Financial Institutions Urged to Conduct Due Diligence in Cayman Islands

The Cayman National, a leading financial institution in the Cayman Islands, has emphasized its commitment to strict anti-money laundering requirements in all jurisdictions where it operates. As part of this commitment, the company urges individuals and companies to conduct thorough due diligence when dealing with financial transactions.

Documentation Requirements

To conduct business with Cayman National, individuals and companies must provide detailed documentation to support their applications. This includes:

• Certified copies of identification documents such as passports and utility bills
• Proof of address and occupation
• Additional documentation specific to the type of entity or individual (see below)

Individual Documentation Requirements

Individuals must provide a certified copy of their:

• Passport or full driving license
• Original utility bill or bank statement that is less than six months old
• Letter of reference from a bank, including:
  • Name
  • Current permanent address
  • Verification of signature

Corporate Documentation Requirements

Corporations, partnerships, and limited liability companies must provide:

• Certified copies of their:
  • Certificates of incorporation, organization, or trade
  • Memorandum and articles of association or partnership agreement
• List of authorized signatories
• Detailed mandate or resolution from the board of directors
• Information about ultimate beneficial owners
• Letter of reference or permission granting Cayman National the right to request similar documentation from their bank

Trust Documentation Requirements

Trusts, nominee companies, and fiduciary clients must provide:

• Evidence of proper appointment of trustees
• Certified copies of identification documents for each settlor and trustee
• Proof of address and occupation
• Information about the nature and purpose of the trust

Certification Process

The Cayman National emphasizes that certification is an important aspect of its due diligence process. Certified copies of documentation must be signed and dated by a suitable certifier, such as:

• Lawyer
• Accountant
• Notary public
• Serving police officer

The certifier must also provide their contact details and clearly indicate their position or capacity.

Alternative Identification Options

The company notes that certification can be completed using a covering letter or document that is attached to the copy identification documents. It advises potential clients to refer to its application forms for further information on certification and alternative types of identification that may be acceptable.

By following these requirements, individuals and companies can ensure a smooth due diligence process with Cayman National and maintain compliance with anti-money laundering regulations in the Cayman Islands.