STC Bank

Agreement for Opening a Digital Current Bank Account for Individuals

This Agreement represents the terms and conditions governing the opening of a digital bank account between an individual client and stc bank. The Client’s initiation of the account opening procedures and use of the stc bank mobile app is subject to this Agreement and the Client is required to fulfill the Know Your Client Requirements set forth below. The Client should read this Agreement carefully and comprehensively (including all Special Terms and Policies).

1. Definitions and Clarifications
   • Definitions

The following terms and phrases, wherever mentioned in this Agreement, shall have the meanings ascribed to them, unless the context requires otherwise:

Bank: stc bank, a closed joint-stock company under Commercial Registration No. 1010901344 in Riyadh and unified number 7010933328, whose address is Pavilions, Building No. 7525, King Khalid Branch Road, Ad-Diriyah, PO Box 87912, Riyadh 11652, Kingdom of Saudi Arabia, operating under License No. (_________) issued by the Saudi Central Bank, and is subject to its monitoring and supervision.

Client: Any individual of the Bank’s clients who entered into this Agreement electronically in person, or the account holders who are natural persons (individuals) who entered into Agreement electronically in the case of a joint account, and any private or general successor who becomes a successor of the Client in this Agreement.

Account: The current bank account opened digitally, which is an accounting record opened by the Bank and established under this Agreement at the request of the individual Client through the recognized Digital Channel. It entails rights and obligations for both parties, which include accounting records made by the Bank in accordance with banking laws, regulations, and norms.

Digital Channel: Every digital and electronic mean approved by the Bank at any time, through which the Bank offers its services and enables clients to access the Bank’s services, manage their Accounts and carry out related banking activities, including but not limited to the Mobile App.

Minor: Without prejudice to applicable laws and regulations, in these Terms minor means any minor who is fifteen (15) hijri years old and did not reach full legal capacity by not reaching the age of eighteen (18) hijri years.

Guardian: Without prejudice to applicable laws and regulations, in these Terms guardian means the Minor’s father, or the person appointed by the competent court as a guardian of the Minor’s funds. For the purposes of these Terms, this definition extends to any guardian appointed by the Minor’s father or by virtue of a court order to manage the Minor’s funds.

Minor Account: The Account that is opened pursuant to the Agreement upon the Client’s request in accordance with these Terms.

Mobile Device: Any mobile communication device through which the Client downloads, accesses and uses the Mobile App.

Mobile App: The Digital Channel that is in the form of a mobile application that is owned by the Bank that runs on Mobile Devices (such as IOS and Android or any other software recognized by the Bank) for individuals.

OTP: The one-time password that is sent to the Client’s mobile number registered with the Bank, which is valid for a specific transaction that the Client has requested or initiated through the Mobile App.

Registration Process: The electronic registration and entry process carried out by the Client through Digital Channels to open the Account.

Payment Card Terms: Payment Card Terms attached to this Agreement as Special Terms.

Special Terms: The special terms and conditions applicable to a certain type of accounts or services provided by the Bank from time to time offered to the Client through the Mobile App or other Digital Channels whose text is appended to this Agreement or appears to the Client through the Mobile App, and such accounts and services shall be complimentary or reliant upon this Agreement.

Verification Process: The process of verifying the Client’s identity or request that the Client must undergo and complete successfully through Digital Channels in order to benefit from a certain type of account and services offered by the Bank from time to time.

Agreement: This Agreement for Opening a Digital Current Bank Account for Individuals.

KYC Requirements: All requirements, questions, and clarifications that the Bank may request from time to time in order to verify the Client’s identity through sources approved by the Central Bank or directly from the Client, including the Client’s personal information, date of birth, national identity data, national address and contact information (such as mobile number and e-mail address) and any additional information required to verify the Client’s identity according to the requirements of verifying the Client under the applicable laws and regulations in the Kingdom of Saudi Arabia.

Central Bank: The Saudi Central Bank.

Intellectual Property Rights: all patent rights, copyrights, semiconductor topography rights, rights in software, moral rights, trade mark and/or service marks, logos, rights in or relating to databases, rights in or relating to confidential information or trade secrets, rights in relation to domain names and any other proprietary rights (registered or unregistered) throughout the world, including all rights of reversion and rights to any applications and pending registrations and the right to sue for and recover damages for past infringements.

Cut-off Time: the last time for making or receiving payments under the relevant payment scheme.

Credentials: the password, access keys and other data that enables the Client using the Mobile App to access the respective Account.

Policies: all applicable policies, notices, procedures, specifications, FAQs, and instructions provided or made available to the Client through the Mobile App or referred to in this Agreement or communicated by the Bank to Clients.

Bank Materials: any software (including without limitation developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including the Specifications and any integration guides) developed and provided by the Bank or the Bank’s affiliates to the Client for download from the Mobile App. Bank Materials do not include any software, data or other materials specifically made available by the Bank or its affiliates under separate license terms or that were created by a third party, including without limitation software provided under an open source license.

Force Majeure: any act of God including fire, flood, earthquake or other natural disaster; act of any sovereign including terrorist attacks, war, invasion, act of foreign enemies, hostilities, labor dispute including strike, lockout or boycott; act of failure or interruption or failure of utility service including electronic, power, gas, water or telephone services; acts or failure to act on rulings of administrative boards, government authorities or any other cause beyond the reasonable control of either party but shall not include causes related to the parties.

