How to Comply with Bank Checks to Ensure a Smooth Citizenship Application

How to Comply with Bank Checks to Ensure a Smooth Citizenship Application
October 2, 2019 - Guide

Whether it’s opening a new bank account or attempting to send funds abroad, we need to adhere to increasingly stringent, complicated and ever-changing banking compliance policies.

Complying with KYC policies as well as global anti-money laundering and counter terrorism financing (AMT/ CFT) regulations are a key aspect of a successful citizenship by investment application.

Here are PassPro's tips on how you can comply with the bank’s due diligence demands and execute your investment transfer smoothly.

Embrace an Attitude of Cooperation

Governments and national banks have to protect their sovereign interest and the future of their citizens first. Strong due diligence, sound risk management and stringent regulatory practices are essential to the citizenship by investment application process. Expect and be willing to comply.

Disclose in Full Your Source of Funds and Source of Wealth

You need to disclose clearly whether your funds and wealth originate from your current or former employment income, former entrepreneurial or active entrepreneurial activities, family fortune, recent sale of assets or other forms of income.

Declare Your Money Trail

You will need to disclose a minimum of three companies or persons you do business with, the geographical locations of your business activities, and what kind of business activities you are involved in. In addition, you will also have to declare where your funds are held or invested such as in real estate holdings, bonds, shares, investment accounts, savings accounts, business assets or personal fixed assets.

Execute Your Investment Transfer from Your Personal Bank Account

The citizenship application form requires you to submit a 12-month bank statement from an internationally recognized bank with which you have maintained a banking relationship for more than 2 years. You must provide the personal bank account details you will use to transfer the investment funds to the Government.

You must execute your investment transfer from the same bank account declared in your citizenship application form. Do not use a third-party bank account, neither that of a family member, friend nor a business partner to execute your investment transfer to the Government as it can lead to a further burden of due diligence and will most certainly delay your application.

Be Prepared to Explain Large Transactions

You will be expected to provide a credible explanation for large or unexplained transactions on your bank account statements, with documents or as a written affidavit, as large transactions are considered clear red flags under AMT/CFT regulations.

Our team at PassPro would be happy to answer any specific questions you have and offer end-to-end guidance on applying for a second citizenship. Please fill in the form below, email us on [email protected] or call us on +97145541449 for a no obligations consultation on second citizenship.

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