Custody Account Opening

Open a custody account, quickly and easily. The entire procedure of opening a custody account can be completed within 30 minutes.

The following documents are required to open a custody account:

For individuals:

Copy of identification document
Certificate of the Client's bank account

For legal entities:

Incorporation certificate from the country where the legal entity was registered or, if that country does not issue such document, another valid document on incorporation in accordance with the regulations, which allows the Bank to determine the legal form of this legal entity, the date of its incorporation and the ownership structure (not older than 3 months and must be notarized / contain an apostille)
If the account is opened by an authorised representative, it is required to submit a document (decision or power of attorney) on the appointment of a person to represent the foreign legal entity with an apostille and a certified translation into a language officially used in Montenegro

If the account is opened by a proxy, it is required to submit a written power of attorney which contains: the name and surname of the proxy, type and number of the identification document, date and place of issue, name of the issuer, certified with a seal (if any) and containing the signature of the person authorised to represent the legal entity (must be notarized)
Notarised copies of the passports of the beneficial owners, authorised representatives and proxies
Articles of Association

Note: After collecting complete documentation and approving the establishment of a business relationship, contracts are signed at the Bank's registered seat or elsewhere with the mandatory presence of an employee from the custody department.

Renewal of documentation

In accordance with the law in Montenegro, the Clients are obliged to inform the Bank in a timely manner about any change in their company, such as:

Incorporation certificate - the Client is obliged to submit this document once a year no later than 31 March of the current year
Monthly AML questionnaire
Changes in business structure - mergers, acquisitions
Takeovers
Change of registered office

Change of director or authorised persons
Changes in the account, blockages, etc.
Bankruptcy or liquidation
Other important information

Note:

In accordance with Articles 19 and 20 of the Law on the Prevention of Money Laundering and Terrorist Financing, the Bank is obliged to obtain information on the beneficial owners of legal entities.
A beneficial owner of a legal entity, or a business organisation, within the meaning of this Law, shall be a natural person who:

A. directly or indirectly holds at least 25% of shares, voting rights, or other rights in a legal entity, based on which it participates in the management, or participates in the capital with more than 25% of the shares or has a predominant influence in the management of the company's assets; or

B. indirectly provides funds to the company and, on that basis, has the right to significantly influence the decision-making of the company's management body when deciding on financing and operations.

The beneficial owner of an institution or other entity under foreign law (trust, fund or similar) that receives, manages or distributes assets for certain purposes, within the meaning of this Law, shall be a natural person who:

C. directly or indirectly, disposes of more than 25% of the assets of a legal entity or similar entity under foreign law,

D. is designated or identifiable as the beneficiary of more than 25% of the income from the assets managed.

An apostille is mandatory for documents issued in countries signatories to the 1961 Hague Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, with which Montenegro does not have a corresponding bilateral agreement signed with.

Changes in business structure – mergers, acquisitions

If the owner of a legal entity is also a legal entity, the same registration documentation must be submitted for the owner. The procedure is repeated until information about the beneficial owner of the legal entity is obtained.

Definition of a U.S. Person: For federal tax purposes, one is considered a U.S. Person in the case of:

an individual who is a U.S. citizen or a U.S. resident alien
a partnership, corporation, company, or association formed or organised in the U.S. or under the laws of the U.S.
a property (unless it is a foreign property)
a domestic trust