• Clarifications

In this Agreement, unless the context requires otherwise:

1. Reference to years, months and days shall be according to the Gregorian calendar.
2. Reference to the Agreement is a reference to all clauses, appendices and annexures to the Agreement, including any amendments or additions to them.

2. Preface

The Bank is a digital bank licensed in accordance with the rules in the Kingdom of Saudi Arabia to provide all banking services and business to its Clients electronically through the Digital Channels that it provides from time to time, and where the Client wishes to open a current (personal) bank account with the Bank through which the Client performs banking operations (deposit, withdrawal, transfer and receipt of transfers) through the Mobile App or any other Digital Channels recognized by the Bank from time to time. Accordingly, the parties, with full legal capacity, agreed to enter into this Agreement pursuant to the Client’s acceptance of this Agreement electronically through the Digital Channels recognized by the Bank. This Agreement is subject to the provisions of the relevant laws and regulations, such as the Anti-Money Laundering Law, the Anti-Terrorism Financing Law and their Implementing Regulations; and the rules issued by the Central Bank, such as the Rules for Bank Accounts, and in the event of a conflict between the provisions of this Agreement and the provisions of the laws, regulations and rules; the provisions of the latter shall prevail.

The above preamble forms an integral part of this Agreement.

3. Client Rights and Obligations
   • The Bank shall open an Account for the Client and shall carry out the instructions of the Client on the Account within the framework of the banking practices, rules and regulations. The Bank shall not be liable for any damage arising out of carrying out the Client’s instructions, unless such damage relates to the gross negligence or willful misconduct of the Bank or its failure to act with due care, which for the purposes of this Agreement, means the attention, skill, prudence and diligence reasonably expected from any similar organization.
   • The Client agrees that the opening of the Account with the Bank is conditional upon the Client’s completion of the Registration Process set out by the Bank and the Client’s fulfillment of the KYC Requirements and the Verification Process. The Client acknowledges that the Client’s information is submitted with the Client’s own free will, and the Client authorizes the Bank to process such information and documents as required. The Client consents to the collection, processing and storing of all Client information by the Bank in accordance with the Bank’s privacy Policy (including the use of biometric authentication) for the purposes of using the Mobile App, Account opening and availing any other service or product that the Bank may offer.
   • The Client’s mere completion of the Registration Process, the applicable Verification may not be construed as final and complete opening of an Account by the Bank. The Bank reserves the right not to open the Account if it finds that any of the information or documents incomplete or not satisfactory, or if there is a verification failure of any of the information provided by the Client or for any other reason that the Bank may consider to be non-compliant with the Bank’s KYC Requirements. The Bank shall not be liable for any damages arising from false or misleading information provided by the Client.
   • Given the nature of digital services and their reliance on Mobile Devices, the Client agrees to procure, maintain and update and upgrade, at the Client’s own cost, all such software and devices (such as computers, Mobile Devices and tablets) and communication systems which are compatible with the Bank’s system, to avail and use the Account and the services offered by the Bank. The Client shall have a Mobile Device that is eligible to open and operate the Account and to avail all relevant services. The Client agrees that the Bank has the right to change, modify or upgrade its software, hardware and operating systems, from time to time and to specify the eligible Mobile Devices to use the Account and avail all related services. Devices that have been unlocked or modified in illegal methods are not eligible.
   • The Client acknowledges and agrees that the Bank shall not be responsible for any connectivity, signal and/or data issues that may cause non-completion or wrong, false or incomplete submission of information by the Client which may impact the Client’s Registration Process or the applicable Verification Process.
   • The Bank shall issue a Payment Card to the Client linked to the Client’s Account upon the Account opening through the Mobile App, and such issuance of the Payment Card shall be subject to Client’s approval. The use of such payment card(s) is subject to the Payment Card Terms and Conditions.
   • The Client acknowledges and agrees that funds can only be deposited into the Account through an electronic transfer from the Client’s account in another bank, an electronic money order, or such other means that the Bank enables through the Mobile App. The Bank may credit the relevant Account with the deposit amount, but the Client shall not be entitled to withdraw or transfer the amount credited before receipt and clearance by the Bank of the full and final payment, unless otherwise permitted by the Bank. The Client acknowledges and agrees that the Bank shall have the right to reverse and amend all entries made into the Account in case the deposit is not collected or if such collection is delayed for any reason whatsoever. All charges incurred (including exchange rate differences, if any) shall be borne by the Client and charged directly to the Account.
   • Transactions relating to the Client’s Account are credited on the business day on which they are received. In case any transaction is subject to Cut-off Time on any day (whether it is a business day or a non-business day), the relevant transaction will be carried out when the service continues, and the Bank shall not be responsible for the funds related to such transaction until the funds are received by the Bank, and the Client will be notified of the Cut-off Time through the Mobile App whenever possible.
   • The Client acknowledges and agrees that the Bank shall have the right, without requiring any prior approval or consent of the Client, to amend and/or cancel, at any time, any entry in the Account that (1) was recorded by error whether such error was an error of the Bank, its employees, systems and software, its clients or other persons, or (2) resulted from forgery, fraud, money laundering, or any other act that violates the applicable laws, regulations, and rules, or (3) resulted from any transfer which has been reversed pursuant to the order of the Bank or the issuing or correspondent banking institution.
   • The Client acknowledges and agrees that the Bank shall have the right to freeze the Account or any of the amounts of any transaction related to the Account, and to notify the competent authorities at any time and without notice to the Client, in the event the Bank suspects that any of the amounts are related to an act of fraud or illegal transaction, in accordance with the applicable laws and regulations.
   • The Client agrees that the Bank is authorized to act upon any instructions received based on the Credentials provided, and the Client expressly grants the necessary authorities and powers to the Bank to carry out the transactions received by the Bank through the Bank’s Digital Channels and after completion of the Verification Process and such instructions shall be deemed to have been given by the Client. The Client agrees not to disclose the Client’s Credentials related to the Account and/or the services to any third party. The Client that any person who may have knowledge of or access to the Credentials shall be considered as the Client, whenever such person instructs the Bank under the Client Credentials. The Bank assumes no obligation to verify the authenticity of any instruction received from the Client or alleged to have been sent by the Client through methods other than verification of Credentials, OTP or other verification methods. The Bank shall not be responsible as a result of acting in good faith to carry out such instructions.
   • The Bank is entitled to decline the Client’s login request for the Mobile App or Digital Channels and any instructions received from the Client in case of suspicion, after making reasonable efforts to verify whether such instructions were properly authorized by the Client, and the Bank is under no obligation to justify such decline of the Client’s request and shall not be liable for any damages incurred by the Client as a result of such decline.
   • The Client agrees and acknowledges that the Client shall be solely responsible for maintaining the confidentiality of the Client’s Account information and Credentials. The Client shall comply with any other requirements designed to protect the security of the Client’s use of the Account and the related services including password requirements, which shall be notified to the Client from time to time by the Bank.
   • The Client shall be responsible for any transactions that occur or are initiated using the Credentials and the Bank shall not be liable for the unauthorized use of these Credentials, unless and until the Client notifies the Bank that the Credentials have been compromised in accordance with the terms of this Agreement. If the Client discovers or suspects an unauthorized use of the Client’s Credentials by any other person who may have knowledge or access to the Credentials, the Client shall immediately change the Credentials through the available Digital Channels. If this is not possible, the Client shall notify the Bank immediately by contacting the relevant Client service officer through the telephone. The Bank may suspend access until new Credentials are generated. The Client takes full responsibility and shall bare all costs of any transactions that take place prior to notifying the Bank as set out in this Agreement.
   • The Client acknowledges and agrees that all the Intellectual Property Rights and Bank Materials in the software underlying the Account, the Mobile App and any of the services which are required for accessing the Account are the legal property of the Bank or the respective vendors. The permission given by the Bank to access the Account and utilize the related services shall not convey any proprietary or ownership rights in the aforementioned Intellectual Property Rights. The Client shall not attempt to modify, translate, disassemble, de-compile or reverse engineer the aforementioned software or copy the source code of the software or create any derivative product based on the software. The Client acknowledges and agrees that all the Intellectual Property Rights in the brand features of the Bank are the legal property of the Bank or its affiliates.
