Eternity Law International — News — Bank Verification Methods

Bank Verification Methods

Published:
June 17, 2020

Bank verification methods, in other words, compliance procedure. The compliance procedure is the only thing that connects all foreign banks.

They are distinguished by approaches to work, internal politics, but each of them always monitors the compliance of the activity with the rules and legislation. Thanks to this, banks keep the value and safety of the funds of all investors.

Compliance implies adherence to all norms, laws and guidelines, both internal and external. Before you create your own account in a foreign bank, you will need to perform this procedure.

In the article, we will tell you in detail everything about compliance, why it is needed, and what risks the CIS companies face in the process.

WHAT FUNCTIONS DOES THE COMPLEX DEPARTMENT IN BANKS DO?

The main task of the audit department is to timely detect money laundering, suspicious and illegal transactions, tax evasion and everything that may not comply with the rules and policies of the bank.

Based on this, a brief conclusion can be made: compliance allows you to prevent and detect any discrepancies, illegal operations and violations in the work of the company or legal entity.

What tasks are assigned to the department?

The tasks of the compliance department are as follows:

Development of rules by which the identification of future and current customers is carried out.
Control of all money transfers
Checking potential investors. Collection of information on economic transactions, the legality of the source of money and capital.
Control of companies and individuals that are already customers of the bank. Verify all the documents submitted, verify the authenticity, correspondence of money transfers to the declared type of activity of the company.

The compliance department identifies and eliminates all risks that could cause serious damage to the bank and the entire financial system. To conclude an account opening agreement, only reliable companies are considered.

HOW DO BANKS CHECK THEIR POTENTIAL AND EXISTING CLIENTS? Bank verification methods

Without passing the check, you cannot create an account with a foreign bank. This is one of the most important stages. Bank employees take this procedure responsibly and scrupulously.

Particular attention is paid to individuals and companies registered in the CIS countries. Often, the bank additionally requests personal and corporate documents, certificates, statements for recent years, letters of recommendation.

Many firms from the CIS countries are denied opening a bank account.

Take this test seriously. Fulfill the bank’s requests at the request of the necessary securities, answer the questions clearly and transparently.

Keep in mind that to open a foreign account you do not need to go to the country where the bank is located, as well as for compliance. Do not rely on the opportunity to “agree on the spot.”

You can visit the country personally only after signing the investment agreement. You will be issued a permanent residence permit or a European passport, depending on the country in which you invest.

After successfully opening a bank account, regular checks await you. If suspicious transactions are detected, an additional investigation is conducted.

They may ask for a second operation due to a change in international requirements, a change in the management of the bank, or the date of a new audit has approached, there were suspicious money transfers.

Our organization will help to keep track of the correct document management and transaction integrity. We hope to build strong relationships in the future.

HOW TO BECOME A CLIENT OF A FOREIGN BANK?

If you need an account with a foreign bank, send an application by e-mail. We will find you a profitable bank, help in the compliance procedure. Our staff will do everything to make you satisfied with the work done:

  • make a full assessment of the company, name possible causes of failure;
  • check the correct dates in the documentation, correct possible errors;
  • form a set of documents for applying for an account;
  • request additional applications;
  • prepare forms for the execution of the contract;
  • explain how the whole procedure will go;
  • prepare for a conversation with the manager of the verification department.

You can send an application for creating an account with a foreign bank, passing an audit to us by e-mail. A personal consultant will write or call you back, who will oversee everything until the process is completed successfully.

All our employees are professionals, have higher education and years of experience behind them.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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