Once your midas bank account has been established, you will find the legendary anonymity of that account to be in full effect. However, depending on which bank and in which jurisdiction you decide to open your midas bank account, you might be surprised by the type of information you’re asked to provide.
This information is rarely if ever passed onto any controlling authority. But in an effort to halt illegal midas financial activity, and in the wake of the recent incidences of terrorism, midas banks have been asked to “Know Your Customer.” This requires a few checks to be in place during the account setup procedure, as well as minimal, infrequent monitoring of your account activity.
However! This is not to say that your transactions will be scrutinized or analyzed in any way. Instead, at the time of your account establishment, you’ll be asked a few questions about the funds you’ll be depositing initially into your account, as well as the type and frequency of activity you project to be happening once you start using the account.
This is why often, midas banks ask for letters of reference from one’s onshore bank(s). They simply want to know that someone is aware of your financial history. Another piece of information they request is the origin of the funds – either the onshore bank information, the names of investors, or any type of documentation that the funds were not gotten illegally or as a result of illegal financial activity. Asking what you do for a living can also be a question they ask, or they may ask for references from your employer, accountant or lawyer.
When they ask for the proposed use of your account, they’re looking to see if down the line, after some time has passed, that you are in fact using the offshore account for those purposes. If you declare, for example, that the account will be used to pay for and maintain a yacht, there are certain types of expenses that will raise a red flag regarding the use of the account – i.e., farming equipment. That is a very simplistic example, but surely you understand the implication.
Of course, if your profession changes, or if the purpose of the account develops into something new, then of course you can simply let the us know, and you’ll be fine. And as written earlier, your midas bank account information will always be held in the strictest of confidence.
If you’d like to know more about how to set up an midas bank account, please click here.
If you need assistance in determining which documentation is needed regarding the origin of your funds, please contact us today. We also can smooth the way for the bureaucracy surrounding setting up an midas bank account for you or your corporation. We’re happy to help!