We cannot accept any payments before the account is opened. If money is sent before the account is opened it will be returned. Once you have received your Welcome Letter, you can fund your account using the bank details provided on Page 3. When sending money, please place your account number in the reference field to ensure this is allocated to your account.
It is important that funds are received from the bank details quoted on the application form. If the bank details differ, the funds maybe at the risk of being returned. If the client is utilising an FX company please include the details of the full payment audit and provide supporting documentation if necessary.
Monies need to be received from the bank account stipulated as ‘source of funds’ on the application form. If there is a change in the remitting bank account after the application has been received, we need to receive advance notification of this along with a bank statement reflecting where the funds are coming from and to prove that the account is held in the client’s own name.
Value of Funds
If the value of the funds received is significantly less or more than the amount stated on the application form, we will require a reason for the difference and supporting ‘source of wealth’ documentation if it is substantially more than expected.
We are able to receive monies over and above the initially stated amount, however, please inform us of this prior to transferring the funds in order for us to record the change. We can then inform you in advance if there are any additional requirements in order to expedite the process of applying the funds when they are received. Any monies received which are unexpected will be queried and will need to be clarified in terms of AML regulations.
Currency
Funds received in a currency that differs from that stated on the application form will be queried.
Redemption Credit Facility
Where an account has a redemption credit (RC), funds MUST be received in the account base currency. Please note we do not convert funds received in an incorrect currency for an account with a RC and the funds will be returned to the remitting bank.
3rd Party Payments Prohibited
The funds must be received from an account in the client’s name i.e. we cannot receive funds from a third party. Please note a spouse is also deemed a third party unless the CIG account is in a joint name.
If the account is in a joint name and funds will be received from 2 individual bank accounts, please provide details of both accounts (please use the ‘notes’ section on the application form to record this information).
Payments from Investec
When using Investec CCM accounts, we often find the ‘Client Account Number’ and the ‘Electronic Account Number’ are mixed up. Please provide both account numbers to eliminate any confusion i.e. the ‘500’ and ‘1100’ numbers. If the decision is made to use a CCM account to remit funds after the application form has been submitted, please send us an email in advance of remitting the funds to inform us of the change.
Payments via Forex Companies
When using a FX company to remit the funds we require you to insert the FX account’s account number on the application form, as well as the original account number as Source of Funds. You can insert the additional account details in the ‘Notes’ section of the application form.
If the decision is made to use a FX company after the application form has been submitted, please send us an email in advance of remitting the funds to inform us of the change.
Top Up Monies
All funds received after the initial amount would be considered top up monies. For all top up monies, we will require an Additional Investment Form. It is important the form is completed in each section especially sections 3 and 4 as we require information on the source of wealth and the way the clients generated the funds. The form is to be sent prior to the funds arriving to us.
NB: For both the payments via a forex company and Investec we will also need to see the trail of funds from the clients original account to the FX company/CCM account, therefore you can either provide;
