Beneficial Ownership Declaration Form | IndusInd Bank

The Importance of Beneficial Ownership Declaration Form IndusInd Bank

Let`s talk about something that might not be at the forefront of your mind when it comes to banking – beneficial ownership declaration form. Now, I know what you`re thinking, “That sounds pretty dull.” But trust me, it`s actually quite fascinating and incredibly important.

What is Beneficial Ownership Declaration Form?

Beneficial ownership declaration form is a document that helps the bank identify the ultimate beneficial owner of a legal entity. This is crucial for preventing financial crimes such as money laundering and terrorist financing. IndusInd Bank, like many other financial institutions, requires its customers to provide this information to comply with regulatory requirements.

Why Important?

Understanding the true owners of accounts and entities is essential for maintaining the integrity of the financial system. According to the Financial Action Task Force (FATF), inadequate or ineffective beneficial ownership information is a key loophole that can be exploited by criminals to disguise their illicit funds.

Case Studies

Let`s take a look at some real-life examples of how beneficial ownership declaration forms have helped prevent financial crimes:

Case Outcome
Case 1 By accurately identifying the beneficial owners of a shell company, authorities were able to uncover a money laundering scheme involving millions of dollars.
Case 2 A bank`s thorough due diligence process, including the collection of beneficial ownership information, led to the detection of suspicious transactions linked to a known terrorist organization.

How Complete Form

If you`re a customer of IndusInd Bank and need to fill out a beneficial ownership declaration form, here are a few tips to keep in mind:

  • Provide clear accurate information about ultimate beneficial owner(s) entity
  • Be prepared submit supporting documents, such identification proof address
  • Reach out bank if you have any questions need assistance form

So, there you have it – the beneficial ownership declaration form may not be the most thrilling topic, but its importance cannot be overstated. By ensuring that financial institutions have a clear understanding of who owns and controls their customers, we can collectively work towards a safer and more transparent financial system.

FAQs about Beneficial Ownership Declaration Form IndusInd Bank

Question Answer
What is the purpose of the Beneficial Ownership Declaration Form from IndusInd Bank? The purpose of this form is to identify the ultimate beneficial owner(s) of an account, in compliance with regulatory requirements.
Who needs to submit the Beneficial Ownership Declaration Form? Any person or entity opening a new account with IndusInd Bank, or existing account holders undergoing a periodic review, may be required to submit this form.
What information is typically required in the Beneficial Ownership Declaration Form? The form usually requires details such as the name, address, nationality, and percentage of ownership of the ultimate beneficial owner(s).
Is it mandatory to submit this form for every account with IndusInd Bank? Yes, it is mandatory as part of the bank`s Know Your Customer (KYC) and anti-money laundering (AML) obligations.
What happens if someone fails to submit the Beneficial Ownership Declaration Form? Failure to submit the required form may result in the account being deemed non-compliant and may lead to account closure or other legal consequences.
Can a legal representative or attorney submit the form on behalf of the account holder? In certain circumstances, a legal representative or attorney may be authorized to submit the form, but specific requirements and documentation may apply.
How often does one need to update the Beneficial Ownership Declaration Form? Updates may be required whenever there is a change in the beneficial ownership structure or as part of periodic reviews conducted by the bank.
Is the information provided in the form kept confidential? Yes, the information provided is kept confidential and is only shared with regulatory authorities as required by law.
Can the bank refuse to open an account if the Beneficial Ownership Declaration Form is not submitted? Yes, the bank has the right to refuse account opening or certain transactions if the required form is not submitted in compliance with regulations.
Where can one obtain the Beneficial Ownership Declaration Form? The form can usually be obtained from the bank`s website, branches, or through designated relationship managers.

Beneficial Ownership Declaration Form IndusInd Bank

Thank you for your interest in declaring beneficial ownership with IndusInd Bank. In order to ensure compliance with legal and regulatory requirements, we require all customers to complete and submit a Beneficial Ownership Declaration Form.

Beneficial Ownership Declaration Form

By submitting this form, the undersigned individual(s) declare that they are the beneficial owner(s) of the account(s) and/or entity(ies) listed below, and certify that the information provided is true and accurate to the best of their knowledge.

The undersigned further understand that providing false or misleading information may result in legal and financial consequences, and that IndusInd Bank reserves the right to take appropriate action in such instances.

It is understood that this declaration of beneficial ownership is required in accordance with the laws and regulations relating to anti-money laundering (AML) and know your customer (KYC) practices, as well as the bank`s internal policies and procedures.

Furthermore, the undersigned agree to cooperate fully with any requests for additional information or documentation related to the beneficial ownership of the account(s) and/or entity(ies) listed below, and acknowledge that failure to do so may result in account closure and/or legal action.

By signing below, the undersigned individual(s) acknowledge and agree to the terms and conditions outlined in this Beneficial Ownership Declaration Form.

Date: _____________