Terms and Conditions

DECLARATIONS, ACKNOWLEDGEMENT AND AUTHORISATIONS ("DAA")

1. Awareness and Compliance
   • I/We acknowledge that I/we am/are aware of the fees and charges that I/we will incur, directly or indirectly.
   • I/We undertake to be bound by the provisions of the documents constituting the Financial Product(s) subscribed to as if I/we was/were a party thereto.
   • I/We declare and represent that I/we am/are not engaged in any unlawful activity, and my/our monies are not derived from any illegal source or related to any illegal activity.
   • I/We declare that all particulars and information provided herein are true and correct. YTB is entitled to rely fully on such information for all purposes unless otherwise notified in writing by me/us.
2. Personal Information and Documentation
   • I/We am/are 18 years old and above as of the date of this application. A copy/copies of my/our NRIC/Passport is/are enclosed (applicable to individuals).
   • I/We declare and represent that, as of the date hereof, I/we am/are not an undischarged bankrupt, nor has any petition for bankruptcy been filed against me/us (applicable to individuals).
   • I/We acknowledge that I/we will keep YTB informed of any changes to the information stated in this Private Trust Instruction Form and notify YTB in writing within three (3) business days of any such changes.
   • I/We undertake to provide YTB with all information and documents required to complete the Private Trust Instruction Form, including but not limited to my/our financial position, condition, operations, or prospects, where applicable.
3. Anti-Money Laundering Compliance
   • I/We undertake to provide information and documents that YTB may require for due diligence/enhanced due diligence under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 ("AMLATFPUAA 2001") and other related laws and regulations.
   • I/We agree not to hold YTB liable for any proceedings arising from any disclosure in a suspicious transaction report made by YTB in good faith or any delay/refusal by YTB to execute my/our instructions if deemed necessary.
   • I/We undertake to comply with any directives or orders issued by respective regulators, authorities, and/or statutory bodies and to provide evidence and/or documentation required for compliance.
4. Indemnification and Liability
   • I/We agree to indemnify YTB, its personnel, estate planners, directors, shareholders, and employees against all actions, suits, claims, damages, losses, and expenses resulting from inaccuracies or incomplete declarations herein or YTB's reliance on any information provided by me/us.
   • I/We acknowledge that YTB shall not be liable for any loss or damage resulting from acting on inconsistent, ambiguous, or incomplete instructions provided by me/us or any risks associated with using facsimile or electronic mail instructions.
   • I/We agree to use necessary software to protect my/our computer from any viruses or malware and accept full responsibility for the safety and confidentiality of all pin numbers, passwords, and other access credentials.
   • I/We consent that YTB and/or its authorised agents, service providers, and/or sub-contractors may obtain access to my/our information or documents related to my/our securities or depository accounts maintained with relevant authorities.
5. Authorisations and Permissions
   • I/We authorise YTB to conduct independent verification and/or inquiries in respect of any information declared herein or furnished to YTB, with relevant authorities, credit reference agencies, or any other relevant organisations.
   • I/We consent and authorise relevant authorities, credit reference agencies, or other organisations to disclose my/our information to YTB.
   • I/We consent to and authorise YTB to withhold applicable payments, report/disclose/exchange any information or documents relating to my/our accounts/affairs to tax authorities, or terminate my/our contractual relationship(s) with YTB with prior notice.
6. Communication and Instructions
   • I/We agree that all communication between YTB and me/us conducted via electronic services is at my/our risk, and I/we accept the risks associated with such communications, including the risk of error, security breaches, fraud, and privacy issues.
   • I/We agree that instructions must be given by both parties in the case of a joint application and that, in the absence of explicit instructions, YTB shall be entitled to act upon any reasonable interpretation of any ambiguous or inconsistent instruction.
7. Tax Compliance and Residency
   • I/We agree to notify YTB of any changes that affect my/our tax residency, FATCA, or CRS status and provide the relevant foreign Tax Identification Number (TIN) or documentary evidence within 30 days of such change.
   • I/We declare that I/we am/are not a U.S. person. If my/our status changes, I/we agree to notify YTB of the change.
8. Final Acknowledgements
   • I/We acknowledge that this application is subject to YTB's approval, and YTB has the absolute discretion to approve or reject this application without assigning any reason.
   • I/We acknowledge that YTB is not responsible for any loss arising from the actions or omissions of any agents or entities appointed to perform any obligations, including repurchase/settlement facilities or custodian services.
   • I/We acknowledge that any transaction executed based on instructions believed by YTB to have been made by me/us shall be binding on me/us, regardless of any error, fraud, forgery, or misunderstanding.

