Client-Account-Opening-Guide-23-08-2018-v-01--1-

Variables
Ultimate Beneficial Ownership
Ownership determines the extent to which we have
to verify the identity of shareholders and managers.
Ownership may be a matter of public record for
companies listed on certain Stock Exchanges, and
therefore some documentation may not be required in
certain circumstances.
Authority of company representatives
(Signatories/Mandators)
Authority determines the extent to which we have to
ascertain whether or not the signatories are authorised
by the company to open accounts in the company’s
name and execute any contracts or other documents
with the bank.
Country of incorporation
This mainly impacts the types and amount of
constitutional documents required to verify the
corporate identity, and what evidence is required to
verify the authority of those who sign the account
opening agreements.
Domicile of account(s)
This affects matters relating to local regulations. Antimoney
laundering requirements are often affected
by the domicile of account. Certain jurisdictions also
require declarations in relation to tax status.
FAQs
What is the purpose of the Account Opening
Application (AOA)?
The AOA is a legally binding agreement between our
member bank and its clients. The AOA acts as an offer
by our member bank to open an account. The AOA is
signed by an authorised representative of the client and
represents the client’s acceptance of our member bank’s
offer.
It also provides important information required for our
member bank to open the account, such as the registered
name of the company, the registered address and the
ownership structure. Also included in the AOA are the
general terms and conditions, or considerations, agreed
between our member bank and the client, that govern
the operation of the account and any local terms and
conditions that apply for the country or countries where
the account(s) are domiciled. Some account opening
agreements may list the terms and conditions separately.
What is the Specimen Signature Document?
The specimen signature document is required for all
those authorised to sign cheques and manual payment
instructions within an organisation. It specifies who has
signing authority on an account and provides sample
signatures for verification purposes. The specimen
signature document does not state who is authorised to
open or close bank accounts.
Why does the client have to provide
identification documents such as copies of
passports?
Passports are a form of identification widely used across
the banking industry. Anti-money laundering laws and
regulations require that banks identify and verify the
identities of beneficial owners, senior managers and, in
some cases, signatories.
What is a Board Resolution?
A Board Resolution is a written document that records a
decision or action made by a Board of directors during
a Board meeting. A company, being an artificial person,
cannot act on its own and has a Board of directors
formed to run the business, make decisions and execute
those decisions, such as account opening. The Board
obtains authorisation by passing a resolution providing
detailed instructions concerning operations of the
accounts and this resolution constitutes the company’s
mandate to the bank.
What is legalisation/notarisation/apostille?
Legalisation/notarisation is a process whereby a
document is notarised by a notary public and usually
legalised by an embassy or consulate official so that it
will carry legal force in the country where the account is
to be opened.
Apostille means certification and commonly refers
to the legalisation of a document for international
use under the terms of the 1961 Hague Convention,
abolishing the requirement for the legalisation of
foreign public documents. Documents that have been
notarised and then certified with a conformant apostille
are accepted by all nations that have signed The Hague
Convention. In short, it is the official confirmation that
a signature, seal or stamp on a public document is
genuine.
Assisting Clients with Cross-Border Account Opening 5