These terms and conditions (“Terms and Conditions”) set out the terms governing Gold Storage (hereinafter “GS”) between you and SSP AIMS Global Sdn Bhd. (Company No. 1642780H / 202501041371). By opening an account and using the GS system, you accept and agree to comply with these Terms and Conditions and any subsequent amendments.
1. DEFINITIONS
“Al-Wakalah” means the appointment of MHS Gold as agent to manage and operate GS on your behalf.
“Anti-Money Laundering Act” means all applicable laws and regulations relating to money laundering, counter-terrorism financing and proceeds of unlawful activity, including the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
“You” means the account holder named in GS, including successors in title and permitted beneficiaries.
“Authority Direction” means a direction by an Authority to require or restrain MHS Gold from carrying out any transaction under GS, regardless of whether the Authority has valid or lawful power to do so.
“Bank” means your bank account and/or joint account nominees.
“Bank Negara Malaysia” means the central bank of Malaysia.
“Physical Gold Bar” means physical gold of fineness 999.9, 1,000 grams per bar, produced by a refinery in bar form with simple design, assayed and certified by KL ASSAY OFFICE.
“Special Physical Gold Bar” means smaller gold ingots with more elaborate aesthetic design, various weights and sizes, marked with details such as producer name, weight, 999.9 fineness, serial number and assayed by KL ASSAY OFFICE.
“Agent” means the appointment of MHS Gold by you as agent under Al-Wakalah.
“Gold” means physical gold 999.9 assayed and certified by KL ASSAY OFFICE.
“Force Majeure” means events or circumstances beyond MHS Gold’s control lasting three (3) months or more, including earthquakes, floods, fire, epidemics, pandemics and other natural disasters; and/or violence, riots, civil disturbance, war (declared or not) and strikes.
“Purchase Transaction Limit” means the maximum purchase limit per transaction as displayed before each transaction.
“Resale (Buyback) Transaction Limit” means the maximum resale (buyback) limit per GS account.
“Business Day” means normal business hours on a calendar day when MHS Gold is open to the public for business.
“Physical Gold Bar Buyback” means Special Physical Gold Bars and/or Physical Gold Bars redeemed from MHS Gold and to be repurchased by MHS Gold at MHS Gold’s buy price at prevailing market rates.
“Identity Card” means the Malaysian National Registration Identity Card.
“MHS Gold” means SSP AIMS Global Sdn Bhd. (Company No. 1642780H / 202501041371).
“Security Information” includes electronic banking passwords, PINs and other confidential information, security codes and/or security devices used in connection with the GS account.
“Minor” means an individual under 18 years of age.
“PDPA” means the Personal Data Protection Act 2010 and subsidiary legislation issued thereunder.
“Initial Purchase” means the first purchase you make when opening a GS account.
“Authorised Signatory” means a person authorised by your spouse or permitted by you or another person (for joint accounts) to manage and operate GS.
“Gold Seller” means a company in the gold business appointed by MHS Gold (at its discretion) to supply Gold.
“Gold Redemption” means redemption of your ownership in GS into Special Physical Gold Bars and/or Physical Gold Bars without involving any purchase and/or sale transaction.
“Telecommunication Confirmation” means MHS Gold being authorised to act on confirmations received from you by telephone for information requested.
“Safe Deposit Service Provider” means MHS Gold or a company appointed by MHS Gold (at its discretion) to securely hold Physical Gold Bars.
“Online banking” means internet banking services provided by a bank.
“Delivery Service” means the Gold Seller appointing a registered courier company to deliver Special Physical Gold Bars to you.
“Special Delivery Service” means the Gold Seller delivering Special Physical Gold Bars and/or Physical Gold Bars to recipients you specify.
“Appointment Service” means the Gold Seller delivering and/or collecting Physical Gold Bars at MHS Gold’s operating office by appointment.
“Amendment” means any variation, addition, deletion, modification or amendment binding on you.