   • The Bank is entitled to utilize the funds deposited in the Account for its own benefit, subject to its full commitment to enable the Client to have access to such funds immediately upon the Client’s request. The Client may not claim any profits on such funds. The parties may enter into a separate agreement pursuant to which the Client may receive profits on its deposited funds.
   • The Client acknowledges and agrees that the Bank will not allow funds to be withdrawn from the Account except in the following cases:
4. The Account is not frozen by the Bank.
5. The availability of sufficient balance in the Account to cover the required amount and any applicable fees.
6. The validity and completeness of the withdrawal request pursuant to the requirements recognized by the Bank.
   • The Client shall be prohibited from using the Account for any illegal purpose or activity, and the Client shall inform the Bank in the event of any objection to, or suspicion of, any transactions carried out on the Account. The lapse of thirty (30) days from the date of carrying out any transaction without the Client’s objection shall be deemed to constitute approval and confirmation by the Client of the validity of such transaction.
   • Notwithstanding sub-section (41) Article (3) of this Agreement, the Bank may collect a specific fee from the Client after exchanging the services it provides to the Client, and it may collect such fee directly without referring to the Client, and may collect a specific fee in advance if it applies on the services that shall be provided to the Client, provided that such fees are not inconsistent with the rules issued by the Central Bank, and that such fees are published by the Bank via the Mobile App and the Bank’s website (30) days prior to the application of such fees.
   • The Client shall incur any current or future expenses or taxes which may be imposed by the government regarding any of the services or products provided by the Bank to the Client.
   • The Bank shall notify the Client via text messages on the mobile number linked to the Client’s Account and/or through the Mobile App or any other means agreed upon of the following:
7. OTP for the Client and any other messages and links.
8. All transactions executed on the Account as soon as they occur.
9. Any information related to the Account and its management.
   • The Client shall update its identification document and the KYC Requirements promptly following the change or update of the same, and the Bank may freeze the Account in the event of breach of the foregoing by the Client for the purposes of complying with the applicable laws and regulations. Provided that, such freeze shall be in accordance with the relevant instructions including the Rules for Bank Accounts issued by the Central Bank.
   • The Client agrees that, for the purposes of opening and operating the Account and complying with the applicable regulations, the Bank shall obtain the Client’s identification data and updated information through the services provided by the National Information Center or any other reliable and recognized independent authorities.
   • In the event of any breach by the Client of this Agreement, the Bank may take the necessary measures it deems appropriate in accordance with the applicable banking practices, rules, and regulations.
   • The Client may close the Account and recover the full credit balance at any time after submitting a request to the Bank via the Mobile App. The Bank may decline the Client’s request to close the Account in the event of the existence of any financial obligations associated with the Account which require the continuation of the operation of the same.
   • The Bank may close the Account in the event the Client fails to deposit any amounts in the Account for ninety (90) days following the Account opening date, or the if the Client deposits a certain amount and then withdraws it so that the balance of the Account is zero for a period of four (4) years, or at the request of the Central Bank for reasons of risks of non-compliance with the applicable laws and regulations or for violating the provisions of this Agreement, provided that Bank shall notify the Client via text messages on the mobile number associated with the Account or through any other means agreed upon by the parties within a sufficient period of time prior to closing the Account.
   • The Bank may send text messages, communicate over the phone or send marketing materials to the Client regarding the services and products offered by the Bank, unless the Client expresses unwillingness to receive such communications and marketing materials when completing the Registration Process to open the Account or at any time through the Mobile App.
   • The Bank may access the location of the Client’s Mobile Device and track its geographical movement, unless the Client expresses unwillingness to share the Mobile Device’s location when completing the Registration Process to open the Account or at any time through the Mobile App.
   • The Client may access its Account statements through the Mobile App, and the Client may request to be served the electronic Account statements on the Client’s e-mail provided in the Mobile App, or to any other e-mail address designated by the Client, or through any other means as the Bank makes available to the Clients from time to time.
   • In the event that the Bank becomes aware of the death of the Client, the loss of the Client’s legal capacity, or the commencement of any of the liquidation or administrative liquidation procedures against the Client, the Bank shall freeze the Account until the heirs of the Client are determined pursuant to a legal instrument, or the appointment of a legal guardian or a liquidator (liquidation trustee or bankruptcy committee) authorized by a competent court to manage the Account.
   • All accounts of the Client with the Bank constitute one consolidated account, and the Bank may at any time without requiring any prior approval or consent of the Client (in accordance with applicable law), conduct a set-off between the Client’s accounts and deduct from such accounts in order to satisfy any obligations accruing at the Client’s Account.
   • The Client shall refrain from making any transfer of funds outside the Kingdom of Saudi Arabia to any non-profit organizations, and the Bank shall be entitled to decline making such transfers.
   • The Bank shall not be liable towards the Client for any delay in delivering its services due to an error or malfunction that occurs in the Bank’s technical system beyond the control of the Bank, or as a result of the Client’s misuse of the Mobile App or the Digital Channels, or the incompleteness of the information submitted for the Client’s transactions or for any other reason out of the Bank’s control, unless such delay or failure to provide the banking services results from the Bank’s gross negligence or the Bank’s failure to act with due diligence.
   • The Bank strives to use the best technologies to make its services available around the clock, however, the Bank does not guarantee the continuity of services without interruption and the Bank shall not be liable for any failure to provide its services partly or fully for any reason beyond the Bank’s control. In the event that the Bank is aware in advance of any interruption in its services, the Client shall be notified in advance of the same. The Client shall be entitled to file a complaint about the damage caused by such interruption of services, and the Bank shall compensate the Client for such damages at the Bank’s discretion.
   • The Bank may provide the facility of alerts or may discontinue the same at its sole discretion. Transactions on the Account will continue to be guided by prevalent digital banking practices and the Bank may make its best efforts to display certain pre-defined alerts but the Bank shall not assume any responsibility or liability as to the timeliness, completeness, accuracy and successful delivery or receipt of the alerts. The Bank does not guarantee or warranty the quality, speed, performance, accuracy, or the absence of defects in the Mobile App or the Digital Channels.
   • All deposits and withdrawals in foreign currency shall be subject to the exchange rate adopted by the Bank for foreign currency exchange.
   • The Client acknowledges and agrees that although the Bank takes all precautions to prevent viruses from entering the Mobile App and other Digital Channels, it does not guarantee that the Mobile App, the Digital Channels, or the content downloaded from the Mobile App or its linked sites are free of viruses or malware; therefore, the Bank shall not be liable for any damage attributed to such viruses or malware. The Client shall take all reasonable practical measures to ensure the reliability of the devices used and that the Mobile Device, computer, or any other devices used by the Client to access the Account and the banking services are free from any viruses or malware.
   • With regard to joint accounts, the credit balance available in the Account shall be the property of the parties as partners according to the percentages specified for each of them pursuant to this Agreement, and the partners shall bear the debit balance arising in the Account for any reason whatsoever. The Bank shall be entitled to suspend the Account in the event of the death or ineligibility of one of the partners, or the commencement of any liquidation or bankruptcy procedures against any of them, or the receipt of a notification from any of the partners indicating a dispute between them.
   • The Minor who holds a national ID and wishes to open a personal digital account at the Bank may submit a request to open a Minor Account, and the Bank shall transfer such request to the Guardian through the Mobile App or any other Digital Channel. The Guardian shall approve or reject the Minor’s request. The Guardian acknowledges that the Guardian shall be liable for any liability relating to the Minor in relation to operating the Minor Account, the Guardian shall be liable before the Bank for the Minor Account and disclaims the Bank from any liability against the Minor. The Bank is entitled to set limits on the services available in the Minor Account at any time through the Mobile App or any other Digital Channel. The Terms of the Agreement shall apply to the Minor Account.

