Account opening formalities.pptx

Name : Muhammad Hamza
Designation: Unit Head AML – (SS & AM) / Assistant Vice President
Department: Anti Money Laundering
Head Office Islamabad
E-mail: m.hamza@ztbl.com.pk
Cell : 0313-5875323

Due Diligence Requirement
for Different Type of Account
Opening

List of Information Required for Customer Identity
A. Basic Identification Information
1.Full name as per identity document
2. Mother Maiden name
3. Date of Birth
4. Place of Birth
5. Permanent Address
6. Identity document number, whichever applicable
7. Date of expiry of applicable identity document

B. Other basic information
8.Father/ spouse name as per identity document
9. Date of issuance of applicable identity document
10. Contact Number: Mobile Number (s)/ Land Line Number
11. Purpose of account/ transaction/ business relation
12. Beneficial ownership/ controlling rights

C. Other relevant Information for natural persons, as applicable
13. Current/ Mailing Address
14. Personal Email Address (as applicable)
15. Nationality – Resident/ Non-Resident Status
16. FATCA/ CRS Declaration, wherever required
17. Profession/ Source of Income/ Funds: Salary, Business, investment income
18. Next of Kin
19. Attested Passport Size Photo (in case of Photo Account instructions)
20. Live Photo (in case of digital onboarding)

List of Information Required for
Customer Identity
D. Information for Legal Persons/ Legal Arrangements
1. Registration/ incorporation number or business registration number (as applicable)
2. Date of incorporation or registration of legal person or arrangement (as applicable)
3. Place of incorporation or registration of legal person or arrangement (as applicable)
4. National Tax Number (NTN)
5. Nature of business, geographies involved and expected type of counter-parties (as applicable)
6. Registered or business address
7. Intended nature of business relations
8. Purpose of account or transaction (where accounts are not maintained and transactions are done
by walk in/ occasional customers)
9. Type of account/ financial transaction/ financial service
10. Expected monthly credit turnover (amount and No. of transactions)
11. Normal or expected modes of transactions/ delivery channels
12. Wherever instructed/ advised, regulatory limits imposed such as: credit and debits/ deposit and
withdrawals/ execution of financial transaction/ types of financial services allowed/ restricted.

List of Information Required for
Customer Identity
E. Additional Information in case of ”Trusts”
13. Whether the Trust is a Public Trust or Private Trust including foreign and national trust
14. Trust Deed whereby the Trust has been created;
15. Details of Settlor (this will also be available in the Trust Deed);
16. Objects of the trust (this will also be available in the Trust Deed);
17. Trustee of the trust (whether trustee is associated person of the settlor);
18. Description of each class or type of beneficiary (this information may also be checked from
Trust Deed);
19. Details of any possibility of influence of any other person on trustee regarding management
and control of trust property;
20. In the case of “Private Trust” if the beneficiary of a trust is also the beneficial owner of the
trust, identification and verification of the beneficiary is required otherwise the name and CNIC
of each beneficiary of a trust should be obtained.

Natural Person / Individual Account

Salaried Account
 Updated /Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR)
(For Afghan Refugees) /Passport; having valid visa on it or any other proof of
legal stay along with Passport (foreign national individuals only).
 In case of a salaried person, an attested copy of his Service Card.
 Latest Salary Slip,
 Employer’s certificate or any other acceptable evidence of service, including,
but not limited to a Certificate from the Employer will be obtained.
 Rent Agreement / Copy of Utility Bill (wherever the existing address differs
from the address mentioned in the CNIC)
 KYC (Know your Customer) ( In case of Joint Account , All joint holders
separate KYC required)
 CRS ( Common Reporting Standard form for Individuals)
 FATCA (Foreign Account Tax Compliance Act)form
 In case of NICOP holder an affidavit may be required for now permanent stay
in Pakistan.

Agriculturist (Farmer) Account
 In case of a Attested copy of Pass Book/ Mutation/ Fard etc.
 Agriculture Lease Agreement.
 In case of NICOP holder an affidavit may be required for now permanent stay
in Pakistan.

Self Employed Account
 Updated /Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR) (For Afghan Refugees)
/Passport; having valid visa on it or any other proof of legal stay along with Passport (foreign national
individuals only).
 Customer’s visiting card / letter head pad.
 Incase of landlord Revenue record or (Fard in his/her name in latest date)/ Rental agreement/sale
purchase agreement.
 PEC (Pakistan Engineering Council) online verification (Government Contractors only)
 Provincial Bar Council card incase of lawyer.
 Branch Verification report of Business address.
 NTN Certificates / Sale Tax Registration (where applicable)
 KYC (Know your Customer) ( In case of Joint Account , All joint holders separate KYC required)
cutomer’s name is not necessary )
 FATCA form
 In case of NICOP holder an affidavit may be required for now permanent stay in Pakistan.

