What the bank is assessing
Know-your-customer review helps the bank understand the client and manage financial-crime, sanctions, tax and reputational risk. It is not a box-ticking exercise: the facts, evidence and proposed use must make sense together.
- Identity, residence and tax status
- Occupation, employer or business activity
- Source of recurring income
- Source of the specific funds to be deposited
- Countries, counterparties and payment purpose
- Sanctions, PEP and adverse-media exposure
Source of funds versus source of wealth
Source of funds explains the origin of a particular payment or account balance—for example salary or a property sale. Source of wealth explains how total wealth was accumulated over time. Higher values or complex structures may require both.
Build a consistent narrative
A good KYC explanation is specific and supported. Figures in the questionnaire should broadly reconcile with statements, contracts, tax returns and company records. If a fact looks inconsistent, explain it before the reviewer must guess.
Ongoing review
KYC continues after opening. Transactions outside the declared profile may trigger questions, holds or requests for updated evidence. Keep records for important transfers and update the bank when your residence, work or account purpose changes.
Official references
Bank rules change. Check the current bank and regulator information:
- Bank of Georgia — services for non-residents ↗
- National Bank of Georgia — sanctions compliance statement ↗