• The invalidity, irregularity, or unenforceability of any clause of this Agreement shall not render the remaining clauses of the Agreement as invalid, provided that the parties are obligated to amend the invalid clause in accordance with the applicable laws and regulations.
• The Bank shall be entitled to amend this Agreement from time to time without prejudice to the rules of the Saudi Central Bank, provided that the Bank shall notify the Client of such amendments within no less than (30) days from the effective date of such amendments, unless the Bank is required to implement the amendments within a shorter period of time to comply with any applicable laws or regulations or to mitigate any financial threat to the Bank, the Bank’s assets or the Bank’s Clients. Such amendments shall be implemented after the lapse of the grace period referred to in this paragraph as of the date published on the Bank’s website and/or notified to the Client through the Mobile App or any Digital Channels. If the Client does not agree to any change to the terms of this Agreement, the Client may terminate this Agreement, close the Account, and cease using the relevant services for no cost. Non-withdrawal from this Agreement by the Client, constitutes the Client’s approval and acceptance of such amendments. The Client is responsible at all times to read and understand each version of this Agreement.
• This Agreement shall remain in force until the date of closing of the Account by either party.
• The Bank shall maintain the confidentiality of all data and Account information provided by the Client, except for disclosures by the Bank for specific professional and operational purposes, subject to obtaining the Client’s prior approval in accordance with the terms of this Agreement, and upon the request of the competent authorities in accordance with the relevant laws and regulations.
• The Bank may retain all documents associated with the Client’s Account for a minimum period of ten (10) years from the Agreement’s expiration date.
• For the purpose of activation and subscription in the additional services offered in the instant payments system; the Client’s Account information will be shared automatically and confidentially, without prejudice to the rules of Personal Data Protection Law and any relevant law, with the Saudi Payments Company (the national operator of the system) as needed. The information that will be shared is as follows:

