Instructions
1) The purpose of this checklist is to ensure you submit all required documentation in order to minimise delays and allow your application to be processed as quickly as possible.
2) Incomplete applications may not be accepted. Butterfield reserves the right to request further information wherever deemed necessary.
3) This checklist covers the opening of the following:- Current accounts, Call & Fixed deposits, Butterfield Fund accounts and Butterfield Online internet banking. If you are interested in other products or services please contact our Call Centre at
(441) 295 1111 for assistance.
4) There are minimum amounts required to open accounts at Butterfield and its wholly owned subsidiaries. Please ask any of our service representatives or visit our website at www.butterfieldgroup.com for details.
5) Notification of account details will be sent by e-mail unless otherwise requested; therefore the relevant e-mail contact for this purpose should also be specified.
6) If you have any questions, including information on additional products (i.e. Business Cards) please contact our Call Centre or any Corporate Banking representative at (441) 295 1111.
1 – GENERAL REQUIREMENTS
NOTE: Section 1 to be completed by all applicants. Refer to Section 2 for additional requirements based on entity type:
2.1 – COMPANY
2.2 – TRUST / 2.3 – LIMITED PARTNERSHIP
2.4 – FINANCIAL INSTITUTION
A. Cover Letter / Yes
(i) A written request for new accounts on the Company Letterhead.
(ii) Duly signed by an authorised signatory of the entity.
(iii) Include a clear summary of the Company’s business operations, organisation and ownership structure.
(iv) State the intended use of the account(s), including specific account types and currencies required.
(v) For Exempted and International businesses, provide reason for incorporating and/or banking in Bermuda.
(vi) Existing customers are required to include a statement in writing to confirm that all required documentation per the checklist has been previously provided and no changes have since taken place OR where changes have taken place, updated documentation has been enclosed with the application.
B. Corporate Account Application Form
The Corporate Account Application Form must be completed for all new clients. For existing clients opening additional accounts, the Corporate Account Application Form Section 5 only, must be completed and submitted. Please complete all required fields.
C. Declaration of Tax Status
The Declaration of Tax Status must be completed by all beneficial owners with an equity interest >10%.
D. Current Certificate of Incumbency
This document must include details of all Directors and Officers and be signed and dated by the Company Secretary with the Company seal affixed.
E. Company Mandate
Dated and signed in accordance with the company’s statutory documents. Resolutions will be considered in lieu of prescribed Mandates but must in any case, resolve to adopt, verbatim, the entire contents of the applicable Butterfield Mandate.
F. Specimen Signatures
Please submit documentation bearing all the names and signatures of duly authorised persons in accordance with the Company Mandate. These can be included on the Company Mandate or can be by way of:
(i) a Corporate Resolution with attached signatory listing and sample signatures
G. Verification of Authorised Signatories (all entities)
Notarised / certified copy(ies) of valid passport(s) for all authorised signatories on the account. A passport is the only accepted form of identification.
H. Disclosure of Beneficial Ownership (not applicable to Public Companies)
Disclosure of ultimate individual beneficial ownership ≥10% is required. Where the beneficial owner identified is not an individual, beneficial ownership of the respective entity is required to be traced back until ultimate individual beneficial ownership is identified. See entity-specific requirements below for documentary evidence required.
I. Verification of Beneficial Ownership (not applicable to Public Companies)
The following is required for all disclosed beneficial owners on the account holding ≥ 10% ownership:
(i) Notarised / certified copy(ies) of valid passport(s); AND
(ii) Proof of Residential Address (e.g. recent utility bill, independent bank statements (non Butterfield) are acceptable, or similar).
Note: The Bank may request additional information on verification of beneficial owners at any time.
J. Tax Declaration
Confirmation in the respective Corporate Account Application Form that all tax and exchange control reporting requirements imposed by any applicable jurisdiction will be complied with in respect to proposed account.
Note: The Bank may request evidence of declaration of accounts with the relevant tax authority in any applicable jurisdiction.
K. Proof of Business
Annual Report OR latest Financial Statements and Auditors Reports OR Business Plan OR equivalent (all new funds must provide a copy of the prospectus).
L. Additional Account Opening Documentation (Required if using these products / services)
(i) Executed Share Subscription forms
(ii) Facsimile (Fax) Authority Form
(iii) Executed Butterfield Online Internet Banking Agreement and Application (if applicable)
2 – ENTITY SPECIFIC REQUIREMENTS
2.1 – COMPANY
A. Certified copy of Incorporation Certificate
B. Certified copy of The Memorandum of Association
C. Certified copy of the Articles of Association (for companies incorporated outside Bermuda only)
D. Certified copy of Share Register(s) disclosing ultimate individual beneficial ownership
E. Certificate of Good Standing (for companies incorporated for longer than one year)
2.2 – TRUST
A. For Trust Companies that are REGULATED in approved jurisdictions the following is required:
· Confirmation from the Trust Company
- that the Trustees have been appointed
- on full disclosure of the settlor and beneficiaries (i.e. full names, D.O.B., nationalities)
- that they are registered as a sponsoring agent for FATCA.
· Comfort Letter
· Proof of Regulation (i.e. Certified License)
B. For Trust Companies that are NOT REGULATED / in non-approved jurisdictions, the following is required:
REGULATED in non-approved jurisdictions
· Confirmation from the Trust Company
- that the Trustees have been appointed
- on full disclosure of the settlor and beneficiaries (i.e. full names and D.O.B.)
· Comfort Letter
· Full KYC – ID’s and address verification on beneficiaries
· Proof of Regulation (i.e. Certified License)
· 1 Trustee reference
NON-REGULATED Trust Companies
· Confirmation from the Trust Company
- that the Trustees have been appointed
- on full disclosure of the settlor and beneficiaries (i.e. full names and D.O.B.)
· Full KYC – ID’s and address verification for beneficiaries
· 2 Trustee references
2.3 – LIMITED PARTNERSHIP
A. Certified copy of the Partnership Agreement
B. Certified copy of the Certificate of Registration for a Partnership to be registered as an Exempted Partnership or Limited Partnership
C. Certified copy of Register of Limited Partners of the Limited Partnership disclosing individual beneficial ownership
D. Resolution from the General Partner relating to authorised signatories on the account
2.4 – FINANCIAL INSTITUTION
A. Certified copy of Incorporation Certificate
B. Evidence of Licence
C. Anti-Money Laundering / Anti -Terrorist Financing
Where an Institution is accepting funds on their client’s behalf, completion of the following is required:
For REGULATED institutions in approved jurisdictions:
· AML Comfort Letter, confirming the Institutions AML Policy and Procedures
For REGULATED institutions in non-approved jurisdictions:
· AML-ATF Questionnaire
For NON-REGULATED institutions:
· AML-ATF Questionnaire
· Copy of AML Policy and Procedures
Information Classification: Confidential Page 4 of 4
The Bank of N.T. Butterfield & Son Limited