Our Terms Of Data

Beneficiary Succession Verification (BSV) – Terms and Conditions

1. Introduction

These Terms and Conditions (“Terms”) govern the process through which a verified and designated beneficiary (“the Beneficiary”) may assume ownership or access to a Retirement Savings Account (“RSA” or “the Account”) following the death of the original account holder (“the Deceased” or “Account Holder”). By initiating or participating in the Beneficiary Succession Verification (“BSV”) process, the Beneficiary and all related parties agree to comply with these Terms, the Bank’s general account policies, and all applicable laws and regulations.

2. Purpose of the BSV Process The BSV process enables the rightful Beneficiary, as designated by the Account Holder during their lifetime, to be identified, verified, and authorized to receive or manage the funds held in the Account after the Account Holder’s passing.

3. Eligibility

3.1 The Beneficiary must have been formally designated by the Account Holder in the Bank’s official records prior to the Account Holder’s death.

3.2 In the absence of a designated Beneficiary, the Bank reserves the right to refer the matter to the estate’s legal administrator or executor.

3.3 The Bank may require legal documentation confirming the death of the Account Holder and the identity of the Beneficiary.

4. Verification and KYC Requirements

4.1 The Beneficiary shall undergo a full Know Your Customer (KYC) process, including but not limited to: Valid government-issued identification, Proof of address, Recent passport-sized photograph, Certified copy of the death certificate, Any additional documents deemed necessary by the Bank.

4.2 The Bank reserves the right to request further documentation or verification from competent authorities to prevent fraud, misrepresentation, or financial crime.

5. Review and Approval Process

5.1 Upon submission of all required documents, the Bank shall review and verify the authenticity of the information provided.

5.2 The Bank may communicate with the Beneficiary or estate representatives for clarification or additional information.

5.3 Approval of succession and release of funds shall be at the sole discretion of the Bank, subject to regulatory and internal compliance reviews.

6. Payment or Transfer of Account Funds

6.1 Upon successful verification and approval, the Bank shall process the release or transfer of funds to the verified Beneficiary in accordance with the Bank’s policies and applicable laws.

6.2 The Bank shall not be liable for any delays arising from incomplete documentation, third-party verifications, or legal disputes over the estate.

7. Fraud Prevention and Legal Compliance

7.1 The Bank reserves the right to suspend, delay, or reject any BSV application if fraudulent activity, forgery, or misrepresentation is suspected.

7.2 The Bank shall comply with all relevant anti-money laundering (AML), counter-terrorist financing (CTF), and data protection laws in processing the Beneficiary’s information.

8. Limitation of Liability

The Bank shall not be held liable for any loss, damage, or claim arising from the Beneficiary’s failure to provide accurate information, delayed notifications of death, or disputes among heirs or estate representatives.

9. Data Privacy

9.1 All personal and sensitive information collected during the BSV process shall be processed in line with the Bank’s Data Privacy Policy and applicable data protection regulations.

9.2 Information shall be used solely for verification, compliance, and record-keeping purposes.

10. Dispute Resolution Any dispute arising from the Beneficiary Succession Verification process shall be resolved in accordance with the Bank’s internal dispute resolution procedures, and where necessary, through competent legal or regulatory channels.

11. Amendments The Bank reserves the right to modify or update these Terms and Conditions at any time. Any amendments shall take effect upon publication on the Bank’s official platform or through formal notification to relevant parties.

12. Acceptance By proceeding with the Beneficiary Succession Verification process, the Beneficiary acknowledges that they have read, understood, and agreed to these Terms and Conditions, and consent to the use of their information for verification and compliance purposes.