Account Opening Procedures Clause Samples
The Account Opening Procedures clause outlines the steps and requirements necessary for a party to establish an account with a financial institution or service provider. Typically, this clause details the information and documentation that must be provided, such as identification, proof of address, and any relevant corporate documents for business accounts. By specifying these procedures, the clause ensures compliance with regulatory standards, helps prevent fraud, and sets clear expectations for both parties regarding the process of initiating an account relationship.
Account Opening Procedures. To the extent the Transfer Agent receives and processes account applications for the Trust, the Transfer Agent shall ensure each customer (as defined under 31 CFR ss. 103.131(a)(2) ("Customer") who is seeking to open an "account" (as defined under 31 CFR ss. 103.131(a)(1) ("Account") provides the required data elements listed under 31 CFR ss. 103.131(b)(2)(i) ("Identification Data"), prior to opening an Account for a Customer. In addition, the Transfer Agent shall ensure that each Customer receives the notice required under 31 CFR ss. 103.131(b)(5) prior to opening the Customer's Account.
Account Opening Procedures. The Grantor and the Beneficiary shall, as a condition of establishing this Trust Account with the Trustee, complete the attached Supplemental Documents and provide any supplemental information required by the Trustee in connection with its normal account opening procedures.
Account Opening Procedures. You acknowledge that as part of the account opening procedure the Company shall be entitled to collect information allowing construction of an economic profile of the client.
Account Opening Procedures. In addition to its CIP process referenced above, Paxos will, as part of its account opening process: (i) cross-check the names of users against compliance databases such as the OFAC Specially Designated Nationals list and other governmental watch lists; (ii) require users to verify and validate their identity and identification documents presented at onboarding; (iii) require certain information related to your tax status; and (iv) not permit any activity on platform with incomplete account opening information. Paxos or IB may also require that you provide certain tax information, including a W-9, W-8BEN or W-8BEN-E prior to opening your Account. By doing so you are confirming that the information contained therein is true, complete and accurate. If any of the information is found not to be true, complete and accurate, Paxos reserves the right to freeze and/or terminate your Account without any further notice to you.
Account Opening Procedures. Additionally, Paxos will, as part of its account opening process: (i) cross-check the names of users against compliance databases such as the OFAC Specially Designated Nationals list and other governmental watch lists; (ii) require users to verify and validate their identity and identification documents presented at onboarding; and (iii) not permit any activity on platform with incomplete account opening information.
Account Opening Procedures