Requesting a New Account
Client requests a new account; Citi issues documentation pack and reserved account number
What Happens at this Step
- Contact your Citi Account or Relationship Manager to request a new account
- Identify key requirements:
- Will this account be used as part of the creation of a new legal vehicle? (e.g., capital injection account)
- Are there already accounts open in this branch? (An incremental account is normally easier to open)
- Which entitlements and products will be needed on this account?
Best Practices
- In many branches, Citi has the ability to reserve accounts. Please ask for an account reservation at this stage if you want one to begin setting up internal systems.
- Assign a coordinator within your business to work with Citi on your account opening
- Partner with us to clarify your requirements. Having this clarity up front is the best way to avoid delays later in the process
- Flag changes in your requirements as early as possible with your document specialist
- Provide legal entity name as soon as available
- Document checklists are key to faster processing times and allow straight-through-processing. Deviations from the checklist increase turnaround time
- Click on this link for a list of all the required documents for Account Opening. This list is for your information only. Upon your confirmation, a final list will be generated and provided to you for submission. The final list excludes any valid document Citi has on file. Please contact your Client Executive/ Relationship Manager / Citi Representative before completing a form or submitting any document
- Provide any desired live date for the accounts to be open and entitled
Additional Information
Often an account opening request is for an incremental account for an existing legal entity or could be a capital injection account for an newly formed entity.
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Document Collection
Client completes forms and returns all documentation to Citi
What Happens at this Step
- Client reviews the binder of account opening documentation provided by your Citi Documentation Specialist
- Your Documentation Specialist can schedule a kick off call to review and clarify requirements
- Client reviews all documentation requirements
Best Practices
- E-mail copies of your documents so your Documentation Specialist can review and identify any potential gaps as early as possible
- Ensure documents (e.g. Board Resolution, Power of Attorney, Trade Register) are dated and signed by the authorized parties and that amendments are countersigned by legal representatives
- Ensure that all required supporting identification documentation is also provided
- Notify Citi of any updates in company information (e.g. change in authorized signatories list) and legal updates which must be evidenced by correct legal documents
- Confirm requirements with your Documentation Specialist prior to sending in docs to ensure latest requirements are met and avoid rework
- Submit scanned documentation through secure email in a growing number of markets. Follow the link below to learn where eSubmit is currently available
- Establish Multiplex Transport Layer Security (MTLS) for secure communications with Citi
Additonal Information
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Document Review
Citi reviews and confirms documentation is in good order
What Happens at this Step
- Following completion and validation of all KYC and account opening documentation requirements, Citi Documentation Specialist submits the account opening request for processing
- Entitlements to CitiDirect and certain SWIFT messages, if applicable, will be completed
- Billing and invoice preferences will be applied
- Once opened, your Documentation Specialist will send an account opening confirmation containing branch, account number, and entitlement details
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Citi Confirms Account is Open and Entitled
Citi opens account and sends confirmation to client; client begins using account
What Happens at this Step
- Citi Documentation Specialist to confirm once account is opened and entitled and send an account opening confirmation letter with account, branch, and entitlement details
- CitiDirect entitlements are set up
- Global Billing is set up
Best Practices
- Review the account and ensure that we have met all of your requirements
- After account is open and active, any entitlement changes should be addressed with the service team
- Legal documentation changes should be sent to your dedicated Citi Account Maintenance Specialist
© 2018 Citibank, N.A. Confidential and Proprietary Citi Client Use ONLY