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Template 1-1, Beneficial Ownership Declaration (PIC), page 1
Basic · 34/100Form Complexity Index

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What this form asks for

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This form, also known as Template 1-1, is a declaration required by Citibank Private Bank when opening an account for a Personal Investment Company (PIC). Its purpose is to identify and document the ultimate individual beneficial owners (IBOs) of the company to comply with financial regulations and anti-money laundering (AML) standards. Today, this form can be filled out quickly and accurately using AI-powered services like Instafill.ai, which can also convert non-fillable PDF versions into interactive fillable forms.
Fillable fields29
Pages1
Form Complexity IndexBasic, 34/100

The AI checks your answers before you download

13 checks built for this form, so a wrong date or a missing answer is caught before anyone else sees it.

Ensures Date is Valid and Not in the Future

This check verifies that the 'Date' field is filled in a recognized format (e.g., YYYY-MM-DD) and represents a date that is on or before the submission date. It is crucial for establishing an accurate timeline for the declaration. A missing, invalid, or future date could render the legal declaration void and cause compliance issues.

Verifies Completeness of Company Identification Fields

This validation ensures that 'Company's Name', 'Name of Account', and 'Company Registration No.' are all populated. These fields are fundamental for uniquely identifying the legal entity opening the account. Failure to provide this information prevents the bank from performing necessary due diligence and linking the declaration to the correct entity.

Confirms Selection of Share Type

This check ensures that one of the two checkboxes, 'Registered' or 'Bearer Shares', has been selected. This information is critical for understanding the nature of the company's ownership structure and assessing risk. An unselected option leaves a key detail ambiguous, halting the account opening process until clarified.

Ensures a Declaration Method is Chosen

This validation confirms that the user has selected one of the two primary declaration methods: either providing information via an attached document or by filling out the shareholder table. This choice dictates which subsequent information is required and how the beneficial ownership is verified. The form is incomplete and cannot be processed without this selection.

Conditional Table Population

If the user checks the box indicating the shareholder information is in the table below, this validation ensures at least one row of the table is completely filled out with a Name and % of shareholding. Selecting this option without providing any data makes the declaration meaningless. The submission should be rejected until the required shareholder details are entered.

Verifies Attachment for Document-Based Declaration

If the user checks the box indicating the beneficial ownership information is in an attached document, this validation confirms that a file has actually been attached to the submission. This is critical as the entire declaration relies on the external document. A failed check means the core information is missing, and the submission must be rejected.

And 7 more checks
  • Validates Shareholding Percentage is a Valid Number
  • Ensures Total Shareholding Percentage Equals 100%
  • Checks for Complete Information in Each Populated Shareholder Row
  • Confirms Authorized Representative's Details are Complete
  • Verifies Presence of Authorized Representative's Signature
  • Validates Company Registration Number Format
  • Checks for Ultimate IBO Name when Shareholder is an Entity

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How to Fill Out Beneficial Ownership Declaration (PIC) Online for Free in 2026

What the AI walks you through.

  1. Navigate to Instafill.ai and upload or select the Beneficial Ownership Declaration (PIC) form.
  2. Use the AI assistant to input the date, account name, company name, and company registration number.
  3. Indicate whether the company's issued shares are registered or bearer shares by checking the appropriate box.
  4. Choose the method for providing beneficial ownership information: either by attaching a separate document or by filling out the provided table.
  5. If using the table, list the names of all shareholders, their percentage of shareholding, and the names of the ultimate individual beneficial owners (IBOs).
  6. The authorized representative of the company must provide their signature, full name, and position.
  7. Review all entered information for accuracy before finalizing and submitting the declaration to Citibank.

Common Mistakes in Completing Beneficial Ownership Declaration (PIC)

The ones the AI is built to catch.