FOREIGN ACCOUNT TAX COMPLIANCE ACT ("FATCA") AND COMMON REPORTING STANDARD ("CRS")

• “Foreign Account Tax Compliance Act (FATCA)” which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.
• YES Trustees Berhad ("YTB") and its related companies and affiliates are subject to and required to, or have agreed to comply with FATCA (“FATCA Reporting Requirement”). In view of this, YTB is required to collect information about each of its customers under the FATCA Reporting Requirement. If you are a U.S. Person, we may need to give the Inland Revenue Board of Malaysia (“IRBM”) your account information, which may then be shared with the U.S. IRS.
• “Common Reporting Standard (CRS)” means the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters and was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
• YTB and its related companies and affiliates are required to comply with the CRS Rules (“CRS Reporting Requirement”) In view of this YTB is required to collect information about your tax residence(s) under applicable tax regulations. If you are not a tax resident of Malaysia, we may need to give the IRBM your account information, which may then be shared with other tax authorities of the CRS Participating countries.
• Each jurisdiction has its own rules for defining tax residences, and jurisdiction have provided information on how to determine if you are resident in a jurisdiction on the following website: - Tax residency - Organisation for Economic Co-operation and Development (oecd.org)
• YTB are not allowed to give tax advice. Please consult your tax adviser if you require assistance in determining your tax residence(s).
• “Participating Jurisdiction" means a jurisdiction with which an agreement is in place pursuant to which it will provide the information required on the automatic exchange of financial account information set out in the CRS.
• “Reportable Jurisdiction” is a jurisdiction with which an obligation to provide financial account information is in place.
• “Tax Resident” refers to the definition of tax residence by each participating jurisdiction as provided on [Tax residency - Organisation for Economic Co-operation and Development (oecd.org)]. In general, you will find that tax residence is the country/jurisdiction in which you live. Special circumstances may cause you to be resident elsewhere or resident in more than one country/jurisdiction at the same time (dual residency).
• For more information on tax residence, please consult your tax adviser or the information at the OECD automatic exchange of information portal mentioned above.
• “TIN” (including “functional equivalent”) means Taxpayer Identification Number or a functional equivalent in the absence of a TIN. A TIN is a unique combination of letters or numbers assigned by a jurisdiction to an individual or an Entity and used to identify the individual or Entity for the purposes of administering the tax laws of such jurisdiction. Further details of acceptable TINs can be found at the following link [Tax identification numbers (TINs) - Organisation for Economic Co-operation and Development (oecd.org)]. Some jurisdictions do not issue a TIN. However, these jurisdictions often utilize some other high integrity number with an equivalent level of identification (a “functional equivalent”). Examples of that type of number include, for Entities, a Business/company registration code/number.
• “US Person” refers to a US Person as defined in Section 7701 (a) (30) of the Internal Revenue Code and includes an individual who is a citizen or resident of the US.

