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Module: General Practice

Q46: For opening an account of a Company, which of the following documents is mandatory to obtain as a certified copy?

A
The personal tax returns of all shareholders.
B
A resolution from the Board of Directors, and power of attorney granted to its managers/officers to transact on its behalf.
C
A letter of recommendation from an existing corporate client.
D
The company's projected balance sheet for the next three years.
✅ Correct Answer: B
For opening an account of a company, the bank shall obtain… (4) A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf.
Corporate account opening is a standard topic in the IIBF AML KYC Exam 2026.
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