“Authority” includes but is not limited to Bank Negara Malaysia, the Police or other statutory or regulatory authorities, local or international.
“RM” means Malaysian Ringgit.
“GS” means Gold Storage registered in your name to carry out any Gold transaction.
“SMS” means Short Message Service.
“Terms and Conditions” means these terms and conditions, which may be amended from time to time by MHS Gold in accordance with the provisions hereof.
“Anti-Bribery Laws” means all applicable laws and regulations relating to bribery and corruption, including the Malaysian Anti-Corruption Commission Act 2009, US Foreign Corrupt Practices Act of 1977 and UK Bribery Act 2010.
“Transaction Hours” means the period from 12:00 a.m. to 11:59 p.m. Monday to Sunday, including national public holidays on the Selangor state calendar.
2. INTERPRETATION
Any reference in these Terms and Conditions to:
a) party refers to the account holder of GS including successors in title and permitted beneficiaries;
b) singular includes plural and vice versa; words denoting gender include every gender;
c) headings and division into parts and clauses are for convenience only and shall not affect interpretation of substantive provisions;
d) where a word or phrase is defined, other grammatical forms of that word or phrase have corresponding meanings;
e) “person” includes any person and organisation;
f) where two or more persons are included in “You” or “Account Holder”, these Terms bind them jointly and severally;
g) words relating to individuals and organisations; and
h) any reference to a statute or regulation is to that statute or regulation as amended, consolidated or re-enacted from time to time.
3. SHARIAH CONTRACTS USED
You acknowledge that the applicable Shariah contracts are as follows:
The Shariah contracts used for Gold Storage are Bay’ al-Sarf and al-Wakalah.
Bay’ al-Sarf refers to cash sale and purchase of Gold. The contract and taking possession (qabd) must be immediate. In Gold Storage, possession (qabd) is constructive (hukmi): Gold ownership is credited immediately to your account once payment is received in the same sale session (majlis akad). You have full entitlement to the Gold in your account.
Al-Wakalah means agency. You appoint MHS Gold to administer your Gold storage once ownership passes from MHS Gold to you.
4. PURPOSE OF GOLD STORAGE (GS)
4.1 You may from time to time buy and/or sell Gold through GS in accordance with these Terms and Conditions.
5. OPENING AN ACCOUNT
5.1 To open a GS account, you register online at mhsgoldapps.com/auth/register.php with true and accurate information, confirm registration by personal email, and provide banking details (name, bank name and account number) for payment of Sales Representative incentives (if any) and/or cash payment for your Gold buyback activity to MHS Gold. Transaction slips and/or e-statements recording all account transactions are available in the MHS Gold app on Google Play and the Apple App Store for reference. You may print or download them if needed.
You represent and warrant that:
a) you are not a Minor, i.e. you are 18 years of age or older and of sound mind;
b) you have full right, power and authority to purchase, sell and redeem Gold and to enter into and perform your obligations under these Terms;
c) obligations made under these Terms are legally binding and enforceable against you;
d) all actions, conditions and matters required to be taken, fulfilled and performed (including obtaining required consents) to enable you lawfully to perform your obligations under these Terms have been taken, fulfilled and performed;
e) your entry into and performance under these Terms will not contravene any law applicable to you, any instrument binding on you, or any other terms you are party to;
f) there is no litigation, arbitration or administrative proceeding pending, threatened or anticipated that would prevent your performance under these Terms or adversely affect it;
g) you are the lawful parent, guardian or trustee for a Minor and will act as trustee for the Minor in respect of GS.
Reliance: You acknowledge that MHS Gold relies on the above representations and warranties, which extend to every purchase, sale and redemption of Gold between MHS Gold and you.
5.3 You acknowledge GS is governed by these Terms and General Terms governing the GS account, as amended or reviewed from time to time by MHS Gold after twenty-one (21) calendar days’ prior notice. In case of conflict, these Terms shall prevail.
