Due Diligence

Cayman National strictly complies with the applicable anti-money-laundering requirements in each jurisdiction in which the company operates.

Cayman National has responsibility for verification of the identity of clients and the monitoring of transactions. Accordingly advice will be provided in relation to the declarations and documentation required from potential clients.

A detailed understanding of the purpose and background to the establishment of any offshore structure is required along with documentary support for all major transactions passing through a client's account.

Cayman National reserves the right to request any additional detailed documentation it considers necessary to determine the bona fides of any transaction. Failure by a client to provide adequate supporting documentation in respect of any significant transaction may result in the account being closed and appropriate reports filed with the relevant regulatory and anti-money laundering authorities.

The following documents would normally be requested in support of an application:

Individuals

  • Certified copy of passport or full driving licence which bear a photograph and an original utility bill; and
  • Letter of reference from a bank which gives the following details: name, current permanent address and verification of signature. Alternatively an applicant may provide the name and address of a bank so that the Administrator can contact such bank for same.

Corporations, Partnerships and Limited Liability Companies

  • Certified copy of certificate of incorporation, certificate of organisation or certificate to trade, certified copy of memorandum and articles of association or partnership agreement;
  • List of directors' names (partners' names if a partnership), occupations, residential and business addresses and dates of birth of such directors' (partners' if a partnership);
  • A list of all the authorised signatories and verification of the identity of the directors/partners by way of a certified copy of passport or full driving licence which bears a photograph and an original utility bill;
  • Duly authorized mandate or resolution of the directors/partners to establish a business relationship;
  • List of names and addresses of all shareholders or equity holders who hold 10 per cent or more of the issued share capital of the company and occupations and dates of birth of any such shareholders who are individuals;
  • Details of ultimate beneficial ownership of any company that holds more than 25 per cent of the issued share capital of the company;
  • A letter of reference or permission granting the Administrator to request the same from the company's/partnership's bank; and
  • Copy of the latest annual report to shareholders.

Trusts, Nominee and Fiduciary Clients

  • Evidence verifying proper appointment of trustees (e.g. a certified copy of extracts from the deed of trust or a letter from an advocate/solicitor verifying the same);
  • Copy passport or other evidence of identity detailing each settlor's photograph and signature;
  • Copy recent rates or utilities bill showing each settlor full permanent residential address;
  • In the case of a corporate trustee a copy of the latest annual report to shareholders (if available), certified copy certificate of incorporation, certified copy of by-laws or memorandum and articles of association; and full list of authorised signatories;
  • The nature and purpose of the trust; and
  • Verification of identity of the trustees, settlor, and protector, the person providing the funds and any controller or similar person who has power to appoint or remove the trustees.

IMPORTANT NOTE regarding certification :

Certified copies of documentation requested must be certified by a suitable certifier, for example a lawyer, accountant, notary public, member of the judiciary, embassy official, director or manager of an authorised credit or financial institution or serving police officer.

The certifier must sign and date the copy document (printing his/her name clearly in capitals underneath) and clearly indicate his/her position or capacity on it and provide his/her contact details.

For passport photographs, the certifier should check that the photograph represents a good likeness of the customer and should also state that it is a true copy of the original.   The certifier may wish to complete a covering letter or document, which is then attached to the copy identification document(s) i.e. the certification is not written on the copy identification document itself as long as the covering letter or document contains the information specified in the paragraph above, and it is clear in the letter itself that it refers to the attached document beyond any doubt.