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General terms and conditions and privacy statement

Customer due diligence is mandatory for companies operating under AML. Sending out the engagement letter, including general terms and conditions, and having it approved by clients is crucial in this regard. 

General terms and conditions and privacy statement

A crucial aspect within customer due diligence is that clients receive and approve the engagement letter, general terms and conditions, and privacy statement. Often, the general conditions and privacy statement are sent separately by e-mail. This can be done more easily and professionally. 

Instead of sending out the general terms and conditions and privacy statement via e-mail, you can choose to do this with the engagement letter from RegLab.

Once the client has filled in all the details, he can immediately accept  the engagement letter, the general terms and conditions, and the privacy statement - using a checkbox. Sending the general terms and conditions and privacy statement along with the client's details is optional within RegLab. 

General terms and conditions and privacy statements may be present in different language versions. Within RegLab, these documents can be uploaded centrally. An English client will then receive the English terms and conditions. A Spanish client the Spanish version. 

By automating the process, you have got a professional image towards the client. You can also see in the file whether and when the client has agreed to the general terms and conditions and the privacy statement.  

What if general terms and conditions change?

If your firm changes, it makes sense for your terms and conditions to change too. Making a change is possible. However, general terms and conditions that apply to contracts that have already been concluded cannot simply be changed. If this is the case, you must have these amended contracts approved by the customer. Within RegLab, you upload the new general terms and conditions. These can be sent to new clients as part of the engagement letter. You can also choose to send these amended terms and conditions to existing clients and ask for their approval. 

Approving the order confirmation

Can you include the privacy statement in the terms and conditions?

No, you cannot 'hide' a privacy statement in the general terms and conditions. The reason is that the content of this statement should be easily accessible. If you have to look for it in another document, it is not considered accessible. In short, the privacy statement should always be a separate document. 

Are general terms and conditions mandatory within AML?

The engagement letter is part of AML. However, general terms and conditions do not fall under this obligation. Nevertheless, it is advisable to draw up general terms and conditions. Even though it is not mandatory, you can avoid a lot of issues with clients. After all, in these you are clear about the firm's regulations regarding the services to be provided. You can use this as a reference if you have a disagreement with a client. How convenient is it, to let the client tick directly whether they agree via RegLab?


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