1. Client’s name.
2. Account number.
3. Mobile number.
4. Identification number.
5. E-mail address.

• This Agreement shall be governed by the laws of the Kingdom of Saudi Arabia, if any dispute arises between the parties in connection with this Agreement, the parties shall settle such dispute amicably. If the dispute cannot be resolved amicably within a reasonable period, either party shall be entitled to refer the dispute to the competent judicial authority in Riyadh, the Kingdom of Saudi Arabia.
• This Agreement has been drafted in Arabic and English, and in case of any discrepancy between the two texts, the Arabic text shall prevail.

4. Services and Products Associated with the Account
   • The Bank provides the Client with several services and products associated with the Account, some of which are currently provided such as payment cards, and others that will be provided in the future. The Bank shall provide such products and services subject to the Special Terms appended to this Agreement or that will be appended to this Agreement from time to time which constitute an integral part of this Agreement. The Client acknowledges and agrees that the continued availability of any services offered by the Bank via the Mobile App or the Digital Channels is at the Bank’s sole discretion. The Bank may suspend or cancel any type of accounts or services it provides, temporarily or permanently, at any time.
   • Standing Orders Service

1. The Bank provides the Client with the standing orders service, whereby the Client may create one or more scheduled standing orders for beneficiaries in the Bank or any local banks in consideration for fees determined by the Bank from time to time in accordance with the instructions of the Central Bank.
2. The Bank will allow the Client to activate the standing order service feature through the Mobile App or any other Digital Channels, and the Client shall specify an amount and frequency or a specific date for the Bank to carry out the transfer orders(s) in accordance with the Client’s instructions. The Client shall have the right to cancel the standing orders at any time through the Mobile App, and the Bank shall not carry out the standing order(s) once the Client completes the cancellation of standing orders procedure through the Mobile App.
3. The Bank shall carry out standing orders to the beneficiary on the execution date specified by the Client, provided that there are sufficient funds in the Client’s Account to carry out any transfer related to the standing order(s). In the event that there is insufficient balance in the Client’s Account to carry out a transfer in relation to a certain standing order, such standing order will be deemed invalid and the Bank shall not carry out the transfer without any liability of any kind.

