Banks in Vanuatu Must Comply with Strict Checklist
Banks operating in Vanuatu must comply with a comprehensive checklist to ensure adherence to local legal provisions. This checklist is designed to facilitate swift processing of account applications by providing all necessary information.
12-Point Checklist
The checklist includes the following sections:
- Select Your Account
- Individual Details
- Authority for Operations
- Due Diligence Questionnaire
- Customer Declaration
- Signatures
- 100-Point Identification Check
Individual Account Holders
Individual account holders must provide detailed information about their job title, occupation, employer, and residential address.
Joint Accounts
Joint accounts require completion of a separate section, “Applicant 2”.
Authority for Operations
The Authority for Operations section requires all authorized signatories to sign and provide a specimen of signature. If a signatory is not an account holder, the account holder must sign a power of attorney after seeking legal advice.
Due Diligence Questionnaire
The Due Diligence Questionnaire section includes questions about:
- Source of funds
- Deposit of funds
- Withdrawal or use of funds
- Names and locations of banks from which they may receive funds
Account holders are also required to provide information about the names and percentages of ownership for parties who will be using the account.
Customer Declaration
The Customer Declaration section requires account holders to indicate the names and percentages of ownership for parties who will be using the account.
100-Point Identification Check
The 100-Point Identification Check is a critical component of the checklist. This requires providing identification documents for each account holder, signatory, beneficial owner, trustee, or intermediary. Original copies are required, unless certified by a Judge, Solicitor, Notary Public, or Commissioner of Oaths.
Additional Requirements
Employer letters and ID’s must be current, while VNPF documentation must be provided in the form of a VNPF card, certificate, or statement stamped by VNPF. Birth and marriage certificates must be official and not photocopied.
Specific Requirements for Vanuatu Residents and Non-Residents
The checklist also includes specific requirements for Vanuatu residents and non-residents, as well as instructions for married women to ensure consistency across all ID’s and application forms.
Purpose of the Checklist
The Individual Account Opening Checklist is designed to assist banks in Vanuatu in processing account applications efficiently while ensuring compliance with local regulations.