"9. Verification of the records of the identity of clients. - (1) Every banking company, financial institution and intermediary, as the case may be, shall, at the time of opening an account or executing any transaction with it, verify and maintain the record of identity and current address or addresses including permanent address or addresses of the client, the nature of business of the client and his financial status;
Provided that where it is not possible to verify the identity of the client at the time of opening an account or executing any transaction, the banking company, financial institution and intermediary, as the case may be, shall verify the identity of the client within a reasonable time after the account has been opened or the transaction has been executed.
(2) Where the client is an individual , he shall for the purpose of sub-rule (1) submit to the banking company or the financial institution or the intermediary, as the case may be, one certified copy of an officially valid document containing details of his permanent address or addresses, current address or addresses, and one copy of his recent photograph and such other documents including in respect of the nature of business and financial status of the client as may be required by the banking company or the financial institution or the intermediary, as the case may be.
(3) Where the client is a company , it shall for the purposes of sub-rule (1) submit to the banking company or financial institution or intermediary, as the case may be,
one certified copy* of the following documents : |
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(i) Certificate of incorporation;
(ii) Memorandum and Articles of Association;
(iii) a resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf; and
(iv) an officially valid document in respect of managers, officers or employees holding an attorney to transact on its behalf. |
| (4) Where the client is a partnership firm , it shall for the purposes of sub-rule (1) submit to the banking company, or the financial institution, or the intermediary
one certified copy* of the following documents: |
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(i) registration certificate;
(ii) partnership deed; and
(iii) an officially valid document in respect of the person holding an attorney to transact on its behalf. |
| (5) Where the client is a trust
, it shall, for the purposes of sub-rule (1) submit to the
banking company, or the financial institution, or the
intermediary one certified copy* of the following documents: |
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(i) registration certificate;
(ii) trust deed; and
(iii) an officially valid document in respect of the person holding an attorney to transact on its behalf. |
| (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
one certified copy* of the following documents: |
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(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. |
| (7) Every banking company, financial institution and intermediary, as the case may be, shall formulate and implement a client identification programme which shall incorporate the requirements of the foregoing sub-rules of this rule, and such other additional requirements that it considers appropriate to enable it to determine the true identity of its clients. A copy of the client identification programme shall be forwarded to the Director." |
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