 2: FAX, E-MAIL AND PHONE INDEMNITY LETTER of the BO Account opening form at his/her own risk and responsibility. BBL shall not be liable or be responsible if the machine which is used by the SMP user for receiving his/her User ID and password is hacked. BBL shall also not be liable or responsible if the SMP User shares his/her User ID. BBL will also not be responsible for any occurrences or incidents that may take place due to the sharing of the SMP User ID by its User.
2.2. The User shall log in to SMP by using the User ID and the temporary Password provided in the first instance through e-mail. As a safety measure, the User shall immediately change the Password upon his/her first login. User is requested to change his/her Password frequently thereafter to avoid any possible hacking, inherent risk or misuse/fraudulent use of his/her account. In case of hacking/sharing of User ID and Password, BBL shall preserve the right to close the SMP Service without prior consent from the User. However, BBL shall preserve the right to file a case against the User if it is observed by BBL that the User has been involved with any type of occurrences or incidents such as but is not limited to possible hacking, inherent risk or misuse/fraudulent use of his/her account.
2.3. The User acknowledges that the Login ID (User ID) and the Password shall act as User's authorized signature. This signature authorizes and validates directions given just the way actual written signature does.
2.4. The User is therefore responsible for maintaining the confidentiality and secrecy of the User ID and Password. User should not under any circumstances disclose his/her User ID and/or Password to anyone, including anyone claiming to represent the Bank or to someone giving assistance on a technical helpdesk in connection with the service. It is clearly understood that Bank’s employees do not need Password for any reason whatsoever. Bank shall not be held liable in any manner or in any form whatsoever in case of any unauthorized or fraudulent use of the User’s account through SMP Services or for any loss, misplacement or fraudulent use of the User ID and Password.
2.5. If the User shares his/her User ID, Account Password to anyone or fails to safeguard its secrecy, he/she does so at his/her own risk because anyone with User ID and Password will have access to his/her accounts.
2.6. User needs to communicate with Relationship Manager of Custodial Services Team to reset the password of his/her SMP User ID.
2.7. The User agrees and acknowledges that BBL shall in no way be held responsible or liable if the User incurs any loss as a result of information disclosure to any third party by the user him/herself regarding his/her Account(s) or carrying the instruction of the User pursuant to the access of the SMP and the User shall fully indemnify and hold BBL harmless in respect of the same.
2.8 User hereby acknowledges and understands the inherent risk of using Internet and availing the SMP services and accordingly shall take all necessary precautions at his/her end to safeguard him/her from such risk. Bank shall not be held liable in any form whatsoever if the User suffers any loss or damages due to such inherent risk of internet and SMP Services unless such loss or damage is caused due to willful negligence of the Bank.
3. SERVICE SOFTWARE & HARDWARE REQUIREMENTS
3.1. User is solely responsible for the maintenance, installations and operation of User’s computer and for the software used in accessing SMP.
3.2. BBL shall not be held responsible if the SMP System does not work properly or the service is interrupted due to but not limited to failure of electronic or mechanical equipment or communication lines, telephone or other interconnected problems, normal maintenance, unauthorized access, theft, operator errors, severe weather, earthquakes, floods and strikes, or any other causes beyond the reasonable control of the Bank.
4. UNAUTHORIZED/ FRAUDULENT ACTIVITIES:
4.1 If the User believes unauthorized transactions are being made through his/her account, he/she should change the Password immediately and notify BBL.
4.2 The User should check the Statements for all of his/her accounts for any unauthorized transaction. In case of any unauthorized transactions carried out through the accounts, the User should inform BBL immediately in writing. In such incidents, Bank’s only responsibility would be to use its best efforts
to prevent such unauthorized transaction(s) if none had already been made.
5. ANTI MONEY LAUNDERING:
5.1 User should agree and confirm that he/she will not use this SMP facility for money laundering, illegal, unlawful purposes etc.
5.2 User shall fully comply with the laws related to the money laundering and shall not use the SMP services for any anti-terrorism or anti-state activities.
5.3. BBL reserves the right to request explanation from the User regarding any matter pertaining to money laundering and anti-terrorism law of the country.
6. PROPRIETARY RIGHTS:
6.1. The User acknowledges that the software underlying the SMP is the legal property of BBL as the case may be.
6.2. The permission given by BBL to access SMP will not convey any proprietary or ownership rights in such software.
6.3. The User shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying SMP or create any derivative product based on the software.
6.4 User shall keep all information whether of the User, BBL or any other third party/customer derived from the SMP Services strictly confidential and shall not disclose to any third party without prior written consent of BBL.
7. GOVERNING LAW:
7.1. These Terms and/or the operations in the Accounts of the User shall be governed by the Laws of The Peoples Republic of Bangladesh, in force.
7.2. BBL may, in its absolute discretion, commence any legal action or proceedings arising out of breach or violation of any of the Terms and Conditions of SMP, in any other court, tribunal or other appropriate forum irrespective of the place from where the User accesses the SMP Services and the User hereby consents to that jurisdiction.
7.3. Any provision of the Terms and Conditions of SMP which is prohibited or unenforceable in any jurisdiction, shall as to such jurisdiction be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms and Conditions or affect such provision in any other jurisdiction.
8. FORCE MAJEURE:
8.1. BBL shall not be responsible if it fails to provide its regular or normal services and fails to perform its obligations under this agreement due to the occurrences beyond its control and that which includes but is not limited to system error, network problem, strikes, labor disputes, accidents, governments requisition, restrictions or regulations on travel, hospital operation, political disturbances, acts of war, acts of God etc.
9. CHANGES OF TERMS:
9.1. BBL shall have the absolute discretion to amend or supplement any of the Terms and Conditions at any time and shall attempt to communicate such change(s) wherever feasible by any possible means. Whenever a new service is introduced by BBL, the User shall be deemed to have accepted the changed or new Terms and Conditions by using the new services.
10. BREACH OF TERMS & CONDITIONS:
10.1. User must compensate BBL for any loss that occurs as a result of his/her breaching any terms of these agreements.
In order to prevent unauthorized transaction(s) through SMP Service, Users are advised to strictly maintain the following:
1. The User ID and Password should not be written anywhere accessible to third party even if it his/her family members.
2. User should make sure that no one is physically watching the password(s) when he/she is logging in.
3. The User should log out of the system after completing his/her SMP session.
4. The User should not leave his/her PC unattended while logged in to the SMP system and the browser running with a valid User ID and Password cached because in such case anyone can gain access to the account.
5. The User should not choose ‘Save Password’ options for any Auto Form fillers at any Public Computer or the Computer which is not owned by him/her.
6. The User should also avoid using SMP services at any public networks (e.g.: Cyber Café, Public WIFI etc.). BBL will also not be responsible for any occurrences or incidents including but is not limited to possible system hacking, intrusions, account hacking or system infection due to malwares or viruses, inherent risk or misuse/fraudulent use of the User’s account that may take place due to the SMP User accessing SMP through public networks.
I/We hereby acknowledge that I/we have read and understood the terms and conditions for SMP and the risk involved in SMP operation and further declare and affirm that I/we apply for the BRAC Bank Limited SMP Services subject to the aforesaid terms and conditions.
If you need help with the log in process of SMP or have technical questions, please inform your respective RM.