TERMS AND CONDITIONS

1. I appoint YES Trustees Berhad (Company No: 202401004551 (1550401-U)) (hereinafter referred to as the “Trustee Company”) to act as trustee of my trust, to prepare and draft my trust deed based on the details I have given in this Private Trust Instruction Form upon the terms and conditions set forth below:
   • 1.1 Appointment/Processing Fee
     An appointment/processing fee is enclosed together with this application and shall be non-refundable save where the Trustee Company notifies that it declines to accept this appointment for whatsoever reason within ninety (90) days from the date hereof. The aforesaid payment shall be made by online banking or by payment gateway into Maybank A/C No. 557090588543 (name of account: YES Trustees Berhad) or by cheque made payable to “YES Trustees Berhad”. The transaction slip shall be sent to the Trustee Company email at customer.service@yestrustees.com as proof of payment.
   • 1.2 Scale of Fees for Trustee Services
     In consideration of its services rendered, the Trustee Company shall be entitled to deduct from the funds of the trust, its remuneration or fees calculated in accordance with its then prevailing Scale of Fees which is notified and/or made available to the public. The aforesaid remuneration is exclusive of all other costs and expenses incurred in the administration of the trust.
   • 1.3 Sales and Services Tax (SST)
     If any services rendered under this application / contract / agreement is a taxable supply to which the Malaysian Sales and Services Tax (“SST”) would apply, then YES Trustees Berhad reserves the right to levy SST at the prescribed rate and the recipient of the services agrees to pay the amount of SST.
   • 1.4 Trustee Company’s Discretion
     Notwithstanding that the duties of the Trustee Company as trustee shall be performed and undertaken by its duly appointed officer(s) for the time being, the Trustee Company may at its absolute discretion employ agents, solicitors, accountants, tax agents or any other persons of its choice to carry out any transactions or duties whatsoever in connection with the trust and shall be allowed to pay all charges and expenses so incurred out of the funds of the trust.
   • 1.5 Interpretation of Terms
     The interpretation and application of all terms and conditions pertaining to the administration of the trust by the Trustee Company including but not limited to the calculation and other matters with regards to the payment of its fees shall be final and conclusive.
2. It shall be my/our responsibility to ensure that all the information and/or details in this Private Trust Details Form as well as my/our final trust deed(s) are complete and accurate.
3. By you accepting the Private Trust Instruction Form with YTB, you confirm and agree that:
   • i) without prejudice to the applicable terms and conditions governing the relationship between YTB and you, you confirm that you have read this Terms and Conditions for Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) and fully understand the implications of this Terms and Conditions by which you irrevocably agree to be bound;
   • ii) Any agreement, waiver, representation and/or confirmation given in, or to be given pursuant to, this Terms and Conditions is irrevocable.
   • iii) It is your responsibility to obtain independent professional advice from adequately qualified legal or tax advisors on its obligations under and the consequences of this Terms and Conditions. YES Trustees Berhad do not provide tax or legal advice and are unable to advise you regarding the US federal income tax or other tax consequences to them under your particular circumstances.
   • iv) In the event of any conflict or inconsistency between any of the contents of this Terms and Conditions and other terms and conditions that govern your relationship with us, this Terms and Conditions in relation to FATCA and CRS shall prevail.
   • v) I/We undertake to provide information and documents that YES Trustees Berhad may require for the purpose of due diligence/enhanced due diligence as required under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLATFPUAA 2001") (including any amendments, variations, and/or modifications as may be made at any time and from time to time) and any guidelines issued by any regulators, authorities and/or statutory bodies including the Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”). YES Trustees Berhad reserves its sole and absolute discretion to terminate the services provided hereunder if so required by relevant authorities under applicable laws of Malaysia and YES Trustees Berhad shall not be held liable to the Customer for any losses and/or damages suffered and/or incurred as a result thereof.
4. If there are any updates/changes that affect your tax residency/FATCA/CRS status, you further hereby agree to notify and furnish (to inset the entity) with the relevant foreign Tax Identification Number (TIN) and/or documentary evidence within 30 days of such change. Further, you consent to and authorize YTB to perform any of the following, if applicable:
   • i) Withhold any applicable payments in the account(s);
   • ii) Report/disclose/exchange any information/documents relating to your accounts/affairs to Inland Revenue Board Malaysia or any foreign tax authorities/inland revenue authorities in compliance with any tax requirements
   • iii) Terminate with prior notice your contractual relationship(s) with YTB.
5. CRS was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
6. Controlling Person are the natural person(s) who exercise control over an entity. Where that entity is treated as a Passive Non-Financial Entity (“Passive NFE”) then a Financial Institution is required to determine whether or not these Controlling Persons are Reportable Persons. This definition corresponds to the term “beneficial owner” described in Recommendation 10 and the Interpretative Note on Recommendation 10 of the Financial Action Task Force Recommendations (as adopted in February 2012). In the case of a trust, the Controlling Person(s) are the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, or any other natural person(s) exercising ultimate effective control over the trust (including through a chain of control or ownership). Under the CRS the settlor(s), the trustee(s), the protector(s) (if any), and the beneficiary(ies) or class(es) of beneficiaries, are always treated as Controlling Persons of a trust, regardless of whether or not any of them exercises control over the activities of the trust. Where the settlor(s) of a trust is an Entity then the CRS requires Financial Institutions to also identify the Controlling Persons of the settlor(s) and when required report them as Controlling Persons of the trust. In the case of a legal arrangement other than a trust, Controlling Person(s) means persons in equivalent or similar positions.
7. FATCA which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.
8. Personal Information in respect of you as the client of YTB and any Controlling Person, means: (i) where your and any Controlling Person is an individual, his/her full name, date and place of birth, residential address, mailing address, contact information (including telephone number), and any taxpayer identification number (“TIN”), social security number, citizenship(s), residency(ies) and tax residency(ies) or (if applicable) such other information as YTB may reasonably require from you as the client of YTB or any Controlling Person; (ii) where you and any Controlling Person is a corporate/entity, its full name, date and place of incorporation or formation, registered address, address of place of business, tax identification number, tax status, tax residency, registered address, address of place of business, certification of its CRS status/classification or (if applicable) such other information as YTB may reasonably require regarding each of its substantial shareholders and controlling persons.
9. Tax Information in respect of you as the client of YTB and any Controlling Person, means: (i) any documentation or information (and accompanying statements, forms, representations, waivers and consents as YTB may from time to time require or as you and any Controlling Person from time to time give) relating, directly or indirectly, to your tax status and any Controlling Person; (ii) Personal Information of the Client and any Controlling Person; (iii) Account Information; and (iv) any other information received by any member of the YTB in relation to the Client, including (but not limited to) information collected and maintained pursuant to Anti-Money Laundering/ Know Your Customer (AML/KYC) procedures.
10. TIN (including “functional equivalent”) means Taxpayer Identification Number or a functional equivalent in the absence of a TIN. A TIN is a unique combination of letters or numbers assigned by a jurisdiction to an individual or an Entity and used to identify the individual or Entity for the purposes of administering the tax laws of such jurisdiction. Further details of acceptable TINs can be found at the following link [Tax identification numbers (TINs) - Organisation for Economic Co-operation and Development (oecd.org)].
    
