Common use of Closure of Account Clause in Contracts

Closure of Account. 5.1 The Bank reserves the right to terminate the relationship at any time and for any reason by providing thirty (30) working days prior written notice to the Client at its last known address (as per the Bank’s records) without assigning any reasons thereof and without any liability. However, the Bank reserves the right not to give any such notice where in the opinion of the Bank there exist certain exceptional circumstances which necessitate closure of account (e.g. where the account is used for criminal, terrorist or anti money laundering activities or where the account is required to be terminated to comply with the regulatory/statutory requirements, etc., including but not limited to compliance with any requirements of and/ or as mandated by applicable regulatory or law enforcement agencies).

Closure of Account. 5.1 The Bank reserves the right to terminate the relationship at any time and for any reason by providing thirty (30) working days days’ prior written notice to the Client at its last known address (as per the Bank’s records) ), without assigning any reasons thereof thereof, and without any liability. However, the Bank reserves the right not to give any such notice where where, in the opinion of the Bank Bank, there exist certain exceptional circumstances circumstances, which necessitate closure of account (e.g. where the account is used for criminal, terrorist or anti money laundering activities or where the account is required to be terminated to comply with the regulatory/statutory requirements, etc., including but not limited to to, compliance with any requirements of and/ or and/or as mandated by the applicable regulatory or law enforcement agencies).