BNP Paribas Netherlands is obliged to comply with International and Dutch legislation governing financial institutions. The Third Directive of the European Union provides a comprehensive set of measures to prevent the use of our financial system for the purpose of money laundering or terrorist financing. This directive, which is implemented in Dutch law, requires that financial institutions know their customers. BNP Paribas Netherlands has captured this requirement in the so called Know Your Customer (KYC) process, which is completed by the Relationship Managers in coordination with the Due Diligence Team.
The KYC process needs to be finalized for each company with whom BNP Paribas Netherlands enters into a business relationship, either maintained in or outside the Netherlands. In practice, this means that BNP Paribas Netherlands must inter alia identify its customers, its customers legal representatives and its customers Ultimate Beneficial Owner(s) –natural person(s) owning 25% or more of the shares or voting rights. Customers will be contacted in order to provide the required documentation during the on boarding process, before the start of the relationship.
Besides this, BNP Paribas Netherlands is required to continuously keep KYC documentation valid and up to date. For existing customers, this means that KYC files are reviewed on a periodic basis. This is called the recertification process. In case of relevant changes in beneficial ownership, directors, signature card changes and other ‘KYC’ related updates, BNP Paribas Netherlands needs to be informed so that the KYC files can be updated accordingly.
For inquiries relating to; ‘KYC’, current account opening and closing documentation, FATCA (Foreign Account Tax Compliance Act) and MiFID (Markets in Financial Instruments Directive), please contact Relationship Management and/or the Due Diligence Team:
For inquiries related to the recertification process, contact Relationship Management and/or the Due Diligence team: