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| Home > Identity of clients > Association of Persons (AOP) or Body of Individuals (BOI) |
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| Association of Persons (AOP) or Body of Individuals (BOI) |
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| Documents needed for verification: |
- Resolution of the managing body of such association or body of individuals;
- Power of attorney granted to him to transact on its behalf;
- An officially valid document in respect of the person holding an attorney to transact on its behalf; and
- Such information as may be required by the banking company or the financial institution or the intermediary to collectively establish the legal existence of such an association or body of individuals.
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| Relevant provision of Rule 9 of the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 is reproduced as under: |
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"9. Verification of the records of the identity of clients
(6) Where the client is an unincorporated association or a body of individuals , it shall submit to the banking company, or the financial institution or the intermediary three copies of the following documents:
(i) resolution of the managing body of such association or body of individuals;
(ii) power of attorney granted to him to transact on its behalf;
(iii) an officially valid document in respect of the person holding an attorney to transact on its behalf; and
(iv) such information as may be required by the banking company or the financial institution or the intermediary to collectively establish the legal existence of such an association or body of individuals."
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