Why are certain documents like Authority Resolutions’ and Directors’ CNICs required for KYC purposes in case of corporate entities?

The individuals who are authorized to open and operate the accounts in case of corporate entities should also be subject to comprehensive CDD requirements. Therefore, documentation is required for identification and verification of person acting on behalf of the entity and its directors. In addition, the authority of such person to act on behalf of the customer shall be verified through documentary evidence including Resolution of Board of Directors.