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The Fourth 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 financial institutions to know their customers. We, as a bank, have captured this requirement in the so called KYC (Know Your Customer) process.
This process needs to be completed for each company (domestic or foreign) that enters into a business relationship with us. What we need to identify:
- Your company
- Your company’s legal representatives
- Your Ultimate Beneficial Owner(s) owning 25% or more of the shares or voting rights
You will be contacted in order to provide the required documentation before the start of the relationship.
At last, we are required to continuously keep documentation concerning this subject valid and up-to-date. If you are an existing customer, this means that these files are reviewed on a periodic basis. In case of relevant changes in beneficial ownership, directors, signature card changes and other related updates, we need to be informed to update these files accordingly.
The reason behind this process is that we want to help you in the best way possible. In order to do this it is utmost important that all required documentation is valid and up-to-date. This also goes for topics related to this process, such as UBO, FATCA and AEOI.
For inquiries relating to this process and recertification, please contact Relationship Management and/or the Due Diligence Team: