2014, fatf-gafi/media/fatf/documents/reports/Guidance-transparency-beneficial-ownership.pdf. 6. General guide to account opening
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This publication is available on the BIS website ( www.bis.org ). © Bank for International Settlements 2015. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9197-181-7 (print) ISBN 978-92-9197-179-4 (online)
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Contents General guide to account opening .. 1 I. Background .. 1 II. Introduction .. 1 III. Natural persons . 3 A. Identification of individuals who are customers or beneficial owners 3 B. Information related to the customer™s risk profile 3 C. Verification of identity of natural persons 4 D. Further verification of information on the basis of r isks 5 IV. Legal persons and arrangements and beneficial ownership . 5 A. Legal persons .. 5 1. Identification of legal persons .. 6 2. Information for defining the risk profile of a customer which is a legal person .. 6 3. Verification of identity of legal persons .. 7 4. Verification of identity of authorised signatories and of beneficial owners of the customer . 8 B. Legal arrangements . 8 1. Identification of legal arrangements .. 8 2. Information for defining the risk profile of a customer which is a legal arrangement .. 8 3. Verification of information 9 4. Verification of identity of authorised signatories and of beneficial owners of the legal arrangement 9 C. Focus on specific types of customer .. 9 1. Retirement benefit programmes 9 2. Mutuals/friendly societies, cooperatives and provident societies 10 3. Professional intermediaries 10 General guide to account opening iii
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General guide to account opening I. Background 1. In 2013, the Basel Committee on Banking Supervision (the Basel Committee) review ed two of its publications on anti -money laundering and countering financing of terrorism (AML/CFT). In January 2014, it published the guidelines for a Sound management of risks related to money laundering and financing of terrorism (hereafter fithe guidelinesfl). This document revised, updated and merged two previous publications of the Basel Committee , issued in 2001 and 2004. 2. As part of its continuous effort to keep its publications up -to -date, the Basel Committee is now proposing a revised version of the General guide to account o pening and customer identification first issued in 2003. This revised version takes into account the significant enhancements to the Financial Action Task Force (FATF) Recommendations and related guidance. It builds in particular on the February 2012 versi on of the FATF Recommendations, as well as on two supplementary FATF publications specifically relevant for this guide: the Guidance for a risk -based approach the banking sector and the Transparency and beneficial ownership , both issued in October 2014. 3. The Basel Committee deem s it worthwhile to keep this guide as an annex to the guidelines. Most bank -customer relationships start with an account opening procedure. The customer information collected and verified at this stage is crucial to the bank in or der for it to fulfil its AML/CFT obligations, both at the inception of the customer relationship and thereafter . All banks need to establish policies and procedures for account opening and these policies and procedures have to reflect AML/CFT obligations. 4. As for the re mainder of the guidelines, the content of the proposed guide is in no way intend ed to strengthen, weaken or otherwise modify the FATF standards. Rather, it aims to support banks in implement ing the FATF standards and guidance, which requires the adoption of specific policies and procedures, in particular on account opening. 5. The proposed document expands on the discussion in Section II.3 (paragraphs 35 Œ41 in particular) of the guidelines, enti tled fiCustomer and beneficial owner identification, verification and risk profilingfl . It should be read in conjunction with the guidelines. More specifically, the document will be included as an annex to the guidelines, in addition to the three existing an nexes that address: Using another bank, financial institution or third party to perform customer due diligence; Correspondent banking; and List of relevant FATF standards. II. Introduction 6. This annex is a general guide detailing the principles set out in the main body of these guidelines (paragraphs 35 Œ41). This guide focuses on account opening. It is not intended to address every eventuality, but instead to focus on some of the mechanisms that banks can use in developing an effective customer identific ation and verification programme. It also sets out the information that should be gathered at the time of account opening and which will help the bank to complete the customer risk profile. General guide to account opening 1
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7. For the purpose of this Annex, an account is defined as any fo rmal banking or business relationship established by a bank to provide or engage in products, services, dealings, or other financial transactions. This includes demand deposit s, savings deposit s, or other transaction or asset account s, or credit account s or other extension of credit. In keeping with the scope of the original document issued by the Basel Committee in 2003, this guide only covers the opening of new accounts and not the conducting of occasional transactions. 8. The guidance set out in this an nex may be adapted for specific application by banks in respect of their AML/CFT policies and procedures and by national financial supervisors seeking to further enhance the effectiveness of customer identification and verification programmes and of custom er risk profiles. Supervisors recognise that any customer identification/verification programme should reflect the risks associated with the different types of customer, types of banking product and the varying levels of risk resulting from a customer™s re lationship with a bank. Higher -risk customer relationships and transactions, such as those associated with politically exposed persons (PEPs) 1 or other higher -risk customers , will clearly require greater scrutiny than relationships and transactions associa ted with lower -risk customers. Therefore, the provisions in this guide should be read in conjunction with the main body of the guidelines, and in particular with the provisions related to assessing and understanding risks (see paragraphs 15 or 16 of the gu idelines) and should be adapted for identified specific (higher – or lower -) risk situations. 9. Guidance and best practice established by national financial supervisors should be commensurate with the risks present in the jurisdiction as well as those ass ociated with categories of customers, products and services that are most prevalent in the particular bank. For this reason , customer identification and verification policies and procedures are expected to vary between countries. 