Housewife Account
 Income Supporter source of income (Father, brother, Husband))
 Declaration from supporter regarding Income support for account opening.

Pensioner Account
 Updated /Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR) (For Afghan
Refugees) /Passport; having valid visa on it or any other proof of legal stay along with Passport
(foreign national individuals only).
 Attested copy of evidence / proof of retirement / pension payment order
 Indemnity form customer on stamp paper
 Bio metric every six month of pensioner as per BC & CPD circular letter No.01 of 2021 dated
01.02.2021
 KYC (Know your Customer) Form
 FATCA form

Sole Proprietorship Account
 Updated/Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR) (For Afghan
 Account Opening request on Business Letter Head
 Declaration of Sole Proprietorship Business, on Business Letter Head.
 Branch Verification report of Business address.
 NTN Certificates / Sale Tax Registration (where applicable)
 Registration / Membership certificate of respective Trade Bodies like Import / Export /Arms
/Ammunition/health sector etc. (where applicable)
 KYC (Know your Customer) form
 FATCA form

Student / Minor / Blind Account
In case of student Account: a. Attested copy of latest & valid identity card of
educational institution or letter from institution b. Income supporter source of
income (Father/Mother/guardian etc.)
In case of Blind & visionary Impaired Parsons: a. Attested copy of CNIC / SNIC
of witness ( Know to the Blind/ visionary impaired person ) b. Attested
Photograph of blind / visionary impaired person.( Affixed On AOF & SSC)
In case of minor account: Copy of the applicable valid identity document of the
minor and his/ her parent or natural or Court Appointed Guardian (Valid Form-B/
Juvenile Card for Pakistani citizens who are minors)
In case the CNIC does not contain a photograph
1.A duly attested copy of either driving license, service card, Nikkah Nama, birth
certificate, Educational degree/certificate, pension book, insurance certificate.
2.A photograph duly attested by gazetted officer/Nazim/Administrator/bank
officer.
3. A copy of CNIC without photograph duly attested by the same person who
attested the photograph.

Political Exposed Person(PEP) Accounts High Risk
 Updated/Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR) (For Afghan
 Source of Income
 Source of Funds
 Source of Wealth declaration on Bank format.
 KYC (Know your Customer) ( In case of Joint Account , All joint holders separate KYC required)
 CDD ( Customer Due Diligence – CDMS generated)
 CRS-1 ( Common Reporting Standard form for Individuals)
 FATCA form
 EDD dully signed by as per Approval matrix
 Prior approval for opening of account by Senior Management of the Bank.

Foreign Account Tax Compliance Act (FATCA)

Required Forms for FATCA:
When the FATCA legislation become effective in PAKISTAN?
 In Pakistan, FATCA compliance is effective from 1st July 2014 for personal accounts and from 1st Jan 2015 business
accounts.
 W9 Form for Individual Accounts
 W8-BEN-E for Entity Accounts
 W8-BEN for FATCA Indicia
 The US indicia is used as an indication in determining the FATCA status of an individual – US person or non
US Person.
 US citizen or resident
 US place of birth
 US address
 US telephone
 Standing instruction to a US account
 Power of Attorney with a US address
 Provides only a “hold mail” or “in care of” address

Common Reporting Standard (CRS)

Definition
The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of
Information (AEOI) regarding financial accounts on a global level, between tax authorities.
The Organization for Economic Co-operation and Development (OECD) introduced CRS in order to
combat tax evasion and to improve cross-border tax compliance. In Pakistan, CRS compliance is effective
from 01 July 2017.
Its purpose is to combat tax evasion
Which countries have committed to the implementation of CRS?
200+ countries that have committed to the implementation of CRS as full list of countries is available on the OECD
website.
Required Forms for CRS?
 CRS-I (For Individual Persons)
 CRS-2 (For Entities)
 CRS-3 (For Controlling Persons)

Partnership Account Registered/Un-
Registered
 Updated/Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR) (For Afghan Refugees)
individuals only).
 Attested copy of ‘Partnership Deed’ duly signed by all partners of the firm.
 Authority letter, in original, signed by all partners for opening and operating the account.
 Attested copy of Registration Certificate with Registrar of Firms. In case the partnership is unregistered,
this fact shall be clearly mentioned on the Account Opening Form.
 Branch Verification / Visit report of Business address.
 W-8BEN-E, (FATCA indicia document for Entity.
 CRS-E (CRS-2) Common Reporting Standards Tax residency document for Entity signed by all signatories.
 CRS-C (CRS-3) Common Reporting Standards Tax residency document for controlling persons.
 NTN , wherever applicable
 KYC (Know your Customer) form all the partners
 Beneficial ownership declaration signed by Authorized Signatories.

