Partnerships Checklist



Checklist for client identification and verification of

Partnership

(An association of between two and twenty persons (called partners or general partners) who are contractually bound to each other to conduct a joint business)


Information Required Verification Procedure

Registered Name
Registered Address

Partnership agreement in terms of which the partnership was formed.(Record if no agreement).

Trade name
Head office address Address of office seeking to establish relationship if not the same as Head Office.

Primary procedure

One of the following (less than three months old)

  • A utility bill (< 3 months) reflecting the trade name address from where the partnership operates.
  • Municipal rates invoice (< 3 months) reflecting the trade name and address from where the partnership operates
  • Telkom account (< 3 months) reflecting the trade name and address from where the partnership operates
  • Cell phone account (< 3 months) reflecting the trade name and address from where the partnership operates.
  • Mortgage statement (less than six months old) reflecting the trade name and address from where the partnership operates
  • SARS tax return reflecting the trade name and address from where the partnership operates (< 1 year).
  • Lease or rental agreement reflecting the trade name and ad­dress from where the partnership operates (less than 1year)

SA income tax registration number (not a requirement at present)

Primary procedure
Document bearing number and name issued by SARS.

Partners Information
If partner is a natural person and SA Citizen
- Full name
- Date of birth
- Identity number

Primary procedure
Green bar-coded identity document

Secondary procedure
If identity document not available, for valid reasons, alternatives are:

  • Drivers licence
  • Passport

If partner is a natural person and foreigner
- Full names
- Date of birth
- Nationality

Primary procedure
Passport and verify correctness.
Secondary procedure
If passport document not available for valid reasons:

  • Letter on employment stating full details (To be verified by phone and name of person spoken to recorded on copy retained)
  • Personal reference in the form of an affidavit from an existing client of 5 years standing in respect of whom KYC verification was done; or
  • Personal reference in the form of an affidavit from a staff member in the employ of the Bank for at least two years

If partner is a South African company or close corporation
- Registered name
- Registration number
- Registered address
- Trade name
- Business address

Primary procedure
Registered name, registration num­ber and registered address:
Most recent version of the Certificate of Incorporation (form COR 14.3/ CM 1) and Notice of Registered Office and Postal Address (form COR 21/ CM 22), bear­ing the stamp of the Registrar of Companies and signed by the com­pany secretary.
If an electronic generated form COR 14.3/ CM 1 or COR 21/ CM 22 is produced by the client from CIPC, an independent check should be done by the bank with CIPC to verify details.
Trade name and business address - one of the following:

  • A utility bill (less than three months old) reflecting the trade name and address from where company operates.
  • Municipal rates invoice (less than three months old) reflecting the trade name and address from where company operates
  • Telkom account (less than three months old) reflecting the trade name and address from where company operates.
  • Cell phone account (less than three months old) reflecting the trade name and address from where company operates.
  • Mortgage statement (less than six months old) reflecting the trade name and address from where company operates
  • A lease or rental agreement reflecting the trade name and ad­dress from where company operates (< 1 year)
  • SARS tax return reflecting the trade name and address from where company operates (less than 1 year)

If partner is a foreign company
- Name
- Registration number
- Registered address

Official document issued by an authority for recording the incorpo­ration of companies of the country of incorporation of the foreign com­pany, witnessing its incorporation and bearing its name and number of incorporation and the address where it is situated for purposes of its incor­poration.

If partner is any other legal person
- Name
- Address
- Legal form

Constitu­tion or other founding document in terms of which the legal person is created. Primary procedure
Verification of address is obtained by reference to one of the following documents:

  • A utility bill (less than three months old) reflecting the trade name and address from where such legal entity operates.
  • Municipal rates invoice (less than three months old) reflecting the trade name and address from where such legal entity operates
  • Telkom account (less than three months old) reflecting the trade name and address from where such legal entity operates.
  • Cell phone account (less than three months old) reflecting the trade name and address from where such legal entity operates.
  • Mortgage statement (less than six months old) reflecting the trade name and address from where such legal entity operates
  • A lease or rental agreement reflecting the trade name and ad­dress from where such legal entity operates (less than 1 year)
  • SARS tax return reflecting the trade name and address from where company operates (less than 1 year)

If partner is a trust
- identifying name
- number

Trust Deed or other founding document in terms of which the trust is created and:
- In the case of a trust created in South Africa, the authorisation given by the Master Of the High Court in terms of section 7 of the Trust Property Control Act, 1988 to each trustee of the trust to act in that capacity.
- in the case of a trust created outside South Africa, an official document which reflects these particulars, issued by an authority in the country where the trust is created which administers or oversees laws relating to trusts in that country.

The person who exercises executive control over the partnership and/or person who is authorised to establish the relationship
- Full names
- Date of birth
- Identity number (SA citizen or resident) or nationality (if foreigner)

Same procedure and verification applicable for when natural person is the partner.

Authorisation of person acting on behalf of the partnership, to establish the relationship

One of the following documents may be utilised as written instruction to confirm authority to establish the relationship:

  • Power of Attorney; or
  • Mandate; or
  • Resolution duly executed by authorised signatories; or
  • A court order authorising the third party to conduct business on behalf of another person.

Page last updated: 2019-10-17