Offshore banks are working in accordance with the Know Your Customer policies. Bank will take
reasonable measures to establish the identity of its clients and beneficial owners and will only
accept clients when this process has been completed. The customer applying for the bank account
should have a valid passport and should be ready to visit the bank in person or provide
authenticated documents (legalized or with Apostille). For Due Diligence purposes the offshore
banks require the information on anticipated account activity and source of funds (description of
the origin and the means of transfer for money that is accepted for the account opening). For
bigger transactions the banks will require to provide documents confirming particular transaction
(contracts, invoices etc.). In some cases the references or other sources to corroborate
reputation information can also be requested.
All this information is kept within bank in accordance with banking law and strict
confidentiality requirements and can be disclosed only in limited situations, after written
request by appropriate authority (in most cases ? by central prosecution office of the country of
bank?s registration). These exceptional cases are related to serious criminal proceedings like drug
or weapons trafficking, terrorism and similar. Criminal proceedings are instituted against bankers
disclosing customers' information in extralegal cases, which can lead to imprisonment.