Joint Account Setup

Purpose

This procedure governs the establishment and management of joint accounts held by two or more individuals. It defines the documentation requirements, mandate types, operational rules, and risk considerations applicable to joint account relationships.

Scope

This procedure applies to all joint accounts opened for individual clients (retail and private banking segments). Corporate joint ventures or partnership accounts are governed by the Corporate Account Opening Procedure and are outside the scope of this document.

Mandate Types

Joint accounts are established under one of the following mandate types, as agreed by all account holders at the time of account opening:

Mandate Type	Description	Operational Rule
Either or Survivor	Any single account holder may operate the account independently	Single signature sufficient for all transactions
Both to Sign	All account holders must jointly authorise transactions	All signatures required for debit transactions
Any Two to Sign	Any two of the account holders may jointly authorise transactions	Two signatures required for debit transactions

The mandate type is recorded in the Core Banking System (CBS) and enforced systemically for all transactions processed through the account.

Documentation Requirements

All joint account holders must individually satisfy the Bank's standard KYC requirements, including government-issued photo identification, proof of address, and Tax Identification Number (TIN).
A Joint Account Agreement must be completed and signed by all parties. This agreement specifies the mandate type, rights and obligations of each account holder, and provisions for death of an account holder.
Specimen signature cards must be provided by all account holders.
Where one or more account holders are non-resident, additional documentation may be required, including proof of non-resident status, foreign tax identification, and CRS/FATCA self-certification forms.

Procedure

Step 1: Application

All prospective joint account holders attend the branch together (or submit individual applications through authenticated digital channels) to express their intent to open a joint account.
The Account Opening Officer explains the available mandate types and their implications. The officer must ensure that all parties understand and agree to the selected mandate.
Each account holder completes the individual account opening application form and the joint account supplement.

Step 2: KYC and Screening

The officer performs KYC checks on each account holder individually, including identity verification, sanctions screening, and PEP checks.
If any account holder is flagged during screening, the entire joint account application is referred to Compliance for review before proceeding.
The risk rating for the joint account is assigned based on the highest individual risk rating among the account holders. For example, if one holder is rated Medium Risk and another High Risk, the account is classified as High Risk.

Step 3: Account Creation

The officer creates the joint account in CBS, linking it to the Customer Information File (CIF) of each account holder.
The mandate type is configured in CBS to enforce the appropriate authorisation rules for debit transactions.
Digital banking access is provisioned for each account holder individually, with permissions aligned to the mandate type.

Step 4: Activation

The account is activated upon receipt of the initial deposit (if required) and completion of all KYC and compliance checks.
Each account holder receives a copy of the Joint Account Agreement and the account welcome pack.

Operational Rules

Transaction Processing

Credit transactions (deposits, incoming transfers) are accepted regardless of the mandate type.
Debit transactions are processed in accordance with the mandate type. For "Both to Sign" and "Any Two to Sign" mandates, all required signatures must be verified before execution.
For digital banking transactions on accounts with multi-signatory mandates, the CBS workflow engine routes the transaction for approval by the required number of signatories.

Death of an Account Holder

Upon notification of the death of a joint account holder, the account is immediately placed on a debit freeze pending receipt of a certified death certificate and legal documentation.
For "Either or Survivor" mandates, the surviving account holder(s) may continue to operate the account upon presentation of the death certificate and completion of the survivorship claim process.
For "Both to Sign" mandates, the account remains frozen until a court order or probate documentation directs the Bank on the disposition of the deceased's interest.

Disputes Between Account Holders

In the event of a dispute between joint account holders, either party may request that the Bank place a debit freeze on the account. The freeze remains in place until all account holders provide joint written instructions to lift it, or until the Bank receives a court order directing specific action.