    Some jurisdictions do not issue a TIN. However, these jurisdictions often utilize some other high integrity number with an equivalent level of identification (a “functional equivalent”). Examples of that type of number include, for Entities, a Business/company registration code/number.
11. General Consent
    The Customer consents to and authorizes YES Trustees Berhad (which shall include its holding company, its subsidiaries and associated companies), its respective directors, officers, employees and agents to disclose, share and/or verify information or documents pertaining to the Customer’s affairs, account(s), facility(ies), directors and/or substantial shareholders to and/or with the following parties including:
    • i) any companies within YES Trustees Berhad, whether within or outside Malaysia for any purpose including, cross-selling, marketing and promotions of products and/or services of the YES Trustees Berhad;
    • ii) any authorities/regulators/parties as may be authorised by law or regulations to obtain such information or by court of law;
    • iii) any party(ies) providing security for purposes of facility(ies) granted to the Customer; agents of the YES Trustees Berhad, including vendors, merchants and/or third party service providers in connection with any products and/or services being provided by the YES Trustees Berhad wherever applicable;
    • iv) auditors, legal counsels and/or other professional advisers in relation to the provision of services by the YES Trustees Berhad pursuant to this engagement, or in connection with the preparation of any facility or security documents, if applicable, or any action or proceeding for the recovery of monies due and payable by the Customer, wherever applicable;
    • v) credit bureaus and/or credit reporting agencies, fraud prevention agencies, debt collection agencies and industry/financial related associations; and
    • vi) any potential assignee or other person proposing to enter into any contractual arrangement which requires the disclosure of such information.

Privacy Notice

• (a) Information you provide directly to YTB (including its holding company, subsidiaries, and associated companies, as well as any company resulting from a restructuring, merger, sale, or acquisition);
• (b) Analysis of your transactions and services within YTB; or
• (c) Third parties such as employers, joint applicants/account holders, guarantors, legal representatives, industry/financial-related associations, government/regulatory authorities, credit bureaus, credit reporting agencies, retailers, social networks, fraud prevention agencies, or other organizations.

• (i) To provide the requested products and/or services and notify you of changes or developments to their features;
• (ii) To update and manage the accuracy of YTB’s records;
• (iii) To prevent, detect, or prosecute crime, and comply with legal and regulatory obligations;
• (iv) To conduct assessments and analyses, including credit, lending, insurance risk assessments, behavior scoring, profiling, data analytics, due diligence, market and product analysis, and research;
• (v) To communicate with you and ensure customer satisfaction, which may involve conducting surveys, responding to inquiries and complaints, and resolving disputes;
• (vi) To determine and recover any debt you owe to YTB;
• (vii) To maintain your credit history for future reference;
• (viii) To cross-sell, market, and promote products and services of YTB and its strategic alliances;
• (ix) To allow an actual or potential assignee, participant, or sub-participant of YTB to evaluate your transactions for assignment, participation, or sub-participation;
• (x) To use photographs or images of you for YTB’s corporate events, contests, or publications;
• (xi) To protect YTB's interests and for any other ancillary or related purposes;
• (xii) For any other purposes that are incidental or related to the above.