Bank Of Asia (BVI) Review

Bank of Asia (BVI) Limited is a worldwide and cross-border bank that operates entirely digital and has its headquarters in Tortola, British Virgin Islands. 

Banks have been driven onto the front line of the battle against illegal money flows in the British Virgin Islands (BVI) during the last several decades as a result of repeated measures to combat money laundering in the British Virgin Islands (BVI).

Because of this, banks and other types of financial institutions have implemented stricter processes for creating new accounts.

When creating bank accounts for customers, banks have traditionally demanded extra information and documents, such as business plans, transaction records, specifics on eventual beneficiaries, and so on.

Additionally, bank account holders were often expected to make a personal appearance before the bank.

Mr. Carson Wen, the Chairman and founder of Bank of Asia (BVI) said that Bank of Asia will give answers to the challenges that BVI and offshore organizations have when creating bank accounts.

Customers would be able to create bank accounts either in person in the BVI or remotely using a smartphone or computer equipped with camera and video technology.

A selfie and a brief video in which the account user states their complete name and nationality are both required to open a bank account with Bank of Asia. Documents pertaining to the company will be required from offshore businesses.

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What Is Bank Of Asia?

The British Virgin Islands (BVI) government authorities are the ones that issued Bank of Asia’s license and continue to monitor its operations.

The organization makes use of cutting-edge digital channels in order to provide a broad variety of international financial services to its customers all over the globe, with a special emphasis on organizations and persons associated with offshore jurisdictions.

This helps to satisfy the ever-increasing financial demands of multinational conglomerates, their owners, and worldwide companies.

In spite of the considerable effect that the pandemic has had over the course of the last three years, Bank of Asia has been successful in on-boarding clients from 90 different countries. 

Fintech enables the bank to give its clients with transactional banking, asset management, and fund management services that are both user-friendly and cost-effective.

In March of 2017, the British Virgin Islands Financial Services Commission (FSC) granted the first new banking license in almost twenty years to Bank of Asia, which has its headquarters in the British Virgin Islands.

Their firm not only offers traditional banking services such as deposits in several currencies, loans, international payments, and remittances.

In addition, they also provide investment, wealth management, and lifestyle services internationally via their associated company and other business partners.

At the present time, the firm provides financial services to its consumers in eighty various jurisdictions that are spread over all five continents.

Through its digital platform, Bank of Asia offers banking and asset management services to enterprises, high-net-worth individuals, family offices, and trusts located all over the globe, with a special emphasis on offshore countries.

The financial institution provides a wide variety of services, such as deposits, loans in a variety of currencies, international payments, and remittances, among other things.

Additionally, it offers services in the areas of corporate advice and structured finance, investment banking, private banking, investment, and asset management, and insurance, via the collaboration of its business partners.

Know Your Customer (KYC) and Anti-Money Laundering (AML) is a comprehensive program that Bank of Asia has adopted.

This program incorporates various widely recognized methods to prevent financial crimes.

BOA has built a worldwide known fintech financial services platform that is cloud-hosted, with teams situated in multiple areas including the British Virgin Islands (BVI), Manila, Hong Kong, Beijing, and London.

The Bank intends to bring about a sea change in the banking business by delivering user-friendly, high-performing, and reasonably priced financial technology solutions.

When it comes to the Know Your Customer and Anti-Money Laundering processes, these solutions will be backed by cutting-edge technology and powerful quantitative analytics.

What Are The Banking Services Of Bank Of Asia (BVI)?

Offshore organizations, such as those based in the British Virgin Islands, as well as trusts and people hailing from all over the world, may take advantage of the extensive range of financial services provided by Bank of Asia.

The British Virgin Islands are the location of the company’s incorporation; nonetheless, its digital platform is accessible to users all over the world through mobile and desktop computers and other smart devices. In a similar vein, business may be transacted online throughout the clock.

The core operations of Bank of Asia are based on its stringent know your client (KYC) and anti-money laundering (AML) standards, which make use of cutting-edge technology such as face scans and big data.

