1. Introduction
Prominence Bank is committed to providing secure and efficient Key Tested Telex (KTT) services to facilitate international financial transactions. This policy outlines the terms, conditions, and procedures governing KTT transactions to ensure compliance, security, and customer satisfaction.
2. Eligibility
KTT services are available to all Prominence Bank account holders. To enable KTT transfers, clients must submit a request, which is typically processed within 24 hours at no additional cost.
3. Transaction Limits
• Minimum Tranche Size: €10 million per transaction.
• Maximum Tranche Size: €500 million per transaction.
• Frequency: No restrictions on the number of tranches that can be initiated daily.
Note: These minimum and maximum tranche sizes are non-negotiable and cannot be modified.
4. Fees and Charges
• Incoming KTT Transactions: Subject to a 1.5% fee.
• Outgoing Wire Transfers: Incurs a 1% fee plus SWIFT/SEPA costs.
Note: Prominence Bank does not impose upfront fees; charges apply only when a specific service has been rendered.
5. Transaction Types
Prominence Bank supports all types of KTT transactions, including:
• Cash transfers.
• Bank instruments.
• Direct bank-to-bank communications.
This flexibility accommodates the diverse requirements of our clients, ensuring a seamless and adaptable experience.
6. Responsibilities Regarding KTT Transactions
If you have provided your KTT instructions to your remitter, it is your responsibility to fully understand and manage the nature of the transactions being sent to your account. Prominence Bank is not involved in these transactions and cannot comment on or verify the specifics of what is being sent by your remitter.
We reiterate that:
1. Your remitter’s actions are not our concern. Any agreements, terms, or instructions exchanged between you and your remitter are solely your responsibility.
2. Pending KTT Transactions: A KTT transaction currently pending on your account will not be processed, downloaded, or reviewed by Prominence Bank if your account is in delinquent status or not in good standing.
7. Policy on KTT Transactions
Prominence Bank will credit your account with whatever is received as per the instructions provided by the remitter’s bank. However:
• No Guarantees: Prominence Bank does not guarantee the nature of any transaction initiated by another banking institution or any remitter.
• Non-Involvement: Prominence Bank does not get involved in transactions initiated by you or your remitter, nor do we provide guarantees for their outcomes.
• Responsibility: It is solely your responsibility to be fully informed of the transactions you or your remitter initiate.
Note: Prominence Bank cannot verify or confirm what is being sent to your account before it has been downloaded and processed. Only you and your remitter can provide this information.
8. Security and Compliance
• Verification: Clients are advised to conduct thorough due diligence and consult with our experts before proceeding with KTT transactions to mitigate risks associated with unverified counterparties.
• Compliance: All transactions must comply with Prominence Bank’s compliance and regulatory standards.
9. Confidentiality
Prominence Bank ensures that all incoming and outgoing transactions are processed through the bank’s trust accounts, maintaining the highest level of discretion by consistently protecting the information of all account holders.
10. Amendments
Prominence Bank reserves the right to amend this policy as necessary to comply with regulatory changes or to enhance service quality. Clients will be notified of any significant changes in a timely manner.
11. Contact Information
For assistance or inquiries regarding KTT transactions, please contact our help desk at helpdesk@prominencebank.com. Our team is available 24/7 to respond to all your questions.
0
0