Irish Bank Account Opening – Practical Information

We have had a number of queries from clients regarding the rules that the banks are operating under, in order to open an Irish bank account. As previously mentioned in our June Newsletter, under the article entitled “The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010” there are certain compliance requirements in place to open a bank account. These are covered under the EU 3rd Anti-Money Laundering directive.

The bank requires full identification documentation for the Ultimate Beneficial Owner* (UBO) and at least two directors (including at least one authorised signatory). If an individual is already known to the bank they may waive these requirements.

The identification documentation required by the bank is as follows:

Photographic Identification:
Current Passport
OR
National EU Identity Card
OR
Valid Drivers Licence

Address Identification:
2 Current utility bills - dated within 3 months of submission to the bank.

The banks can accept correspondence as address verification from the following organisations:
A Utility Company i.e. a telephone, gas, electricity, heating oil.
A Regulated Financial Institution i.e. a bank/building society statement, Insurance Company, Credit Card Company.
A Government Body/Agency or Board.

NOTE that the banks will NOT accept any handwritten documents.

The above documents must be certified by one of the following:
Police Officers
Chartered & Certified Public Accountants
Notaries Public/Practicing Solicitors
Embassy /Consular staff

In some cases the UBO may not be able to provide a second utility bill however the bank has a system in place where they can request a “bank to bank” reference letter to establish the identity/address verification of the UBO. If this is the case then the UBO would provide the bank/advisor with the contact details of their bank contact and the Irish bank would contact the non resident bank directly.

*Any individuals who ultimately own or control 25% or more of the shares or voting rights in the Company or otherwise exercise control over the management of the Company. In some cases the bank will require a Source of Wealth confirmation

Should you have any further queries in this respect, please do not hesitate to contact Gwen on +353 1 675 3142 or email gwen@citytrust.ie