Know Your Client (KYC) and Due Diligence (DD)

Choosing right bank for your IBC is a crucial component for your new corporate structure.

Nowadays bank account opening procedure is no longer a matter of filing and presentation of correct documentation to a bank’s attention.

The international regulatory requirements surrounding banking operations heavily affect a way how modern banks conduct their financial business and accept new clients.

In many jurisdictions the requirements imposed by the regulators and internal regulations make the account opening process to be rigorous and it obliges the bank to obtain in-depth understanding of the clients’ business objectives, origins of the funds introduced to the bank as well as the ownership structure.

Offshore Bank – possible requirements

Typical example of the information requested by the banks:

  • Proof of identity including valid copy of passport and additional national ID
  • Proof of address (e.g. utility bill)
  • Background information about business owners
  • Detailed description of the intended business to be introduced to the bank
  • Basic cash flow projection
  • Information about parties the company intends to do business with

However, each financial institution has its own specific in-house anti-money laundering procedures which make account opening process slightly different.

We at IBC LAB will guide you through the process to ensure that your business circumstances are fully appreciated by the financial institution you open account with and both parties are comfortable with each other.

We advise our clients on documents and due diligence requirements, fees and other conditions a financial institution policy foresees for prospective clients.