Business Information Requirement
Client Due Diligence (CDD) forms an integral part of a global effort to combat money laundering, terrorist financing and fraudulent activities. Accordingly, CDD measures that the Bank implements can help ensure our client’s account is safe. Under this approach, the Bank will collect information at account opening, on a periodic basis, and from time to time as required to identify our clients and develop an understanding of their normal and expected banking activities. The more we know about our clients, the more the Bank can better protect them.
An indication of the typical business information requirements that the Bank collects is shown below:
- Company History (including when, how and source of capital to set up the company, relevant business experience, reason for setting up business)
- Company ownership structure
- Information about the company’s business nature, including:
- Principal place of operation and information on any branches / subsidiaries in other countries
- Key products/services, number of employees, anticipated annual sales turnover and anticipated net profit
- Major import and export countries
- Major suppliers & buyers/ Source of fund and anticipated banking activities/ Source of income
- Information on direct or indirect dealings or ownership interests in countries such as Iran, Syria, North Korea, Sudan, Cuba or regions such as Crimea or Sevastopol
In addition to the above, we may collect more information as and when required.