Bank Of Georgia Kyc Form Updated Page
Note: This draft is designed to meet modern compliance standards (including GDPR and local Georgian financial regulations) and includes sections for digital onboarding. You should have your legal/compliance team review this to ensure it aligns with the specific internal policies of the bank and the National Bank of Georgia’s current decrees.
1. Expanded Definition of "Beneficial Owner"
Previously, beneficial owners were defined as individuals holding 25% or more of a legal entity. The new form lowers this threshold to 10% for high-risk jurisdictions and requires full organizational charts for complex trust structures. bank of georgia kyc form updated
1. Expanded Personal Information for Individuals
- Dual Citizenship Declaration: Previously optional, now mandatory. You must list all citizenships and corresponding tax identification numbers (TINs).
- Source of Funds & Source of Wealth: This is no longer a simple checkbox. Clients must provide narrative details (e.g., “Salary from IT consulting – Google Ireland,” “Dividends from real estate rental in Bulgaria”). For high-risk jurisdictions, supporting documents are required.
- Occupation & Employer Details: The updated form asks for the employer’s full legal name, address, and industry sector. Self-employed individuals must submit business registration certificates.
Who Must Submit the Updated KYC Form?
The bank has announced that the form update applies to both new and existing clients. Note: This draft is designed to meet modern
- New Clients (as of the effective date): Must complete the new v.5.0 KYC form as part of the account opening process. No grace period.
- Existing Clients: Will receive a notification via Bank of Georgia’s mobile app, internet banking, or registered email. The subject line typically reads: “Action required – Please update your KYC information.” Existing clients have a grace period ranging from 60 to 90 days.
Step 5: Submission & Acknowledgment
- In-person: Branch staff will stamp and return a copy.
- Online: Upload PDF + supporting documents. You will receive an automated ticket number. Approval can take 5-10 business days. You will receive a confirmation SMS/email once the KYC status shows “Compliant.”