6. ACKNOWLEDGMENT
You represent and undertake to MHS Gold that:
a) information you provide is true and accurate and you authorise MHS Gold to verify the same with any party through sources MHS Gold deems appropriate; and
b) you agree to disclosure by MHS Gold under Clause 27 (Customer Information and Personal Data Disclosure).
7. PURCHASE OF GOLD
7.1 MHS Gold may from time to time sell Gold to you in accordance with these Terms. Each purchase must be in the form determined by MHS Gold. MHS Gold will only accept Gold purchases in the MHS Gold app on Google Play and Apple App Store if traded on a Business Day.
7.2 You must submit completed forms or documents as specified by MHS Gold for Gold purchases.
7.3 After a successful purchase, MHS Gold will record in GS: (a) quantity of Gold purchased in grams; (b) Gold purchase price in equivalent RM; (c) Gold price per gram in RM; and (d) Gold balance (grams) at the time of your purchase instruction.
7.4 You may only purchase within the Purchase Transaction Limit during Transaction Hours and/or on a Business Day. MHS Gold may cancel, vary or not proceed with purchases exceeding the limit.
7.5 MHS Gold may change the Purchase Transaction Limit from time to time with twenty-one (21) calendar days’ prior notice.
7.6 You appoint MHS Gold as Agent to assign and reassign Physical Gold Bar serial numbers for your benefit.
7.7 Your ability to purchase Gold is subject to MHS Gold’s daily Gold sales limit.
7.8 Your purchase is Gold allocated by MHS Gold in specified ingot form and bulk with joint ownership.
8. INITIAL PURCHASE AND SUBSEQUENT PURCHASES
8.1 After the Initial Purchase, any subsequent purchase once approved by MHS Gold cannot be withdrawn.
a) Initial Purchase: You are not required to buy as soon as the account is opened. The initial purchase may be made anytime after registration. Minimum purchase is RM10 (Ringgit Malaysia ten only) at the displayed spot price.
b) Subsequent purchases are also minimum RM10 at the displayed spot price.
8.2 The Initial Purchase amount may be determined by MHS Gold from time to time with twenty-one (21) calendar days’ prior notice at www.mhsgoldapps.com.
9. PURCHASE PRICE
9.1 The price per gram for each purchase shall be the sale price in RM per gram as stated or displayed by MHS Gold based on the spot Gold price to you at the time of purchase. The stated sale price shall be determined by MHS Gold at its discretion taking into account all relevant factors.
9.2 You acknowledge that the daily buy price (sale price from MHS Gold’s perspective) will be shown during Transaction Hours at www.mhsgoldapps.com.
10. STORAGE OF PHYSICAL GOLD BARS
10.1 You appoint MHS Gold to act as your Agent to identify, arrange and pay third-party Safe Deposit Service Providers to store Gold you purchased from MHS Gold.
10.2 MHS Gold acts only as your Agent to facilitate storage of Special Physical Gold Bars and/or Physical Gold Bars through services provided by the Safe Deposit Service Provider. MHS Gold’s liability is limited to negligence or failure in performing its agency role.
11. TRANSFER OF GOLD
11.1 You acknowledge MHS Gold does not permit you to transfer gram balances from your GS to another GS account registered in your name for joint and/or third-party accounts.
12. GOLD REDEMPTION
12.1 You acknowledge and agree that:
a) Redemption is subject to available denomination stock. Customers are encouraged to inform MHS Gold in advance of preferred denomination via customer service. Denominations not in stock will be ordered and available within 30 days after notice.
b) You may redeem as early as 30 days after purchasing GS grams, to allow MHS Gold reasonable time to prepare physical Gold in the requested denomination.
c) You must pay premium charges and delivery costs (if applicable).
d) When MHS Gold receives your redemption instruction, it will update your GS accordingly.
e) You may sell Special Physical Gold Bars and/or Physical Gold Bars redeemed to MHS Gold at MHS Gold’s current buy price.
f) MHS Gold offers redemption of Special Physical Gold Bars and/or Physical Gold Bars through: in person at MHS Gold store; and delivery options: (a) ordinary uninsured post—you bear risk of loss or damage; (b) MHS Hantar: MHS Gold guarantees delivery to you; method and cost as determined by MHS Gold; maximum 20 grams Gold per package.
