Account Opening Form NonIndividuals

1. Introduction

Financial institutions are required to collect detailed information when a corporate entity, partnership, trust, nonprofit organization, or any other nonindividual wishes to open an account. The Account Opening Form (NonIndividuals) serves as the primary instrument for gathering that information, ensuring compliance with antimoneylaundering (AML), counterterrorism financing (CTF), and Know Your Customer (KYC) regulations.

This page explains the purpose of the form, outlines each section, and offers practical guidance for completing it accurately and efficiently. By following the instructions below, you can minimise processing delays and avoid common pitfalls.

2. Who Must Use the NonIndividual Form?

The form is mandatory for all legal entities that are not natural persons, including but not limited to:

• Corporations (public, private, limited liability companies)
• Partnerships (general, limited, limitedliability)
• Trusts (revocable, irrevocable, charitable)
• Foundations and nonprofit organizations
• Government agencies and public bodies
• Special purpose vehicles (SPVs) and structured entities

3. Core Sections of the Form

3.1 Entity Identification

This section establishes the legal identity of the applicant.

3.2 Ownership & Control Information

Regulators require disclosure of individuals who ultimately own or control the entity.

• Beneficial Owners: Natural persons who own 25% of the equity or voting rights, or otherwise exercise effective control.
• Control Persons: Directors, senior managers, trustees, or anyone with decisive influence.

For each person, provide:

• Full name
• Date of birth
• Nationality
• Residential address
• Percentage of ownership or control
• Identification document (passport, national ID, etc.)

3.3 Business Purpose & Expected Activity

Describing why the account is needed helps the bank assess risk.

• Primary business activity (use standard industry codes where possible, e.g., NAICS or SIC).
• Geographic focus countries where the entity conducts most of its business.
• Estimated monthly/annual transaction volume and average transaction size.
• Source of funds revenue streams, capital contributions, or financing arrangements.

3.4 Documentation Checklist

Attach clear, legible copies of the following:

• Certificate of Incorporation or equivalent registration document.
• Articles of Association / Partnership Agreement / Trust Deed.
• Most recent audited financial statements (if available).
• Board resolution or written authority authorising the account opening and designating signatories.
• Proof of address for the entity (utility bill, lease, or bank statement not older than 3 months).
• Identification documents for each beneficial owner and signatory.
• Tax identification number (TIN) or equivalent.

3.5 Signatories & Authorized Users

Specify who can operate the account and in what capacity.

• Full name, title, and contact details of each signatory.
• Nature of authority sole, joint, or limited power to sign.
• Electronic banking access rights (viewonly, transactioninitiating, admin).

3.6 Compliance Declarations

These statements confirm that the entity is not involved in prohibited activities.

• Affirmation that the entity is not listed on any sanctions or watchlists.
• Confirmation that the entity does not engage in moneylaundering, terrorist financing, or other illegal conduct.
• Declaration of the jurisdiction of tax residence and agreement to provide required tax information (e.g., FATCA, CRS).

4. StepbyStep Completion Guide

1. Gather Required Documents before you start. Having all certificates, agreements, and IDs on hand will prevent interruptions.
2. Fill the Form Electronically if the bank offers an online portal. Use PDFeditable versions only when necessary.
3. Enter Entity Details Exactly as they appear on official documents; even a small typographical error can trigger a compliance query.
4. Identify Beneficial Owners using the 25% threshold. If the entity has a layered ownership structure, draw a simple ownership chart to illustrate the chain.
5. Describe Business Activity in plain language while also providing industry codes. Include projected transaction volumes to help the bank size the risk profile.
6. Attach All Supporting Documents in the order requested by the form checklist. Label each file clearly (e.g., Certificate_of_Incorporation.pdf).
7. Obtain Internal Approvals such as a board resolution. The signature of a duly authorised officer is mandatory.
8. Review & Sign the completed form. Ensure the signatorys name, title, and date are legible.
9. Submit the package via the banks preferred channel (secure portal, encrypted email, or inperson delivery).
10. Follow Up within 57 business days if you do not receive an acknowledgement. Prompt responses to any additional information requests will speed up onboarding.

5. Common Mistakes & How to Avoid Them

• Incomplete Ownership Disclosure Even indirect owners must be disclosed. Use a corporate ownership tree to capture hidden links.
• Mismatched Names Ensure the name on the form matches the name on the identification documents exactly.
• OutofDate Documents Most banks require documents issued within the past 36 months. Refresh utility bills, address proofs, and financial statements regularly.
• Missing Signatory Authority A board resolution or powerofattorney is often required to prove that the person signing has the right to do so.
• Incorrect Tax Information Provide the correct Tax Identification Number (TIN) and report the correct tax residency to avoid FATCA/CRS compliance issues.
• Failure to Declare Sanctions Run your own screening against major sanctions lists before submission. A negative result speeds up processing.

6. Frequently Asked Questions (FAQ)

6.1 Do I need to submit the form for each branch of a multinational corporation?

Typically, a single global entity file is sufficient, provided the bank is aware of all operating jurisdictions. If the bank requests separate accounts for each country, you will need to complete a form for each legal entity.

6.2 What if the beneficial owner is another corporate entity?

Identify the natural persons at the ultimate level of ownership (i.e., those who own or control the intermediate corporate layer). Provide the corporate information for the intermediate entity as part of the Ownership section, then trace further until natural persons are reached.

6.3 Can a trust be the sole owner of an account?

Yes, provided the trustees, protectors, and beneficiaries are disclosed where they have a controlling interest or benefit from the trust.

6.4 How often must the information be updated?

Any material change such as a change in ownership, address, signatories, or business purpose must be reported promptly, usually within 30 days of the change.

6.5 Is electronic signing accepted?

Most banks now accept qualified electronic signatures that meet local esignature legislation. Check the specific banks policy before using an esignature.

7. Final Checklist Before Submission

• All fields completed and doublechecked for accuracy.
• Supporting documents attached, correctly labelled, and uptodate.
• Beneficial ownership details fully disclosed.
• Board resolution or equivalent authorising the account and signatories.
• Compliance declarations signed and dated.
• Electronic or wet signature of an authorised officer.

When everything on this list is satisfied, the application is ready for submission.

8. Contact Information

For assistance completing the form, please contact the banks corporate onboarding team:

• Email: corporate.onboarding@bankexample.com
• Phone: +18005550123 (MonFri, 9am5pm GMT)
• Online portal: https://portal.bankexample.com/onboarding