BC-4.7.2
Past version: Effective from 01 Oct 2007 to 31 Dec 2010
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The Central Bank requires all commercial banks to follow the undermentioned procedures regarding the distribution of the financial assets of a deceased customer.
(a) Legal ownership of financial assets should only pass after sight of, and in accordance with, the relevant documentation issued by the Ministry of Justice (known as the 'statutory portion').
(b) Distribution of assets should be made to the order of an individual named in, and in accordance with, a mandate, duly certified by the Ministry of Justice, that reflects the permission of all inheritors that the named individual may act on their collective behalf.
(c) Where minors are inheritors, the Ministry of Justice documentation must specifically refer to their inheritance and the instruction followed absolutely.
October 07