Jersey: corporate bank account opening

Obtain the corporate customer's registration, governing documents, directors and business details. The Jersey registry guide explains Registry extracts and filings. For an overseas company, use its home-country records rather than assuming a Jersey registration search supplies its owners.

Follow ownership and control

The Money Laundering Order and JFSC Handbook require the relevant customer and beneficial-owner identification measures, including understanding a legal person's ownership and control. Obtain shareholder records for corporate layers and agreements explaining nominees, voting rights or appointment powers.

Where a trust owns the shares, obtain the trust documents and identify the relevant trust parties under the Handbook. A corporate trustee's registration identifies that company; it does not identify all the people who control or benefit from the trust.

Verify representatives and their authority. Obtain the account resolution, mandate and any delegation, including joint-signature and payment limits.

Source of funds and approval

Establish the account purpose, expected activity and funding under the Handbook's risk-based requirements. If the opening funds come from an asset sale, obtain the sale agreement and remittance evidence needed to substantiate that source.

Apply enhanced and PEP measures where required and resolve sanctions findings. Complete the required verification before the relationship unless the applicable timing conditions permit otherwise; document any exception and controls.

Refresh the affected CDD when owners, trustees, operators or funding arrangements change and investigate activity inconsistent with the recorded business.