Bank Strengthens Compliance Measures with New Identification Document Guidelines
The [Bank Name] has introduced a new set of guidelines for identifying clients and verifying their documentation, aimed at enhancing its compliance measures and ensuring transparency in account opening procedures.
Enhanced Compliance Measures
To strengthen its compliance measures, the bank has implemented new guidelines that require all accounts opened by various entities to meet specific document requirements before approval. This includes individual accounts, sole proprietorships, specialized professional offices, private or public shareholding companies, foreign companies, ministries, public institutions, government departments, and local authorities.
Document Requirements
Each type of entity is required to provide the following documents:
Individual Accounts
- An acceptable identity document (ID)
- Proof of address (e.g. utility bills)
- Documentation showing:
- Nature of activity
- Source of income
- Funds deposited in excess of $5,000
- In cases where clients have multiple citizenships, a true copy of their passport must be provided
Sole Proprietorship Establishment
- Commercial register
- Valid permit from the relevant authority
- Documentation showing:
- Full name and address of the establishment
- Official seal
- Cards introducing the owners and authorized persons may be requested
Specialized Professional Offices
- Valid license issued by the relevant agency
- Permit to operate
- Documentation showing:
- Full name and address of the office
- Official seal
Private or Public Shareholding Companies
- Certified copy of registration
- Articles of association
- Company internal bylaws
- Approval from the company’s board of directors
- Recent list of signatories
- Written pledge to inform the bank of any future changes
Foreign Companies
- Certified copy of commercial registration
- Valid registration certificate of the mother company
- Translated articles of association and internal bylaws
- Approval from the company’s board of directors
- Recent list of signatories
- Written pledge to inform the bank of any future changes
Ministries, Public Institutions, Government Departments, and Local Authorities
- Obtain approval from the Ministry of Finance for account opening
Review and Approval Process
The Legal Department and Compliance Department at the [Bank Name] will review all documentation and ensure that it meets the bank’s requirements before approving account openings. The guidelines aim to strengthen the bank’s compliance measures and protect against money laundering, terrorist financing, and other financial crimes.
By implementing these new guidelines, the [Bank Name] is demonstrating its commitment to maintaining a high level of integrity and transparency in its operations, while also ensuring the safety and security of its clients’ funds.