(1) An application under ARM 2.60.802 shall be accompanied by:

(a) documents certifying that the identity of each director, executive officer and controlling person of the proposed foreign capital depository has been verified by means of a background check.   Such background check, which shall be in addition to any background check that the commissioner or designated personnel of the division of banking and financial institutions shall conduct pursuant to ARM 2.60.808(2) , shall be conducted by a reputable and licensed private investigative service and include inquiry into each individual's financial means, employment history, credit history, criminal record and record of tax delinquencies, if any;

(b) a written copy of the applicant's know-your-customer policy and a written description of the implementation method for such policy, prepared in reasonable detail.   Such policy shall be approved by the applicant's board of directors and noted in the applicant's official records.   The criteria for such policy are set forth in ARM 2.60.804 pertaining to foreign capital depositories adopted by the division of banking and financial institutions; and

(c) a written description of the applicant's personnel training and pre-employment screening programs, plan for establishing a security program similar to the security program prescribed by 12 CFR section 326.3, methods of compliance with applicable federal record keeping and reporting laws and any contracts entered with parties to provide any services or facilities related to these requirements, prepared in reasonable detail.