Compliance & Expertise
Opening an account is very simple. However, before you do, all clients need to complete an essential verification process which involves submitting certain documentation.
For every business account, Its required that the company submits the ID and proof of residence for the account signatory, directors and shareholders.
Furthermore, to verify your identity, and in line with today’s modern technology, you will need to take a selfie whilst holding your passport with the passport details clearly visible..
You will also need need to provide proof that the signatory has the right to open the account as well as manage the funds of the business. This should be in the form of a power of attorney or a board resolution.
Please note that we follow strict Anti-Money Laundering rules in all the jurisdictions in which we operate.
Know your Client
To verify the identity of individuals attached to the application (i.e signatory, directors, etc), we operate a Know Your Client (KYC) process.
KYC is a process used by financial institutions to prove that the applicant(s) are, who they say they are and live where they say they live.
When opening an account, not only are you required to submit proof of ID, we also require that you submit proof of address. This can be a utility bill or a landline telephone bill, etc.
These must be within 3 months from the time the application has been submitted. Please note that documents such as bank statements or mobile telephone bills do not count as a valid proof of residence.
To further verify your identity, we will call you on Skype to ask for a face to face interview.
Corporate due Diligence
As part of the process when opening a business account, you will be required to submit the Certificate of Incorporation, including all supporting registration documents, as per the jurisdiction where the company is based. This is required to show that the business is legitimately incorporated and currently active.
You will be asked to disclose the ultimate beneficial owner(s) and require applicants to submit the necessary paperwork for this.
In the event that we are unable to verify companies by a Government registry, all documentation must be attested. They need to be certified by a notary, qualified accountant, lawyer, bank officer or police officer in order for us to accept them.
Please note that we will contact the the certifier to confirm that they have certified your documents. Thus, we will need their contact details.
Companies that require special licenses to carry out certain activities will also need to supply this as part of the application process. Our team will need to verify the validity of the license, including its authenticity.
Transactional due Diligence
In line with AML policies and other Industry standards, you may be asked to justify why transactions are being made, or the source of the money being deposited into your account. This verification may be in the form of telephone and/or by email.
When contacted by our staff members, you may need to submit to our invoices, purchase orders, delivery notes, contracts and any other documentary evidence related to the transaction. Failure to provide these documents can result in your account being closed.
There is a reserved right to contact the other parties involved to confirm any aspects relating to the transaction or to provide us with further information/documents.