12.2 You may redeem grams in GS into physical Gold in denominations: (a) 1 gram; (b) 10 grams; (c) 4.25 grams (1 Dinar).
13. SALE OF GOLD
13.1 You agree to sell Gold in your GS on a Business Day or by completing forms or documents as specified by MHS Gold, subject to MHS Gold requirements and spot Gold price. Sales are by Gold weight in grams.
13.2 You must submit completed forms or documents specified by MHS Gold for Gold sales.
13.3 By pressing “Buyback” and subsequent buttons indicating the sale process, you have applied to resell Gold to MHS Gold. The sale contract is not yet concluded at this stage.
13.4 After selling Gold to MHS Gold, the sale contract is concluded when MHS Gold credits sale proceeds to your bank account.
13.5 After a successful sale, MHS Gold will record in GS: (a) quantity of Gold sold in grams; (b) Gold sale price in equivalent RM; (c) Gold sale price per gram in RM; and (d) Gold balance (grams) in GS.
13.6 You may only sell within the Resale Transaction Limit. MHS Gold may cancel or vary sale instructions and/or transactions exceeding the limit.
13.7 MHS Gold may change the Resale Transaction Limit with twenty-one (21) calendar days’ prior notice.
13.8 Sale instructions must not exceed actual Gold in GS. If insufficient, MHS Gold may refuse to execute your sale instruction.
14. SALE PRICE
14.1 Each Gold sale shall be at the current buy price in RM per gram as stated or displayed by MHS Gold based on spot buy price to you at the transaction time. The buy price shall be determined by MHS Gold at its discretion considering relevant factors.
14.2 You acknowledge indicative daily sale price (buy price from MHS Gold’s perspective) will be displayed during Transaction Hours at www.mhsgoldapps.com.
15. SALE PROCEEDS
15.1 MHS Gold will pay sale proceeds in RM within 1 to 3 Business Days, credited to your bank account.
15.2 If crediting fails for reasons such as bank error, MHS Gold may cancel the sale and you agree to resell at the current system price.
16. PHYSICAL GOLD BAR BUYBACK
16.1 You may carry out Physical Gold Bar Buyback on a Business Day at MHS Gold at the current buy price in RM per gram as determined or stated by MHS Gold based on spot price at transaction time.
16.2 For buyback of Special Physical Gold Bars, you authorise MHS Gold to inspect against a checklist. MHS Gold may refuse if: (a) no serial record; (b) security packaging serial does not match bar serial; (c) bar not properly positioned in security packaging.
16.3 For Physical Gold Bar buyback, you must make an Appointment Service; MHS Gold will coordinate with the Gold Seller to verify fineness.
16.4 Physical Gold Bar Buyback is only for bona fide GS account holders (first party).
16.5 The sale contract is concluded when proceeds are credited to your bank. You may cancel before conclusion by timely notice to MHS Gold. MHS Gold may complete the sale if cancellation notice is too close to crediting.
16.6 Proceeds shall be paid in RM within 1 to 5 Business Days to your bank account.
16.7 Proceeds from Special Physical Gold Bars and/or Physical Gold Bars cannot be credited to GS in grams.
16.8 Buyback of Special Physical Gold Bars and/or Physical Gold Bars is only accepted at MHS Gold operating offices.
17. INDEMNITY
17.1 You indemnify MHS Gold against all claims, losses, damages, penalties, charges, costs and expenses (including solicitor-and-client costs) arising from: (a) your breach of these Terms; (b) your fraud; (c) disclosure of security details to others including email or third-party websites; (d) failure to keep Security Information confidential; (e) failure to report compromise promptly; (f) MHS Gold acting on valid signatory instructions; (g) enforcement of rights; (h) compliance with laws, sanctions, BNM/Authority policies; (i) compliance with court or Authority orders relating to you and/or GS.
