Isle of Man: corporate bank account opening

Obtain the company's registration evidence, constitution, directors and business details. The Isle of Man registry guide distinguishes companies formed under the 1931 and 2006 Acts and the available filings. Obtain home-country records for a foreign entity.

Ownership and mandate

Apply Part 4 of the AML/CFT Code 2019 to identify the corporate customer and beneficial owners and verify the relevant identities. Obtain shareholder records and documents explaining indirect ownership, nominee holdings and other control rights. Do not substitute the company's registered agent for its owners.

Verify representatives and authority. Request the resolution or power of attorney covering the account and retain the signatory mandate, including any joint-signature requirements.

Establish the source of the funds

Obtain the purpose of the relationship and take the required measures to establish source of funds. If money arrives from an account outside the customer's name, obtain the reason, identify the account holder and perform the additional checks required by the risk and the Code.

Apply enhanced measures for higher-risk cases, including relevant PEP enquiries and approvals, and resolve sanctions findings before acceptance. Where required CDD cannot be completed, follow the Code's restrictions on proceeding and its disclosure provisions.

Review changes in ownership, account operators and funding during the relationship, obtaining the documents needed to resolve the particular change.