APPROVAL POLICY Sample Clauses

APPROVAL POLICY. This defines the levels of approval a transaction must go through before it is processed by the System. The approval policy consists of the following: A. Approver – Users with “Approve Transactions” access rights. B. Approval Group – approvers may be grouped together based on the Client’s requirement. The Client must define the minimum number of approvals required for each group (i.e. minimum of two approvals out of eight approvers is required for the System to recognize the transaction as approved by the group). C. Approval Hierarchy – if the Client has more than one group, they may set-up the authorizations in sequence (Group A, then Group B) or in parallel (Group A and B). D. Approval Rule - defines the transaction limit of approvers. The Client may assign different sets of approvers per transaction limit. The approval policy of the Client in the System must be in accordance with the notarized secretary’s or partner’s certificate submitted during account opening. The authorized signatories approved by the Client’s Board of Directors may add or delegate additional approvers to review the transaction, provided delegation of approvers is allowed in the Client’s secretary’s or partner’s certificate. For sole proprietorships, the proprietor may add or delegate additional approvers in addition to their own approval. The Client warrants that all authorizations necessary for the execution and delivery of these Terms and Conditions and all attachments hereto have been obtained. For approval policies that require transaction approval limits or have more than one (1) approval group, the corresponding Multiple Level Approval Forms must be filled out. All accounts indicated in the accompanying Business Banking Enrollment Form and any Multiple Account Enrollment forms shall follow the approval policy indicated in the Multiple Level Approval Form. Any special approval requirements that cannot be documented in the enrollment form but is duly supported by a secretary’s or partner’s certificate, must be provided in writing in the special requests and other instructions section on the form. This is subject to interpretation of the designated bank personnel. The Client is responsible for immediately reviewing that the approval setup was made in accordance with their requirements. Transactions that are not required to go through an approval policy are required to go through OTP verification prior to submission of the transaction. This cannot be toggled off in Settings as pa...