17.2 If you use online payment (FPX), MHS Gold will not seek indemnity for the following unless you were also negligent or fraudulent: (a) technical faults in bank-controlled systems; (b) proven security weaknesses of the bank; (c) transactions after you notified the bank of compromise; (d) transactions immediately before notice if notice was prompt; (e) transactions before you received Security Information; (f) forged, damaged, expired or cancelled Security Information.
18. CLOSURE
18.1 To close GS, you may sell all remaining Gold to MHS Gold at the current buy price determined at sale time; proceeds paid in RM to your bank.
18.2 You may close by redeeming all remaining Gold to physical Gold.
18.3 Closure must be applied for at MHS Gold operating office with MyKad. You must comply with closure conditions stated here and/or as prescribed by MHS Gold with twenty-one (21) calendar days’ prior notice.
18.4 MHS Gold may close GS if it deems fit with twenty-one (21) calendar days’ notice. If Gold remains, you authorise MHS Gold to sell it on terms it deems fit; proceeds credited to your bank. MHS Gold is not liable for loss, depreciation or exchange fluctuations. Its timing, pricing and terms are final.
18.5 MHS Gold may close GS if no Gold balance for 3 consecutive years without reason or notice.
19. FEES AND CHARGES
19.1 You agree to pay all service or transaction charges relating to GS, by cash or online transfer. MHS Gold will notify you in writing of fee changes at least twenty-one (21) calendar days before effectiveness.
19.2 MHS Gold will not charge fees other than redemption and delivery charges except as stated.
19.3 Redemption charges: 0.5g: RM10 each; 1g: RM15 each; 10g: RM25 each; 4.25g: RM20 each. Note: redemption (premium) is a special fee (ujrah) for converting GS Gold to physical denomination, covering manufacturing and packaging.
19.4 Delivery: uninsured post RM10 (Peninsular), RM15 (Sabah/Sarawak). Max 20g per shipment. MHS Gold is not liable for uninsured post loss/damage. MHS Hantar guarantees insured delivery; loss/damage during delivery is MHS Gold’s responsibility. Changes will be notified from time to time.
19.5 No fees other than redemption if you collect Special Physical Gold Bars and/or Physical Gold Bars at MHS Gold office.
20. NOMINATION
20.1 You may nominate at least 1 and up to 2 individuals to receive and administer GS upon your death.
20.2 Nomination is made in the “Nomination” section of your GS account.
20.3 Upon death, MHS Gold may transfer GS to nominee(s), transfer gram ownership, redeem to physical and deliver, or buy back and pay proceeds per nominee choice.
20.4 MHS Gold deals only with valid nominees on valid proof such as death certificate and may ignore claims by non-nominees.
20.5 After transfer to nominees, MHS Gold is not liable for third-party claims.
20.6 If no nomination, eligible heirs may apply for transfer, physical redemption to heirs, or resale to MHS Gold.
20.7 You will keep nominee details updated; only the latest update applies.
20.8 You will inform nominees of nomination updates.
20.9 MHS Gold is not party to agreements between you and nominees and is not liable for their effects.
21. FREEZING
21.1 MHS Gold may fairly freeze or suspend GS transactions for any reason not prohibited by law, including: (a) Authority Direction; (b) abuse, illegal activity or fraud; (c) false identity or documents; (d) police report; (e) Authority or MHS Gold investigation; (f) failure to update personal details; (g) death of holder or Authorised Signatory; (h) unpaid amounts; (i) mental incapacity; (j) court order prohibiting operation; (k) abuse of e-banking or IT; (l) breach of these Terms.
21.2 MHS Gold may lift freezing if: (a) court orders; (b) Authority authorises in writing; (c) investigation closed; (d) probate/letters of administration presented; (e) payment obligations settled; (f) mental capacity resolved as specified.