5. Bank Undertakings and Acknowledgments

The Bank undertakes and acknowledges to the Client the following:

1. To treat the Client fairly and equitably, and to adhere to the principle of disclosure and transparency.
2. To protect the privacy of the Client’s information and refrain from using such information except for specific professional, operational and statistical purposes in accordance with the Bank’s privacy Policy and the provisions of this Agreement, excluding disclosure to the competent authorities in accordance with the applicable laws and regulations.
3. To take all reasonable technical and organizational measures to protect the integrity of its technical information systems and Clients data, in its business and the business of its affiliates, with prudence and to exert reasonable efforts, in establishing, maintaining, implementing and following the controls, policies and procedures of information technology, information security, cybersecurity and data protection, including supervision and control of access to technical systems, encryption, virtual and actual protection, and having the necessary business continuity plans, recovery plans, and security plans designed to protect against any penetration, destruction, loss, interference, modification, or exploitation.

6. Client Undertakings and Acknowledgments

The Client undertakes and acknowledges, in its full legal capacity, of the following:

1. That the Client is not prohibited by law from dealing with the Bank, and that all data the Client provides to the Bank is valid, reliable and up to date.
2. That the Client will be held accountable before the competent authorities for the funds deposited in the Client’s Account with or without the Client’s knowledge, whether the Client disposes of such funds personally or not, upon the Client’s official knowledge of the existence of such funds in the Client’s Account.
3. That the funds deposited in the Account are generated from legitimate activities and that the Client is responsible for the integrity of such funds, and if the Bank receives any illegal funds from the Client, the Client shall not be entitled to recover or get compensated for such funds.
4. That the Client is the ultimate beneficiary of the Account, and that the Account and the associated services provided to the Client by the Bank are for the Client’s personal purposes and not for the purposes of carrying out commercial or professional activities.
5. The Client is fully aware that it is prohibited to transfer funds to unknown persons or entities according to the applicable laws and regulations, and that all transfers by Client are made for personal legitimate purposes.
6. The Client is fully aware that the Bank does not conduct its banking business except through the Digital Channels recognized by the Bank, namely being the Mobile App or any other digital and electronic channels recognized by the Bank from time to time. Accordingly, the Client agrees that all instructions, transactions and activities relating to the Account and its services shall be conducted electronically through the Digital Channels made available by the Bank from time to time.
7. The Client has read and understood the terms and conditions set out in this Agreement, and that the Client will also read the Special Terms relating to the products and services associated with the Account, published on the Bank’s website or any of its Digital Channels from time to time.
8. Communication
   • The Client may contact the Bank by calling the Client experience team at 8001180008 (toll-free number within the Kingdom of Saudi Arabia) or +966 92001144 (inside or outside the Kingdom of Saudi Arabia), via the instant chat service on the Mobile App, by emailing the Bank at: info@stcbank.com.sa, via social media, or on the Bank’s website: (_________). The Bank may contact the Client by phone, email, or any other means the Bank deems appropriate.
   • The Client acknowledges and agrees that the language of communication between the Bank and the Client will be the Arabic language or any other chosen language by the Client and recognized by the Bank.

By selecting the “Continue” tab to proceed with the subsequent steps to access the Bank’s services through the Mobile App and completing the Registration Process, the Client confirms that the Client has read this Agreement and all its annexures and appendices, and the Client agrees to all terms and conditions contained or referred to in this Agreement, and the Client confirms that the Client’s electronic consent to this Agreement constitutes valid signature of the same. In case the Client does not wish to continue the Registration Process, the Client may, at any time, prior to approval or proceeding with the subsequent steps, return and exit from the Mobile App.

