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Restricted and Fiduciary Accounts

We offer solutions that increase the security of economic transactions and a company's credibility in business relationship. The Bank takes on the role of an impartial arbiter, overseeing the fulfillment of the terms of the agreement and securing financial settlements between the parties to the transaction.

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Restricted and Fiduciary Accounts help build trust between business partners. They apply:

  • to transactions with an increased level of risk,
  • when the funds allocated for the execution of a transaction should be subject to strict control and should be used in accordance with their purpose agreed between the parties,
  • when the parties need an external, independent partner (such as a bank) that will impartially ensure the settlement of the transaction.

TWO SOLUTIONS FOR SECURE TRANSACTION EXECUTION

KEY FEATURES OF THE PRODUCTS

Restricted account

  • The agreement is concluded between all parties to the transaction (including the bank).
  • The solution secures the contract between the buyer and the supplier by depositing in the Restricted Account an appropriate amount, which constitutes payment for the transaction carried out.
  • Settlement of the transaction takes place under the terms agreed by the parties, and the bank acts as the executor of this agreement.

Fiduciary Account:

  • A Fiduciary Account agreement is concluded between the client and the Bank on the basis of a separate entrustment agreement.
  • It is used to secure transactions where funds are entrusted by a third party (the client's counterparty) and an account is required to accumulate these funds.
  • The basis for this is a separate entrustment agreement between the client and its counterparty, bearing a certified date.
  • Settlement of the transaction takes place under the terms agreed by the parties, and the Bank acts as the executor of this agreement.

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ROLE OF THE BANK

• Guardian of the interests of the individual parties to the transaction.
• Prepares and adapts the agreement to the given transaction.
• Confirms the deposit of funds and prevents their withdrawal inconsistent with the terms specified in the agreement.
• Performs settlement in accordance with the agreement.
• Provides support from an experienced team to service the transaction.

Fees and terms for maintaining the Restricted / Fiduciary Account depend on the complexity of the given account and are negotiated with the client on a case-by-case basis.