Financial Crime World

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Financial Transaction Regulations and Compliance

KYC/AML Form for Corporate Entities

The Financial Transaction Regulations and Compliance (FTRC) has introduced new measures to combat money laundering and terrorist financing. As part of these regulations, corporate entities seeking to establish a financial relationship with a DNFBP (Designated Non-Financial Business or Profession) must complete this Know Your Customer (KYC) form.

Verification of Corporate Entity

To verify the identity of a corporate entity, the following information is required:

  • Name of Incorporated Entity
  • Location of Registered Office
  • Location of Registered Agent
  • Names, addresses and telephone numbers of Directors
  • Names, addresses and telephone numbers of Officers
  • Names, addresses and telephone numbers of Beneficial Owners (BOs)

Description and Nature of the Business

To understand the nature of the business, the following information is required:

  • Date of Commencement of Business
  • Products and Services offered by the Business
  • Location of principal business

Purpose of the Facility/Transaction

To ensure that all activity/credits to the facility are beneficially owned by the facility holder, the following information is required:

  • Purpose of the account
  • Size (in the case of investment and custody)
  • Balance ranges (in the case of deposit facilities)
  • Expected transaction volume of the facility/account

Required Corporate Documents

To verify the identity and ownership structure of the corporate entity, the following documents are required:

  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Resolution of the Board of Directors authorizing the opening of the account
  • Certificate of Good Standing
  • Register of Members/Share Register
  • Certificate of Incumbency

Customer Identification/Verification

To verify the identity of individuals, DNFBPs must obtain the following mandatory documents and information:

  • Name and address
  • Date of birth
  • National identification number
  • Proof of residency
  • Proof of identity

This form is designed to provide guidance for registrants of the Compliance Commission. However, firms may format their individual forms differently as long as they meet the requirements of the AML/CFT legislation & Guidelines.

Appendix B

For high-risk clients, additional information may be required to further establish conclusively the identity of a person that must be verified. The determination of any additional information required should be documented in the firm’s enhanced due diligence procedures for high-risk clients.

By completing this form, corporate entities can ensure compliance with the FTRC and establish a secure financial relationship with DNFBPs.