Dear CIMB customers

Last year, the Monetary Authority of Singapore (“MAS”) issued Notice 658, “Management of Outsourced Relevant Services for Banks”. This will come into effect on 11 December 2024, and requires banks in Singapore to obtain customer consent prior to the disclosure of customer’s data to service providers and their sub-contractors.

Pursuant to the above, and effective 11 December 2024, notwithstanding any existing terms applicable to you, should you continue to bank with us you are deemed to have irrevocably and unconditionally authorised and consented to the disclosure of any information relating to you and/or your account with the Bank (“Customer Information”) by the Bank to any person, at any time and for any purpose, including without limitation disclosure to any person or organisation whether in Singapore or elsewhere, engaged by the Bank for the purpose of performing or in connection with the performance of services or operational functions of the Bank where such services or operational functions have been out-sourced by the Bank including its correspondents, custodians and sub-custodians (“Outsourced Service Provider”), and for such Outsourced Service Providers to subsequently process the Customer Information, for one or more of the following purposes:

a) processing your enquiries and application(s) for, or in connection with the application of, account opening, credit/financing, services and products by the Bank, as well as services and products by other external providers provided through the Bank;

b) providing you with, or in connection with the provision of, the services and products of the Bank, as well as services and products by other external providers provided through the Bank;

c) administering and/or managing your relationship and/or account(s) with the Bank;

d) carrying out your instructions, or responding to any enquiries by you, including relating to sales and/or trading of financial markets products;

e) carrying out due diligence or other screening activities (including background checks) in accordance with legal or regulatory obligations or risk management procedures (including but not limited to those designed to combat financial crime, “know-your customer”, anti-money laundering, counter-terrorist financing or antibribery), that may be required by law or that may have been put in place by the Bank;

f) dealing in any matters relating to the services and/or products which you are entitled to, or in connection with the provision of such services and/or products, under the agreement(s) between yourself and the Bank and/or any applicable terms and conditions with the Bank (including the printing of credit cards and the printing and mailing of correspondence, statements, invoices, confirmations, advices, information, reports or notices to you, which could involve disclosure of certain information about you to bring about delivery of the same as well as on the external cover of envelopes/mail packages);

g) the recovery of any and all amounts owed to the Bank;

h) the process of reviewing and approving credit and approving the account(s), and the conduct of initial and anticipatory credit checks and assessments, relevant checks, ongoing assessment and verification of ongoing credit worthiness and standing;

i) preventing, detecting and investigating fraud, misconduct, any unlawful action or omission, whether relating to your application or any other matter relating to your account(s), and whether or not there is any suspicion of the aforementioned;

j) managing the Bank’s infrastructure and business operations, and complying with policies and procedures that may be required by law or that may have been put in place by the Bank, including those relating to auditing, finance and accounting, billing and collections IT systems, data and website hosting, training, testing, business continuity, and records, document and print management;

k) security and/or verification and in this regard, the Bank may put in place measures to achieve the aforesaid such as closed-circuit television (CCTV) systems on the Bank premises, which would/may capture your image and speech when you are on the Bank’s premises; audio recordings of your instructions or conversations over the telephone or during face to face communications with the Bank’s staff;

l) if consented by you via your registration or participation in any contest, lucky draw, campaign, promotion, event, survey or questionnaire, to administer and provide you with such activities. Some of these activities have additional terms and conditions, which could contain additional information about how the Bank uses and discloses your information, so the Bank suggests that you read these carefully;

m) complying with applicable law in administering and managing your relationship with the Bank;

n) if consented by you in the application form(s), account opening document(s) and/or other methods of consent notification, provide for the dispatch of marketing information relating to banking, financial or investment services or products offered by the Bank and the Bank’s affiliates, business partners and related companies (whether by the Bank, the Bank’s affiliates, business partners or related companies) which the Bank thinks is of benefit or interest to you via your consented method(s) of communication;

o) conducting market research for statistical analysis and analytics for the purposes of developing or enhancing our products, services, security and marketing strategies; and/or

p) any other purposes which the Bank notifies you of at the time of obtaining your consent.

(collectively, the “Purposes”)

For the avoidance of doubt, in the event that Singapore laws permits an organization such as the Bank to disclose the Customer Information without your consent, such permission granted by the law shall continue to apply.

You further agree that where written permission is required by law or otherwise for any such disclosure by the Bank, the signing of the application form(s), account opening document(s), personal data consent form and/or other methods of consent notification, as well as in any other manner permitted by law shall constitute and be deemed to be sufficient written permission for such disclosure.

We assure you that providing this consent does not change the way your data is currently protected by CIMB. We remain fully committed to ensuring its confidentiality and security, and our service providers and sub-contractors remain bound by requirements of confidentiality in relation to your customer information.

Should you have any questions, you may contact the bank.

Thank you for banking with us.