Account opening guidelines from Basel 2003

The following information should be collected:

  • Legal name, and previous names

  • Address

  • Phone and email

  • Date and place of birth

  • Nationality

  • Occupation, position, employer

  • A unique identifier from a government issued document (passport, driver licence)

  • Signature

Verify this by checking the date of birth against a government ID, the address using an official letter, contacting the customer using phone, email and mail addresses. Check the official documentation by physically inspecting it, or checking with a government agency.

The source of wealth and funds should be validated, and any deposits not in line with this should be investigated.

The proximity of the customer to the branch should be checked and if not close by, check why.
  • Equally effective CDD should apply to non-face-to-face customers.
  • For businesses, obtain the name, mailing address, business location, contact people and phone/address details, official identification number (e.g. tax number), the certificate of incorporation, memorandum and articles of association, nature and purpose of the business.

  • Verify this by reviewing the latest accounts, use a business information service or an undertaking from a layer or accountant.

  • This should be codified in a Customer Identification Program (CIP).

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