Know Your Client Policy (KYC)

Each bank implements the “Know Your Client” program in its operations, following which they wish to get to know and understand completely the persons and companies they are establishing business relationship with, so that they can be sure the transactions they perform for the benefit of the customer are always correct.

The bank customers should be ready to provide not only the information requested by the bank, but also the information describing the customer business to the maximum possible extent. In order for principles of cooperation between the bank and its customers to be successfully implemented, the customers should be open to cooperation with the bank and willing to provide all information requested by the bank.

Only successful cooperation can result in the bank confidence about customer reputation and financial status, and provide the customer service personnel with precise information on customer wishes and demands, thus ensuring the bank ability to offer exactly the services the customers need.

All account opening and KYC documents have to be carefully reviewed, evaluated and signed off by a Front Office Staff Member (FOS) concerning their compliance with the criteria described in the KYC Policy, before the file is handed over for technical account opening.

Depending on the client category the following documentation criteria for client identification purposes have to be fulfilled (marked with “x”):

Documentation

Private Company Trust

Risk Profile

Х Х Х

Application Form

Х Х Х

Confirmation of Identity

Х Х Х

Confirmation of Residential

Х Х Х

Decl. of Beneficial Ownership

Х Х Х

Opening Memo

Х Х Х

Source of Funds / Wealth

Х Х Х

Business Background

Х Х Х

Personal Background/CV

Х Х Х

Purpose of Account

Х Х Х

Bank / Business Reference

Х Х Х

Trust Papers

- - Х

Company Papers

- Х -

Special Agreements

X Х Х

Tax Documents

X X Х