Financial Crime World

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Customer’s Voice: Shedding Light on Address Confirmation and Account Opening Procedures

In an exclusive interview with our publication, a customer shared their experience with address confirmation and account opening procedures at a financial institution.

The Process of Address Verification

During the account opening process, the customer was surprised to find that they had to provide multiple documents for address verification. According to Article 47 of Decree No. 66/2014, suitable proof of address includes:

  • Electricity bill
  • Telephone directory information
  • Recent credit card statement
  • Bank reference

The Requirements for Individual Customer Account Opening Forms

The customer explained that they had to provide a detailed form with the following information:

  • Name
  • Current permanent address
  • Mailing address
  • Phone and fax numbers
  • Email address (if any)
  • Date and place of birth
  • Nationality
  • Occupation
  • Employer’s name (if self-employed)
  • Individual Taxpayer Identification Number (NUIT)
  • Economic Activity Classification Code (CAE)
  • Signature
  • Authorization for the financial institution to probe and obtain references about them

Identity Verification for Non-In-Person Account Opening

The customer mentioned that financial institutions must adopt procedures applicable to in-person customers and take enhanced due diligence measures to mitigate risks associated with non-in-person customers.

For non-resident individual customers applying to open an account abroad, the customer had to provide additional information such as:

  • Passport details
  • Reference letter from their current banking institution
  • Authorization for the financial institution to carry out a background check
  • Copy of their valid passport and address information confirmed by an original or certified copy of an invoice issued by third-party service providers

The customer explained that financial institutions verify the identification of:

  • Shareholders controlling the company’s businesses and assets
  • Senior managers
  • Holders of qualified stakes
  • Persons authorized to represent the company

It was a more extensive process, but the customer understood it as necessary to ensure the legitimacy of the business entity.

Conclusion

Overall, while the procedures may seem lengthy and detailed, the customer appreciated the measures taken by financial institutions to maintain security and prevent fraud. Our publication would like to thank our customer for sharing their experience and shedding light on these important topics. We will continue to monitor developments in this area and provide updates as necessary.