New Account Opening Procedure

Purpose

This procedure defines the standard process for opening new accounts for individual and corporate clients. It ensures that all account openings comply with the Bank's Know Your Customer (KYC) requirements, anti-money laundering regulations, and internal operational standards.

Scope

This procedure applies to all account types offered by the Bank, including current accounts, savings accounts, fixed deposit accounts, and specialised accounts (e.g., escrow, trust, and fiduciary accounts). It covers both retail and corporate client segments across all branches and digital channels.

Eligibility and Documentation

Individual Clients

Document	Requirement
Government-issued photo identification	Mandatory (passport, national ID, or driving licence)
Proof of address (utility bill, bank statement)	Mandatory (dated within 3 months)
Tax Identification Number (TIN)	Mandatory
Source of funds declaration	Mandatory for deposits exceeding USD 25,000
Employment or income verification	Required for credit-linked accounts

Corporate Clients

Document	Requirement
Certificate of Incorporation	Mandatory
Memorandum and Articles of Association	Mandatory
Board Resolution authorising account opening	Mandatory
List of directors and beneficial owners	Mandatory (with ID for each)
Audited financial statements (latest year)	Mandatory for accounts with credit facilities
Business licence / regulatory permits	As applicable

Procedure

Step 1: Client Request and Initial Screening

The client expresses interest in opening an account via branch visit, online application, or referral from a Relationship Manager.
The Account Opening Officer conducts an initial screening to confirm eligibility, including a preliminary check against sanctions lists and adverse media databases.
If the client or any associated party appears on a sanctions list or is flagged during screening, the application is escalated to Compliance before proceeding.

Step 2: KYC and Documentation Collection

The Account Opening Officer collects all required documentation as per the applicable checklist (individual or corporate).
Original documents are verified and certified copies are retained. For digital applications, certified true copies or notarised documents are accepted.
The officer completes the Client Risk Assessment (CRA) form, assigning a risk rating (Low, Medium, High) based on the client's profile, jurisdiction, industry, and transaction patterns.

Step 3: Compliance Review

All Medium and High-risk client applications are referred to the Compliance team for enhanced due diligence (EDD) review.
Compliance must complete the EDD review within three (3) business days for Medium-risk clients and five (5) business days for High-risk clients.
Low-risk client applications proceed directly to account setup upon completion of standard KYC checks.

Step 4: Account Setup in CBS

The Account Opening Officer creates the account record in the Core Banking System (CBS), entering all client details, account type, currency, and product parameters.
The account number is generated automatically by CBS and linked to the client's Customer Information File (CIF).
Account signatory details, mandate instructions, and communication preferences are recorded in the system.

Step 5: Activation and Welcome

The account is activated upon successful completion of all checks and receipt of the initial deposit (where applicable).
The client receives a welcome pack containing the account number, terms and conditions, fee schedule, and instructions for digital banking enrollment.
The Relationship Manager (if assigned) is notified of the new account opening for follow-up engagement.

Turnaround Times

Client Type / Risk Level	Target Turnaround
Individual — Low Risk	Same day (walk-in) / 1 business day (online)
Individual — Medium Risk	3 business days
Individual — High Risk	5 business days
Corporate — Low Risk	3 business days
Corporate — Medium/High Risk	5–10 business days

Record Retention

All account opening documentation, KYC records, and compliance review notes must be retained for a minimum of ten (10) years from the date of account closure, in accordance with regulatory requirements and the Bank's Data Retention Policy.