refer to Prudential Regulations M-1 which requires minimum
set of documents to be obtained by banks/ DFIs for opening
bank accounts of various categories of customers. The
requirement of documents for opening of a bank account
of a trust is as follows:
Attested copy of Certificate of Registration.
ii) Attested copy of identity cards of all the trustees.
iii) Certified copy of ‘Instrument of Trust’.
The matter has been reviewed in the light of representation
of banks and it has been decided that submission of attested
copy of registered Instrument of Trust or Trust Deed shall
ipso facto meet the requirement laid down under (i) &
(iii) above and it would not be necessary to obtain separate
certificate from the registration authority. Moreover,
banks can open bank accounts of trusts covered under section
227 of Companies Ordinance, 1984 including Provident Funds,
Gratuity Funds and Pension Funds after obtaining evidence
of registration with any Government authority. However,
it shall be the responsibility of banks/ DFIs to ensure
that opening of Trust Accounts and subsequent operations
in the accounts are in accordance with the spirit of Know
Your Customer / Customer Due Diligence (KYC/ CDD) and
other Anti Money Laundering/ Combating Financing of Terrorism
(AML/ CFT) safeguards.
All other instructions on the subject shall, however,
Please acknowledge receipt.