Bank compliance onboarding reports for bank account opening are one of the costliest, hardest and time-consuming functions burdening almost all financial intermediaries.

Our service is done in compliance with any regulatory obligations on preventing and detecting any illegal activities involving money laundering and other illegal activities through an optimized and technical KYC, CDD, EDD and compliance methods that was originally created to calibrate, assess, reduce and monitor risks.

The cost of maintaining an in-house compliance team to handle KYC, CDD, EDD, and due diligence for bank compliance onboarding is too expensive.

What you can do is to simply avail this service from us and you will save thousands of dollars without sacrificing on security or creating gaps in your system while improving your organizational productivity, client experience and efficiency of your onboarding practices. On top of that, we can even design a special process for you so that our service will compliment your already existing compliance team.

Bank Compliance Service for Financial Intermediaries

Price: USD 1,500

Turnaround time: 6-8 days

DATA TO EXPECT FROM OUR BANK COMPLIANCE ONBOARDING REPORTS

INTRODUCTORY PAGE

  • Contains preliminary data pertaining to the company opening the bank account, along with the information about the
    beneficial owner. It would also include some info about confidentiality, basis of the report, and other important facts.

BACKGROUND OF THE INDIVIDUAL (BENEFICIAL OWNER)

This part would start with some vital data about the UBO, including the following:

  • Name

  • Date of Birth

  • Place of Birth

  • Nationality

  • Passport Number

  • Local identification document (type/number)

  • Country of Tax Residence

  • Residential address

  • Mobile phone number

  • Email

  • Languages spoken

  • Private bank account at a complete rundown on the UBO’s previous occupational and business connections will also be chronologically illustrated starting from its first company affiliation.

CURRENT BUSINESS ACTIVITIES

  • A complete account of the company’s business operations, along with a proper evaluation to show the actual and present
    business activities of the company ranging from when the company was incorporated until its concurrent state.

ENTITY OPENING THE BANK ACCOUNT

This pertains to the vital registered company information on the entity:

  • Company Name

  • Change of Name

  • Company number

  • Incorporation date

  • Jurisdiction

  • Director

  • Shareholder

  • Capital

  • Company Secretary

  • Registered Address

  • Business Address

  • Website

  • Location of Suppliers

  • Location of Clients

BUSINESS ACTIVITIES OF THE ENTITY OPENING THE BANK ACCOUNT

  • Setup and Business Model

  • Potential Client Name, City, Country, Website, Short Description of Activities

  • Potential Supplier Name, City, Country, Website, Short Description of Activities

FINANCIALS

  • Expected Turnover

  • Inwards Per Month

  • Outwards Per Month

  • Currencies

  • Means of Payment

  • First deposit, amount and origin of funds

INDIVIDUALS AND ENTITIES MENTIONED IN THIS REPORT AND IN BUSINESS PROOFS

  • The entity opening the bank account, its UBO’s, and also their business affiliates or connections will undergo a risk assessment that would be based on due diligence and compliance procedures in order to make sure that they are all compliant and are not involved in any malicious or illicit business activities or otherwise connected to companies or businesses who are engaged in malicious and illicit transactions. Our sources to verify these risks comes from OSINT (Open Source Intelligence), global proprietary databases and through Enhanced Due Diligence (EDD).

RISK APPRECIATION

Our Risk Appreciation is a global standard for AML-CTF and compliance rating. To gauge the client’s risks, we will conduct an evaluation of its background based on the following criteria:

  • Sanctions

  • FAFT AML Deficient

  • Transparency International Corruption Index

  • World Governance Indicator – Control of Corruption

  • Country Risk Rating

  • Business Climate Rating

  • Country of Tax Residence

On top of that, we will also provide a Commentary on the Risk Appreciation based on the results of the evaluations of those criteria, and whether or not the client has met those criterions or has exceeded the desired risk rating applicable for low risk clients.

DOCUMENTS

TA complete accounting of the documentation submitted by the client in support of the bank account opening application. This documents are oftentimes consisting of:

  • UBO/Shareholder/ Director personal identity information (Passport/Visa/Residential Proof/Resume)

  • Company Documents

  • Business Proofs

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