ANNEX 1

PAYMENT CARDS TERMS

PART ONE

TERMS AND CONDITIONS

ANNEX 2

SPECIAL TERMS FOR INTERNATIONAL REMITTANCES

PART ONE

CASH COLLECTION TERMS

1. The Client may transfer funds from the Client’s available balance to a receiver in a country other than the Kingdom of Saudi Arabia (“International Remittances”). The Client hereby acknowledges and agrees that the International Remittances service is powered and serviced by third party money transfer and transmission companies that power and service International Remittances as part of the Bank’s services (“Remittance Intermediaries”) and such International Remittances will be subject to special terms and conditions as described below:
   • Unless applicable law in the destination country the Client specifies for a Receiver requires otherwise, the Client shall bear all fees, charges, local taxes, exchange fees, and any other fees and charges of whatever nature for International Remittances.
   • Where possible, charges for International Remittances will be shared with the Client on the Mobile App prior to the completion of the transfer order. The Client acknowledges that such charges cannot always be calculated in advance. On requesting a transaction order, the Bank will promptly share with the Client the applicable charges relating to the transaction.
   • In the event the Client cancels a transaction, or a transaction is declined or for any other reason reversed, transaction fee and charges in relation to any International Remittances are non-refundable and therefore will not be returned to the Client’s Account. The Client is therefore advised to ensure that the Client’s requests for International Remittances are carefully reviewed before submission via the Mobile App.
   • Remittance Intermediaries may be prohibited from completing an International Remittance transaction by applicable law, including laws administered by the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the European Union.
   • International Remittances are normally paid out in the currency of the destination country. If the currency that the Client selects is not the currency to be received by the the person the Client specifies via the Mobile App as the receiver of funds transferred via the International Remittance (“Receiver”), the amount of the International Remittance will be converted at the then current rate of the destination country and as the Bank determines from time to time, in addition to the applicable transfer fee. Such currency conversion will be made at the time of making the transfer and the Receiver will receive the converted foreign currency amount. Where local regulations at the destination country require, the currency of the International Remittance must be converted at the time the International Remittance is paid out to the Client’s Receiver, in which case the exchange rate and any amounts related to the Client’s International Remittance may be subject to exchange rate fluctuations between the time of transfer and the time the Client’s Receiver collects the corresponding funds. In countries that provide payment in multiple currencies, the Client must select the currency of payment to the Receiver at the time of selecting this service. The transfer fee that the Remittance Intermediaries make when changing the funds into foreign currency may vary based upon the payment currency selected by the Client.
   • With respect to International Remittances from the Client’s Account to another bank account, where available, the Client shall be liable for any additional fees applicable where the Receiver’s account is not in the local currency or if the Client chooses to complete a transaction in currency other than the local currency, or where local regulations in the destination country require the currency to be converted at the time the Receiver is paid, the Receiver’s receiving institution may, at its discretion, convert the funds at its own exchange rate or reject the transaction. The exchange rate applied may be less favourable than some publicly reported commercial exchange rates used in transactions between banks and other financial institutions.
   • Remittance Intermediaries will refund the principal amount of an International Remittance (at the applicable exchange rate in effect at the time the refund is made) upon the Client’s request via the Mobile App when possible or if payment is not received by the Receiver or credited within 45 days. Transfer fees and charges are not refundable. To the extent allowed by law, the Bank and Remittance Intermediaries may deduct an administrative charge from International Remittances that are not picked up within one year of the send date.
   • The Bank and the Remittance Intermediaries do not guarantee the delivery or suitability of any goods or services paid for by means of International Remittance. In no event shall the Bank or any Remittance Intermediary be liable if the Client communicates transactional data to any person other than the Receiver or if the Client’s Receiver communicates such transactional data to any other person. The Bank is not responsible for any delay in the completion of an International Remittance transaction resulting from any cause whatsoever, including (without limitation) from: (i) a transaction exceeding any amount limitations, and/or (ii) regulatory restrictions or other restrictions.  In no event shall the Bank or any Remittance Intermediary be liable for damages for delay, non-payment or underpayment of an International Remittance, or non-delivery of any supplemental message, whether caused by negligence on the part of their employees or representatives or otherwise, other than refunding the principal amount of the International Remittance.
   • In no event shall the Bank or Remittance Intermediaries be liable for: (i) any fees, exchange rates used for conversion to non-local currency, (ii) acts or omissions of the destination or intermediary financial service providers, (iii) any losses resulting from any charges or fees being applied to the Client’s International Remittance transaction, or (iv) any indirect, special, incidental, or consequential damages.

PART TWO

INTERNATIONAL REMITTANCES TO BANK ACCOUNTS AND FOREIGN WALLETS TERMS

1. These international remittances to bank accounts and foreign wallets terms apply to remittances made by the Client through the money transfer service provided by Western Union through the Mobile App or any Digital Channel.
2. All matters not explicitly governed by these terms shall be governed by the terms of the Agreement.
3. The Bank is acting as an agent for Western Union to provide the international remittance to bank accounts and foreign wallet service, and therefore the terms of Western Union (being the service provider) apply to the international remittances as follows:

• Definitions: In these terms, the following words and expressions shall have the following meanings save as the context otherwise requires:

“Client” the Bank’s Client who transfers money to bank accounts and foreign wallets through the international remittance to bank accounts and foreign wallets service available at the Mobile App or any other Digital Channel.

“Beneficiary” the receiver who receives money transferred by the Client in such receiver’s bank account or foreign wallet outside the Kingdom of Saudi Arabia.

“Foreign Agent” the financial institution based outside the Kingdom of Saudi Arabia which is a Western Union Agent that has the bank account or foreign wallet in its custody.

“Western Union” Western Union International Limited or any of the Western Union Company affiliates.

