IEIM403160 - Due Diligence: New Individual Accounts: Self Certifications: Examples

Due Diligence: New Individual Accounts: Self Certifications: Examples

The following examples illustrate how a self-certification may be provided:

Example 1

Individual A completes an online application to open an account with Reporting Financial Institution K. All the information required for self-certification is entered by A on an electronic application (including a confirmation of A’s jurisdiction of residence for tax purposes). A positively affirms that the information provided is correct by ticking a box on the application form.

A’s information, as provided in the electronic self-certification, is confirmed by K’s service provider to be reasonable based on the information it has collected pursuant to AML/KYC procedures.

A’s self-certification is valid.

Example 2

Individual B makes an application in person to open an account with bank L. B produces his driving licence as proof of identification and provides all the information required for self-certification to an employee of L who enters the information into L’s systems.

The application is subsequently signed by B.

B’s self-certification is valid.