Can I use my insurance policies as proof of financial assets?
Yes, you can by using the estimated surrender value of the policies. You can request from the insurers/online portal to provide a statement with estimated surrender value of your policies.
What does it mean if I opt in to be an AI?
AIs are assumed to be better informed and better able to access resources to protect their own interests, and therefore require less regulatory protection. Investors who agree to be treated as AIs therefore forgo the benefit of certain regulatory safeguards. An AI generally has access to a wider range of financial products and services.
Investors should consult a professional adviser if they do not understand any consequence of being treated as an AI.
Please refer to Schedule 2 for a list of regulatory requirements we are exempted from when dealing with an AI.
Can I elect to have a different status for each of my accounts?
AI status is held on a per financial institution basis. If you opt in for AI status, this will be applied to all your CIMB Bank account(s) which are held in your name.
For accounts held jointly with a non-AI, the non-AI can opt in to be treated as an AI but only in respect of dealings through that joint account.
What is the criteria for my joint account to qualify for AI status?
If all joint account holders individually qualify and have opted in for AI status, all joint account holders may be treated as an AI in respect of dealings through that joint account. For accounts where one or more joint account holders are non-AI, the joint account may be treated as AI if:
- at least one joint account holder is an AI and has opted in to be treated as an AI; and
- all joint account holders opt in to be treated as AIs in respect of dealings through the joint account only.