By signing and submitting this Personal Bank Account Application, the Applicant(s) acknowledge(s), confirm(s), and irrevocably agree(s) to the following:
A. Mandatory Submission Requirements (Strict Compliance)
The Applicant(s) understand(s) and accept(s) that the Bank will automatically reject any application submitted without all mandatory items below, without review or response:
Repeated non-compliant submissions may result in permanent disqualification from reapplying.
B. Payment Instructions (Opening Fee)
The Applicant(s) acknowledge(s) that payments made via KTT/TELEX are strictly prohibited and will not be accepted under any circumstances for the bank account opening fee.
Accepted payment methods for the opening fee are limited to:
IMPORTANT: The Applicant(s) must include the Application ID in the payment reference field exactly as instructed to ensure accurate allocation of funds. Incomplete, incorrect, or misdirected payments may delay processing and may result in rejection.
C. Account Opening Requirements
The Applicant(s) acknowledge(s) and accept(s) that:
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A minimum balance of $/€ 5,000 must be maintained in the account at all times.
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Ongoing adherence to the Bank’s account policies is required to maintain access to services.
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If the balance falls below the minimum required level, the Bank may restrict services, request corrective funding, and/or place the account under compliance and risk review until restored.
D. Transaction Profile and Ongoing Due Diligence
The Applicant(s) acknowledge(s) and accept(s) that:
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Account activity must reasonably align with the information declared in this application (including source of funds, countries involved, expected volumes, and maximum transfer values).
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Material deviations may require additional verification and may be delayed, restricted, or declined for compliance and security reasons.
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The Applicant(s) agree(s) to provide additional documents or clarifications at any time upon request to satisfy ongoing AML/KYC and risk requirements.
E. Accuracy and Authorization
The Applicant(s) hereby affirm(s) that:
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All information provided in this application is true, accurate, complete, and not misleading.
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The information is submitted for the purpose of establishing a service agreement with Prominence Bank (“the Bank”) under the Terms and Conditions disclosed prior to submission and accepted upon signature/submission of this application.
The Applicant(s) hereby authorize(s) the Bank to:
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Verify all details provided in this application and any supporting documentation.
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Conduct credit, fraud-prevention, and compliance checks (including AML/KYC, sanctions screening, adverse media, and risk assessments), including consultations with credit risk information offices and entities affiliated with the Bank, where permitted.
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Request additional information or documentation at any time to satisfy onboarding and ongoing due diligence requirements.
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Allocate and debit any applicable verification, compliance, and third-party processing costs to the Applicant’s account(s), where contractually permitted and/or required.
F. Account Retention, Record-Keeping and Banking Relationship (ETMO Framework)
1) Bank-governed closure and retention. Account status, retention, and any closure decision are governed exclusively by the Bank’s internal Administration and Compliance functions and may only be executed following internal review, including risk assessment, AML/KYC, sanctions screening, security controls, and/or legal considerations.
2) Account retention, record-keeping & client-initiated closure restrictions. The Applicant(s) acknowledge(s) that, due to the Bank’s regulatory obligations, auditability requirements, and long-term compliance commitments, accounts are not closed solely upon a client’s request (“no client-initiated closure”). If the Applicant(s) wish(es) to terminate the relationship, the Bank may consider the request in accordance with its internal policies; however, the Bank retains discretion to maintain the account in an administrative or restricted status where necessary to preserve records, satisfy retention duties, complete compliance review, address outstanding obligations, and/or ensure orderly settlement. Nothing in this clause is intended to exclude or limit any non-waivable rights available under applicable law.
3) ETMO diplomatic framework. Account relationships are administered under the sovereign diplomatic framework of the Ecclesiastical and Temporal Missionary Order (ETMO), with reference to protections under the Vienna Convention on Diplomatic Relations (1961) and relevant bilateral and multilateral treaties.
4) Disengagement option (no closure). If the Applicant(s) no longer wish(es) to use the account, the Applicant(s) may submit an outbound transfer instruction to a bank account of their choice, subject to verification and compliance checks, and provided the account continues to meet the Bank’s minimum balance requirements at all times (including after the transfer). A transfer instruction does not constitute account closure and does not limit the Bank’s right to maintain the account in an administrative or restricted status where necessary for record retention, compliance review, or orderly settlement.