In addition, the bank works together with trustworthy and well-established partners to ensure that only genuine customers are onboarded and that only legal transactions are completed.

This helps ensure that no fraudulent activity is ever carried out. Following the successful completion of the KYC and AML processes, the establishment of accounts may be facilitated in a matter of days via the exploitation of technology and large amounts of data.

In contrast to the extended period of time—weeks or even months—that is generally needed by traditional financial institutions, this one only lasts for a few days.

The Bank of Asia now offers deposit and remittance services, and they have plans to launch debit cards and loan services in the year 2019, so stay tuned for more information on those products.

As an affiliated organization, BOA Financial Group is able to provide customers with a greater variety of services in the areas of wealth management, investment advice, and investment banking consulting.

At this time, the results of the assessment of the implementation of Bank of Asia’s services are still uncertain.

However, industry experts in general have a positive attitude toward the highly expected answers to specific issues that are associated with the opening of accounts in the Asian area.

Opening A Corporate Account

Bank of Asia offers banking services to global corporations that meet their stringent KYC verification standards.

The fee for opening an account starts at US$1,450. The non-refundable application fee is set at US$1,000. The activation fee amounts to US$450 and is payable upon opening of the account.

How To Apply For A Corporate Account?

• Access the BOA Online Application Platform and proceed to select the option labeled “New Applicant”.
• Provide your email address to complete the registration process.
• Select the option “New Corporate Account” and provide the necessary basic information for the purpose of automatic pre-screening.
  • Within the “Preference” section, there is an option to select either “Do It Yourself” or to request support from the Bank in order to navigate through the application process.
• Adhere to the instructions provided in order to complete the following steps:
  • Submit the required documents.
  • Provide the necessary information regarding the entity.
  • Please provide your contact information.
  • Enter Details regarding Key Parties.
  • Provide a clear statement of the intended purpose for the account.
  • Declaration of Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

• It is possible to switch between the aforementioned steps at any point during the application process.
• It is possible to pause and resume your application at any point.
• Returning applicants are kindly requested to utilize their designated username and password to access the login page. Once logged in, please select the open application to proceed with the process.
• Do not hesitate to contact their Customer Service team for assistance at any time if you encounter any issues during the application process, even if you have chosen to proceed with the “Do it Yourself” option at Step 3.
• Your account is successfully created.

• Upon completion of the application review process, Bank of Asia will notify you regarding the successful opening of your bank account or request additional information/documents to proceed further. In certain instances, the application may not be successful at present. However, they will promptly reach out to you with an update.
• At present, the Bank of Asia mandates that initial funds-in originate solely from banks located in countries that fall under the purview of the Financial Action Task Force (FATF). However, they may exercise discretion in certain exceptional circumstances.

What Are The Required Documents To Open A Corporate Account?

Required Documents For Incorporated Entity

If the proposed account holder is an Incorporated Entity, the Incorporated Entity must provide the following documents:

• Certified authentic copy of incorporation certificate and subsequent certificate of name change (if applicable);
• A certificate of incumbency (“COI”) issued by a Registered Agent or an equivalent document issued by a competent/reliable body (company registry or attorney) during the past three months.
• A certified genuine copy of the memorandum and articles of incorporation/bylaws;
• An ownership structure chart depicting the different levels and percentages of sharing up to the final beneficial owner(s). This structure chart must be dated and signed by an Incorporated Entity director.
• Individual director and shareholder identification and address information, as well as any authorized signatories (holding 10% or more of the issued shares). For further information, please see the “Identification and Address Information” section above;
• The following verification information on company directors and nominee shareholders, if applicable:
  • Certificate of incorporation;
  • Memorandum and articles of incorporation/bylaws;
  • Approved signatory list; and
  • Nominee shareholder agreement (where applicable).
• A copy of an executed directors’ resolution (“Board Resolution”) approving the account’s establishment (issued within the past 3 months).
• A copy of the company’s business license and/or registration, if applicable;
• Proof of physical address of the company’s major place of business, if the firm is not a pure holding company or the principal business location differs from the registered address. (This does not apply to holding corporations that only perform holding operations. The registered office will serve in this scenario). A letter signed by a director certifying the company’s physical address of business, a copy of the tenancy agreement, a copy of the business energy bill, mortgage statement, business license, yearly return, and so on are examples.
• CRS Self Certification Form for Entity and Controlling Person (to determine client tax status); and
• Entity tax declaration (used to declare FATCA status).