JOINT STOCK COMPANY
(PUBLIC/PRIVATE/LISTED/UNLISTED) Account
individuals only).
 Certified copy of Resolution of Board of Directors for opening of account specifying the person(s) authorized
to open and operate the account
 Certified copies of Memorandum and Articles of Association.
 Certified copy of Certificate of Incorporation.
 Certificate of Commencement of Business
 BM is required to visit the premises of the Joint Stock Company (Public/Private/Listed/Unlisted).
 Certified copy of Latest ‘Form-A/Form-B’
 Certified copy of Incorporate Form II in case of newly incorporated company and Form A/ Form C whichever
is applicable; and Form 29 in already incorporated companies.
 CRS-C (CRS-3) Common Reporting Standards Tax residency document for controlling persons. Bio Metric
verification of all Authorized signatories.
 KYC (Know your Customer) all the directors
 Beneficial ownership declaration signed by Directors / Authorized Signatories.

Government (Federal/Provincial/Local government)/
Autonomous Entities and Armed Forces
individuals only).
 Special resolution/authority from the concerned administrative department duly endorsed by the Ministry of
Finance or Finance Department of the concerned Government.
 Copy of Gazette Notification about the posting of officer signing the AOF.
 In case of autonomous entities and Armed Forces including their allied offices, banks/DFIs may open bank
accounts on the basis of special resolution/authority from the concerned administrative department or
highest executive committee/management committee of that entity duly endorsed by their respective unit
of finance.
 KYC (Know your Customer) form from all the signatories
 Bio Metric verification of all Authorized Signatories.

NGOS/NPOS/Charities/Trust Accounts High
Risk
 Updated/Fresh CNIC/SNIC/NICOP/POC/SNIC/Proof of Registration Card (POR) (For Afghan Refugees) /Passport; having valid
visa on it or any other proof of legal stay along with Passport (foreign national individuals only).
 Biometric verification of all authorized signatories to operate the account
 NADRA Verisys of all members of Governing Body/Executive Committee/Trustees other than signatories in the account.
 Declaration from Governing Body/Board of Trustees/Executive Committee/Sponsors on ultimate control, purpose and source
of funds etc.
 Certified copies all of the following documents: Resolution/Documentation of the Governing Body/Board of
Trustees/Executive Committee, if it is ultimate governing body, authorizing any person(s) to open and operate the account
and account opening request on Letter Head.
 Certified copies of All relevant Registration documents/Certificate of Incorporation/license issued by SECP, as applicable.
 Certified copies Memorandum & Article of Association (Constitution/By-laws & Regulations)..
 Certified copy of Up to-date list of Members of Governing Body / Executive Committee /Trustees on Entity’s Letter-head
with name, CNIC number, their designation and signatures duly attested by Chairman / President / General Secretary.
 Undertaking from Governing Body/Executive Committee/Trustees of the entity in case of any change i.e. change in
person(s) authorized to operate the account, control or ownership during operation, bank will be informed immediately.
 Certified copy of Up to-date list of Members of Governing Body / Executive Committee /Trustees on Entity’s Letter-head
with name, CNIC number, their designation and signatures duly attested by Chairman / President / General Secretary.
 Branch visit Report of the Entity Address.

NGOS/NPOS/Charities/Trust Accounts
 Enhanced Due Diligence (EDD)
 On-going Due Diligence (ODD)
 List of Donors for NGO’S
 Separate KYC of all the Trustee/ governing bodies / Executive Committee
 NGO / NPO’s /Trust etc Registration with Interior Ministry (INGO’s Only)
 CRS-E (CRS-2) Common Reporting Standards Tax residency document for Entity
signed by all signatories.
 CRS-C (CRS-3) Common Reporting Standards Tax residency document for
controlling persons.
 Prior approval for opening of account by Senior Management of the Bank.

Clubs, Societies and Associations Accounts
 Copy of the applicable valid identity document of:
a) all members of Governing Body/ Board of Directors/ Trustees/ Executive Committee, if it is ultimate
governing body,
b) all authorized signatories
c) settlor, the trustee(s), the protector (if any), and the beneficiaries
2) Declaration from Governing Body/ Board of Trustees/ Executive Committee/ sponsors on ultimate control,
purpose and source of funds etc.
3) Certified copies all of the following documents:
a) Certificate of Registration/ Instrument of Trust
b) By-laws/ Rules & Regulations
c) Resolution/ Documentation of the Governing Body/ Board of Trustees/ Executive Committee, if it is
ultimate governing body, authorizing any person(s) to open and operate the account
 Branch visit Report of the Entity Address.

Account opening formalities.pptx

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Account opening formalities.pptx