HONG KONG COMPANY BANK ACCOUNT KYC

With the increasingly connected world, financial crime is a growing global issue. The banking institutions will keep updating your company information regularly. The regular checking is called Know-Your-Client, you have to response the KYC properly and in a timely manner.

What is KYC?

KYC means Know Your Client and sometimes Know Your Customer. This check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. In other words, banks must ensure that their clients are genuinely who they claim to be.

Why banks need to arrange this check?

The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities. It also enables banks to understand its customers and their financial dealings to serve them better and manage its risks prudently.

What documents are required by the bank?

Normally, the bank requires a certified ownership structure chart. The chart needs to certified by appropriate officer such as Director, Company Secretary or similar function. Also, the chart should with date and full name printed percentage shareholding, the country/territory of incorporation, the country/territory of business address of each Intermediate Owner up to the Beneficial Owners of the company.

Secondly, the bank may require a business proof, for example, the recent sales invoices and expense. If you are running a trading business, then you have to show your logistic arrangement such as a full set shipping document including shipping invoice, packing list, airway bill and so on.

Last but not the least, the bank may contact you again for additional information after reviewing.

For further information, please contact us.

You may want to read: KNOW-YOUR-CUSTOMER QUESTIONNAIRE REQUEST BY YOUR COMPANY BANK ACCOUNT