10. In designing and impl ementing customer identification programmes and establishing a customer™s risk profile, banks should take into account the risks associated with each type of financial product or service that is utilised by the customer in this relationship as well as the delivery channel and the geographical area. According to this risk -based approach, jurisdictions may allow simplified customer due diligence measures to be applied for lower -risk situations. For example, some jurisdictions have either taken or supported ac tions to encourage financial inclusion by promoting lower -risk financial products (such as an account associated with a limited set of services for specific types of customer). Conversely, in cases where there is higher -risk (as may be the case for products featuring non face -to -face or anonymity of certain transactions, 2 or that are vulnerable to fraud), banks should apply enhanced due diligence. 11. According to the FATF standards ,3 banks should always identify the customer and verify its identity . When doing so, banks should be conscious that some identification documents are more vulnerable to fraud than others. For those that are most susceptible to fraud, or where there is uncertainty concerning the validity of the document(s) presented, the ve rification requirement should be enhanced and the information provided by the customer should be verified through additional inquiries or other sources of information. 1 See in particular the FATF Guidance on Politically Exposed Persons (recommendations 12 and 22), www.fatf -gafi.org/fr/documents/documents/peps -r12 -r22.html. 2 Anonymous accounts are prohibited by the FATF but some products (prepaid cards, virtual currencies) could open the way for anonym ous transactions. 3 See recommendation 10. 2 General guide to account opening
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12. The rest of this annex is divided into two sections covering different aspects of c ustomer identification. Section III describes what types of information should be collected and verified for natural persons seeking to open accounts. Section IV describes what types of information should be collected and verified for legal persons and leg al arrangements. III. Natural persons A. Identification of individuals who are customers or beneficial owners 13. For natural persons , the bank should collect the following information for identification purposes At a minimum 4 Potential additional information (on the basis of risks) Legal name (first names and last name); Any other names used (such as marital name, former legal name or alias); Complete permanent address, whenever applicable; Professional address, post offic e box number, e -mail address and landline or mobile telephone numbers; Nationality, an official personal identification number or other unique identifier ; Resident status ; Date and place of birth. Gender. B. Information related to the customer™s risk profile 14. When the account opening is the start of a customer relationship, further information should be collected with a view to developing an initial customer risk profile (see in particular paragraphs 37 Œ39 of the main body of the guidelines): 4 Not a ll this information may be required in lower -risk situations according to the results of the national risk assessment. The list does not include other basic requirements that are not specifically AML -rela ted, such as collecting the signatures of the account holders. General guide to account opening 3
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16. Banks should verify that any person purporting to act on behalf of the cu stomer is so authorised. If so, banks should identify and verify the identity of that person. In such a case, the bank should also verify the authorisation to act on behalf of the customer (a signed mandate, an official judgment or equivalent document). D. Further verification of information on the basis of risks 17. Particular attention needs to be focused on those customers assessed as having higher -risk profiles ( eg PEP s). Additional sources of information and enhanced verification procedures may include: evidence of an individual ™s permanent address utilising official papers, a credit reference agency search, or through independent verification by home visits; personal reference (ie by an existing customer of the same bank); prior bank reference (including banking group reference) and contact with the bank regarding the customer; verification of income sources , funds and wealth identified through appropriate measures; and verification of employment and of public positions held. 18. If national law allows for non -face -to -face account opening, banks should take into account the specific risks associated with this method . Customer identification and verification procedu res should be equally effective and similar to those implemented for face -to -face interviews. In particular , banks should (i) establish that the customer exists ; and (ii) establish that the person the bank is dealing with is that customer. 19. As part of its broader customer due diligence measures, the bank should consider, on a risk -sensitive basis, whether the information regarding source s of wealth should be corroborated. IV. Legal persons and arrangements and beneficial ownership 20. The underlying pri nciples of customer identification for natural persons can be applied equally to identifying and verifying customers who are legal persons and arrangements. Accordingly, the procedures discussed previously in Section III (paragraphs 13 Œ19) are similarly ap plicable to legal persons and arrangements. Banks should identify and verify the identity of the customer, and understand the nature of its business, and its ownership and control structure , with a view to establishing a customer risk profile. A. Legal pe rsons 6 21. The term legal person includes any entity (eg business or non -profit organisation, distinct from its officers and shareholders) that is not a natural person or a legal arrangement. In considering the 6 FATF definition: filegal persons fl refers to any entities other than natural persons that can establish a permanent customer relationship with a bank or otherwise own property. This can include companies, bodies corporate, foundations, Anstalt -type structures , partnerships, or associations and other relevantly similar entities. General guide to account opening 5
