By performing Customer Due Diligence (CDD) and monitoring transactions we aim to detect and prevent the financial system from being misused in criminal activities, including money laundering and terrorist financing, for the safety and security of our customers and society.
Subject to the limited exceptions, the CDD requirements must be met before the establishment of a business relationship or the carrying out of an occasional transaction and during the business relationship. A customer account may only be established after the verification of the customers’ identity and the identity of any Ultimate Beneficial Owner (UBO) where applicable to ensure that ING does not carry out any transactions initiated by or on behalf of the customer until all verification requirements have been completed.
If the customer’s identity cannot be verified, or in other cases where CDD requirements cannot be met, the customer should not be accepted. To comply with applicable laws, rules and standards in force in Luxembourg we must periodically update your information. In the end we have to take all these actions also to reassure you about our integrity and ethics.