Required Documents For Partnership

If the requested account holder is a partnership, the Partnership must provide the following documents:

• A certified genuine copy of the partnership agreement;
• A certified true copy of the corporate papers (if the partnership is registered); and
• A certified true copy of the following documents for each individual partner:
  • Certified true copy of an unexpired passport in color, with a clear portrait and specimen signature. The copy must display the complete document, including all four corners.;
  • Certified true copy of a residence address proof with a date of no more than 3 months*, such as a utility bill, bank statement, credit card statement, or other similar document. The copy must display the complete document, including all four corners.
• If a partner is an Incorporated Entity or Trust, please refer to the appropriate categories above for the verification information the partner requires.

Required Documents For Funds

If the proposed account holder is a fund, the following documentation must be provided by the fund:

• Certified true copy of the Fund’s constitutional documents (for example, certificate of incorporation; memorandum & articles of association/by-laws; register of directors; register of members);
• Verification documentation on the directors, shareholders (holding 10% or more of the issued shares), and authorized signatories:
  • If the director, shareholder, and authorized signatory is a “natural person,” the following verification documentation must be submitted:
    • Certified true copy of unexpired passport in color, bearing clear photograph and specimen signature (the copy must include the complete document, including the four corners);
    • Certified true copy of residential address proof with the date not more than 3 months, e.g., utility bill, bank statement, credit card statement, etc. (the copy must include the complete document, including the four corners);
  • If the director or shareholder is a Corporate Entity, refer to the “Required Documents for Incorporated Entity” for a breakdown of the verification paperwork that must be supplied

• Certificate of licensing (if regulated fund); d) Current private placement/offering memorandum;
• Verification documentation1 on the fund’s functionaries – fund manager; fund administrator; f) If the fund is a BVI Incubator Fund, a copy of the relevant approval from the BVI Financial Services Commission.

Required Documents For Trust

If the proposed account holder is a Trust, the Trust must provide the following documents:

• Certified genuine copy of trust deed and any additional supplementary trust deeds;
• Verification information1 on each settlor, protector, trustee, and designated beneficiary (ies) of the trust;
• Where any of the aforementioned are people, the following Identification and Address Information is required:
  • Certified true copy of unexpired passport in color, with clear portrait and specimen signature (the copy must include the complete document, including the four corners);
  • Certified true copy of residence address evidence with a date no more than 3 months*, e.g., utility bill, bank statement, credit card statement, etc. (the copy must include the complete document, including the four corners);
• Where the trustee is a regulated entity, the trustee must provide the following documents:
  • Certificate of incorporation or any similar document;
  • Confirmation of licensing/regulation; 
  • Copy of approved signatory list and verification information under “Identification and Address Information” above, for each authorized signatory.

Required Documents For Foundations

If the requested account holder is a foundation, the Foundation must provide the following documents:

• A certified accurate copy of the Foundation’s constitutional papers, which must include:
  • Foundation Deed/Charter or any similar document;
  • Foundation Regulations/Articles/By-Laws or equivalent; and
  • Any additional Deeds/Articles/Regulations/By-Laws/Regulations/By-Laws/Regulations/By-Laws/Regulations/By-Laws/Regulation
• Documentation for verification1 on the following:
  • Founder(s) and/or economic donor (where the Foundation’s assets have been declared contributed); 
  • Foundation Council Members; 
  • Protectors/Enforcers (if appointed); and
  • Vested Beneficiaries.

