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KYC/AML DOCUMENTS REQUIRED

MeChat KYC/AML DOCUMENTS REQUIRED


Article By MeChat Universe

October 5, 2021, 1:55 am

KYC/AML DOCUMENTS REQUIRED

This KYC policy separates REs by the following categorizes to ensure document compliance. 

 

Proprietary Accounts

  • Identity and address proof of the proprietor with:
  • Telephone
  • Fax Number
  • email address
  • Any two of the below documents would suffice IF THEY ARE in the name of the proprietary:
  • Proof of the firm legality: such as:
    • Local Business Registration certificate
    • Shops & Establishments Registration certificate
    • Factory Registration certificate
    • Sales Tax Registration/ Service Tax Registration
    • Sales and income tax returns
  • Articles of Incorporation; or
  • Certificate of Incorporation; and
  • Most recent annual return registration (except in respect of International Business Companies), and
  • License/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute
    • IEC (Importer Exporter Code) for business of import & export
  • Form W-9 or W-8 Series (as appropriate); and:
  • Documentary evidence regarding an officer of the corporation proving “that the person is who the person claims to be,” and one of the following:

 

Partnership firms

  • Proprietary Account requirements for all partners, their addresses and Telephone numbers, and business documents
  • Copy of the Partnership deed
  • Letter of authority or Power of Attorney granted if the firm has authorized any of its employees to transact business on behalf of the firm along with identity and address proof of such authorized persons.
  • Proprietary Account requirements for all partners, their addresses and Telephone numbers, and business documents
  • Certified copy of Certificate of incorporation/Registration certificate of the company
  • Evidence of registered address
  • Certificate of incorporation and Memorandum & Articles of Association
  • PAN card proof of the company
  • Latest Annual Return with the ROC acknowledgement
  • List of Directors and the Form 32s supporting their director status
  • Resolution of the Board of Directors to open an account and identification of those (including employees) who have authority to operate the account
  • Identity and address proof of authorized signatories, Managing Director, Chairman and signatories to the Board Resolution
  • In the cases of unlisted companies or entities listed on a non-approved stock exchange; OVDs of ultimate individual shareholders holding 10% and above capital of the company
  • Also KYC for any customers which is a significant shareholder of this company

 

Limited Liability Company (LLC) or Limited (Ltd.)

  • Form W-9 or W-8 Series (as appropriate); and:
  • Articles of Organization; and one of the following:
  • If Non-U.S.:
  • Confirmation of the organization’s ‘Active’ status from the country’s regulatory authority;
  • Foreign EIN certification from the country’s tax authority; or
  • Business Permit/License from an issuing authority; or
  • Sales Tax Certificate from the country’s tax authority.
  • If U.S.:
    • Confirmation of the organization’s ‘Active’ status from a Secretary of State; or
    • EIN certification from the IRS; or
    • Business Permit/License from an issuing authority (City, County or State); or
    • Sales Tax Certificate from the IRS.

 

Trusts & foundations

  • Proprietary Account requirements for all partners, their addresses and Telephone numbers, and business documents
  • Trust Charter/Agreement, which sets out the Trustee, Beneficiary and any other related parties; or
  • Registration certificate of the Trust
    • If the Trust is not registered, PAN Number/Acknowledgement copy of Income Tax return,
  • Certified copy of the resolution regarding opening and operation of the account.
  • Trust Ledger, which details of all the present trustees, settlers, beneficiaries and signatories with their identity and address proof,
  • Copy of power of attorney granted to any employees to transact business of the trust.
  • Registered & communication address of the Trust with Telephone/fax number/e-mail address.
  • Form W-9 or W-8 Series (as appropriate); and:

 

Collective Groups of individuals (includes societies, educational institutions, Associations, Clubs, etc.)

  • Certificate of Existence from an appropriate regulatory authority; or
  • Confirmation of official Charity Registration from the competent tax authority, if they solicit donations from the public.
  • Certified copy of the Rules, Regulations, and By-laws
  • A certified copy of the Resolution to open the bank account (certified by the Chairman of the meeting of the Governing Board or Managing committee or like body, at which resolution was passed), with the list of office-bearers authorized to operate the account in accordance with the Rules and By-laws of the body.
  • Photographs of authorized representatives to operate the bank account with their ID & Address proofs.
  • A copy of the balance sheet in the case of a co-operative society, if available.
  • Form W-9 or W-8 Series (as appropriate); and:
  • Articles of Incorporation
  • EIN certification from the competent tax authority
  • Business Permit/License from an issuing authority
  • Sales Tax Certificate from the country’s tax authority
  • Certification of Tax-Exempt status

 

Informal Organization

  • Form W-9 or W-8 Series (as appropriate); and:
  • Board resolutions; or
  • Meeting minutes; or
  • Official signed attestation from the organization’s leadership.

 

 

 


 

 


 

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