Keeping ING safe, secure and compliant continues to be a top priority. It’s part of who we are: integrity is at the heart of our Orange Code – the ING values and behaviours.

Play the video: KYC: why does my bank ask a ton of questions?

The video is in French with English subtitles.

"KYC: why does my bank ask a ton of questions?"
with Véronique

Why does my bank ask me a lot of questions? 

KYC is an English term which means “Know Your Customer” 

It is a legal obligation for banks as much as it is for other professionals in financial institutions to know their customers in the best way.

And when we say customer, there are 2 types: individuals and companies.

For individuals, we can ask for their address, civil status, profession, job contracts etc,. 

For companies, we could ask for an extract of their commercial register, who their shareholders are etc,.

All of this data is asked to know and understand the client well.

What’s it for? 

The aim is to respect legislation to prevent money laundering and the financing of terrorism.

By respecting all these regulations, we ensure the bank’s integrity.

What does the bank expect from its clients? 

The banks expect to be informed of any situation change.

We really have to make updates during the entire client relationship.

Clients can inform us through different means. They can either contact us by phone, send us a mail, contact us via My ING or ask us directly by booking an appointment.

What happens if the client doesn’t communicate information on time?

There are often reminders to ask information to clients, if we don’t get the information in time, we may block accounts until the right information is shared.

A blocked account means blocked cards, so the relationship with the client would run more smoothly if we have their correct information.

Communicating any change to us is the most important to allow us to serve you better. 

Keeping ING safe, secure and compliant continues to be a top priority. It’s part of who we are: integrity is at the heart of our Orange Code – the ING values and behaviours.

Know your customer (KYC) is the first step towards a safe and compliant bank. It ensures we only do business with people and companies we have verified as being trustworthy. This includes carrying out customer due diligence checks, updating customer files, understanding and mitigating the risks, screening customers and transactions, monitoring and understanding transactions and reporting suspicious activities. It let us verify that ING is not involved with money laundering activities or financing any terrorist activities. KYC is how ING can vouch for your integrity as well as reassure you about our integrity.

We already have a lot of your information on file but may need additional data to complete the KYC process and comply with the applicable regulations. If we do need more information, you will receive or may have already received, a communication from ING (secured message on My ING or by post, depending on your mail preferences) with an overview of the KYC documents we need from you. It’s very important to keep your contact details up-to-date, so we can reach out to you when needed.

ING is committed to operating in compliance with applicable laws, rules and standards in force in Luxembourg and is permanently working to meet these standards. As part of our Know Your Customer Policy based upon these regulations, we need to verify all of our clients’ information in order to, amongst others, reduce potential risky activities. To help us comply with the relevant regulations we are requesting you to provide specific information notably about your activity. We are mindful of the effort and time this requires from your side, but it will enable ING to comply with its requirements as well as reassure you about our integrity and best banking practices. Our goal is to make this process as smooth as possible for you. We will only request for necessary information. In this regard we rely on your cooperation, for which we thank you. 

ING collects client information throughout our business relationships. We are obligated to periodically update and verify your data. This means we may request additional data or verify your information to meet current as well as changes to the applicable KYC laws and regulations.

This also means that each time you have a change in your personal or professional status, we strongly encourage you to inform us directly and without delay.

Here are some examples of changes for which you can inform us proactively:

- Personal information:

  • Renewal of your ID card or passport
  • Change of address, e-mail or phone number
  • Change of marital status
  • Change of employer or change of activity
  • Additional Tax Identification Number
 

- Business information:

  • Change of legal or postal address
  • Change of legal object, legal form, company or trade name
  • Change in the board of directors or other legal representatives
  • Any change in the direct or ultimate ownership of the company
  • NB: for those business information changes, you can provide us with an updated RCS  (“Registre du Commerce et des Sociétés”) and/or RBE (“Registre des Bénéficiaires Economiques”) to materialize the change of information in our files.

Please note that this list is for illustration purposes and is not exhaustive: ad hoc documentation or further information might be requested to finalize the update of your file. Do not hesitate to contact us should you have a question about this topic.

The better we know our clients, the more it will benefit our relationship with you as it ensures your banking activities with ING can continue —without delays or disruptions. If we do not receive information on time, ING may block or even close your account due to legal requirements and internal processes. This is why it is so important that you send us your documents/information on time.

ING processes your personal data in line with ING’s General Data Protection Regulation (GDPR) mentioned on our Privacy policy page. Your details will be shared with a dedicated KYC team and your Relationship Manager will be informed. Our dedicated KYC teams ensure an efficient and consistent process. Your personal data provided for KYC purposes will not be used for any other purposes.

Related content

How can we help?

My ING - Your online banking solution

Log in and do your transactions when and where you want.

  • My ING, the online banking solution for individuals
  • My ING Pro, the online banking solution for business

 

My Team - Your Contact Center

For support on online banking, information on our products and our services or any other question, your Contact Center is available from Monday to Friday, 08.30 am to 06.00 pm.

Contact for the press

My Experts - Your network of branches

Our advisors are at your disposal to help you.

We use cookies to enhance your experience. Basic cookies are essential for the proper working of this website. For example, they save your language preferences. They also help us gather anonymous information about the use of our site. More information in our Cookie Policy

I don't agree I agree