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APPROVED INTERMEDIARY

APPROVED INTERMEDIARY PROGRAM
Simplified Account Management for Enhanced Compliance

At BONI, knowing your client (KYC) and Compliance is a dynamic process. The Bank facilitates the opening of accounts for our clients under two arrangements:

 

  1. Transactional Account Opening (Client controls Bank Account)

  2. Approved Intermediary Programme

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The acceptance of foreign currency deposits represents a substantial part of our business and, as such, we are always delighted to accept the offer of new business that could lead to a mutually rewarding relationship and our provision of ancillary services.

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OPENING BANK ACCOUNT

CLIENT CONTROLLED

All personal applications must be accompanied by a Source of Funds Affidavit. We aim to open all accounts within seven days of receipt of all required documentation.

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APPROVED INTERMEDIARY PROGRAMME

RELATIONSHIP ACCOUNT OPENING

(INTERMEDIARY CONTROLS BANK ACCOUNT)

Many of the companies introducing business to us are regulated international financial intermediaries who act as trustees and/or provide corporate management services to their clients. Invariably, the fiduciary services include powers to operate client’s bank account, all for the benefit of the clients.

The Anti-Money Laundering Regulations of St. Kitts and Nevis enable us to open bank accounts on behalf of clients of financial intermediaries with a reduced level of due diligence provided such accounts will be controlled by the intermediary and that such intermediary is a regulated entity in a jurisdiction that is considered to have “equivalency” with St. Kitts and Nevis relative to Anti Money Laundering and KYC Regulations.

With a view to expanding our client base but not compromising our risk-based approach, we have introduced our Approved Intermediary Programme, specifically to meet the needs of international financial intermediaries who provide fiduciary services, a component of which is their management of clients’ bank accounts.

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MAIN FEATURES
Approved Intermediary Programme

  • We possess a detailed understanding of each other’s business model, ethics and the banking needs of the Intermediary’s clients;

 

  • We acquire a detailed appreciation of each other’s Compliance Standards and AML/KYC practices and procedures when establishing “equivalency”;

 

  • We maintain a proactive open dialog regarding ways and means of better servicing the Intermediary’s needs;

 

  • The Intermediary is required to undertake full due diligence on the Beneficial Ownership of all new accounts referred to us;

 

  • While we are prepared to consider opening new accounts on the basis of essential documentation only being provided to us, we reserve the right to call for production of full due diligence documents at any time

MAIN BENEFITS
Approved Intermediary Programme

  • A concise account application process supported by essential due diligence documentation;

 

  • A fast-track approach to the review of applications and the opening of accounts;

 

  • Designated personnel and alternates allocated to Approved Intermediary, thereby ensuring continuity of approach to client relationship management;

 

  • Customised Operations Manual incorporating Service Level Deliverables, including a competitive Tariff; and

 

  • A long-lasting, mutually rewarding and trusted partner

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