AML
How would one add a Signing Officer to a Sole Proprietor business?
A Signing Office would be added by way of Power of Attorney
What is the form number for the document that is completed by a lawyer or notary in order to open an account and profile for a formal/family trust?
822
When do we need to obtain the RBC Product Consent?
The client’s express consent must be captured and evidence of the consent stored prior to providing the client with the ability to use their new product/service.
Which platforms can be used to create an MCA?
Sales Platform, MBA tool & Digital Form Hub (AOT4B will also generate the MCAs at account opening)
What is required when completing an account manager change in BCRMS for a client that is changing business segments? i.e. going from commercial to small business or branch managed, or vice-versa
A CART must be submitted and VP approval must be attached in the CART in either the paper clip, scanned documents or in the comments section.
Which forms are required when opening an business profile and account?
60002 Master Client Agreement, 60004 Signature Card , 300466 RBC Product Consent, Registration Documents, Client Card agreement 20338
Can non Trustees be signing officers on a Trust?
Yes
For a political Candidate, which Special product Code must be used?
Special Product code 15
Can there be more than one Trade Name listed on the Signature Card?
Yes. There is no limit to how many Trade Names a Business can have.
Approvals are needed by who regarding opening Cannabis Related Businesses
Relationship managers will refer all CRBs identified above as requiring approval to National Office at g2policy@rbc.com.
What are the acceptable titles on a MCA for a corporation?
President, Vice-President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Principal, Director or Signing Authority.
Who is required to sign the MCA (F60002) for a Formal Trust/Family Trust?
All of the Trustees must sign the 822
Which two provinces have exceptions regarding Trade Name Registration?
· In Quebec, a trade name is not required when:- a sole proprietor’s trade name contains the first and last name of the sole proprietor in their entirety, and- the sole proprietor does not operate a retail tobacco business in Quebec
· In Newfoundland and Labrador a trade name registration is not required
On account opening, can the MCAs (60002/60004) be completed via eSignlite?
Yes, the MCAs (60002/60004) documents can be completed via eSignlite. However, there must be a cursive signature on the 60002 for all clients + on the 60004 in section A for all clients
What is the definition of a Trusteed Account?
The Trusteed Deposit Service (TDS) can be used to help the business client need to segregate funds it holds for another individual or entity.
What additional documents are required when opening a Foreign Corporation profile?
- Legal opinion /40844
- Foreign Corporation – Bank Reference Letter – eForm 40842 Eng (unknown to the branch, business centre or referring RBC business unit and is not related to an existing Business client relationship)
- Purpose of Account Questionnaire for Operating Business
Which account package is used for a Lawyers trust account, and which account classification code does it require?
Business Current Account & Classification Code 91
What additional document is required when opening an Unregistered Partnership Business profile?
Acknowledgement of Partnership - Form 40778 Eng / 40779 Fr: if the client is an unregistered partnership and does not have a partnership agreement or trade name registration.
When completing a Signature Card (6004) on account opening, should section D be filled or left blank?
Blank. Section D is only to be filled when completing a manual change to an existing Signature card.
What is the Trust Tracker used for?
The Trust Tracker Application (TTA) captures and stores beneficiary and trustee data required by CDIC.
What are two types of acceptable documents that can be used as a secondary proof of existence if the business documents presented are older that 12 months?
- Certificate of status (known as certificate of good standing or certificate of compliance)
- Corporate Profile Report that can be obtained through the Business Registry
- Certificate of Incorporation
- Certificate of Existence
- Certificate of Compliance
- Certificate of Continuance, for federal non-profit corporations only
- Corporate annual government filing
- Notice of assessment for income tax
- Business license or vendor permits
- Health or safety certificates
- Liquor license
- Business number
Can a Professional Trust business be managed by the branch 199/998?
No, All Professional Trust businesses required to be managed by an account manager.
Give one example of an Exempt Entity for a Public Body?
Public Bodies that are:
- a department or an agent of Her Majesty in right of Canada or an agent or mandatary of Her Majesty in right of a province
- an incorporated city or town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body in Canada, or an agent or mandatary in Canada of any of them, and
- organizations that operate a public hospital and that are designated by the Minister of National Revenue as hospital authority under the Excise Tax Act, or any agent or mandatory of such an organization.
How to input the legal name on the MCA/ Signature card for a Federal Election Campaign?
For Federal election candidates, [name of official agent], Official Agent
What is the Business Structure Used when opening a business profile for A Political Candidate?
The business structure used for a Political Candidate is: Association