Outward Swift (RTGS and Overseas) Remittances Terms and Conditions
i. On requesting l&M Bank Ltd (the Bank) to make remittances (details of which are contained herein) on my/our behalf, I/We hereby agree to be bound by the following terms and conditions.
ii. I/We represent and warrant the information given on this form is true complete and correct. I/We shall be fully responsible for any inaccurate, untrue or incomplete information provided in this form.
iii. I/We acknowledge that the Bank may process my/our remittances in accordance with its policies and procedures and, for this purpose, it shall have absolute discretion, on my/our behalf, to avail of the services of any correspondent banks and agents for data processing collection and other services related to the remittance transactions.
iv. l&M Bank Tariffs shall apply on local charges. I/We authorize the Bank to debit my/our account(s) for any funds/wire transfer (outward remittance), transaction fees and charges which may be due and payable thereunder. These charges shall be debited to the remittance account unless expressly indicated otherwise.
v. Remittance applications are subject to the Bank's cut off times and RTGS' are also subject to cut off times of the Central Bank of Kenya.
vi. Instructions received after cut off time shall be processed on the next banking day.
vii. The Bank will not be liable for any loss or delays which may occur after the transfer has been done as per instruction and shall not be liable for errors, neglect or default that might be committed in the transmission of the message, or in the misinterpretation thereof by the party/ies receiving it.
viii. Once a payment is transmitted it shall be deemed finalized. Any requests for amendment, cancellation or recall must be made in writing. Bank charges will be as per the Bank's tariff.
ix. The Bank reserves the right to use any of its correspondent banks as its operational circumstances shall dictate. The Bank shall not be responsible nor liable for the acts or omissions of any other bank (including correspondents) for mutilations, interruptions, defaults, errors, non-transmission mishaps, accidents, or delays that might occur in the servicing of the transactions or for causes beyond the control of the Bank or its correspondent banks or agents.
x. Correct remittance currency should be indicated using Standard Currency Abbreviations e.g. USO (United States Dollar), GBP (Pound Sterling), EUR (Euro Unit), JPY (Japanese Yen), AED (Arab Emirates Dhiram), CNY (Chinese Yuan Renminbi), ZAR (South African Rand), INR (India Rupee), CAD (Canadian Dollars) etc.
xi. Transactions sent with details of charges denoted as 'OUR' shall be at the discretion of the Payee Bank(s) to honor the 'OUR' request. The Bank however reserves the right to request and obtain additional information from me/us from time to time to enable it to perform and/or complete the remittance transactions failing which entitles the Bank to close my/our account or discontinue providing the service anytime without further notice.
xii. I/We hereby authorize the Bank to irrevocably disclose and share any information deemed necessary, as sought by intermediary banks and governing bodies in order to comply with applicable legal and regulatory requirements and confidentiality or data privacy laws of Kenya and other jurisdictions. Such information shall include but is not limited to information relating to me/us, my/our accounts and my/our transactions (including any information pertaining to my/our directors, officers, employees, beneficial owners, customers, authorized users of the Bank's electronic facilities, and my/our such other authorized persons and personnel or such other information that will allow the Bank to identify me/us).
xiii. Charges claimed by payee banks for transactions sent with details of charges denoted as 'OUR' shall be debited to the remittance account. Any currency conversions for the charges shall be done at the Bank's prevailing rates.
xiv. I/We acknowledge that the provisions herein are in addition to and are not exclusive of any other terms and conditions set out in any agreement or document entered into or exchanged with l&M Bank which may apply in respect of the transactions herein.