Introduction:

Know Your Customer (KYC) Checklist – Institutions & Non-Individuals


(The information on Section (A) and (B) must be obtained and retained for Institution & Non-Individuals notably limited liability company, partnership, sole-proprietorships, clubs & societies, non governmental organisations (NGO), ministries, departments & agencies (MDAs), trusts and others (specify) including their authorized signatories*, principal beneficial owners, directors and persons* with control over the company’s assets.  (Note: Control is determined as owners entitled to exercise or control the exercise of 30% or more of voting rights)

Any additional documentation or details can be uploaded via the Comments at the bottom of each Task

Section A - Basic Information Requirements

Basic Information Requirements Applicable to the Account

Section B - Mandatory Checks

Mandatory Checks Applicable to the Account (Complete this section only once for the account)

1. Status Verification: Name and or identity search conducted using prescribed “special Reference Listing” eg. sanction lists, PEP list, blacklist etc?

2. Name and Address Verification for corporate body: Name and registered address verified and supported by one of the following accepted documents

  • 1
    Certificate of Incorporation
  • 2
    Partnership deed
  • 3
    Trust deed
  • 4
    Certificate from the registrar of a societies / business

Trading address, if not the same as above official documents, is verified separately and evidence of verification documented on file?

3. Purpose of Account: Specify purpose for opening the account

  • 1
    Transactional
  • 2
    Investment
  • 3
    Others, please specify below

4. All Directors Names and Contact Addresses:

5. Source of Funds: Source of funds passing through the account

  • 1
    Sales proceeds
  • 2
    Services rendered
  • 3
    Trust funds per Trust Deed
  • 4
    Others, please specify below

6. Anticipated Volume and Type of Activity: Obtain information on the customer’s anticipated Volume and Type of Activity to be conducted across the account

Deposits (including inward remittances)

Withdrawals (including outward remittances)

7. Unincorporated Business/Partnerships: Have you established that the business has been set up for the legitimate purpose stated? (E.g. A visit to the trading address or sighting annual accounts/tax returns to confirm true nature of the business activities)

Section 1 – Indicate if the Applicant belongs to any of the following

Level 1 - Low Risk Customers: If the applicant(s) or authorized signatories fall into any of the following categories, check the appropriate box

  • 1
    The applicant is a limited liability company, partnership, sole-proprietorships, clubs & societies, non governmental organisations (NGO), ministries, departments & agencies (MDAs), trusts but not associated with Politically Exposed Person (PEP).
  • 2
    The applicant does not reside or operate in a high risk country.
  • 3
    The applicant whose funding is sourced from normal business activities.

Section 2 – Indicate if the Applicant belongs to any of the following

Level 2 – Medium Risk Customers: If the applicant(s) or authorized signatories fall into any type of account that is not listed as either Level 1 and 3

Section 3 – Indicate if the Applicant belongs to any of the following

Special or High Risk Customers: If the applicant(s) or authorized signatories fall into any of the following categories, check the appropriate box.   If not applicable, kindly ignore Sections 3 & 4

The applicant resides or operates in a high risk country. Please check website (www.oecd.org/fatf) for the list of Non-Cooperative Countries & Territories (NCCTs) provided by the Financial Action Task Force (FATF) and indicate the name of the NCCT country

Section 4 – Complete this section if applicant satisfied one or more categories in Section 3

Applicant Source of Wealth: Require details of applicant’s source of wealth and estimated net worth. Kindly, indicate source of applicant’s net-worth:

  • 1
    Business
  • 2
    Investments
  • 3
    Salary
  • 4
    Inheritance/Gift
  • 5
    Other income source

NOTE :  For applicants completing Section 4, the joint approval of Managing Director and the chief compliance officer of the bank or their appointees  is mandatory.

CAUTION: Any ‘No’ answer above must be backed by appropriate comments by the responsible staff.  A superior officer must review this form for completeness and accuracy and approve the account opening. Information on this form must be updated as and when necessary.  All evidence supporting approval for this form must be retained for examination of Bank of Ghana.

Section 5 – This section must be completed for all applicants categorizing them into one of three (3) risk levels

To be completed By Account Opening Officer: (All form entries are timestamped with the users email)

To be reviewed by Branch Manager or other superior officer: (All form entries are timestamped with the users email)

CAUTION:  Account Opening for Risk Applicant as identified in Section 3 must be approved jointly by the Managing Director / Chief Executive Officer and Chief Compliance Officer or by their designated officials as follows: (All form entries are timestamped with the users email)

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