BNP Paribas Netherlands is obliged to comply with International and Dutch legislation governing financial institutions. A comprehensive set of measures is provided to prevent money laundering, terrorist financing and other illegal activities. In addition financial institutions must comply with all sanction regulations, targeting entities, persons, goods and/or countries. In this respect BNP Paribas Netherlands is obliged to know their customers and to monitor their customers’ accounts and transactions.
With regard to this monitoring process, BNP Paribas might request additional detailed information about incoming or outgoing payment flows.
To reduce the number of inquiries on transactions, it is highly recommended to mention a clear economic purpose in the payment reference field. An economic purpose should be a detailed description of the goods, services or reason for the payment.
For incoming payment flows this can be achieved if our clients instruct their paying parties to state a clear economic purpose in payments.
In case of outgoing payment flows, we advise to always use the full name and address of the final beneficiary.
Due to our internal policy, we cannot process incoming and outgoing payment flows related to the following countries:
- Crimea / Sebastopol
- North Korea
Incoming and outgoing payment flows related to the below mentioned countries require close monitoring by BNP Paribas Netherlands. Therefore additional details, such as a clarification of an economic purpose, information on the involved counterpart, the geographical scope and/or the invoice might be requested.
- Central African Republic
- Congo (DRC)
- South Sudan
In case you consider doing business with one of the countries for which restrictive measures have been announced, we kindly request you to contact your Relationship Manager. This to avoid delays or rejections of payments based on legal restrictions or our internal policy.
Please visit this site and those of the authorities on a regular basis to verify that your information is still up to date.
A complete overview can be found on the below websites:
All of the above mentioned information is subject to change, and the required additional information is not per se limited to the above mentioned. We would also like to make a reference to Article 2 of the ‘General Banking Conditions’ that covers the ‘Duty of Care’ of BNP Paribas Netherlands and Article 17 concerning ‘Information and orders’.