Glossary

Affiliate companies

Companies associated with one another when the entity is controlling, or commonly controlled by another.

Anti-Money Laundering (AML)

Set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions.

Assignment and Assumptions

The formal transfer of ownership to another firm.

Authority document

Document which defines external standards, frameworks, or regulations that Account Opening and Maintenance processes must follow: Incumbency and Authorized Signer documents like Corporate Resolution, Trade Register, Power of Attorney or similar document.

Authorized signers

Individuals who will execute the account opening documents and will designate the operational signers.

Capital Injection Account

Non-operating account opened solely for the purpose of receiving the initial deposit required for the incorporation of a new business entity.

Citi Officer certified

Citi officer, i.e., Client facing contact (e.g., Sales team), who has physically seen the originals and has taken a photocopy certifying the document as a true copy of the original.

Company certified

Any authorized individual within the organization as per their legal/empowering documents can certify the document (e.g., Company Secretary, Director, Authorized signatory as per the Board Resolution/Power of Attorney, etc.).

Confidentiality and Data Privacy Conditions (CDPC)

Citi document that accommodates the growing body of law related to data privacy, and facilitates compliance by both customers and Citi with data protection obligations.

Country Addendum

The Country Addendum sets forth local commercial and regulatory terms that supplement and/or amend the MAST, CDPC, and Security Procedures.

Formation or Constitutive Document

The formation or constitutive documents (sometimes referred to as the charter documents) of the entity are the documents which define the existence of the entity and regulate the structure and control of the entity and its members.

GMTA - Global Manual Transaction Authorization

Citi document that sets out the names and specimen signatures of the persons (referred to on the GMTA as Initiators) who are authorized to give instructions to transact on accounts on behalf of the Customer by manual means. The GMTA is intended to be used in contingency situations where the electronic banking platform is temporarily unavailable for any reason.

KYC (Know Your Customer)

The process of a business verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities.

Legal Formation Documents

Articles of Incorporation, Bylaws, Partnership Agreements and other similar formation documents.

Legalized/Apostille/Consularized

Method of certification for a document to be used in a country which is part of the Hague Convention, other than the one that issued it. For more information, please follow link.

Legalized/Consularized

Method of certification for a document to be used in a country which is NOT part of the Hague Convention, other than the one that issued it. For more information, please follow link.

Local Declarations

Where required, Local Declarations represent prescribed regulatory disclosures that Citi must provide and/or regulatory-driven statements to which clients must attest to open Accounts, and utilize Services.

MAST - Master Account Service Terms

MAST is the global foundation of the relationship which contains the terms and conditions governing accounts and cash management services.

Merger

A merger occurs when legal entities join together to become a single entity. One entity may be absorbed into the other or both entitles may be merged into an entirely new entity.

Notarized

A Notary Public will be required to witness the original document or signature(s) of the person(s) authorized or required to sign the document and duly certifies the authenticity of the document or signature by an impression of his or her official Notary seal and signature.

Novation

A transfer of ownership of accounts and possibly agreements from the existing entity to another entity.

Operational signers

Employees who execute payments. They write checks, instruct wires, or provide any other instruction on behalf of the entity to move funds.

Original document

An original document which was prepared within the client’s organization (e.g., Board Resolution or Power of Attorney or Citi-issued forms) or issued by the relevant authorities (e.g., Articles of Association/Certificate of Incorporation). It would have an original signature.

Parent company

Owns enough voting stock in another company resulting in its ability to greatly influence, by voting its shares, the underlying subsidiary company. An unincorporated branch of a Parent entity would not be considered a separate legal entity.

Signature Card

Citi document that sets out the names and specimen signatures of the persons authorized to operate and give instructions in relation to account(s) on behalf of the Customer.

Simple copy

Any document which is not an original and has no original certification provided. This document can be a photocopy, email or facsmile.

Subsidiary

An entity whose shares are majority owned by another entity.

Trade register

Public register containing details of legal entities in the respective country where these entities are formed.

Universal Onboarding Form (UOF)

Request to open account and acceptance of account terms and conditions.

US Tax Form W-8

For an entity incorporated outside of the US opening an account in the US or a non-US entity with a US address connection opening an account outside of the US or a US branch of a non-US incorporated entity opening an account anywhere.

US Tax Form W-9

For an entity incorporated in the US or a branch of a US entity.