Providing certified identification documentation – Personal Account
19 March 2014
The Isle of Man has applied the "Know Your Customer" ("KYC") principle since 1985 and as a licensed bank, we have an obligation to identify and verify the identity of all of our clients.
We are also required to update this documentation if it becomes no longer valid, such as when a passport expires, or if the ownership of an account changes.
KYC is a convenient term to describe the process of obtaining, retaining and using information about a customer such that their identity and residential address are verified, the source of funds and wealth are understood, financial circumstances are understood, and the nature of the transactions he/she undertakes are understood in the context of their known personal circumstances and activities. Increasingly the term "Customer Due Diligence" ("CDD") is being used to represent the same concepts.
For a brand new customer to Permanent Bank International, we ask for this documentation from the beginning of the relationship and usually it accompanies the application form.
The items we ask for are:
- Certified copy of a valid passport or driving licence showing the picture and signature pages and
- A certified copy of a recent (no older than 6 months old) utility bill or bank statement
The types of utility bills and statements we can accept are varied but generally include the following:
- Gas bill
- Electricity bill
- Water bill
- Telephone bill (not mobile)
- Bank statement
- Mortgage statement
- Credit card statement (not a store card)
- Council tax/rates bill
This list is not exhaustive and we suggest that if you cannot provide any of the above, please call our Client Relations Team on +44 (0) 1624 673373, who can help you and determine an acceptable form of address verification.
Certification of these documents means taking them to a recognised suitable certifier to have them photocopied and the words “I certify that this is a true copy of the original” written or stamped onto the photocopy.
We class the following list as suitable certifiers:
- qualified lawyer or notary public, who is a member of a recognised professional body;
- qualified accountant, who is a member of a recognised professional body;
- qualified actuary who is a member of a recognised professional body
- commissioner for oaths;
- director, company secretary or manager of a regulated financial business;
- government or consular official or
- serving police officer
- customs officer
Again, depending where you are in the world, you may not have direct access to one of the above so please contact our Client Relations Team on +44(0) 1624 673373 for clarification and advice.
Examples of certified documents:
We have produced a handy guide to help clients, new and existing, with providing the right documentation which can be found by clicking here, however, if you have any questions about providing the right documentation, please do not hesitate to call the Client Relations Team on +44 (0)1624 673373.