Fair Dealing Policy
Based on the Principle for Financial Service Industries to Treat Clients Fairly by Financial Supervisory Commission in Taiwan and Guidelines on Fair Dealing by the Monetary Authority of Singapore ("MAS"), Fair Dealing is an important part of the banking culture at E.SUN Bank Singapore Branch. We look to achieve the following significant outcomes:
- Establish a culture of fair dealing that is central to our corporate culture
- Offer our customers with suitable products and services
- Ensure we have competent staff who can provide our customers with appropriate, high-quality advice and recommendations
- Provide our customers with clear, relevant and timely information for financial decision-making
- Ensure customer complaints are handled independently and efficiently
Pursuant to para 4.5 of Guidelines on Fair Dealing, we are obliged to disclose the following:
- Notification of Right of Review (“RoR”) Clause
The Bank may, from time to time, review and vary these Standard Terms, including interest rates, fees, and product features. Such reviews are conducted carefully and are subject to internal governance to ensure fair outcomes for customers. Circumstances that may trigger a variation include, but are not limited to:
- Changes in applicable laws, regulations, or industry codes of practice;
- Changes in its policies, processes, business, systems, and/or requirements;
- Changes in market conditions or the cost of providing the product/service;
- Changes to existing products or services or adding new products or services;
- Changes relating to interest rate environment;
- Technological advancements or security requirements; and
- Administrative or clarificatory updates
- The prior notice period to be given for variation of terms is as stated in our Terms and Conditions.
Personal Data Protection Act (PDPA)
Based on the Personal Data Protection Act of Taiwan and the Singapore Personal Data Protection Act 2012, we will uphold your trust in us by protecting and using your personal data in a responsible manner.
For more details regarding the purposes and scope that E.SUN uses your personal data, please refer to Mandatory Disclosure Regarding Use of Personal Data by E.SUN Bank on E.SUN Bank's official website.
We may amend our policy and disclosures from time to time to ensure consistency with any developments to the way E.SUN uses your data and make the updated policy and disclosures available on our website.
MAS E-Payments Guidelines
The E-payment User Protection Guidelines issued by the Monetary Authority of Singapore ("MAS") aim to protect individuals and sole proprietors from losses arising from unauthorised or erroneous transactions when using electronic payment services including online payments and transfers. Please read the notification attached to understand the bank's obligations as well as your rights and obligations as an account holder. For more complete information on the guidelines please refer to the actual guidelines on the MAS website.
FATCA
Introduced by the Internal Revenue Service ("IRS"), Foreign Account Tax Compliance Act ("FATCA") prevents US taxpayers who hold financial assets in non-US financial institutions and offshore accounts from avoiding taxation on their income and assets.
Financial institutions in Singapore are to carry out reviewing procedures and disclose financial account information of account holders who are US Persons to the Inland Revenue Authority of Singapore ("IRAS") under FATCA.
Customers may refer to the issued by the Association of Banks in Singapore ("ABS") for more information on FATCA.
CRS
The Common Reporting Standard ("CRS") is a set of rules on information gathering and reporting. The aim of CRS is to facilitate the automatic exchange of information ("AEOI") between Singapore and other countries on holders of financial accounts, with the aim of identifying and counteracting global tax evasion.
Under the CRS, we are required to determine where you are 'tax resident' (this will usually be where you are liable to pay income taxes). If you are a tax resident outside the country where your account is held, we may need to give the Inland Revenue of Singapore ("IRAS") this information along with information relating to your accounts. That may then be shared between different countries’ tax authorities.
For further information on CRS and AEOI, please refer to the on the IRAS website.
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