Identification and address data:

• Certified true copy of an unexpired passport in color, with a clear picture and specimen signature (the copy must display the complete document, including the four corners);
• Certified true copy of home address evidence with a validity period of no more than 3 months*, such as a utility bill, bank statement, credit card statement, etc. (the copy must display the complete document, including the four corners).

Opening A Personal Account

Individuals must be at least 18 years old (as of the day the application is submitted) in order to be eligible for banking services from Bank of Asia, and they must also pass our stringent KYC checks.

Account Opening Fee is $150 (US Dollars). When the account is first opened, you will be charged the cost. UBOs and Directors will not be subject to any account opening fees if they apply for their personal accounts at the same time as their business accounts.

How To Apply For A Personal Account?

• To begin the application process, go to the BOA Online Application Platform and click the “New Applicant” button.
• Register with the active email address you have.
• To begin the pre-screening process, choose “New Personal Account” and fill out the required fields with some basic information.
  • You have the option, inside the “Preference” section, to choose “Do It Yourself” or to make a request to the Bank for assistance so that they may guide you through the application process.
• Please ensure that you complete each step in the following order:
  • Please provide your proof of identification.
  • Provide Information Regarding Your Wealth and Sources of Income
  • Identify the Sources of Funding
  • Specify the Account’s Purpose and Make a Declaration Notes on FATCA and the CRS:
    • During the application procedure, you are free to switch between the phases described above.
    • You are free to pause and pick up where you left off with your application at any moment.
    • For those of you who are returning applicants, please log in with your username and password here, and then choose one of the available applications to proceed.
    • Even if you choose “Do it Yourself” at Step 3, you are more than welcome to get in touch with Customer Service at any moment throughout the application process if you have any questions or run into any difficulties.
• Your Account is Now Available
  • After looking through your application, Bank of Asia will get back to you and let you know whether the bank account can be created successfully or if they need further information or documents to go on with the process. There are various circumstances in which an application may not be successful at this time; nonetheless, the bank will get in touch with you as soon as possible.
  • At this time, the bank will demand that initial deposits of money come from banks that are registered in countries that are members of the Financial Action Task Force (FATF). Exceptions to this rule will be evaluated on a case-by-case basis.

What Are The Required Documents To Open A Personal Account?

• Documents Supporting Both One’s Identification and Their Address
  • Certified true copy of a valid, unexpired passport in color that includes a distinct portrait and specimen signature (it is necessary for the copy to display the whole of the document, including all four corners);
  • Certified true copy of a residence address proof that includes a date that is no more than three months old, such as a utility bill, bank statement, credit card statement, or other similar document (it is necessary for the copy to display the whole of the document, including all four corners);
• Documents Related To Tax Information
  • The Common Reporting Standard (often abbreviated as “CRS”) “Self Certification Form for Individuals” (to be used for the purpose of determining one’s tax status)
  • Form of individual tax disclosure (for the purpose of stating one’s situation with regard to FATCA).

Specifications For The Authentication Of Account Creation Documents

• Requests for certified reproductions of documents must be fulfilled within ninety days
• Please include a distinct cover sheet containing a list of the certified documents with the certification stamp.
• The certification must consist of Name, address, job title, and company name of the person certifying the document; date of the certification; signature or seal of the person certifying the document; and membership number, if applicable.

Specifications For Translating Account Creation Documents

If a document is written in a language other than English, it must be translated by a certified translator, competent authority, or qualified native speaker who can authenticate the document’s details/contents.

Disadvantage: No Deposit Guarantee

Even though there is no deposit guarantee program in the British Virgin Islands, the government of the British Virgin Islands has recognised the need of providing depositors with at least some degree of protection.

The Virgin Islands Deposit Insurance Act 2016 (VIDIC Act), which provides the essential structure, was finally released for public consumption in May of 2016.

The establishment of the deposit insurance system is being done with the intention of safeguarding, at the very least, the funds of domestic depositors in the Territory.

Nevertheless, in the event that Bank of Asia (BVI) Limited goes out of business, none of the institution’s depositors will be eligible for any kind of reimbursement.

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