IMPORTANT INFORMATION FOR PROSPECTIVE ACCOUNT HOLDERS
Our services are for deposits US, Canadian, Sterling, and Euro currencies. We offer two types of accounts – CALL AND TERM DEPOSITS.
There are no fees for opening or maintaining an account with us. Our account minimums are 50,000 for Call and 100,000 for Term deposits. These minimums apply to all currencies offered. There are no exchange control laws in effect in these Islands; therefore currencies can be switched to meet your requirements.
Our deposit services are offered to any offshore individual who would like to build a savings for the future. Chequing, managed accounts, investments in mutual funds, stocks, bonds or any other security trading are not offered. Debit/Credit or ATM cards are not available. There are no credit facilities.
Funds can be deposited to your account by wire transfer (the routing will be given when your account has been established) or bankers cheques, (value is given after 21 working days), minimal amounts of cash are accepted, under US$5,000, but we may ask for further information in appropriate circumstances. Personal cheques are not accepted.
Payments can be made by wire transfer to any bank of your choice; we ask that you send us complete details including bank routing numbers to ensure that payments are made as efficiently as possible.
The legislation introduced requires Cayman Islands Banks to have an understanding of their customers’ business. As part of this understanding we require a brief statement from you about your source of deposits and also for payments requested, if they aggregate US$15,000 or over.
Written authority for withdrawals/payments can be scanned and e-mailed or faxed; the original instructions must be mailed to us. We do not give out information on accounts or accept telephone instructions for obvious security reasons. Regular mail, courier services or facsimile are our means of communication.
As our information states, customer privacy is protected by law, Generally, we cannot give any information to third parties unless we have written authorisation from the account holder. The provision of information to bank supervisors or to law enforcement authorities is subject to important safeguards. There is an obligation on Cayman Islands Banks to report to the authorities suspicion of criminal activity and therefore it is very important that we be able to obtain appropriate information on a timely basis about our customers. We very much appreciate your cooperation in providing such information. It is important to the Bank and our customers that only legitimate business is undertaken. It is for this reason that we require customers to declare the source of funds to be deposited by completing a “Source of Funds” form. Please also note that we now have a requirement to report US and UK clients under FATCA and HM Revenue and Customs as stated on the “About” page of our website.
There is no Income Tax in the Cayman Islands, but we strongly recommend that you seek advice on the general taxation laws for any relevant jurisdictions so that you may obtain maximum relief. We accept no responsibility to advise in respect of customers tax affairs.
Please note that your bank reference must be addressed to “ALTAJIR BANK”.
We request that you mail us your requirements for opening an account prior to sending any funds (if send via fax or email, please send originals by mail) . These requirements will be set out in the ‘account opening form’ which we shall send you and other information we may request depending on your circumstance. The copy of your identification must be notarised. We will advise you when your account is approved. At that time you can send your initial deposit to activate your account.
We hope this information will be of some assistance to you. If you can provide us with our requirements, we would welcome your account.