Know Your Customer: What Documents Do I Need to Provide?

In a bid to combat financial crimes, authorities have put in place strict guidelines on what documents are required to verify the identity of individuals and organizations conducting business with financial institutions. Here’s a breakdown of what you need to provide:

Partnerships

To open a partnership account, you will need to provide:

• Original or certified copy of the partnership deed
• Proof of purpose: an independent confirmation of the partnership’s objectives
• Identity of controlling persons: details on who manages the partnership
• Same documents required for personal customers (listed below)

Clubs and Charities

To open a club or charity account, you will need to provide:

• Original or certified copy of the constitution
• Independent confirmation of the club’s or charity’s purpose
• Identity of controlling persons
• Same documents required for personal customers

Sociétés

To open a société account, you will need to provide:

• Original or certified copy of the Acte de Société
• Letter from the Registrar of Companies confirming the société’s continued existence
• Identity of those in control: details on who manages the société
• Same documents required for personal customers

Trusts

To open a trust account, you will need to provide:

• Written confirmation from trustees verifying the true identity of underlying principals
• Information on trust operations and inflows/outflows
• Certified extracts of the original trust deed or probate copy of a will creating the trust
• Documentary evidence on trustee appointments, nature, and purpose of the trust
• Same documents required for personal customers

Client Accounts Opened by Professional Intermediaries

To open a client account through a professional intermediary, you will need to provide:

• Documents to verify the identity of professional intermediaries (e.g. stockbrokers, fund managers)
• Undertaking from intermediaries verifying client identities
• Particulars on client identities

Foundations

To open a foundation account, you will need to provide:

• Certificate of registration issued by the Registrar of Foundations
• Verification of foundation details: name, date of registration, country of incorporation, official identification number, business address, and principal place of operations
• Identity of persons concerned with the foundation: council members, founder, executor, protector, beneficiary, and administrator
• Same documents required for personal customers and businesses

Additional Requirements

Please note that:

• Charitable foundations must adhere to “Clubs and Charities” requirements
• Non-residents and specific cases may require additional documents

Remember, these are basic KYC documents. Additional documentation may be required in certain circumstances. It’s essential to ensure compliance with these guidelines to maintain the integrity of financial transactions.