Know Your Client (KYC) New Accounts for Non Resident Aliens [NRA]

Overview:

Brokerage firms are prohibited from having correspondent accounts for foreign shell banks. A foreign shell bank is a foreign bank that does not have a “physical presence” in a country. This means the bank:

• does not maintain a place of business that is located at a fixed address in its licensing jurisdiction;
• does not have one or more full-time employees at its fixed location;
• does not maintain operation records;
• and it is not subject to the inspection by the foreign bank’s licensing banking authority.

We must verify the identity of foreign customers or entities when opening a new brokerage account. We are required to do the following:

• verify the identity of the account holder that is opening the account in a reasonable and practical way;
• maintain records of the information used to verify the person’s identity, such as name, address and other identifying information;
• and review of the list of known and suspected terrorists from the Office of Foreign Asset Control (“OFAC”).

We can not open accounts or do business with individuals/entities on the OFAC list or residents of sanctioned countries (Please check with Spire Operations on sanctioned countries).

NOTE: See attachment below for Know Your Client Profile [KYC] 

Documentation Needed

* Individual/Joint

1. Spire new account form
2. W-8 Form
3. Copy of customer’s passport
4. KYC form completed by Rep/Advisor with a statement on the customer’s source of wealth. i.e.: inherited, business, accumulated savings, etc.

*Trust Account

1. Completed account application.
2. Trustee certification (an RSI form) or copy of the trust agreement signed by the trustees.
3. The agreements must be signed by all trustees.
4. W-8 Form
5. Copy of customer’s passport
6. KYC form completed by Rep/Advisor with a statement on the customer’s source of wealth. i.e.: inherited, business, accumulated savings, etc.

* Partnership Account

1. Completed account application.
2. Partnership agreement signed by all partners.
3. 3 The agreements must be signed by all partners.
4. W-8 Form
5. Copy of customer’s passport
6. KYC form completed by Rep/Advisor with a statement on the customer’s source of wealth. i.e.: inherited, business, accumulated savings, etc.

* Corporate Account

1. Completed account application.
2. Corporate resolution.
3. Corporate account authorization signed by the president and certified by the secretary with the corporate seal affixed.
4. The agreements must be signed by authorized person(s).
5. W-8 Form
6. KYC form completed by Rep/Advisor with a statement on the customer’s source of wealth. i.e.: inherited, business, accumulated savings, etc.

* Private Investment Corporations (“PIC”)

1. Completed account application.
2. Corporate resolution.
3. Corporate account authorization signed by the president and certified by the secretary with the corporate seal affixed.
4. The agreements must be signed by authorized person(s).
5. W-8 Form
6. KYC form completed by Rep/Advisor with a statement on the customer’s source of wealth. i.e.: inherited, business, accumulated savings, etc.

* Charitable Organization Account

1. Completed account application.
2. Organization account authorization signed by the head of the organization and certified by the secretary.
3. Copy of articles or by-laws.
4. W-8 Form
5. KYC form completed by Rep/Advisor with a statement on the customer’s source of wealth. i.e.: inherited, business, accumulated savings, etc.