5) Bank discretion. The Bank reserves the exclusive right to restrict, suspend, terminate, place an account into administrative/restricted status, and/or close an account based on internal risk analysis, compliance reviews, security requirements, and/or legal or contractual considerations.
6) Administrative review standard. Accounts maintaining a zero or negative balance and no activity for ninety (90) consecutive days may be reviewed and, where appropriate, administratively closed in accordance with compliance and AML standards and internal procedures.
7) Binding acceptance. This clause forms part of the Account Application and becomes binding upon signature/submission.
G. Compliance and Regulatory Framework
The Applicant(s) acknowledge(s) and accept(s) that:
- Diplomatic Regulatory Framework & Governance. The Bank operates under a sovereign license within a diplomatic regulatory framework, and all accounts are subject to the Bank’s internal governance, compliance, and risk management standards, policies, and procedures. References to diplomatic recognition and the Vienna Convention on Diplomatic Relations are included solely to describe the Bank’s institutional framework and protections applicable to its operations.
- AML/KYC and Ongoing Obligations. The Applicant(s) must comply with all onboarding and ongoing AML/KYC requirements, including promptly providing accurate information and supporting documentation when requested.
- Internationally Aligned Standards. The Bank applies internationally aligned compliance and risk standards (including FATF-based AML controls and generally recognized banking risk frameworks) and may implement monitoring, restrictions, enhanced due diligence, or other controls where required for compliance, security, risk management, or operational integrity.
- Account Retention / Non-Closure Policy. The Bank’s non-closure policy is maintained to support continuity, traceability, record-keeping retention, and regulatory oversight in accordance with the Bank’s governing framework and internal policies. Any requests, disputes, or challenges relating to this policy will be addressed through the procedures applicable under the Bank’s diplomatic regulatory framework and internal governance processes.
Nothing in this section shall be interpreted as limiting the Bank’s obligations to conduct AML/KYC, sanctions screening, record-keeping, or to respond to lawful requests where applicable under the Bank’s governing framework.
H. Data Processing and Privacy
The Applicant(s) acknowledge(s) that:
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Personal data provided is required for processing this application and managing requested services.
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The Bank is authorized to process, verify, and store such data to facilitate current and future transactions and to satisfy legal, compliance, and security obligations.
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Data will be stored and overseen by the Bank as data controller and/or through authorized service providers acting under the Bank’s instructions.
Rights of the Applicant(s):
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Subject to applicable law, the Applicant(s) may request access, rectification, objection to certain processing, restriction, or deletion of personal data.
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Requests must be submitted in writing to the Bank in accordance with the Bank’s data protection procedures and applicable legislation.
I. Additional Standard Banking Provisions (General)
The Applicant(s) further acknowledge(s), accept(s), and agree(s) to the following standard banking provisions, which form part of the binding service agreement with the Bank:
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Bank discretion and service availability: The Bank may, at its sole discretion, decline, delay, restrict, suspend, or refuse any application, account service, instruction, transaction, or product feature where required for compliance, security, operational integrity, or risk management, or where information is incomplete or unsatisfactory.
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Transaction controls, holds, and third parties: The Bank may apply manual review, verification holds, enhanced due diligence, and temporary restrictions when necessary for AML/KYC, sanctions, fraud prevention, cybersecurity, or operational risk. The Applicant(s) acknowledge(s) that payment routing may involve intermediaries/correspondents and other third parties, and the Bank is not liable for acts/omissions of such third parties.
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Fees, charges, and third-party costs: The Applicant(s) agree(s) that Bank fees, service charges, intermediary/correspondent charges, network fees, FX conversion costs/spreads (where applicable), and third-party costs may be debited in accordance with the Bank’s fee schedule and policies, and such charges may reduce the net amount received by the beneficiary.
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Foreign exchange: Where conversion is required, the Applicant(s) authorize(s) the Bank to apply the Bank’s prevailing exchange rate at the time of processing (including any applicable spread or conversion costs).