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customer identification guidance for the dif ferent types of legal persons, particular attention should be given to the different levels and nature of risk associated with these entities. 1. Identification of legal persons 22. For legal persons, the following information should be obtained for identification purposes: At a minimum 7 Potential additional information (on the basis of risks) Name, legal form, status and proof of incorporation of the legal person; Permanent address of principal place of the legal person ™s activities; Official identification number (company registration number, tax identification number); Legal entity identifier (LEI) if available; Mailing and registered address of legal person; Contact telephone and fax numbers. Identity of natural persons who have authority to operate the account and who exercise control of the legal person through ownership or other means. In the absence of a natural person, the identity of the relevant person who is the senior managing official. Identity of relevant persons holding senior management positions. Identity of the beneficial owners 8 (according to relevant FATF standards and paragraph 13 of this annex) ;9 Powers that regulate and bind the legal person. 2. Information for defining the risk profile of a customer which is a legal person 23. When the account opening is the start of a customer relationship, further information should be collected with a view to develop ing an initial customer risk profile (see in particular paragraphs 37 Œ39 of the main body of the guidelines): 7 Not all this information may be required in lower -risk situations depending on the results of the national risk assessment . The list does not include other basic requirements that are not specifically AML -related, such as collecting the signatures of the account holders. 8 The term fibeneficial ownerfl is used in this annex in a manner consistent with the definition and clarifications provided in the FATF standards. For reference, t he FATF defines a fibeneficial ownerfl as the natural person(s) who ultimately owns or controls a customer and/or natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement. 9 See Interpretative note to recommendation 10 of the FATF. See also FATF , Transparency and beneficial ownership , October 2014, www.fatf -gafi.org/media/fatf/documents/reports/Guidance -transp arency -beneficial -ownership.pdf . 6 General guide to account opening
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At a minimum 10 Potential additional information (on the basis of risks) Nature and purpose of the activities of the legal entity and its legitimacy; Financial statements of the entity; Expected use of the account: amount, number, type, purpose and frequency of the transactions expected. Sources of funds paid into the account and destination of funds passing through the account. 3. Verification of identity of legal persons 24. The bank should verify the identity of the customer using reliable, independent source documents, data or information. The verification should be proportionate to the assessment of risk tied to the customer and to the types of document produced by the customer. The bank should obtain: a copy of the Certificate of Incorporation and Memorandum and Articles of Association, or Partnership agreement (or any other legal document certifying the existence of the entity, eg abstract of the registry of companies/commerce); 25. Examples of other verification include: (a) Documentary verification for established corporate entities Œ reviewing a copy of the latest financial statements (audited, if available). (b) Non -documentary verification undertaking a company search and/or other commercial enquiries to ensure that the legal person has not been, or is not in the process of being , dissolved, struck off, wound up or terminated; utilising an independent information verification process, such as by accessing public corporate registers, private databases or other reliable independent sources (eg lawyers, accountants); validating the LEI and associated data in the public access service; obtaining prior bank references; visiting th e corporate entity, where practical; and contacting the corporate entity by telephone, mail or e -mail. 26. The list of examples included in paragraph 25 is not exhaustive. In some jurisdictions, there may be other documents of an equivalent nature, such a s procedures or sources of information, which may be produced, applied or accessed as satisfactory evidence of a customer™s identity. 10 Not all this information may be required in lower -risk situations depending on the results of the national risk assessment . The list does not include other basic requirements that are not specifically AML -related, such as collecting the signatures of the account holders. General guide to account opening 7
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4. Verification of identity of authorised signatories and of beneficial owners of the customer 27. Banks should verify th at any person purporting to act on behalf of the legal person is so authorised. If so, banks should verify the identity of that person. This verification should entail verification of the authorisation to act on behalf of the customer (a signed mandate, an official judgment or equivalent document). 28. Banks should undertake reasonable measures to verify the identity of the beneficial owners, in accordance with the FATF definition referenced in footnote 9 and the due diligence procedure s for natural persons outlined in Section III above. B. Legal arrangements 11 1. Identification of legal arrangements 29. For legal arrangements, the following information should be obtained: At a minimum 12 Potential additional information (on the basis of risks) Name of the legal arrangement and proof of existence; Contact telephone and fax numbers. Address, and country of establishment; Nature, purpose and objects of the legal arrangement (eg is it discretionary, testamentary etc); The names of the settlor, the trustee(s), the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the legal arrangement (including through a chain of control/ownership); The names of the relevant perso ns having a senior management position in the legal arrangement, if relevant. 2. Information for defining the risk profile of a customer which is a legal arrangement 30. When the account opening is the start of a customer relationship, further information should be collected with a view to develop an initial customer risk profile (see in particular paragraphs 37 Œ39 of the main body of the guidelines): 11 The term fi legal arrangements fl is used in this annex consistently with the definition provided by the FATF standards. As a reminder, the FATF defines filegal arrangementsfl as express trusts or other similar legal arrangements. Examples of other similar arrangements ( for AML/CFT purposes) include fiducie , Treuhand and fideicomiso . 12 Not a ll this information may be required in lower -risk situations depending on the results of the national risk assessment . The list does not include other basic requirements that are not specifically AML -related, such as collecting the signatures of the account holders. 8 General guide to account opening
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