What a bank asks is not an opinion but a legal obligation
During onboarding or a credit application, your bank asks questions that it must ask by law. Knowing which law explains why there is no room for negotiation.
Two sources, two types of questions
Part of it comes from the Trade Register Act and concerns what is publicly recorded about you: whether the annual accounts have been filed, whether the registration is correct, who the directors are.
The other part comes from the Law on the Prevention of Money Laundering and the Financing of Terrorism. Who are the ultimate beneficial owners. Is one of them a politically exposed person. Is the company or a director on a sanctions list.
Why there is no room for negotiation
Because your bank must not skip the customer due diligence. If an answer is missing, the outcome is not that it remains pending but that the relationship cannot be entered into or continued. That is not a choice for the bank.
Where it usually gets stuck
On the UBO data in a layered structure: who the ultimate beneficial owner is cannot be stated in one line in the case of a holding with multiple shareholders. And on the annual accounts — a filing that is late becomes apparent in every register that the bank consults.
Who is behind it
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