21.3 MHS Gold is not liable for claims, losses or costs from freezing.
22. NOTICES
22.1 Notices may be in writing. MHS Gold may deliver personally, by post, fax, electronic means (including WhatsApp, SMS, email), website or other methods. Notices are deemed received: (a) if personal, at delivery; (b) if posted, 3rd business day (Malaysia) or 7th day (overseas); (c) fax, next Business Day if confirmed; (d) electronic, when sent unless undeliverable auto-reply. Address changes do not bind MHS Gold unless you give proper written notice to the Bank (as per original drafting).
23. AMENDMENT OF TERMS
23.1 MHS Gold may add, amend or delete these Terms as appropriate without violating Shariah and law, with prior written notice. Changes take effect on the date stated. Where law requires, shorter or immediate notice may be given.
23.2 Notice follows Clause
22. If you do not accept changes, you must stop using and close GS immediately.
24. GOVERNING LAW AND JURISDICTION
24.1 Malaysian law governs these Terms, GS and related transactions. For legal proceedings (“Proceedings”), each party irrevocably submits to the exclusive jurisdiction of Malaysian courts and waives objections on venue or inconvenient forum.
25. CUSTOMER INFORMATION AND PERSONAL DATA DISCLOSURE
25.1 For marketing and/or cross-selling, you authorise MHS Gold to collect, process, disclose, transfer, maintain and store personal data you provide or obtained by the Bank regarding you and GS. You agree MHS Gold may disclose your financial position, GS details and banking relationship: (a) to comply with enforcement agency written-law requests for investigation or prosecution; (b) as required by LHDNM under section 81 Income Tax Act 1967 for tax information exchange; (c) for Authority supervisory functions; (d) for centralised group functions including audit, risk, finance, IT; (e) for approved corporate actions including M&A, capital raising or asset sale; (f) to perform transactions or instructions you give.
25.2 You further agree MHS Gold may disclose your financial position, GS details and relationship to: (a) Authorities in and outside Malaysia for legal, regulatory, compliance and risk including FATCA and OECD CRS; (b) BNM credit bureau, Cagamas, CGC and credit reporting agencies under Credit Reporting Agencies Act 2010; (c) service providers (outsourcers, lawyers, nominees, custodians, registrars, debt collectors, correspondent banks); (d) others where law or government direction permits or requires.
25.3 Your consent survives death, bankruptcy, incapacity, termination of these Terms and closure of GS.
26. FORCE MAJEURE
26.1 MHS Gold is not liable for hardship, injury, expense, liability, loss of profit, revenue or goodwill if: (a) it cannot perform obligations or provide services due to Force Majeure; or (b) GS credits/debits become inaccessible or devalued due to Force Majeure.
26.2 If currency for payment becomes unobtainable due to exchange restrictions or Force Majeure, MHS Gold may pay in another currency at a rate MHS Gold determines.
27. ANTI-BRIBERY LAWS
27.1 You must at all times operate GS in compliance with Anti-Bribery Laws.
28. ANTI-MONEY LAUNDERING ACT
28.1 You must ensure no funds moving to/from GS derive from or will be used for unlawful activity violating anti-money laundering laws.
28.2 You undertake not to: (a) use GS directly or indirectly for unlawful transactions; (b) conceal unlawful activity; or (c) use GS funds for money laundering or other unlawful purposes.
29. SANCTIONS
29.1 You confirm you are not an individual who (a) is currently subject to Sanctions Laws; or (b) resides in a country or territory subject to Sanctions Laws.
29.2 You will not directly or indirectly provide GS proceeds to sanctioned persons/entities or for prohibited country interests.
29.3 You acknowledge MHS Gold may be unable to process affected transactions involving suspected Sanctions violations or Authority conditions. MHS Gold is not liable for failure or delay in processing related transactions.
SSP AIMS Global Sdn Bhd. (MHS Gold). For questions, contact support@mhsgoldapps.com.