Using the PIC Form for a Non-PIC Entity
The form's notes clearly state it is for a Personal Investment Company (PIC) and directs users to other templates for entities like trusts or operating companies. This mistake happens when filers overlook the fine print, leading to an immediate rejection of the submission and significant processing delays. To prevent this, always read all instructions and notes carefully to confirm you are using the correct form for your specific legal entity.
Inconsistent Company Name Entry
Applicants often enter slightly different names in the 'Name of Account' and 'Company's Name' fields, for example, using a trade name in one and the full legal name in the other. This discrepancy creates ambiguity and forces the bank to halt the process for verification. It is critical to use the exact, official registered company name consistently across all fields to ensure a smooth application process.
Omitting the Share Type Selection
The form requires a mandatory selection between 'Registered' and 'Bearer Shares' via a checkbox. This simple but crucial step is easily missed, rendering the declaration incomplete and guaranteeing its return for correction. Always perform a final review to ensure one of these two boxes is checked before submitting the form.
Ambiguous Declaration Method Selection
The form offers two distinct methods for declaring beneficial ownership: attaching a document or filling out the table. Common errors include checking both boxes, checking neither, or selecting the table option but leaving it empty. This forces the bank to seek clarification, delaying the account opening. You must choose only one method and fully execute it by either attaching the specified document or completely filling in the shareholder table.
Incomplete Shareholder Percentage Calculation
A frequent data entry error is providing a list of shareholding percentages that do not add up to exactly 100%. This mathematical error, often due to oversight or miscalculation, will be automatically flagged by the financial institution's compliance systems, leading to rejection. Using a calculator or an AI-powered form-filling tool like Instafill.ai can help validate these calculations to ensure accuracy.
Failing to Identify the Ultimate Individual Beneficial Owner (IBO)
A critical mistake is confusing the direct shareholder with the 'ultimate individual beneficial owner' (IBO). If the listed shareholder is another company or a nominee, the filer must trace ownership to the actual person who ultimately benefits and list them in the final column. Leaving the IBO column blank in such cases is a major compliance failure that will stop the application until the correct individual is identified.
Listing a Corporation or Trust as an IBO
The form's purpose is to identify the ultimate *individual* beneficial owner. Applicants sometimes mistakenly list another corporation or a trust in the IBO column, failing to trace ownership to a natural person. This is incorrect, as regulations require identifying the individual at the end of the ownership chain; if a trust is the owner, a different form (Template 4) must be used.
Incomplete Authorized Representative Information
The signatory section requires a signature, printed name, and official position. It is common for one of these fields to be left blank or for the signatory to lack the proper authority to sign on behalf of the company. This invalidates the entire declaration, as the bank cannot verify its authenticity. Ensure the form is signed by a person with legal authority (e.g., Director) and that their full name and title are clearly printed.
Submitting a Poor Quality or Handwritten Form
Since this form is often available as a non-fillable PDF, users may print, handwrite, and scan it. This frequently results in illegible handwriting, smudges, or low-quality scans that cause data entry errors and rejection. To avoid this, AI tools like Instafill.ai can convert flat PDFs into digitally fillable versions, ensuring all information is clear, legible, and professional.
Failing to List All Shareholders
When opting to fill the table, applicants sometimes only list the majority shareholders instead of all of them, as required. The form explicitly asks for a list of 'all the shares which the Company has authorized and issued.' An incomplete list misrepresents the ownership structure and will be rejected, with a request for a revised and complete declaration.

Frequently Asked Questions About Beneficial Ownership Declaration (PIC)

 

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This plan is for your Beneficial Ownership Declaration (PIC): your own AI agent fills it as often as 5 times a month. To fill other forms and upload your own, choose a Professional plan from your account.
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How does the AI fill out Beneficial Ownership Declaration (PIC)?
You answer a few questions in plain words, or upload a document you already have. The AI reads what you give it and puts each answer into the right field of Beneficial Ownership Declaration (PIC), on every page, in seconds. It checks the answers against the form's own rules, and you review and change anything before you download, print or sign.
What happens to my information?
It is encrypted in transit and at rest, and it is never used to train AI.
How complex is Beneficial Ownership Declaration (PIC) to fill out?
Beneficial Ownership Declaration (PIC) has a Form Complexity Index of 34 out of 100, in the basic tier: 29 fillable fields across 1 page. Instafill.ai's AI fills it in under a minute, with every field there for you to review before you download.
What is the purpose of this Beneficial Ownership Declaration form?
This form is used to declare the ultimate individual beneficial owners (IBOs) of a Personal Investment Company (PIC). It is a required part of Citibank Private Bank's Know Your Customer (KYC) process for opening a new account.
Who is required to complete this form?
An authorized representative of a Personal Investment Company (PIC) must complete and sign this form when applying to open an account with Citi Private Bank.
What is a 'Personal Investment Company' (PIC)? What if my company is not a PIC?
A PIC is a company established for personal investment purposes. If your entity is an Operating Company, Partnership, or Trust, you must use a different form as indicated in the notes section, such as Template 2, 3, or 4.
What does 'ultimate individual beneficial owner' (IBO) mean?
An IBO is the natural person who ultimately owns or controls the company. This applies even if their ownership is indirect, through a chain of other companies or legal entities.
What is the difference between the two checkboxes for providing ownership information?
The first checkbox is for when you are attaching a separate official document, like a share register, that lists the IBOs. The second checkbox is for when you are manually listing all shareholders and IBOs directly in the table on the form.
If I attach a document instead of filling the table, what must it contain?
The attached document, such as a Register of Shareholding Interest, must clearly identify all direct and indirect interests held by the ultimate individual beneficial owners of the company.
How do I fill out the table if a shareholder is another company?
List the shareholder company's name and its ownership percentage in the first two columns. In the third column, you must provide the name of the individual person(s) who is the ultimate beneficial owner of that shareholder company.
Who is considered an 'Authorized Representative' to sign the form?
An Authorized Representative is a person, such as a company director or secretary, who has the legal authority to sign documents and act on behalf of the company.
What does the undertaking to inform the bank of any changes mean?
By signing the form, you are making a legal commitment to notify Citibank Private Bank promptly if there are any future changes to the company's beneficial ownership structure.
How should I submit this form?
This declaration should be submitted as part of your complete account application package. Please follow the specific submission instructions provided by your Citi Private Bank relationship manager.
Can I use an AI tool to help me fill out this form?
Yes, services like Instafill.ai use AI to accurately auto-fill form fields from your saved information, which can save you time and help prevent errors.
How can I fill out this form online using Instafill.ai?
You can upload the form to Instafill.ai, which will make the fields interactive and fillable online. You can then complete the form, add your digital signature, and download the finished document.
The PDF form I downloaded is not fillable. What can I do?
If you have a non-fillable or 'flat' PDF, you can use a tool like Instafill.ai. It can convert the static PDF into an interactive, fillable form for you to complete on your computer.
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