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Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
The bank should give importance to cash and check deposits equal to that given to cash and check withdrawals. Aa a minimum requirement, the bank shall obtain full personal information of the depositor and his/her signature. A due consideration should be given to the volume and nature of other information that the bank should collect from depositors. Such information varies according to the type and nature of the deposited funds, deposit volume and recurrence, and the relationship between the depositor and the person/business receiving such deposit. Below are examples of different situations and how the bank should respond:
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When a natural person wants to deposit funds (personally in his/her name or in the name of another natural person) in his/her bank account, another natural person’s account or juristic person’s account, the bank in this case shall obtain the personal information of the depositor. Such information includes the depositor’s full name, address, telephone number, signature, and ID number in accordance with the provisions of Rule (3.1.1) and Rule (3.1.2) of Chapter II herein.
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When a natural person wants to deposit funds in a bank account on behalf of a juristic person (e.g. establishment, company, shop or any other entity) he/she does not own or is not authorized to manage its accounts, the bank shall then obtain the abovementioned information from the depositor in addition to the following:
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The purpose of the deposit clearly identified in the deposit slip.
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The name of the principal depositor (the juristic person) and the name and information of the representative (depositing on behalf of the juristic person) as stated above. Such information shall be contained in the deposit slip. The bank shall not limit the deposit slip information to only the names of the company and depositor.
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A copy of the authorization granted to the depositor (natural person) by the principal depositor (juristic person), not by the beneficiary. The authorization may be attested by the chamber of commerce or made on the bank’s special form and the signature contained is certified by the bank. The authorization can also be in a form of a power of attorney issued by a notary public or a notary, permitting such natural person to deposit funds on behalf of the principal depositor (juristic person) in the bank account(s) of other natural or juristic persons. The authorization copy shall be certified by the bank as a true copy of the original and shall be kept in a separate file or attached to the deposit slip in the bank’s daily work record.
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Banks shall not continue to use the word “himself/herself next to the “customer’s name” if the depositor is the account holder. In such case, the bank shall write the full name of the depositor and all data contained in the deposit slip. However, the exception to this provision is when the depositor’s signature on the deposit slip is the same as that of the account holder, provided that the bank employee shall verify the authenticity of the depositor's signature and certify that he/she is the holder of the account.
