Financial Crime World

Bank Introduces Stricter Know Your Customer (KYC) Requirements

In an effort to comply with international anti-money laundering regulations, the Bank has implemented new and stringent Know Your Customer (KYC) requirements for all clients.

Individuals: What You Need to Provide

To ensure compliance, individuals are required to provide:

  • A clear and valid signed national identity card
  • Passport or driving licence
  • Utility bills, bank account statements or credit card statements less than three months old reflecting their residential address

Companies: Meeting the Requirements

Companies must meet strict requirements for Significant Partners, including:

  • Certificates of incorporation
  • Certificates of change of name if applicable
  • FSC licences and annual receipts
  • Register of members
  • KYC documents for Significant Shareholders and Ultimate Beneficial Owners where applicable

Trusts: Providing Additional Information

Trusts are also subject to the new requirements, which include:

  • Trust deeds or declarations of trust
  • Certificates of registration if applicable
  • Written confirmations from trustees stating they are aware of the true identity of underlying principals and that there are no anonymous principals

Beneficiaries: Requirements for Individuals and Companies

For beneficiaries, including individuals and companies:

  • A declaration or letter from a parent confirming the address is required for minor beneficiaries residing with their parents

Why These New Requirements?

The Bank has introduced these new KYC requirements to ensure compliance with international anti-money laundering regulations and protect the integrity of the financial system. Non-compliance may result in account closures and legal action.

In a statement, the Bank emphasized: “We take our responsibility to combat money laundering and terrorist financing very seriously. These new KYC requirements are designed to ensure that we have a thorough understanding of our clients’ identities and business activities, and to prevent any potential risks or threats to the financial system.”