Banks play an important role in the fight against money laundering, terrorist financing, fraud and corruption. Anti-money laundering legislation requires KBC to carry out checks to prevent the bank from (unwittingly) supporting illegal activities.
To enable us to perform these checks, we ask customers, agents holding power of attorney, representatives and ultimate beneficial owners to provide us with certain personal data and documents.
Given that they may change over time, we also regularly ask that these details be checked and either confirmed or updated where necessary. This is very important, because if we’re unable to verify these details in time, we have to block the relevant customer’s banking and insurance products as well as any powers of attorney they may hold.
KBC will only use this information internally and in the context of the legal purpose for which it is intended, namely verification, investigations and giving advice in relation to money laundering and fraud prevention.
Our clarification on the ‘Declaration concerning the identification of Politically Exposed Persons’ can be read here.
More information and documentation on ultimate beneficial owners:
· ‘Ultimate Beneficial Owner Declaration’ form
· Annex: Explanatory notes to the Ultimate Beneficial Owner Declaration form
· Additional supporting documents for ultimate beneficial owners
More information on the group structure organisation chart can be found here:
- Organization chart of the group structure
More information on the fight against money laundering can also be found on the Febelfin website.
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