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Statements, records, and reporting deadlines: The Bank’s records (including electronic logs) constitute evidence of account activity unless proven otherwise. The Applicant(s) agree(s) to review statements/notifications promptly and to report unauthorized transactions or errors within the timeframes required by the Bank’s policies; failure to report promptly may result in the records being treated as correct and final.
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Instructions and authentication: The Applicant(s) authorize(s) the Bank to act on instructions received through approved channels and subject to authentication requirements. The Bank may refuse any instruction that fails verification, appears inconsistent, high-risk, or non-compliant.
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Online banking and security responsibility: The Applicant(s) are responsible for safeguarding credentials, devices, and authentication methods and for notifying the Bank immediately of suspected compromise or unauthorized access.
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Electronic communications and notices: The Applicant(s) consent(s) to receive notices and communications electronically using the contact details provided. Notices are deemed delivered when sent to the last contact information on file. The Applicant(s) are responsible for keeping contact details current.
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Ongoing disclosure duty: The Applicant(s) must promptly notify the Bank of material changes (including name, address, nationality, tax status, source of funds, expected activity, or risk profile). Failure to update may result in restrictions or enhanced due diligence.
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Prohibited use: The account must not be used for unlawful purposes, sanctions evasion, fraud, money laundering, terrorist financing, or any activity that may expose the Bank to legal, regulatory, reputational, or security risk.
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Set-off and recovery: To the maximum extent permitted under the Bank’s policies and applicable framework, the Bank may debit or set-off amounts owed to the Bank (fees, charges, negative balances, costs, and liabilities) from balances held with the Bank and may restrict services until settled.
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Indemnity: The Applicant(s) agree(s) to indemnify and hold harmless the Bank, its officers, agents, and service providers from losses, claims, costs, liabilities, and expenses (including reasonable legal and investigation costs) arising from breach of these terms/policies, inaccurate information, prohibited use, or third-party claims arising from the Applicant’s instructions, except to the extent directly caused by the Bank’s proven gross negligence or willful misconduct under the Bank’s applicable framework.
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Limitation of liability: To the maximum extent permitted, the Bank shall not be liable for indirect, consequential, special, or punitive damages, or for losses caused by third parties, market conditions, outages, system interruptions, or events beyond the Bank’s reasonable control. Where liability cannot be excluded, it is limited to direct damages only and subject to the Bank’s applicable framework.
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Force majeure: The Bank is not responsible for delay or non-performance caused by events beyond its reasonable control, including war, civil disturbance, strikes, outages, cyber incidents, telecom disruption, sanctions changes, regulatory action, correspondent interruptions, or network failures.
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Severability; no waiver; entire agreement; updates: If any provision is invalid, the remaining provisions remain in effect. Failure to enforce a provision is not a waiver. This Application, together with the Bank’s Terms & Conditions, fee schedule, and policies accepted at onboarding, constitutes the entire agreement. The Bank may update policies and operational requirements from time to time; continued use constitutes acceptance, subject to the Bank’s notice procedures.
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Waiver of claims based on misunderstanding; dispute handling; reservation of non-waivable rights. The Applicant(s) confirm(s) that they have read and understood this Application and have had the opportunity to ask questions and seek independent advice prior to signing. To the fullest extent permitted by law, the Applicant(s) expressly waive(s) any right to pursue claims or initiate civil/commercial court proceedings against the Bank on the basis of alleged misunderstanding, inadequate explanation, misinterpretation, or failure to read or review the terms of this Application. Any complaint, dispute, or claim arising out of or in connection with this Application and/or the relationship with the Bank shall be handled exclusively under the Bank’s institutional framework, sovereign diplomatic jurisdiction, and internal governance and dispute-resolution processes. Nothing in this Application is intended to exclude or limit any rights or remedies that cannot be waived or limited under applicable law. If any portion of this clause is held invalid or unenforceable under applicable law, it shall be enforced to the maximum extent permissible and the remainder shall remain in full force and effect.
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NO-RELIANCE / OPPORTUNITY TO SEEK ADVICE
The Applicant confirms they have read this application, had the opportunity to ask questions and seek independent advice, and understand that approval is discretionary. Nothing in this application limits any mandatory rights available under applicable law.