• The Client may transfer and receive money from the Client’s Bank Account to bank accounts and foreign wallets worldwide through Western Union.
• The account-based money transfer services are available upon request to limited countries. Account-based transfers including transfer through mobile/wallet account generally may take up to 3 business days, though transfers to mobile wallets are often available within minutes. Exceeding amount limitations, regulatory restrictions or other restrictions in certain countries may delay the transaction. Western Union does not act as the agent or representative of any bank for any purpose and does not accept deposits on behalf of any bank.
• Money transfers will be paid to accounts. The Client authorizes Western Union to honor the Beneficiary’s choice of method to receive funds even if it differs from the Client’s choice.
• Applicable law prohibits money transmitters from doing business with certain individuals and countries. Western Union is required to screen all transactions against lists of names provided by the governments of the countries in which it does business, including the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the European Union. If a potential match is identified, Western Union researches the transaction to determine if the name matched is the individual on the relevant list. On occasion, Clients are required to provide additional identification or information, delaying transactions. This is a legal requirement for all transactions processed by Western Union (inclusive of transfers that originate and terminate outside of the US).
• Transfer fees: Western Union money transfer fees will be shared with the Client and notified to the Client prior to completion of the payment order through the Mobile App. Unless applicable law in the Beneficiary’s country requires otherwise, the Client will bear all fees for the money transfer. Notwithstanding the foregoing, the Bank provides the feature of charging the Beneficiary for the transfer fees. Payment of a money transfer may be subject to local taxes and service charges in the Beneficiary’s country.
• Foreign exchange: Money transfer payments will normally be made in the currency of the destination country (in some countries payment is available only in U.S. dollars or other alternate currency). In addition to the transfer fee applicable to each transfer and if the currency which the Client presents to a Foreign Agent is not the currency to be received by the Beneficiary, all currency is converted at Western Union’s then current rate of exchange. The currency will be converted at the time of transfer and the Beneficiary will receive the foreign currency amount shown to the Client. In a few countries local regulations require the currency to be converted at the time the Beneficiary is paid, in which case the exchange rate and any amounts notified to the Client may be subject to exchange rate fluctuations between the time of transfer and the time the Beneficiary collects the funds. Western Union calculates its rate of exchange based on commercially available interbank rates plus a margin. Most rates of exchange are adjusted several times daily in line with the relevant closing rate of global financial markets. The exchange rate applied may be less favorable than some publicly reported commercial exchange rates used in transactions between banks and other financial institutions. Any difference between the currency exchange rate offered to Clients and the currency exchange rate received by Western Union will be kept by Western Union (and, in some instances, its agents) in addition to the transfer fees.
• Sending and receiving in countries that provide payment in multiple currencies: The Client must select the currency of payment at the time the send money transaction is made. The transfer fee Western Union charges when it changes the funds into foreign currency may vary based upon the payment currency selected. In some countries the Beneficiary may choose to receive the funds in a currency different from the one that the Client selected. Western Union may make additional money when the Client’s funds are converted into the currency selected by the Beneficiary.
• Refund: Western Union will refund the principal amount of a money transfer (at the applicable exchange rate described herein in effect at the time the refund is made) upon the written request of the Client if payment to the Beneficiary is not made or credited within 45 days. Transfer fee refunds are made upon the Client’s request through the Mobile App if the money transfer is not available to the Beneficiary within the time specified for the selected service, subject to the availability of funds and other conditions, including, without limitation, conditions beyond the control of Western Union or its Foreign Agents, such telecommunications failure. Transfer fees are not refunded if the transfer is stopped at the Client’s request. Payment of some money transfers may be delayed as a result of the application of the laws of United States or other applicable laws. To the extent allowed by law, Western Union may deduct an administrative charge from money transfers that are not picked up within one year of the send date.
• Account based transfers: Where available, the Foreign Agent may impose additional fees on the Beneficiary for receiving the Client’s funds in the Beneficiary’s bank account. Such additional fees may be imposed and delays may occur in the event that the funds are not sent to the bank account of the Beneficiary in the Foreign Agent’s local currency. The Foreign Agent may convert the funds to the local currency according to its then current currency exchange rate or refuse to complete the transaction. The Beneficiary’s bank account shall be subject to the Beneficiary’s agreement with the Foreign Agent. Western Union shall not be liable towards the Client or the Beneficiary for any fees, currency exchange rates, or any acts or omissions by the Foreign Agent.
• Liability: Western Union disclaims liability in respect of the Client’s relationship with the Beneficiary, without limitation, in respect of the delivery or suitability of any goods or services paid for by means of a Western Union money transfer. The Client’s transaction data is confidential to him and should not be shared with any other person other than the Beneficiary. The Client is cautioned against sending money to any person he does not know. In no event shall Western Union or any of its Foreign Agents be liable if the Client communicates transactional data to any person other than the Beneficiary. To the extent permitted by law, in no event shall Western Union or any of its Agents be liable for damages for delay, nonpayment or underpayment of this money transfer, or non-delivery of any supplemental message, whether caused by negligence on the part of their employees or agents or otherwise, beyond the sum equivalent to USD 500 (equivalent to SAR 2000) (in addition to refunding the principal amount of the money transfer and the transfer fee). In no event will Western Union or its Foreign Agents be liable for any indirect, special, incidental, or consequential damages. The foregoing disclaimer shall not limit Western Union’s or Foreign Agents’ liability for damages resulting from Western Union’s or Foreign Agents’ gross negligence or intentional misconduct in those jurisdictions where such a limitation of liability is void.
• Data Protection: The Client’s personal information is processed under applicable laws and is controlled and used by Western Union for the purposes of providing the requested services. The Client’s information is only used to provide the Client with the required services and may only be used in connection with such services. Providing the Client’s information and that of the recipients of services provided by Western Union is necessary to execute the transaction. The Client agrees that Western Union may also disclose such information to third parties, where reasonably necessary, for the purposes of the prevention, detection, investigation and prosecution of crime, or when required by law, and the recipients may further disclose the information for these and other related purposes. The Client agrees to disclose the Client’s data or third party’s data to any third party for the sole purpose of completing transactions. The Client’s data shall remain confidential, but may be disclosed to any third party inside or outside the Kingdom of Saudi Arabia for anti-money laundering, the prevention and detection of crime and also to facilitate and improve the service. Western Union may also disclose such information to third parties, where reasonably necessary, for the purposes of the prevention, detection, investigation and prosecution of crime, or when required by law, and the recipients may further disclose the information for the same purposes.