elyonchee:
KYC means Know your customer. Most banks adhere to KYC rules from CBN to checkmate companies by making sure all CAC documents that were produced during registration/incorporation is intact. They also make sure you produce utility bills for proof of address, tax identification number and IDs of all directors and shareholders or single director/shareholder or sole proprietor or partners or trustees. The KYC documents to be produced by entities depends on the business structure and also nature of business.
Some banks requirements include clarification of the nature of business, board resolution for companies and application to open a bank account.
The purpose is to conduct due diligence in order to verify the information filled in the application form for account opening. Where an account was opened for a company or business name and post Incorporation changes were made at CAC, make sure evidence of those changes, are submitted for update at the bank.
Where the documents are missing for account opening, make sure you file for ctc of the lost documents. Note companies, business names and incorporated trustees registered in 2021 and now are file less. Therefore, it is expected you keep your documents properly if your entity falls under 2021 till now. Make copies of the documents and store original copies in google drive or emails or properly file it in a box or shelf and tag for easy identification. Also scuml certificates to prevent anti-money laundering too for certain businesses.